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tv   The Claman Countdown  FOX Business  September 24, 2021 3:00pm-4:00pm EDT

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fraudulent cryptos yesterday, please, sec and others. charles: i wish we had more time, but i miss ya, talk to you again real soon and have a fantastic weekend. >> thank you so much, charles. great to hear your voice. charles: yeah. if cody tells me to get in the metaverse, maybe i will. in the meantime the, i'm in the stock market, i am loving it, but we've got an hour to go. liz claman will take you through it. [laughter] liz: i know. a wild week wrapping up with some friday fizzle. uncertainty is the word of the day following the biggest two-day gain in six months. yes, you see green on the screen, but you want to see uncertainty, look at the intraday of the dow jones industrials. so far it has crossed the unchanged line 154 times. right now we do have the dow up 40 points though, s&p up by 6, but the nasdaq struggling here, down by 13. the nation's relationship with
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china front9 and center at this president joe biden holding the first ever white house meeting with the quad leaders, the prime ministers of australia, japan and india all on hand to discuss national security matters and what to do about china's saber rattling, anti-business behavior toward its own companies, supply chain issues, the chip shortage and more. michael pillsbury, former adviser to the trump administration on all things china, is here to tell us what china's behavior means and what should be priority number one for that quad alliance. the chinese government, by the way, also -- as you just heard from charles -- triggering quite the tsunami in the crypto world, we'll get you the latest prices of bitcoin, ether, xrp, speaking of which charlie gasparino and i will go two on one with ripple ceo about the china crackdown and his ongoing battle with the
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securities and exchange commission over xrp, the outcome of which could alter the entire crypto landscape. this is a fox business exclusive. and breaking this afternoon, elon musk's break-up with his girlfriend grimes, but that's not the only big news from the tesla chief. why the billionaire innovator is changing his view on how bad the chip shortage is. we've got that and more. let us begin with two huge events straight out of china are transfixing the markets at this hour and, quite frankly, this entire week they've really held it in the claws here. shares of evergrande plummeting 10 -- well, let's call it 11% in this final hour of trade after we told you it missed a massive interest payment due yesterday, now it appears its electric vehicle division might not survive unless it gets an immediate cash infusion. monday u.s. stocks cratered on fears that evergrande's eventual default will spread contagion to world markets, but cryptos are
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taking is some of the hardest blows. take a look at bitcoin, down 5% to, well, about $42,257. litecoin down 7.75%, actually, 8.6%. ethereum's the one down 7.75% after china amped up it anti-crypto rhetoric, officially declaring all crypto transactions, not just mining in the like, are illegal. all of this playing out as president biden holds a high stakes meeting at the white house with the leaders, as we mentioned, of india, japan and australia, the meeting of the group known as the quad putting defense moves on the move to the upside as the united states and the biden administration look to tighten the screws on china which has, yes, been saber rattling. to edward lawrence live at the white house with what could come out of this historic face to face and, edward, we have the saber rattling militarily where they buzzed a whole region of the air space near taiwan once again, but we also have the
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situation where we're looking at china attacking its own businesses, and then you begin to wonder what does that mean for the rest of the world's business chain. >> reporter: yeah. and you know what's interesting is a senior administration official made the huge point to us that and stressed to us that this is not a military alliance. what's happening today, saying the quad is going to be looking at other ways to push back against china. that official telling us that we have had a long, a really long, protracted time of conflicts, and now is the time to double down on diplomacy. that's what we're hearing out of the white house here. the president did not mention china by name in any public comments today or in his u.n. general assembly speech, but behind closed doors you can bet that they're going to talk about china with the leaders or the prime ministers from japan, australia and india. >> we are four major democracies with a long history of cooperation. we know how to get things done, and we are up to the challenge.
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and i'm looking forward to our discussion today. >> reporter: and the four will map a series of agreements that will tackle climate change, strengthen covid response, specifically for india, renew the call to suspend those patents on intellectual property, and the big ones going after china really, specifically semiconductors. there'll be a joint initiative to map capacity in countries, identify vulnerabilities and take critical steps to support the supply chain for semiconductors as well as the components that make up semiconductors. there'll also be an initiative on space and space commerce, something that china really wants to get into and then cybersecurity. so this is how the is really going to stand up against china, these world leaders, all of them have felt the pressures either economically or directly from china and, again, these agreements is the way the white house wants to push back and aim to put pressure back on china. also today, again, not hearing any public comment about the
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word china, but again, all of this has to do with that indo-pacific region where the big elephant in the room is the chinese. liz: behind closed doors, believe us, they're talking about china. edward lawrence, thank you for that tee up. this comes to the question, is the u.s. on a clear path to economically separate from china, and is that the right road to take when it comes to american business? to former president trump's top adviser on all things china, michael pillsbury, director of the center for chinese strategy at the hudson institute. michael, great to see you again. but, you know, let's get right to this. this incursion by chinese fighter jets near taiwan came precisely one day after taiwan applied to be part of the tpp ii, the comprehensive and progressive tpp trade bloc which includes two of the four countries president biden is meeting with right now, australia and japan. what do we glean from all of these news headlines? >> well, chinese intentions are a matter of great debate in
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washington, as you know, on the one hand, the chinese engage in aggressive, as you say, fighter violations of the zone around taiwan, this idea of 300 new icbms that would focus on us, each one which could have several h bombs on it. there's a whole series of military steps and diplomatic criticism of our country that china's taking. but ray dalio, jamie dimon, you know, you picture a leader in new york, they see a very different china that they want to benefit from. jamie dimon, i think, deserves a lot of credit for his courage. he says we americans have to get used to being number two. we'll be wealthier on a per capita basis. both bide season and trump have said china's not going to surpass america, quote, on my
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watch, unquote. but everybody's thinking about beyond that 5-10 years in advance when china either will be a major adversary that's stronger than we are or not. i think that's where the daily confusion that affects the market so much comes from, liz, basic ambiguity about chinese intentions that allow this debate to go on in america. liz: isn't it a better idea that we somehow figure out how to engage in business dealings with china but somehow keep the upper hand on that business dealing? i mean, surely we do a lot of things better than they do when it comes to create i.. i remember speaking to the ceo of electronic arts years ago, and he said, you know, i go to china for manufacturing, but i come to the u.s. and france for the creative ideas that come out of the gaming minds. >> right. liz: so there's got to be that, right? can we not keep the upper hand in that respect? >> absolutely. in fact, there's a fascinating series of books that came out of the hoover institution about 40 years ago that talk about
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business and hitler and the nazis. ford motor company, many of the u.s. corporations got deeply invested with hitler. they would meet with hitler in person. hitler supposedly had a picture of mr. ford up in his office. so, yes, we can cozy up to a regime that ultimately turns out to cause war, then everybody loses who invested so heavily. but that's what the debate over the intentions of china's all about. we had that debate in the '30s. most people, especially in london and washington, said hitler will be our friend. he needs to repair the damage of the versailles settlement, we need to all get along. and all of a sudden country after country gets invaded, and slowly those people lost all of their investment. was china like hitler and nazi germany? looks like very few people think that today, but if the chinese behavior continues, it's going to be a very scary time for those who got so deeply invested in china now. liz: there is the autocratic part of what xi jinping has
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done, but we have -- there's so much news, breaking news, and ever maryland's -- evergrande's electric vehicle unit says we can't continue unless we get an immediate infusion of cash. then this breaking news on the huawei situation, the chief financial officer who has been stuck in canada for quite some time on all kinds of accusations by the united states, a deal has been made between the justice department allowing her to return back and the canadian and chinese government. tell us what you make of that, and does that ease the pressure if or tamp it on? >> well, i cannot confirm the deal's been made. i know the negotiations have been underway. it definitely is a gesture toward china. just in the last couple of weeks the biden administration's made a number of gestures toward china. they're hoping to show kind of a softer side more toward cooperation, especially on climate change. and the biden people, i think, i've talked to here in town today, they're very happy about xi jinping's speech at the u.n.
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this week that china will stop building coal-fired plants all around the world. if that's true, it's a big breakthrough for the people in the biden white house who care about climate change more than almost anything else. there's a number of these gestures that i believe will still be coming toward china. the white house press advice is not to mention china. the quad is kind of like four democracies who want to get together on common grounds, but no anti-china rhetoric. i think that's because they want to keep modi in the quad. he'll quit if it turns into an anti-china alliance. liz: michael, we have so many more questions, whop you'll come back. thank you very much. >> thanks liz. liz: take a look at nike today. more than any other stock, it's caught right now in a downward spiral. it's not all china-induced, but we've got to find out where nike stands in the final hour and the stocks that could be most
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vulnerable to following in its footsteps. or stumbles. closing bell ringing in 49 minutes. the dow clinging to gains of just 12 pointsen on this fizzle friday, shall we call it? "claman countdown" coming right back. ♪♪ flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to for a prospectus containing this information. read it carefully.
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(chorus) golo! ♪ liz: nike's swoosh getting deflated at this hour with a percentage loss of about 6% right now, gets the dubious distinction of being the worst performer on both the dow and the s&p. all because of the snafu of the season, supply chain issues sparked by a resurgence of covid. the sports apparel giant's factories in vietnam have been shut iserred by the government there as it desperately deals with increasing cases of the virus. the 10-week stretch of forced closure has caused mass mayhem, drastically increasing shipping times of nike air jordans, air pegasus, etc. at least seven brokerages have cut price targets to as low as $160 after nike cut its full-year sales forecast. inventories will be lean for the
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next few quarters, and the news that's leading adidas and puma in the red. we should also mention decker's outdoor, lululemon -- well, lulu's flat, but decker's down 8.5%, adee dance down -- adidas down 3%. what about the retail partners? foot locker, dick's sporting goods also moving lower, dick's down 2.5%, well off its lows of the session, by the way. foot locker down 7%. it does lead to the question, is nike the first of what could be a long trail of companies about to stub their earnings toes as they trip over the tangled supply chain, and who might be in the clear? let's get right to the floor show and our traders. phil flynn, let's worry about nike right now. it's at $149, still up a decent percentage, about 19% year to date -- year-over-year, rather, but when you see the spillover effect from nike's revenue and
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earnings miss, flag our viewers on who you see being next make and where the money flows are exiting and going toward. give us a sense of what you see. >> well, we want to look at a company like a bf corporation because they have a lot of the same type of brands. they produce north face, dickies, very popular brands, but they have issues because they produce a lot of their goods in the same place, in vietnam. so they're going to see the same type of supply chain issues that the ore ones are going -- other ones are going. but i'm going to take it a step further because i think this could be a much, much bigger issue. look at the natural gas shortages that we're having right now in europe, and you look at natural gas prices here in the united states. that's creating real problems for factories, it's creating problems for fertilizer producers, and i'm really concerned about companies who
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can't get fertilizer, food prices are going to go up. campbell's soup, conagra, j&j, kelloggs, kraft heinz, all these companies are going to be facing supply chain issues and rising costs because the cost of food and transportation is going to be going through the roof. liz: yeah. i like the idea where you triangulate who also manufactures in vietnam which, by the way, tom hayes, this was the big message during the trump administration of go figure out over countries, you know, on which you can start building your factories, and everybody fled to vietnam, ask and now look what happened. there are complications everywhere. >> yeah. no question, liz. and you're seeing a number of these companies trading in sympathy on the same weakness, so under armour, crocs, which has been a high flier, has some manufacturing in vietnam, can deckers, and then the distributers like dick's which
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you had mentioned. they host 10 weeks of production, their shipping times have doubled from 40 days to 80 days. however, the demand is there, and that's something that we immediate to keep in mind because when these events happen, it creates opportunity. am i saying to jump in there right now? no. these are going to take probably a week or so to settle out, but by the time the others start taking down their guidance, a lot of that bad news will be priced in, and you may see some of them rally on bad news because they'll be down into that announcement based on what happened with the surprise with nike. you know, nike still trading at 30 times next year's earnings on 18% earnings growth, it's a little rich here, i'd wait for lower levels before we get involved. but the big story this week, as you know, with the fed signaling taper, rates rising the 10-year yield from 130 bits to 146 in three days -- liz: that was crazy.
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>> so that's an environment where the cyclical trade start to outperform again like we saw last year november to march. liz: phil, before we jump out of this, i've got to tell you, there's news breaking as we have told you about evergrande and not to mention everything that's happening with the chips and the supply chain. look at the one week chart9 of the s&p, the dow, the nasdaq just to show what investors have endured. i mean, it has been an incredible ride. monday and tuesday we saw a pretty significant selloffs, then we saw nice jumps, at one point the s&p was positive for the week. i don't know if that's still in play, but as we look at some of these pictures, now it's the nasdaq that's flat to slightly lower on the week, but we're back up above the flatline. what do you expect for next week? >> well, you remember in airplane when the guy puts out his tie and says, boy, i quit the right week to quit sniffing
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glue. laugh. [laughter] it really has been. listen, i think we're going to see more volatility, but at the end of the day, i don't think you want to fight the fed. the way that the market came back down, people that were looking for that 10, 15% correction after the fed, i think that's a lot less likely. so i think in -- more in a buy the breaks mold. but i am concerned about commodity prices starting to get out of control here again. i think the word is going to be energy crisis and how that's going to impact all of these stocks going forward. we have to keep a close i eye on it because if we get a cold winter, things could really get out of control, and that's going to impact earnings across the board. let's pray for a warm winter because rising gas prices could impact earnings pretty quickly. liz: well, the skiers are praying for a cold winter. let's be fair and balanced here. phil, tom, great to see you.
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[laughter] folks, it is the case that could decide the entire fate of the global crypto sector here in the u.s., forget china, and charlie gasparino and i are about to break it wide open. in a fox business exclusive, ripple ceo brad garlinghouse is here with his battle royale with the xrp that facilitates payments on ripple. what's his plan to win the sec lawsuit filed against his company? with the closing bell ringing in 37 minutes and the dow now up 56 points but cryptos falling, we're about to find out. ♪ ♪
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it's tru. keytruda from merck. see the different types of cancer keytruda is approved to treat at, and ask your doctor if keytruda can be part of your story. ♪ liz: just practically the entire auto industry has down shifted production because they can't get enough microchips to run their new cars, tesla's ceo elon musk -- yes, the man always known to march or dance to the
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beat of a different drum -- saying at this hour the global chip shortage is just a short-term issue now and should be over by next year. this just a day after an all hands on deck meeting at the white house yesterday which elon, by the way, was not invited to. ceos from the tech, chip making and auto industries huddled with biden administration officials to strategize how to fix what has become a problem for millions of manufacturers. back in april musk said the microcochip shortage was causing, quote, insane difficulties for tesla, but he credited a new wave of construction of chip making plants in the u.s. for his change of heart and mind. intel and taiwan semi both set to break ground on new plants here in the u.s. next year. you can see some mixed picture for the chip makers, but let's look at the u.s. automakers. boy, it sure is nice to look at more than just three. we've got tesla, fisker, we've got ford, general motors, canoo.
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everybody. everybody's in the green, which is very nice. and why? well, maybe elon's right. the average car, electric or internal combustion, has between 25-50 microchips in it. so if he's right, and the market believes that, that's why we've got these stocks in the green. two travel stocks cruising into the close. let us welcome the newest member to the fox business family, madison. she's in the newsroom for today's fox business brief. hi, madison. >> reporter: hey, liz. thank you so much. carnival corp. reporting that it's had cash flow positive voyages in the third quarter, surging to new records intraday as strong sales throw the sea giant to a narrower loss in the quarter. also announcing a new partnership with toyota today for its guests.
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and restaurant stocks are getting a boost after jeffrey's upgraded a slew of names including cheesecake factory, dave and buster's and chewy's, all three, as you can see, solidly in the green today. and new shock waves rocking the cryptosphere. up next, the ceo of ripple is here with his exclusion arive reaction to china's latest crackdown. "the claman countdown" is coming right back. ♪ ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions
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♪ liz: breaking news, we are getting more headlines on the huawei executive who's been under house arrest in canada for more than two years at the united states' request. the u.s., while allowing her
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apparently in a deal to walk and and at least go back to china, is still preparing for a trial after a u.s. prosecutor told the judge in federal court today that huawei and the u.s. have agreed to a deferredded prosecution agreement that will apparently, quote, resolve bank fraud charges against her. this deal as it stands should allow her to leave canada and relieve a point of tension between economic superpowers china and the united states. but, again, prosecutors still say they're preparing for trial. ming was arrested at vancouver international airport back in december of 2017 on a u.s. warrant and was indicted on bank and wire fraud if charges for allegedly misleading hsbc bank about the telecommunications giant's business dealings in iran. iran, of course, had been sanctioned in that time. in the last 24 hours, ripple xrp won a battle in its nine month war with the securities and exchange commission which
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says xrp is not -- is a security, rather, not a cryptocurrency and, hence, must be registered and regulated as such. ripple had filed a motion demanding the sec reveal its internal policy detailing the commission's rules on sec employees trading and holding cryptocurrency. ripple's thinking being if it could prove sec employees have way in the past traded xrp, bitcoin and east they are, then they could argue the sec had given ripple clearance. the judge did order the sec to produce documents. clearly, ripple is not backing down from the fight, but with billions at stake and precedents that could be set for the entire cryptocurrency industry, we bring in ceo brad garlinghouse and charlie gasparino who's been all over the sec's case against ripple xrp. charlie, we've got the wording to date, china banning
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cryptocurrency, but let's start with you what you've been breaking. >> yeah, i want to make one point here. we've reached out to jay clayton, former sec chief who brought the case against you guys, it was his last act in office under president trump, bill hintman, the head of corporate finance, headed a lot of the regulatory stuff involved in crypto. we've reached out to the people who run ethereum because they play a role in this too. we've reached out to the sec press office to get in touch with gary gensler because he's continuing the case that clayton brought. i guess this is where it comes down to it for me, brad, ripple was charged by the sec for failure toadies closures after, if you look at it pretty objectively, doing much the same thing that ethereum did, and they've gotten a complete pass.
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bill hindman gave them a pass in that famous 2018 speech, obviously, jay clayton given them a pass, so far gary gensler hasn't looked backwards and said, hey, was that a security when you were using ether to build out the ethereum block cape, and you guys would be in big because you're presumably using xrp to continue to build out. why do you think there's these two standards, just from your standpoint? >> look, i'll start -- charlie, thanks for having me, liz, thanks for having me. i think there has been and continues to be a lack of clarity. i think the points you're making about the statement the sec has made about ether certainly is one example of that. look, as you have reported, charlie, if we want this industry to thrive here in the united states, there needs to be clarity. and i don't think we can just continue to say, hey, there is clarity as we've heard from sec officials even more recently
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under chair gary gensler's leadership. we can't both say we need -- there is clarity and also ask congress to write new laws to make it clear. both those things can't exist. ether's one good example of where they have said and even backtracked under gensler's administration as to whether ether is or is not a security. there's a lot of lack of clarity. i have been out there publicly with even liz years ago speaking about the need for this clarity for this industry to thrive for the u.s. >> do you think there's a conflict of interest between what jay clayton does now in private practice? i admit, i know jay, i think he's an honest guy, but he clearly, he does represent -- he does work for companies that do stuff involving crypto with ether and bitcoin. do you think that's a conflict of interest that's going on here, that there's some -- that they've picked winners and losers for business reasons? if a lot of people who have owned xrp believe that.
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i'm not saying i do, but that's been out there. what do you think? >> look, charlie your reporting, i think, is on point here. i think the timing, the fact that it's right on the last day of chairman clayton's kind of really final act, as you anticipated, brought this lawsuit, i get this question a lot. i don't know what people's intent are, so i'm trying to stay out of that. suffice it to say i think the timing stinks. i think it's not a good look. you know, i think we have to go back to what is the mission of the sec: the mission is to protect investors and help insure orderly markets. in this case you have actually, you know, more than 10,000 people who are holding xrp have filed a class action -- >> i've read it. >> these are the exact people the sec is supposed to be protecting, and they're saying, hey, you did the opposite. you didn't provide clarity, you allowed xrp to be listed and traded very freely across the united states, more and more people got involved. it's traded for eight years, and then you brought us through
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driving the price down 60 or 70%. if the goal is orderly markets and the goal is to protect investors, you know, i think we've lost picture -- lost sight of the big picture of what the sec's mandate is. >> now gensler, gary gensler, current sec chief, is kind of carrying jay's water a little bit here. he's continuing the case. some would say he's even more sort of -- he's actually doing more regulation by enforcement than jay clayton. what do you think his end game is, gensler's end game is with you guys and the entire crypto business? >> obviously, i've read the same information you have about coinbase has publicly stated about the sec's posture towards them. i think we lose sight of the fact that crypto is regulated by the cftc, other government entities whether it's the treasury, and so when i heard the sec people come forward and say, hey, this is the wild, wild west, it's not regulated, well,
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that's not entirely true. you, the sec, may want more power over this, and you previously said bitcoin's not a security, eitherrer's not a curt and -- eitherrer's not a security, they seem to be backtracking and saying, hey, come talk to us, yet every time someone goes to talk to them from the crypto community, it feels like it's regeneration to bring enforcement action. that's not a good way to help this industry thrive in the united states as you reported, charlie. liz: brad, if i were on gary gensler and jay clayton's side of this -- which i'm not, i'm just playing devil's advocate -- xrp is the asset of native block cape, and it was premined. -- >> i can hear your voice, yes. liz: -- original 21 million for bitcoin. but with xrp it was premined and their point would really be that they would trade that almost as an asset. you would. and, i mean, it doesn't sound
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like an actual currency, and maybe that's what they're going for. where do you get sort of the ability to stand up and say, no, that is not an asset, that is a currency? brad, can you hear us? one second. charlie, i think -- >> brad, can you hear me? >> i can hear you. >> liz's question -- we're having technical difficulties, but with what she basically said is what is the basis that you are a currency and not a security? how do you define yourself? brad? liz: i do believe we're going to try and reestablish the all of a sudden owe with brad at the moment -- the audio. we're going to take a quick break, we're going to figure it out, we'll get the connections
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going once again and be back with brad garlinghouse. charlie and i coming right back. the best things america makes are the things america makes out here. the history she writes in her clear blue skies. the legends she births on home town fields. and the future she promises. when we made grand wagoneer, proudly assembled in america, we knew no object would ever rank with the best things in this country. but we believed we could make something worthy of their spirit.
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♪ liz: okay, charlie and my twitter feed has just gone crazy. we have ripple ceo brad garlinghouse back along with charlie, but stocks are also hitting session highs. dow is up 82, you saw the rest -- >> i just got breaking news that gary gensler and jay clayton were in the control room, and they cut brad's mic -- [laughter] this is breaking news -- i'm just kidding! liz: brad, what i was asking you before to play dell's advocate is simply -- devil's add advocas what you heard before, but i need to restate it.
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ripple is ate little bit different. you've got xrp as the native asset of the xrp lemming arer, and you created about 100 billion tokens in advance that were premined and periodically you with release them. at least you own a chunk of that. and periodically you release it. it's almost like you control very much the price because you could start flooding the market on any given day with xrp. the price might go down. that feels like an asset versus a currency, and we know that ether was allowed to do something very similar. >> ipo. liz: what do you have to fight through that argument on behalf of the s education c? >> well, there's a whole bunch of things i want to clarify. the first and i think maybe most important is that the decentralized, open source technology we call the xrp ledger pre-existed the creation of ripple, the company. so with ripple, the company, never did an ipo -- ico, initial
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coin offering, and one of the things we were discussing earlier, ether did publicly do an ico, initial coin offering which many people would call a securities offering. that is not what ripple has done. there's different ways that these technologies work. one is proof of stake and that's where the ethereum community is moving. you have proof of work, that's how bitcoin works through mining which consumes a massive amount of energy. we were trying to build a better cryptocurrency, a faster, more scalable, more efficient and less costly and certainly massively more efficient from an energy point of view, and ripple has sought to further the agenda of that xrp community. owning that and saying it's a security is kind of like saying oil is a security of exxon or gold is a security of the largest gold mining company. it just doesn't really make sense. >> well, let me ask brad a dumb reporter, non-crypto expert
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question, which is me. [laughter] why don't you just give the disclosure to the sec like they wanted? could that have softed the puzzle? -- solved the puzzle? or the problem? >> ripple is an extremely transparent company particularly relevant to the crypto industry. if you start treating us as an xrp, you're subject to a lot of costs associated with a security settlement. if you're using, again, the magic of what is xrp is how incredibly fast and cost efficient is the for these cross-border payments, how ripple deploys the technology. if you start treating it as a security, the cost and speed change dramatically. and really that's an example where the sec is, in effect, picking the winners and losers of this new industry. that's not the role of government in this case. >> you ever going to settle with them? i have covered this a million times, yeah, we're going to get 'em, we're going the win. ah, let's just settle.
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is that going to happen with you guys? >> we, of course, want the find a path. there's no scenario, though, that we're going to settle unless there's absolute certainty about what is xrp on a go-forth basis. it's very clear how ripple and other scores of people in the xr, if community is are using these securities, they're not -- technologies, they're not securities. liz: brad, there are people who say don't take on the government. this is a coinbase issue right now where coinbase came out and initially really came out swinging against the sec saying why are you guys trying to tamp down on our lending, you know,ed idea where, yeah, we pay a little bit of interest on this, and now they put it off. they've backed down. will you back down? and i know it's different9 from the question charlie just asked, but is it really smart, and what is your in-house counsel telling you? >> well, i'm going to keep the attorney/client privilege intact, and he'll be happy --
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[laughter] hook, we have a clear -- look, we have a clear vision of how xrp can be an incredibly powerful tool not just for how ripple's using it, but across other industries. there's a lot of other people in the crypto and xrp communities doing amazing things with xrp. my view is, look, we're going to keep pointing these things out, we're going to educate the market, educate the judge involved here, and, you know, i think as we have discussed here, i don't think the role of the s exe c should be to pick winners and -- sec should be winners and losers. but i think we as an industry deserve and need the clarity so that the u.s. can thrive in this industry just as we did in the internet of innovation 20 years ago. liz: brad, come back. charlie's all over it. brad garlinghouse, ripple xrp. dow is up 79 points, we are coming right back. ♪ if
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three and a half minutes from the closing bell, final session of the week week. doc said to step three week losing streak and it looks like all major industries will close for the week. we got the nasdaq down slightly by six points. for week, it's just a big green i attached. lots of uncertainty in the market one day after the dow tuesday performance in six months was wednesday and thursday. blue-chip average unchanged level, a total of 175. this is a 90 indecisive session from a horse the worry, federal reserve tapering timeline maybe november. bears are peeking out but one in particular, not usually of
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their, trader extraordinaire says i couldn't believe this when i heard this, the bull run is over? you say that why? >> the interview was great. as a lot of things to worry about right now, first of all you got to stagflation which is a real possibility with what's going on with the stimulus packages and you can't get people to work because they want the money at home and don't want to go to work. that's a problem. he complements collapsed 2000 down to 500. copper collapsing and they always tend to ignore first and then the actions are too late. i'm saying here i think we are done as far as making new highs. i'm not saying it's going to collapse today or tomorrow, i think we have a lot of room on the downside and many reasons to be concerned into the fourth quarter. liz: so between now and the minute you're right, right now
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we are closing to the upside for the week, what you buy? >> i think you want to look at stocks again from of the biggest thing the government could do legalized pot. it would make a fortune on the taxes and it would help the companies they have they refuse to federally legalized although it's 40 states right now. would be simple and they would think so much and it would be good for banks and every industry we have if they legalize it and i'd be looking at a retailer, i see them all over the place. in my neighborhood, every three blocks to respond. i think it's time to look at it and the gambling stocks are real big because we go into slower times from gambling picks up, it's extremely visit busy in vegas. california doesn't happen yet and they will have them.
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i think if you want right on china, gambling and plans in china, what could be better? liz: thank you, my friend. we will see you next time. there is the closing bell for this friday and for the week. green on the green. kudlow is next. ♪♪ larry: hello, welcome to kudlow, i am larry kudlow. earlier today president biden told us everything and massive spending plan is paid for. really? are you sure, mr. president? will have to dig in a bit on that. first, the size of the spending plan is not 3.5 trillion. scored by the cbo on a ten year basis, it's going to be at least four and aal


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