tv The Claman Countdown FOX Business July 1, 2022 3:00pm-4:00pm EDT
you're probably taken big hits, i know i have. but i've been in this business for three decades, and i really see some amazing opportunities, so sit tight, have have an amazing fourth of july with. remember, you're in the greatest country of the world and some of the greatest opportunities in the world are right around the corner. e thank you for watching, and i really appreciate what you've done during the first half of the year, and i hand it over to liz claman -- liz: with one of the best national anthems. [laughter] though israel and france's are good. [laughter] you've got to love that national anthem. charles: lull -- absolutely, love it. liz: thank you, charles, so much, and thank you for serving. you guys is have to hold off on hitting the road for the holiday weekend. we have a crazy, must-see show on this 1st day of july. two billionaire investors making headlines at this hour, both are here. one is going viral right now with his prediction that we are in an omni bubble and when it
bursts, well, we'll let jeff green tell you live. and billionaire entrepreneur and virgin group founder sir richard branson just got back from ukraine. he is about to tell you what he saw on the ground, how u.s. businesses can help and what really needs to be done to push vladimir putin's forces back across the border. plus, general motors says it has nearly 100,000 zombie cars sitting in its lots, unfinished autos, no thanks to the chip shortage. what does that mean for gm but also for tesla? top tech the analyst dan ives on whether it's time to cut the price targets of the awe to makers. no cuts, just gains right now for stocks. green on the screen on day one of the second half of 2022, we're in pull swing after the worst ever first half for the nasdaq and the worst in decades for the dow and the s&p 500. again, dow jones industrials up 206 points, and we do have the s&p up 22, the nasdaq holding on to 48 points of gains.
the russell up three-quarters of a percent or 13 points. the crimson tide we actually saw this morning on this very screen has evaporate rated was we -- evaporated as we kick off the final hour of trade. so glad you're sticking with us, because the dow which was down 287 points at its low is now just slightly are off session highs. but here's how you might know that this july will be like no other. some of the loudest voices on wall street are not closing up shop early today to beat the traffic. they are sticking around to blurt out major market and recession predictions. former treasury secretary larry summers changing his recession call he made just six weeks ago. summers, who was recently -- who as recently as six days ago said a recession could come within the next two years, today he told bloomberg that the risk has now ramped up, and it is very likely -- likely the economy did
contract in the second quarter, so recession might already be here, although you guys have heard a lot of our traders saying it's been here for a while. now, the 10-year yield touched a low earlier than where we are right now. we are at 2.89% at the moment, but interesting to see that we are down 11.9 basis points at the moment from yesterday's close. and we should mention it was an early close today at 2 p.m. bond market usually unofficially closes at 5 p.m. hedge fund -- who profited from the if 2008 housing market collapse, guy who played christian bail in the big short? he now singing in an interestingly enough since-deleted tweet, adjusted for inflation 2022 first half s. down 25-26%, nasdaq down 34-35%,
bitcoin down 64-65%. that was multiple complexion presentation. next -- compression. next up up, earnings compression. so maybe halfway there. look at bitcoin right now. it's actually in the green, up 3%. st still below 20,000. just a day after plummeting below 19,000 to a near 5 2-week low, by the way, charlie gasparino has much more on breaking crypto news coming up. but let's get to our third big mouth here, jpmorgan saying, hold up, hold up. if the u.s. dodges a recession -- which one of its strategists believes it could -- then risky assets are too cheap to ignore. many including tech names, of course, have been so battered, they're starting to look tasty. but billionaire real estate investor jeff green dumping ice cold gatorade on that in the past 24 hours, telling "forbes," quote: the entire economy is in an omni bubble and that that
stocks, real estate and crypto are in per are april. can peril. jeff is joining us now live in a fox business exclusive. omni, of course, all or all things. tell us why you see an everywhere bubble right now. >> well, look, what we did in this economy is we created trillions of dollars worth of liquidity. you had, basically, coordinated fiscal and monetary stimulus at every sing single advanced economy mt. world. of course you're going to create bubbles. liz: liz: okay, but you're talking about bubbles which, of course, we know pop, and i wouldn't exactly say we're seeing the pop yet. >> well, no. of course it doesn't happen all at once with. the first hinge you're seeing is trades that are i lyricsliquid like -- illiquid like stocks and bonds. we were in a world where people could raise billions and billions of dollars for spacs, the rationale was, well, i'm
getting 1-2 the %, and maybe someday i'll get a good investment. crypto. look at the number of people this that said crypto's worth zero, and yet it gets to $3 trillion worth of value. you look at -- well, how do people make money buying sparks, buying crypto, flipping houses? this is because we've created this sea of liquidity. record liquidity always leads to record illiquidity, and that's what we're starting to see now. liz: i agree with you on that, and we do have central banks to blame for leaving rates so low for so long. there were appropriate moments where rates should have been 0 or .25% but not two or three years ago we were having a gangbuster economy. jeff, i do want to talk about crypto really quickly here. crypto is seeing 2 of its 3 rl in market cap -- if we could put up crypto, that would be helpful, guys -- vaporize over the past several months.
biti, this is the short-term etf where you short bitcoin. within just a week of its existence, it has become the number two u.s. crypto everything, f. that's how many -- etf. that's how many people are betting against crypto. and the number one, of course, being pro proshares, bitcoin-linked etf. where do you see crypto going? you don't think it's going away, do you? >> i think blockchain will have a very important role in the pooch economy, but i don't think crypto currency may have any role at all. they could all go to zero, and i think that's the problem. what we had in this last economy, between federal and fiscal policy, we've created trillions and trillions of dollars of extra liquidity. chasing what is really a shortage of assets. you could never create enough assets to fill the amount of liquidity that was traded around the world. now what's happening is the opposite. liquidity is disappearing, and
so there's too many assets. and when you -- so you get into a situation of where all assets are going to drop in value. look, i'll give you an example. i mean, people say, someone said to me, gee, shall i sell my house? if you're thinking of selling it, because prices are have shot up to crazy levels, but there's no inventory. those are the famous last words before every crash. why was there no inventory, liz? because, basically, the houses were free. liz: bubble, yeah. >> and rates were capped at 6% -- so -- [inaudible] liz: let me jump in there. 30-year fixed mortgages are starting to tick down off very frothy highs. you are the real estate guy. in fact, you are the one who shorted housing during the bubble, and that's how you really made your billions, and you made that mark. so july 1st, 5.89%. last week or the week before we were more like 6%.
you know, bubbles pop. maybe this could be more of air seepage slowly coming out, because consumer spending is slowing, not collapsing. housing's still pretty much holding up. we have may durable goods orders surprising to the upside. markets aren't perfect, obviously, but we got a recovery, certainly, at least today. >> i don't agree at all -- housing is just in the early stages of a slowdown. housing prices are getting cut suddenly. the reason housing prices went to where they were was because you could get a loan at 2.5-3%, unprecedentedded, historic lows. 6% below today's inflation rate. now with interest rates more than doubled and with the cash that people use to buy these homes coming from their appreciated assets, that's disappeared. so all of a sudden you don't have the assets for the down payments, and the interest rate you have to borrow at is double what it was a year ago. if that isn't a recipe for a
housing catastrophe, what is? liz: and, again, you would know, you called it way back in 20089. jeff, open your maybook now for our invest orer viewers. what are you long, and are you shorting anything? >> again, look, i'm not a trader. i've never been a trader, i'm an investor, so i own certain stocks like apple and facebook and google which i think are great companies, he was great income, great -- liz: but have you bought more as they've come off their very frothy highs? >> no, i have not. i haven't sold them because i don't trade and sell things and try to buy them back and guess tops and bottoms. but i think it's same with real estate. if you want -- if you're buying a home for your own use, you're going to keep it for 10-20 years, you could buy it right now. but if you're a trader, which a lot of people were, i mean, in palm beach system of my peers for hobbies were flipping houses. that's how crazy this hi quid fit is. but right now i'm in a holding
pattern, i'm not leveraged. i'm ready concern i've battened down the hatches, and i'm ready for tough times for the next year or who or three. liz: any tax-free opportunities that you see where you say that looks interesting? i know you, i know what you've done in the past. >> right to now interest rates, the same story is it going to drop because we're going to be to have a big recession, but who knows? if we can't get inflation tamed, then maybe we won't be. i'm a builder, liz. every single contractor today, here's story: sign by friday or there'll be a price increase. every single subcontractor. if we can't knock inflation out of the economy, we have to keep pushing rates higher and higher, long rates will not be low regardless if we head into ea a recession. try to stay liquid and be ready for anything. but that means, you know, be careful.
that's the one thing i'd say, now's the time to be careful. liz: important words of caution. jeff greene, thank you so much, my friend. >> thank you, liz. have a great weekend. liz: fox business alert, you can kiss a cold sale concern kohl's sale right now. the company confirmed it has ended talks with franchise group. the company had submitted a revised our last week to buy kohl's at $53 a share, down from its original offer made back in june of '60 a share. so this kind of plays into what jeff greene just said, that we are starting to see people back away from all kinds of purchases here. kohl's stock right now, $29. so kohl's has rejected several bids already because they say they were too low. the board's still open to opportunities to maximize shareholder value. the power of a price target cut is not always a sure thing
to beat down a stock. look on your screen. witness etsy shares, up 8.5% even ever ever corps slashed the target to $99 5, we're at 799. 32 right now..- -- 732. ybe the s theck i per hi er se bec bec b eve eor say eilonsu c speging mas, ts, at ain. has has stron h eto tho tn dow 66 folio year to date. etsy at the top to have the s&p 500, home builder stocks after realtor.com put out a new report which reveals inventory of homes on the market are now, after years of being very thin, climbing at the fastest yearly pace of all time. dr hour month, he participate in, pulte group, they are in the top five of the s&p, for sale homes in june jumped 18.7% year over year. that's the second straight month
active listing volume has grown in nearly three years. chief economist danielle hale says while the release will cool off competition, it'll take time for the typical home buyer to actually see the listing prices come down. so you have to be more patience painter. jeff greene just said not enough inventory are the last words of a real estate budget. realtor.com, by the way, subsidiary of news corporation, news corp. up 1%. let's look at micron, it's sending a matter of fact warning to investors saying weakening consumer demand particularly in china will hurt smartphone sales. shares falling another 3% after a very rough week. the memory chip maker also issued disappointing fiscal fourth quarter guidance, executives say they're still confident about demand for chips in the long the term. pretty much the entire sector, folks, is getting pulled down. amd, intel, nvidia in the red at the moment, and the semiconductor index, i'm going
to check that really fast, yes, down 3.6%. coming up, wed bush security's analyst dan lives is here -- dan ives is here. he will game whether gm and tesla, i don't know, we'll ask him, might soon be due for new price target cuts. the war in ukraine raging longer than anyone has anticipated, but as vladimir putin's decimated forces still rain destruction down on president volodymyr zelenskyy's citizens, virgin group founder and billionaire sir richard branson just returned from the danger zone to support the ukrainian people and their president. he joins us here next on what he saw in the 'em battled nation and how he's already thinking about how to help rebuild it. closing bell ringing in 45 minutes. stocks at session highs on this friday before july 4th weekend. dow is up 281.
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three days ago this was a kindergarten. this is where the rocket hit. completely destroyed. liz: virgin group founder sir richard branson on ground in ukraine to witness the destruction russia has wrought in its 130-day war against the independent nation. as western leaders assist the war-torn country by committing billions in weaponry, sir richard made the bold choice to tour the capital city of kyiv despite the ongoing russian threat. while there, he did meet with president zelenskyy and ukrainian business leaders to learn more about how the west can best plan to rebuild the eastern european nation. he has just returned and joins us live. sir. rich: afford, thank you. -- sir richard, thank you. it's one thing to visit an active war zone, it's another to go to the very target of a war zone. in this case, kyiv. why now, and what compelled you to make the trip? >> i wanted to understand better
exactly what was happening. i went in 2014 after first invasion by russia. i've kept in ouch with ukraine since. -- in touch with ukraine since. and i was concerned that the west is still not doing enough. and having been there, seen the devastation, talkedded to the foreign minister, talked to the president, i realize that the west -- the civilized world, europe and america and south korea and other countries like that, aha we've pledged a lot, but we've just got to ramp up our support. if we don't get the weapons this quickly, russia will continue their relentless march into ukraine. it won't just be the east ukraine and the ports that go, it will be a lot of the west of ukraine and, ultimately, the whole of ukraine. and it's going to cost a fortune to push them back out again. so now's the time that we've
just got to get weapons there so they can hold the line. liz: a lot of weapons are have already gone there, and already what many would consider an enormous amount has been spent. but guess what? an enormous number of lives have been lost in horrific situation. what was the one thing that compelled you most, that struck you most about what you saw on the ground? >> oh, just the incredible bravery of the ukrainian people. they're, i mean, when you say a lot of weapons have already gone, there's something that for every 10, 15 weapons that the russians have, heavy got 1. so it's really their extreme bravery that has managed to hold the russians back as long as they have. but what the russians are doing is literally just leveling cities. i mean, they're not fighting hand-to to-hand combat, they're literally leveling the cities and then coming in to a leveled
city. and hay will continue to do that unless -- they will continue to do that unless we can get an equal number of weapons to the russians to give these wonderful ukrainians a chance. and they are fighting on all our behalves. they're fighting on the rest of europe's behalf, america's behalf, on the free world's behalf. and no time to get -- you know, south korea, for instance, has many, many, many, many more weapons than they need. they could give 5% of the weapons heavy got to -- against north korea, and that would be, that would be sufficient. for what the ukrainians need. liz: well, you're a king bridge builder, and you are great at compromise, and you are great at convincing people to do things they don't want to do but you feel they should. i mean, would you ever approach putin or is he a lost cause?
and if so, how would you convince him to push back? from ukraine? >> the only way that he can be convinced is if he feels he's not going to win. and the only way that he will know that he's not going to win is if the ukrainians are given the firepower to hold the line and then maybe start pushing it back. if you don't get that, putin will continue, he'll continue through ukraine, he'll continue through poland, and he just will not stop. now is the time to stop him -- liz: well, from stopping to starting, how do you start rebuilding? because business is the key to that, is it not? >> it certainly is. and i'm trying to encourage many companies that left moscow and russia to set up in kyiv. liz: good idea. >> yeah. companies like starbucks, for instance, and other company companies to show they're
willing. but the rebuilding, it would be lovely to start today. i think we've just got to get our priorities right and stop this relentless march of the russians, and then we can concentrate on rebuilding. president zelenskyy asked if i'd be on a board called united 24 to start rebuilding ukraine. and the moment we got, the moment things have settled a bit, i'll obviously be delighted to to look at that. liz: i hope so. we need you there. thank you, sir richard. i and the memory of my ukrainian grandparents thank you for sticking up and caring about us. we appreciate it, sir. >> thank you very much. liz: we are coming right back, don't go away. look at the markets, we have solid gains for the dow, nasdaq, s&p. don't move. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina?
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liz: well, look at, airline stocks gaining speed as the fourth of july weekend officially kicks off today. travelers across the u.s. heading to the airports, hopefully jetting off for three-day weekend getaways. you've got american airlines up 3%, united up 2% ors jetblue up 1.5 president. but with the influx of travelers soaring and pair that with labor shortages at the airlines and, certainly, air traffic control towers, many feel that cancellations and delays will trigger a holiday flightmare. live to madison alworth at newark liberty international airport in new jersey. madison, this is a big test for the major carriers this holiday weekend. what is the very latest of how they're doing? >> reporter: hey, liz, it's absolutely a big test and, unfortunately, one many are worried they will not pass. the passengers next to me, they're getting excited for their flights, be i the reality is -- but the reality is at this point 358 cancellations today, that's compared to yesterday's
471. you know, leading up to this holiday weekend it's really been a tough travel story. taking a look at the five days leading up to this, on average 21% of flights have been delayed. i mean, think about that. that means that nearly a quarter of travelers are experiencing delays. and this is all happening at a time when all airlines are entrant significantly down pilots, a problem that won't be solved overnight. >> we lost far more pilots than normal in 2020 and 2021 because a lot of airlines gave more senior pilots incentives to leave early in order to bring down their payroll. even after they got money from the government for wage subsidies. >> reporter: caught in the crosshairs are americans trying to get to to their love ared ones. one passenger on two flights to greece operated by delta and klm which is a delta partner felt
the frustration when his second flight was outright canceled, and he struggled to rebook. >> it's the airline's fault. nobody wanted to take responsibility because one airline said you're on our flight and our planes, but the ticket is actually owned by the other airline. >> reporter: in the meantime, some airlines are trying to make adjustments to deal with this problem starting today. united is cutting 50 flights per day from from newark, one of their seven major hubs. they say it's not staffing issues but that's what they're doing, and they're not the only ones. jetblue also reducing summer flights by 10%. we're seeing a ton of demand. you see the people and you mow what happens when demand outpaces supply. we're already dealing with super high prices, liz, we're already dealing with inflation. it's a messy transportation story. liz: yeah. and i'm looking behind you, i don't see anybody dissolved in
tears because they're not making weddings, but that could still happen. we hope everybody gets safely to where they need to go. madison, thank you very much. trojans and bruins, oh, yeah, two creatures that have been bitter enemies since beginning of time, or since the beginning of west coast college football. now many a headline rocking the sports world, usc and ucla are teaming up to flee the pac-12 for the big ten? could this mean a major shift in the sports streaming landscape and the stocks involved? temperature top tech analyst wed bush's dan ives live in studio next on amazon, a apple, disney, fox and what could become the hunger games of sports programming and the spending around it. closing bell ringing in 27 minutes. dow is now up 313 points. i old you you guys -- told you, you guys have to stay with me in final hour. looks like a good one. dow's above 31,000 now. ♪ ♪
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♪ liz: check it out, general motors is up right now, up 1.5% after the stock was halted this morning on a big announcement from the automaker. gm saying it has 95,000 vehicles sitting in storage unable to be delivered to dealerships because they're waiting on key microchips to bring the cars to life. gm warning the chip shortage will affect second quarter deliveries but not have an impact on its tug-year outlook -- full-year outlook. tesla expected to report numbers bad enough to derail its multiquarter streak of record-setting deliveries, this after the covid lockdowns stopped production at tesla's giga shanghai factory. is gm -- with gm already cautioning in the second quarter, let us get you an up to the to minute view of gm, tesla,
technology and the streaming landscape, i mean, everything. wed bush securities' managing director dan lives. thank you for -- dan ives. thank you for stopping by. >> great to be here. liz: let's talk about the gm muse and how that may personal injury -- news and how that may tinge. >> supply chain issues continue to be a disaster, but it feels like it's starting to improve in the second half, going into 2023. i think tesla week, they ripped the band-aid off. you've got 70,000 of vehicles that were shut down in china in april and may, and i believe that will ultimately be a rally for tesla in terms of the better than whisper, about 255k -- liz: okay, so your whisper number for tesla delivery, 255,000. do you think that hits the stock
on monday hard if they hit -- or they drop to the whisper number? >> i think, ultimately, it's a rally for the stock because right now baked in what the street's looking for is what does the month of june look like, second half run rate. if you look at china, that's the heart and lungs of the story. second half you could be looking at 50% growth. so no doubt, right now it's mainly yelling fire in a crowded theater on tesla. i do believe the stock's overcorrected, i do believe they're navigating better than expected, and i think this is a stock that could be up tuesday based on what i believe will be better than what i'll call worst case numbers. liz: yeah, tuesday. marks are closed on monday -- markets are closed. we'll get to the streaming drama that's' going on with the fcc and, of course -- well, i guess it does affect the sec. on general motors you have a $50 price target, it's at 32. what's going to get it there when they have 95,000 zombie cars? >> you've got to look on other
side of the story. it's the lek electrification strategy. i think what mary and team are doing going into 2023-2024, it's a stock that could get ultimately rerated along with ford, and i think that's why you've got to be able to look on the other side of this economic supply chain storm because -- and i think that's really what i view as gm's stock up today, a positive, also the market rallied a bit. liz: no price targets for either gm or tesla, cuts by you? >> still $1,000 tesla, $50 on gm. and when i look at tesla, it all goes back to my view it's a disruptive technology player in the midst of of what's going to be a mass transition to evs. liz: okay. there were 679 at change. apple, you've been very hot on apple many part because of the role it could start to play in sports streaming. this earthquake of a headline, ucla and sc are are leaving the
pac-10 to go to the big ten. you've got to figure when these contracts come up, there's going to be a hunger game withs, amazon, apple. do you see them a play in here? >> i think nfl sunday ticket, we believe they're potentially in the winner's circle versus amazon. and when you look at big ten, right there cook calls, ultimately, he calls his individuals and basically says get us back into the negotiation because i believe apple will play a role in some sort of big ten tv package which could be upwards of, you know, over a billion dollars annually. liz: well, usc v. ohio state, can you make a prediction? >> i'm still going to go with big ten, but it will be interesting to see. it's really transforming what we're going to see in college football. liz: but no doubt this is an
upheaval for the sports seeming world. i mean, fox, how do they play into it? because they have big ten coverage as well. >> look, fox ultimately has a big hand in the game in terms of where this is all going, and i think the important thing is that you really have the traditional media, but it's the streaming -- right now amazon, a apple, that's really where the streaming arms race is going after. at the same time, netflix is not going after live sports, they have been hit off the perch, and i know now with apple just broader in terms of the stock, it's the services business with a billion install base in terms of iphones. despite the supply chain issues. liz: netflix is moving higher by 3%. "stranger things," finally the last episodes were released last night. what will that do? will that maybe derail what all the bears were thinking would happen in the second quarter and that is that they would lose 2 million subscribers? is that number going to come in
less ugly than even netflix said it would? >> yeah, i think that comes in less ugly. and i think broader in terms of screaming, you see with netflix, facebook, with apple across the board, baked into these stocks is so much negative news which is why i believe go to the q2 earnings despite you'll see some management teams will lower expectations given recession fears, i think it's ultimate hi a rally in the second half. but specifically on streaming, netflix, that's a name that we're positive on. liz: all right. maybe it will pull them out of the upside down world -- [laughter] we love "stranger things" here. tech selloff, one line here. what do you think? what happens in the second half? >> i think it's overcorrect. i believe tech stocks rally. potentially 20% in the second half. and right now the new york city cab drivers notice a potential recession's coming, what's baked in? we want to own microsoft, appling cybersecurity. this is not the time, in my opinion, to panic. liz: good to see you. >> great to see you.
liz: have a safe, healthy and happy july 4th weekend. dan ives of webbush. zeroing in on a new target as cryptoverse consolidates. charlie's breaking that news. and this week's podcast guest, she may want to get her hands on the famous hair style. amy -- with zero experience in hair coloring and chemicals and all that's involved, she revolutionized the entire industry and rode the wave of the pandemic when her at-home hair color subscription. business exploded. listen, every one of my everyone talks to liz podcasts, a great american success story. you should download them as you're driving to wherever you're going. get them on apple, google, spotify, myrrh you get your podcasts. inspirational and so exciting. all right, closing bell ringing in 15 minutes. dow is up 334 points, the s&p up 40 points, a pull percentage
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♪ liz: breaking in just the last 50 minutes, troubled crypto lender blockfi says it has agreed to an option to be bought by sam bank minnesota fry -- bankman fried for up to $240 million. the deal also includes a $400 million revolving credit option. the price tag shocking some crypto watchers and even other business journalists at other networks because they got it pg wrong. this deal values blockfi significantly though below its most convenient valuation of $4.8 billion but above the low numbers that that had been out will. joining us now, charlie gas
reno. >> -- gasparino. >> i could have sworn, because this is important that it didn't go for the bargain basement price. i could have sworn brand x, what's the name of that -- liz: there's a c, there's a b -- >> do they have a guy named cramer over will? anyway -- [laughter] say they -- they say, remember that turkey? anyway -- oh, yeah -- liz: go on. what'd they say? they got it wrong. >> he's as cool as fleas, okay? in my view. totally my opinion. they said it was a $25 the million. -- 25 million. liz: that would not be the deal. >> now, we should back up. this is, obviously, below the valuation. we're going to have to check exactly what the valuation is, but 240 million plus the revolver,st not quite a take urn here. take under here. a lot of people in the crypto business right now are looking
for clues for when's the lehman moment. that that's what they call it, you know somewhats the sign that crypto has another wicked leg could be to -- liz: jeff greene at the top of the show said it's going to zero, but people throw that out all the time. >> right. so bear stearns moment was record, obviously, because that set the fire going. and bit -- when that -- liz: stable coin's luna. >> that was like the bear stearns. bear stearns was the first part, the first leg down in the financial crisis. everybody worried right after that and they were just like who's next and what's going to spark bigger thing. everybody's looking at the next big thing, what could make this thing go down even more dramatically. st clearly not deal because this deal was not the sort of disaster that cnbc suggested it was. not even close. but it could be celsius, it could be something else or it might not happen. just remember the -- one of the interesting things about this market right now, i think, is
how many crypto people that are involved in it, advocates, are looking for that lehman moment. the lehman moment was when lehman declared bankruptcy, it was essentially ripping the cover, ripping scab off the wound so badly that it essentially exposed every other bank to the fact that its assets were, that they were holding those mortgage-backed assets aha they couldn't sell, they were on their balance sheet, that those were, like, priced could be to pennies on the dollar, thus, the entire banking system was insolvent, okay? do we have that now? we don't have it on this one. we may have it on celsius. is ftx involved in that too? liz: listen, as long as there is a buyer for the distressed assets, there's liquidity -- >> but at what price? liz: well, discount. >> wicked discount. this wasn't the one though, is so not as bad. niz. liz: no. >> that's why you see bitcoin and etherium trading up. liz: have a good holiday.
fireworks on the screen. we started off in the red, and now we are in the green. >> what a start, right? up 1% after more duds going off in the first half of the year. the bear market was finished, certainly now look for some opportunities. it's not a go all in momentum trade on our side. a little bit of growth and you can look at some of the fangs that have been beaten down. microsoft, google. we could start look for some good quality financials, i.e., visa. and barasine, the plumbing of the internet.
so there are a few opportunities that we are looking at. no question we are in the late cycle. but look for offense. >> they say when everybody seems to be negative. when institutional investors are pulling out and they are negative, that's when stocks start to go higher. how do you view the second half, if you could give us that prediction. >> we are starting earnings season next week and the week after. the bears have the main case in earnings in recession. we are not sure how we see that. profits are up 7.5%. should continue somewhere in the mid single digits for the remainder of the year. q2 and q3 we should see the
phenomenal growth continue. so for us it's tough to see the recession story. liz: there we go to start off the second half on a high note. have a safe july 4th weekend. god bless this great country. that will do it for us. [♪♪♪] david: hello and welcome to a special edition of "kudlow." i'm david asman in for larry kudlow. inflation continues to spiral out of control with no end in sight. hillary vaughn joins us from the white house. reporter: i hate to be the bearer of bad news, david.
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