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tv   Mad Money  CNBC  December 13, 2022 6:00pm-7:00pm EST

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final trade. >> it is your show. >> go ahead. >> moderna but it has to hold $200 i don't like it below. moderna. >> we only have one more. >> wynn resorts, sister. >> like ischsesws ee. >> "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm here to make you money. my job is not just to educate but to teach and entertain so-call me at 800-743-cnbc or tweet me @jimcrame
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i was screaming at my scream when the s&p 500 soared this morning on news of a cooler consumer price index number. do not get me wrong. it's great that used cars and gasoline and medical care prices cooled down. making progress. real progress in the fight against inflation. but that doesn't tell us much about what the fed will say tomorrow they got that big meeting. so who are these yahoos taking the dow and the s&p up 2% without knowing where jay powell stands and we won't know until maybe 2:30 tomorrow. no wonder the gains of the evaporated dow finishing up, inflation oriented nasdaq jumped all of which brings me to a couple important lessons for you and your portfolio my friend becky quick asked me a question between squawk box and "squawk on the street. she asked me whether i liked the cpi number i said unequivocally yes
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we're beginning to see prices roll over and that's a big positive but when we got to "squawk on the street" itself and my co-host i thought about buying the market so high, it's a total sucker's game to buy it up 3%. you can't take it up 2% because of one inflation number when it may not be the number the 2feds targeted i think the fed doesn't care, where they were when the pandemic got started, i don't think they wanted it back or they would be will be to declare victory until they push prices lower than many expected the fed has to start somewhere in the fight against inflation today is a good beginning but if
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you're jay powell, you know what i'm calling this the regular season if he wants to make the central bank playoffs, he's got to crush inflation for good and for that he needs to be not commodity inflation, not consumer price inflation but wage inflation meaning he needs to do real damage to the job market but from what we can tell that's not happening there are too many resumes, too fau lew layoffs of talented people. he won't stop until he gets this wage inflation down but other than that bizarrely high but needed layoffs from meta platforms, we haven't gotten them yet because demand is too darn strong and that's another problem for powell they have housing. look at the stocks going higher and mortgage rates sore, it should slow them down.
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it's causing a ripple effect in furniture, hard goods, rugs the like but not enough to damage the retailers with a possible except of bed bath and beyond. i like mine. not enough to drive down prices to three years ago and that's the point people keep forgetting not down to where they were last year he needs a much lower housing does indeed punch above its weight but there is hope that with the yield on the ten-year treasury going down, mortgage rates will go down with them that's actually totally what powell wants he wants to try to crush housing prices that's very hard to do with jobs plentiful. higher unemployment brings down the industry powell is trying to take interest so high people are less certain of their jobs. he wants us to collectively hunker down and while today's reading was a real improvement, it was not by any means a hunker down number.
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which brings me really to the core issue of the s&p 500 and what you and i care about. there are so many stocks in this index that we'll fall if employment clollapses so not worth taking the stock market up with an opening on a soft cpi number if you think powell will be moved by cooler than expected cpi figure, you have not been paying attention he cares about wage inflation. not just one month or two or three, the prices come down to affordable levels is create a surplus of workers that's what contains wage inflation and we're not going to get it from immigration. the law is too crazy here. see, powell needs to create people and you can't really do that otherwise what you have to do is lay off people so amazing about today's news, we got -- okay we've got this incredible
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scandal, $34 billion missing from ftx because of sam bankman freed, arguably the worst dressed criminal mastermind in history. a legend criminal mastermind i say that because maybe management gives this guy too much credit. you have to ask if the law school professional's parents taught him nothing this is their worth nightmare. i'm stunned anyone trusts this guy with a couple bucks let alone billions we know he used everyone as part of his con everyone even his folks sports heroes and business people that should have known better and the media in general because he was redick loridiculy available at all times every single media person never wanted him on speed dial right? i thought so now, we had some first class embezzlement here. no need to say allege. he had a legal strategy, avoid jail by confessing to the media
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preemptively what i find most amazing, though, this was no ordinary scandal. lots of people got hit the other guy with eight criminal counts and what happens to the traffic, bitcoin it goes up talk about a jay powell problem. crypto is so rigged it can't go down on horrific news or buyers are trying to take advantage one minute he's the jp morgan of crypto and another money another guy wearing a gap t-shirt. this is crazy. today should have been a huge victory for jay powell because part of beating inflation is draining the speculative juices in the economy yet, there is still a ton of juice left to be drained from crypto but nuts these crypto coins today, are there that many hackers using it for ransomware and hate their currencies they'd rather store the wealth and take advantage overnight? so i think there are two things that play today.
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one is there was nothing in the cpi that indicates wage inflation is crested and unemployment started creeping up and two, is the most single most speculative asset in the universe if i dare even call it an asset it went higher next thing you know, i'm not kidding, non-fungible tokens will go higher it's insane. we won't get a stock free lunch here we can rally but not going to put on 2% ahead of a fed meeting because the average stock is not worth 2% more of a softer than expected cpi number. there were enough stocks that went down today over concerns there will be people that can't pay their bills as there were stocks that went higher in tech because interest rates went down and those two are strange. bottom line, without a well-deserved crash in crypto, and a sign of higher unemployment acknowledged by j
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powell, this has to be treated as a one off number. a good one, sure, but it's a regular season win not a playoff win. and jay powell, he still doesn't have home field advantage. i think we should take calls mike in minnesota, mike? >> caller: hey, mr. cramer. >> mike, what's happening. >> caller: boo-yah. >> boo-yah. >> caller: appreciate you taking my calls. >> jimmy chill says boo-yah back at you. >> caller: right on. my question is mdb. >> yeah. well, let me tell you something. this is one of those trading, this quarter was good. was it fantastic no, it was a good quarter. it wasn't the greatest quarter ever it was a good quarter but because we're so starved for good quarters when it comes to the software that we're talking about, the enterprise software, everybody was happy and the stock keeps going higher to me, i would to use the term i learned in school. >> sell, sell, sell. >> without a crash in crypto and
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sign of higher unemployment, this cpi reading has to be treated as a one off number. now on "mad" tonight maybe looking for a good utility will tell you the utility space will do the trick in the space for 2022 and black gold is on a slide but i'm joining the energy space to extract a clear view when i go off the charts and then i got a good one for you, yum brands, host of the most recognizable restaurants in your neighborhood tonight, i'm getting a taste of the company's potential after the investor day when i sit down with its glorious ceo so stay with cramer. >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer hash#madtweets send jim an e-mail to madmoney@cnbc.com. or give us a call at
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stocks might be able to repeat the performance in 2023 this year is straightforward when you break down a market with i11 big sectors, the only exception is energy which we talked about last night and i like i love the energy bounce today it gained 56% and the next best performer is a distant second. a group i don't talk about much i have on a lot and that's utilities. the s&p utilities etf is up 1.5% of course, that's pretty darn
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good when you consider this is an awful year for the averages dow up and s&p up. these are steady eddie companies that put up the same solid numbers whether the economy is good or bad and protect with dividends to cushion a downside which is why i constantly put them on "mad money." why not? i'm trying to get it so everybody has a good portfolio including dividends you reinvest that said, when you drill down into the individual utilities, not all are yield plays there are great growth stories and one can deliver massively out perform the rest of the group. we have a bunch of forward thinking with cleaner sources of eletctricity like wind, solar an nuclear that got big handouts with the so-called inflation reduction act. despite the name, this was a massive climate bill and that's been usually positive for the stocks so could the utilities keep win
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thing year depends. if you think the fed will keep bringing the pain aggressively, utilities could be great if you look at cooler than expected cpi number today, the utility stocks might fall because there will be better opportunities elsewhere. they don't have much competition except for the two-year treasury but that can change. special situations that should be able to keep winning regardless let's take the best performance one by one the top performing utility i'll go over here because it's cool is constellation energy. that's a nuclear power eletric utility we had on the show last night. the stock is up 82%. this utility is trading independently i've been recommending this since march because i'm a big
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believer in nuclear power. it's the best option in a reasonable time frame. constellation energy was spun off by exxon back in february and since then, the stock is unstoppable. unlike wind and solar, nuclear power works 24/7 doesn't matter if it's snow or raining, it still works. the ceo told us last night, people are finally realizing it's essential to fight climate change and working on exciting stuff for the future with government backed program to use nuclear power with green hyd hydrogen the only problem with nukes is they need federal support but that's exactly what they got with that inflation reduction act. starting in 2024 we'll have a tax credit from nuclear of up to $15 per mega watt hour maybe that will convince people to do it constellation can get some of the subsides for hydrogen power. they can put up small reactors right next to the current reactors, use that tax credit ex make a fortune for people. i don't see the stock prerepeat this year's gain, it's worth
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holding on to because the story is too compelling to ignore and constellation is the closest thing to pure play there are so many funds looking for solid esg plays, consoli consolidated energy fits the bill perfectly it is the one. how about the second best performing i got this call. people told me to look into it i said i'll get to it. i don't get to everything. pg&e why didn't i look into it immediately? it's up 32% year to date because for years, the reason i did it is pg&e is arguably the worst run utility in america its equipment is responsible for so many wildfires in california including the dixie fire last year they had to file for bankruptcy because of the wildfire related liabilities. that's why i didn't like it. the company emerged from bankruptcy, mid balance sheet 2020 and got a new ceo patty pope that is fabulous.
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pg&e is a comeback story this is an f student that turned into a b minus student wall street loves that improvement. pg&e is getting back to basics, without any major set backs plus they made agreements with gm, ford, tesla on various eletric vehicleproducts. i'm reluctant to recommend the stock. had a good run but i'd love to have ms. pope on the show about plans to turn things around. i had all the other utilities, ms. pope my favorite growth stock that's a non-tech play and that's sempra up 25%. this is another name we know well the parent of san diego gas and eletric so cal gas if you go to a dad's game, the san diego pa padres, it's across the street i like sempra because it has a big natural gas pipeline project with the liquified natural gas
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in louisiana we had ceo jeff martin on the show repeatedly under his leadership sempra gives you strong, steady results from the core regulated utility business with meaningful upside from the business i keep thinking i got to put this in my charitable trust. from a stock trading at 18 times next year's earnings and solid 2.8% yield and worth sticking with sempra as they built liquified gas capacity the u peuropeans are desperate gas. jeff is doing more to export than anyone else in the world right now and he's a strategic thinker. now beyond the top three performers, i got others i like american electric power that's no news to you up 10% for the cons consistent rust belt, sun belt. leading renewable energy and deserves for scrutiny as they're about to have a leadership transition nick has been on many times and nick is retiring there is nisource.
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i like it. solid straightforward story. steady mid single digit earnings growth, 3.4% yield tell me you don't want something like that. there is one i've written about periodically and surprised it was down, next year energy that has the normal electric utility that could explain with a competitive clean energy business and resources the world's largest generator of wind, solar and power. next year has got seven new plants in florida, new hampshire. the long term growth story the stock got hard hit this fall because of worries about hurricane ian. after hardening the infrastructure next year didn't lose a single transmission pole or tower during the hurricane. th that's something they had the fastest hurricane restoration rate ever. next year it can get back into growth mode which means it's indeed worth buying on any weakness including this. here is the bottom line. utilities are a great place to hide when the economy is
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deteriorating but the best of them work when the economy is doing fine so think about constellation energy, because of all that terrific stuff they do with the environment and sempra because of the fantastic natural gas franchise and fabulous leadership there is ones you want if you're running a green fund, too. sempra is a tremendous growth at a reasonable price that is not easy to come by. "mad money" is back after the break. >> announcer: coming up, the streets cooled on oil but cramer hasn't called it quits on the commodity just yet why crude might have room to run or gush, next. you're puss in boots? no habla english. habla espanol? i don't speak spanish either.
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who is this guy? i'm puss's therapy dog. wanna rub my belly. no, hard pass. puss in boots. rated pg.
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i think most people betting
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against crude are trend chasers and maybe it's started maybe that's why oil rallied quick 3% today china backed away from the non-sense zero covid policy letting the economy get rolling again. the biden called it a floor to refill the strategic patetroleum reserve. commodities are dominated by tech analysis which is why tonight we're going off the charts with the brilliant carly garner, a technician the co-founder of decarley trading and higher probability commodity trading a book i love and read garner predicted the peak in oil over the summer when everybody else went to 150, 200. a few weeks ago she said it's time to get more constructive although she also warned that
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oil would have like this one little last leg down taking the price anywhere from the mid 60s to lower 70s bingo, sure enough it fell to 70 for rebounding already back to $75 and change there was a moment here, okay, where it was a 69 and i was starting to tremble a little and that's okay because i got fortitude. what makes garner feel bullish she likes oil because money managers liquidated the positions on mass. you never get a bottom until the bulls throw in the towel that's what is happening gardener points out many money managers remained net long crude oil for several years and even though the covid crash drove prices below zero. these speculators stayed long and made a bundle when russia invaded ukraine causing prices to roar and that was a great time to be in. oil peaked in early june, okay and the price has been crushed in recent months
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this is a hideous path on the way down, the moneyquidi position where this is the most important part if you need to know one part of this piece, they have the lowest net long position in at least five years that's right, the least amount of oil in control in the last five years garner knows this from the weekly commitment of traders report known as the cot report okay commitment of traders. the net holdings of large speculators, meaning inst institutional money managers they were net long 230,000 contracts to put into perspective back in 2018 they were holding 700,000 net long contracts. last year, the net long position went as high as 600,000 contracts. this year it was still almost 400,000 contracts. they reduced the long position
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dramatically in a fairly short period of time which is why when you hear sometimes the term the recent oil selloff described as a speculation liquid event that's what we had as garner notes, you see the oil bulls getting wiped out, that's positive you got to go back to 2016 to find a period where large speculators wound down the net long positions when we got to that level, the oil futures quickly rallied from the low 30s to the high 70s before rolling back over again that is why garner believes most of the liquidation could be behind us and if we get any more positive action we had today, those same sellers might feel compelled to buy again that would be purely out of fomo who would happen is they'd say i'm not missing this wouldn't be surprised if that can fuel 20 to $25
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that can make us back to mid-90s. looks confusing. not for two in 2019, the bullish channel. after each event oil went back into the channel notice that. currently has floor support at $70. you can see that and assuming resistance at 95. we just bounced off the four on friday and again, yesterday, that is so significant in her view the crude should be bouncing as long as the world isn't going insane we got insanity. if the $7 floor doesn't hold, garner points out the 200 moving average stands at $65. look at this
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that's the 200 week. $65. which gives oil another four that's why she's saying 65. one last down might go down like that the relative strength index, the rsi important, oil got slammed in september and 35 suggesting an over sold market to even lower levels if it fell to 37, you know what that's called? a bullish diverging. crude made a lower low made a low, that's charted low. you can see where you didn't get
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that, the low that you thought you should get and that meant that people were saying, you know what? this decline is probably a phony decline. that's how people -- remember i told you at the beginning that people are trend followers in oil? they look at that and say maybe i should start buying. it that simple we'll zoom in on the daily chart to see if that helps the long term trend was bullish, the short term trend on the daily chart is indeed bearish but even this more negative channel gives oil the floor at 70 the $70 floor and a ceiling at 88 very close to what we saw in the weekly chart when you see this over lap, garner says it means these levels are important and likes the 200-week moving average at $65 aligns with the significant pivot price here where the previous rally started in late 2021 dip down to that level might turn things around so in other words, once again, do not freak out if we get a little decline here. there will be but that is going to be a buy signal, not a sell
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signal right in there. garner sees two ceilings of resistance, one at $88 go up like this and then the down trend and another $95. it would be anynirvana if it wet there. she thinks it will stumble between those two levels but if oil can break out of 95, we might get a massive rally to the next major resistance, which is 105. garner doesn't expect that to happen but they would change for the better if we see more use out of china finally, take a look at the relevant strength index. this dipped below 30 this is the black line meaning we got a truly over sold reading. since then oil is rapidly rebounded over the last couple days including today which is what we should expect. when crude gets over sold it's always followed by a rally we sold in august and november of last year along with past september. each of those produced a $20 run. we want to be in for the $20 run. that we can catch by owning some
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of the best oil stocks here is the bottom line. the charts are interpreted by carly garner suggests oil speculators are whipped out so time to buy the dips because they wouldn't be sup prprised if crude came down another $20. i agree which is why we're looking to add to the oil holdings in the charitable trust and i'll talk aggressively about that at thursday's 12:00 club call let's take calls let's go to jeremy in new jersey, jeremy >> caller: boo-yah, hey, jim, thanks for taking my call, man how are you doing? >> real good how about you? >> caller: hey, i appreciate all you do i had a question for you on hyd hydrogen. >> sure. >> caller: i'm looking to invest in a quality hydrogen stock and the different types of energies, was wondering your thoughts on plug power -- >> no, i decided plug power is too speculative. they consistently failed to deliver. i say consistently
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they are the most consistently inconsistent company i've come across i think it's -- that sounds oxy moron but trust me you got to buy lindy they have hydrogen and knows what it is doing and owned by the charitable trust and do great stuff. i'll talk about lindy on the conference call. no to plug power too inconsistent the charts suggest that the specs have been wiped out, the speculators are right so it's time to buy the dips so this dip must be bought i agree. maybe we get a 20-point move hey, much more "mad money" ahead including my sitdown with yum brands incredible investor day could it be your portfolio's meal ticket heading into a new year it could be a habit. don't miss my exclusive and sam bankman free, more like sam bankman fraud. they are charging him with -- okay, freed, with multiple
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counts of fraud related to crypto exchange collapse a day after his arrest in the bahamas. why there is plenty of work to do when it comes to crypto and none of the crypto people will like this. and the lightning round, stay with cramer. ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance...
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to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding]
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incredible rally and one of my favorite stocks yum brands, parent of kfc, pizza hut, taco bell and much smaller habit burger grill yum bottomed at 104 a couple months ago to come roaring back today up to $130 this despite the fact the
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company reported a mix set of results that month and same store sales came in higher than expected which is what i care about. what's the bull thesis earlier today yum held this gigantic investor day at the stock exchange laying out a compelling growth story talking 5% year to growth and 7% system growth this is raised from before we got to take a closer look with the ceo of yum brands steady hand. welcome back to "mad money." >> great to be here, jim, great to be here live and in person. >> you are opening like mad. you got 50,000 this presentation was ideal, 100,000? you can have 100,000 stores? >> yeah, i think we're trying to attack the myth we don't have room to grow we have unbelievable room to grow and you see it in the numbers we're putting up one new store every other hour around the world. >> does anyone grow like that? >> no, i think we're setting records in the industry. >> i think you are, too. you've been around for a long
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time in this company when you started when they came public, it was domestic company largely. you switched the equation entirely. >> that's right. we had an incredible journey from a u.s. focus company just starting to expand internationally to now clearly the vast majority of the stores and profits come from overseas and that we have tremendous growth overseas but the u.s. is still a part of that growth equation we have the ability to build all restaurants in the united states. >> let's say you go to vienna, the craziest thing, it's your town pick the town out of no wray my wife said it's everything we want across from a beautiful hotel, across from kfc. >> amazing thing about our brands is we're in 155 countries everywhere we go is our town we work and yum brands can come alive in ways. >> let's deal with that. you had one in india a franchise
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partner killing it. >> we have two public companies partners of ours there and the berman family you know well, all the stuff they've done in india. growing three brands in undindi. we opened 300 units in india that's fast growth and won't stop. >> i know you are a stickler and every number be good, kfc is fantastic. the numbers are great. taco bell is unbelievable. you turned that around i remember the days i said what will they do you got great inexpensive. >> the team is doing a great job to give something to everyone. if you're a consumer that's worried counting pennies, you have the cravings menu at taco bell or something better, the grilled cheese burrito sitting next to you. >> i'll polish that off. you tell me about pizza hut. not a crowded field but
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difficult to get the growth we like. >> great news on the pizza hut front. the strength in the business as they move to more off premise. today we share the fact pizza hut is a driver of the strong performance. >> that's terrific that's the product there. >> now, i think habit is great and i'm trying to figure it out. when can you blow out habit because it's really a fabulous offerings. >> we're going to get it right the thing about yum is we're always going to make sure our franchise partners are set up for profitability. we'll get everything right about habit before we blow it out with our franchise. >> okay. franchise partner. i guess i can't just go in there and be a franchise partner i need the three c. >> three c, welcl capitalized committed to the business. >> if i came and said i want one, would you have to see my resume you don't want any weak franchise. during covid you didn't lose anybody. >> that's right. we had great franchise partners and came together with the partners and strengthened the relationships but you have a restaurant background --
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>> it's not easy. >> i know you're committed. >> i am committed. one thing i can barely afford, how can you afford people? are things eased up? >> things are definitely getting better on the inflation front and the labor front we're seeing more applications for team members and i think -- >> did you also -- >> starting to settle down. >> would you be a member of the federal reserve, too, or just sticking to the restaurant business >> i think i got my plate full already. i'll leave that to the federal -- >> how about managers? easy to keep them? i know a good manager gets stolen >> the reality is paychecks is only one part of the equation. we offer at yum is you know these pathways for managers to go all the way to franchises and create generational wealth and our best franchises take care of their team members and managers and create the management to expand responsibilities and grow careers. at yum we have 1.5 million jobs around the world and every one of those is a job that could lead to something bigger. >> what is a shame is we have -- i won't be political but bear
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with me. we have a series of presidents now that believe unless you're a computer scientist from stanford you won't have a long and happy life and a family. the fact is, the root to success for many people in this country is what you're doing you're the opportune city. >> every day people have worked their way up in our system and have amazing careers, developed their skill set in a way they can lead big businesses, our chief operating officer for taco bell started in a restaurant. >> that's to befabulous. >> a lot of people in america think we're not welcome. these are american brands. they like them which means to me like howard schultz was, you're a brand ambassador how are we doing around the world? >> the great thing about our brands is yes, they're western brands yes. >> we bring them alive as local brands, as well. we have local franchise partners
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and source things locally and contribute and help the local community. our brands really are part of those local countries we operate in 155 but yet, we're western brands and that's the magic of yum. >> you were precisely at this moment the kind of stock that people should own. you got inflation going down a little bit, you'll be able to get jobs filled. you got quality dfood and growt. that's all you can ask for the yum brands ceo david gibbs, thank you. great to see you congratulations in '25 "mad money" is backafter the break. coming up, cramer takes your calls and the sky is the limit it's a fast fire lightning round next
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>> announcer: lightning round is sponsored by td ameritrade it is time, it is time for the lightning round. play this sound and the lightening round is over are you ready? let's start with david in maine. david? >> caller: hello, jim. long time first time, thanks for having me on. >> excellent thank you for calling in, david, what's going on? >> caller: i'm considering church and dwight for a small long term hold. >> i think that's a good long term position and growth stock but i got to tell you, some other great stocks in the same category, that's a good company and cheaper. let's go to berry in florida, berry? >> caller: boo-yah mr. cramer. barry here from sarasota, florida, the beaches but home base lafayette, indiana, home of the purdue boilermakers.
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>> well, excellent good to have you on. what's going on? >> caller: well, i'm wanting to know if lumina technologies which you embraced about a year ago is a buy at this time. >> no, no, it's had a couple series of very bad quarters and there's no excusing how they're doing. i don't understand why they're doing this badly very sorry let's go to davey in new jersey. >> caller: first of all, shoutout to your staff stephanie and alison is get through to you is wonderful camping world holdings, cwh? this is run by marcus, i want to do business with him he's done great and stores are terrific and fine to buy and by the way, i'm going to throw in a two-for. i like best buy. no, three. i like dick's too, dick's,
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camping world, best buy, they all work for me. corey in south carolina, corey >> caller: hello, jim, thank you for taking my call. >> welcome >> caller: your staff is great. >> like people like my staff. >> caller: i wanted to ask you about shc. >> i do not know these guys. i do not know sotera health. we'll have to do some work on that i'll get with my staff they'll know and that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightening round is sponsored by td amer ameritrade coming up the clear opinion on the house of cards built at ftx. what does this mean for a crypto kingdom beset by other sand castles? find out, next
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when you look at the language charging sandbag with fraud, seems clear quote, we allege sam bankman freed built a
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house of cards on deception telling it was one of the safest buildings in crypto. end quote. the alleged fraud committed by mr. bankman pfree sd a call to crypto platforms they need to come into compliance with our laws end quote but the implications behind these words might not be well understood and i didn't hear anyone talk about it today for too long the scc had to look the other way on crypto because there were toomany crypto advocates on the commission itself and in congress they've made it very difficult for the scc to go full against the dirtiest crypto outfits, the ones that pretend to be brokers or banks but that reality do whatever they want it's absurd. really think that the new king of crypto cz, the co-founder and ceo is any more compliant to regulations than the old kingo crypto probably headed to prison nobody knows what that guy is doing. the government doesn't know where he is.
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i call not in compliance at least the guy is smart enough to go into hiding how about tether, owned by an alpha that out of hong kong which also owns crypto exchange. this is a $65 billion fund that's meant to be like a money market fund. it's where you can store your cash and it's supposed to be kind of sort of pegged to the dollar if the scc wanted to find out what is in it, let's say they want to find what is in fidelity money market, pick up the phone and fidelity will tell them the heavens bursting upon them good luck getting them out of the tether managers. not in compliance or coin base on the surface it looks like a totally up front outfit and has a normal stock but huge problems with crypto asset insider trading and somewhat rcrazy and the coins are unregulated, not
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in compliance. i'm not trying to warn you away from crypto as an asset class, that's up to you you want to play crypto, keep money in an outfit regulated like a regular bank or broker. sadly, that's hard to find because the whole industry seems to thooirive on the believe the rules don't apply. you don't want a run on your crypto bank and never see your money again. of course, if these platforms comply, they will be fine but are they when you see what ftx was getting away with it, it's hard to believe the chief will be stopped from going after the non-compliant firms. there are way too many politicians of both parties that have taken tons of money from this industry. i would love to say they're all bought and paid for but some of them might be true believers, which is even worse. either way, they'd bend over backwards to slow down crypto regulation and done it in the shadows. they talk about the importance of financial innovation or promoting block chain technology
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that's synonymous with the firms. they don't want to fall behind other countries. to which i say if block chain is so great, how about amazon or any major company? it's been around for years so how come nobody outside the crypto space is using it to make money? financial innovation sounds good but not inventing ways to commit wire fraud that's why i want real regulation when it comes to my bank account, i want protection from the government sure, these crypto currencies were up today to which i say this is your chance to. >> sell, sell, sell. >> that's why i welcome chairman stepping up to the exchanges and filing perhaps a sweep of cases against them he is using sam bankman freed's case to defy those blocking the fcc from taking action he's become unbound. time to ask yourself what protection do you have can you handle getting a note saying you can't get your money back or that you might get it if you just hold on and then you find out that the firm went bankrupt and there is
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nobody at the other end of the firm if you can, be my guest. please, please, please, remember block chain and defi aren't guarantees it turns out they're just buzz words. i like to say there is always a bull market somewhere and i promise to find it here for you on "mad money. i'm jim cramer see you tomorrow where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪♪ that regularly brings a happy surprise to your mailbox. ♪♪ hello, sharks. it's a pleasure to make your acquaintance. my name's bryan deluca. and i'm matt mclard. we're from the great city of dallas, texas, and we're seeking $250,000

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