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tv   Making Money With Charles Payne  FOX Business  September 30, 2021 2:00pm-3:00pm EDT

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neil: we might not get a infrastructure vote today, infrastructure only package but looks like we can avert a government shutdown, that measure passing the senate, moving to the house ultimately where the president's desk will sign it. that is something done. it doesn't delay the other big headaches but it provides at least some relief we'll see. now charles payne. charles: neil, thank you very much. good afternoon, everyone, this is "making money." don't look now as speaker pelosi all of sudden the pelosi magic as progressives mean business and so does senator joe manchin. we're looking at stock market that became vulnerable during the month of sent. what happens if the calendar changes and we get a compromise
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bill? i will have experts that navigate the next session and maybe the next few a hit broadway play closes after one show. is it time for more realistic covid policies and restrictions that don't slow down the economy? i one guest came on the show four years ago, charles. >> you have to buy bitcoin. it is $2500. she is back. saying it is not too late. more seesaw action as the market got roughed up this month. we'll begin the next quarter. looks like things will go well. all that, so much more on making money. ♪ charles: all right, folks, so september was a pretty rough month obviously. we're not done yet, but ending with an exclamation point. that seasonality, remember it helps to set up strong year-end rallies. it is nail biting time.
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investors you have to keep your head on a swivel. you have to be very opportunistic right now. keep in mind indices are more misleading than normal, right? 90% of the s&p 500 has endured a 10% drawdown this year. 24% of nasdaq 100 components coming into today were down below their 50-day moving average. how do we go through it, how do we parse through it for great opportunities. i will bring in our experts. ann berry, ryan dietrich. on these markets, i imagine you're zeroing in on potential buys or are you worried there is still too much downside risk? >> not on specific names, charles, the reason is earnings season is coming up. this will be a educational set of comments from names i'm looking at, high dividend yield particularly etfs. getting into some cash risch companies could be a way to play
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this. charles: alan, i will ask you about this market. i have to ask you about fedex. you have strong conviction. we talked about the supply chain issue and they have a lack of drivers. what do you make of it like bed, bath & beyond for similar reasons? >> i knew you were going to bring that up. almost perfect timings to have earnings after we come on but labor is an issue and when i look ad the fedex earnings issue i looked at it more postively than the market clearly. they paid a lot of money in overtime. they couldn't find drivers but revenue growth was really, really strong last quarter. you can fix labor. you can't fix revenue growth. so i'm a still a bull on fedex. charles: i get you, man, demand is there. i agree with you, i think the market probably overreacted. ryan, talk about the work you guys do. what you do at your firm you weave in history with current
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trend. you've been adamant about seasonal risk of september coming into the month. you were absolutly right. what kind of risk are we looking at seasonally in october? >> that's right, charles, september was rocky like we thought it might. here is the thing, 1929, '87, 2008. october is known for spectacular crashes. we think october is misunderstood. last 20 years, october the fourth begs month. the last 10 years, fourth best month. since 1950, in the middle. 7th best month. october is misunderstood, charles, one more quick one for you. if you look odd number years, october does really well, last five times in odd number years october was higher. what does that mean? that is when you don't have an election or a midterm election, right? pre-election jitters. when you have those october is usually lower. this is a year without an election next month. so remember that.
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charles: ryan i don't hear you. you were going in and out there but we definitely got the message there. senator joe manchin, he has come out, he has spoken to reporters including fox business. listen he is saying he is willing to make some compromise here with had progressives colleagues. he has gone to 1.5 trillion. that is his number. of course we keep hearing from progressives sound like they're softening up little bit. the big question, before we get to spending infrastructure can that be done first? that seems to be a real serious issue, so what happens? ann what do you think will be the impact on the market if this drama dragged out too long? okay. i'm not hearing ann. i don't think she is hearing me. all right. she is frozen. all right, hey, alan, your -- >> i can take that one. charles: on d.c. follies go.
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>> this is a big deal. we've got a couple of issues. the debt ceiling is one. the debt ceiling needs to be raised like there needs not to be this game of chicken, like we've got to get over our issues to get that one done. we're financing big percentage of our annual budget with debt and that is not a problem that started in 2021. it is certainly not going to get resolved in 2021. we really need to get -- charles: why couldn't it resolve? when do you resolve something like that? at some point servicing that debt you just talked about goes being 5, 600 billion a year to a trillion a year. some old time politician says now we're talking real numbers. at some point don't you draw a line in the sand, we address this or do we always kick the can down the road? >> absolutely, it has got to be addressed, charles, but not at the expense of a default. if we don't get the debt ceiling issue resolved we'll have the first default in the history of
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the united states which would be catastrophic for the world. that is what i'm saying. we can't play around with this debt ceiling issue. we need to resolve it but we can't do anything that is going to bring up the default conversation with u.s. treasurys. that is a nonstarter. it needs to be. charles: okay. so ann is working now. she is unfrozen. ann, i want to ask you about another big topic so we can ask jay powell, the so-called powell put. let's face it made the federal reserve chairman a hero to investors but there are grumblings he may not be renominated this week. elizabeth warren ripped into him and said he was a dangerous man. does brainard roll off the tongue and how concerned should the market be if powell is not renominated? >> i think the -- fed nomination, i think it is extremely up helpful at this moment in time, covid and have
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attacks on u.s. financial system. i hope that cools down. brainard comments this week, sounds like a lot like jay powell. looking at unemployment data, jobs are not back where they should be and seeing slightly lower unemployment numbers pers. whether it flows off the tongue and i change in leadership right now i don't think is the right time. >> ryan, this morning or yesterday he posted, mentioned four charts very intriguing suggesting that the reopening trade is back. can you go into further details for us? >> that's right. charles. look what we're talk about, drama in washington, covid concerns but what is the market telling us, right? the 10-year-year-old as we talked about over the past week saw significant breakout. the 10-year yield is up because the fed is tapering. we don't think it is that simple. look what is happening under the surface what i shared in the
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charts. financials have really taken that baton to be stronger. small caps all of a sudden is extremely strong. value is really strong. energy has been really strong. what i'm getting, charles, if yields go up because of tapering we don't think the reopening plays will be tagging along. don't forget what happened in the fourth quarter last year, cyclical value and small caps led significantly. they struggled the last month or last couple quarts we admit. we could see a repeat of the strong fourth quarter led by reopening of areas of small caps. charles: real quick, ann, you've been fantastic telling us what we should be worried about. what is your greatest concern? what is the greatest risk in your mind to the stock market right now? >> i think right now politicization issue, charles. this is the time to be discord in washington. this is the moment not to have discord between the senate and fed. we need to make sure there is everyone who is in a position of power running in the same direction right now through this
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covid recovery period. charles: all right, ann, alan, ryan, thank you all very much. i appreciate it. now later i have got a guest who told me back in 2017 that bitcoin was going to the moon. did i listen? heck no. by the way it was $2500 a share. where does she think it is going now? stay tuned to find out. broadway is back and so is covid. virus shutting down "aladdin" one day after it reopened. how can the economy get into the high geyer living with this new world of covid? we have to figure out an elegant solution. economist michelle gerard, elegant is her middle name. we'll be right back.
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get started today. charles: today fed chairman powell, treasury secretary janet yellen testifying before the house after a bruising session with the senate yesterday and moderate panel, moderator panel with the ecb. the topic of course is inflation. fed chair powell saying quote the current inflation spike is really a consequence much supply
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constraints meaning very strong demand. that is all associated with the reopening of the economy which is a process that will have a beginning a middle and an end. i'm not trying to sound mean or anything but it really did remind me of a answer we got from chance the gardner, right? offers little to businesses and households battling the insidious inflation spike right now. cohead of economics with michelle gerard. i'm reading between the lines. i'm listening very closely. i think powell is committed to not to make any major policy adjustments as long as possible but at some point could it be out of his hands? >> you know i will say in terms of rate increases i do think the fed is being quite patient but even with that, you know, at the last fomc meeting you could hear i think less confidence from the fed chair about the idea that inflation wasn't going to be
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problematic and wouldn't require them to perhaps act sooner. even in the fed's own projections it showed that the committee is now split between whether or not they will have to start raising rates in 2022, or they can wait until 2023. that is the ship before they were all thinking later. all i'm saying is i have actually think there is somewhat less confidence and more wariness on the part of the fed that they, they might, these inflation pressures might not be as transient as they would have hoped. charles: so yeah, i agree with you there. we see that happening more and more but do they ever say okay, i was wrong? sharp shift in policy, right? will really jay powell, transient is transient, whether it is six months or six years you could say i told you so. because listen, michelle, it feels like his job is on the line. it feels like something went wrong in the last three or four weeks. maybe is was gambling thing, or investing thing with these other
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guys. something about the progressive push on capitol hill. we see the sausage being made on spending. maybe his job could be tossed in there as a compromise. something changed and he feels like he cannot admit he was wrong right now for a lot of reasons? >> i mean i do think that one of the things is that we've seen some slowing in economic activity obviously amid covid concerns and the supply constraints are biting so i think there is a reason for caution. on the other hand we have seen the fed get more i think committed to tapering, this idea they will slow the purchases. they're going to i think offer that as an interim step if you will, of trying to suggest that they are being vigilant, they are going to take away some accommodation while still divorcing that from actually taking a step of raising interest rates. so i think he is trying to thread a needle here between price pressures, slowing economy, all of that. charles: okay. so, michelle, you're one of the
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most conscientious persons i know and i know economists i keep hearing them say, hey, you want the answer to our problems, curb the spread of the covid and somehow that would automatically help the economy. the play "aladdin" had one performance be and was closed. some cast had break through cases. everyone was checked. is there a more elegant solution to keeping our economy moving at the best speed possible understanding that covid it just simply won't go away? reason when you put in all the safeguards there could be problems? >> the point is to remember vaccinations were never intended to mean that people weren't going to get sick. they were intended to keep those infected from having to go to the hospital or got forbid dying. so i think we have to recognize that in a fully vaccinated population there are people that will contract covid just like people get the flu.
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charles: do you close down plays then? would you close down plays? >> we have to live with it, right? we have to start to live recognizing you know, again our focus is of course to keep the hospitals from getting overwhelmed but as vaccinations increase, again those cases, those covid cases shouldn't take us to a point where we're forced to shut the economy down. we need to start being able to live with this like we live with the flu. because the cost of closing the economy down i think we've all seen is quite significant. we do need to keep, i just think we need to move forward. charles: michelle, great to have you on the show today. >> thanks, charles, take care. charles: enjoy our conversations, thanks. there are some ideas, so many trends, everything, every single day we don't have enough time to cover it all even with amazing guests like michelle. i also write commentary i wish you would read i write every single day. go to check it out. i know you will love it.
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meanwhile house democrats tucking in a quietly a vaccine mandate with massive fines in the reconciliation bill. we have details how much businesses are going to be paying. be ready to be shocked. carol roth will talk about soaring rent to mom-and-pop stores. why congress is not coming to their aid. they are spending a lot of money. what about small business? we'll be right back. ♪. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before.
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edward. reporter: little itty bitty print here. we're talking about a fine increase of 415% in some cases. so osha fines would go up. it could be a financial windfall for osha. now if the governing body gets the rec -- reconciliation bill through, they often said the current fine of 13,600 is not big enough. if the reconciliation goes through osha fines for serious violations would go up to$0,000 per incident. for repeat violations the fine would be $700,000. that means a company violating vaccine mandate could pay a fine of set ofty thousand -- $70,000 per incident. they have written fines of about $4 million f the reconciliation bill were law today, osha possibly stood to get $21 million from the same
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violations. critics worry the larger fines could allow osha to be the judge and jury to force small businesses and medium-sized businesses to close. the governor of georgia will sue or support anyone who does sue once the osha mandate rule comes through. he calls the fines, extreme overreach of the government. he says he would look at possibly supporting as i said, those lawsuits. now the white house says that they support mandates and those mandates do work on vaccines and the president supports the reconciliation bill as it is written. back to you. charles: edward lawrence, wow, thank you so much. that is a lot of money. these programs draw the line at businesses with 100 or more employees, we know ramifications are significant for small businesses. restaurant industry itself is lobbying the biden administration not to levy fines that could hit by the way $100,000 and not to raise taxes. the author of the war on small
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business carol roth. some people would find it curious why small businesses would be concerned about higher fines and taxes, can you connect the dots for them? >> i sure can. obviously the first thing small businesses have learned in the last 18 months they should not be trusting the government and we know that taxes, even if they say aren't going to hit small businesses always seem to find a way to flow down. when start talking about the osha fines, the principle of having the government to decide who can work and who can't work is absolute insanity. if even if you concede that for the big business, what happens when they decide to make it for the small business? what if it is not about the vaccine anymore. it is about the booster or the next health issue or quote, unquote, spreading misinformation online. once you exceed the line it becomes a very big issue. i think small businesses can see that clearly. not to mention the impact on the supply chain. this is absolutely killing the
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availability of supplies and all of the increases in costs and who shoulders that? small business. so they're very aware of the consequences of central planning. charles: no doubt about it. i mean this year alone we've seen these big businesses raise their wages. you have wage problems. you have got supply problems. you also have sky-high rents. i was shocked. i read a report from that 51% of restaurants couldn't pay their rent this month. that is mind-boggling number, carol. the industry is begging to replenish that restaurant revitalization fund. why is there resistance to this? who is the champion of small business? i mean all these things that are tucked into the 2500-dollar spending bill, why not save small restaurants, save small business restaurant owners? >> they could have done this from day one back in march of 2020. although we always hear the lip service that we're standing up for the backbone of the economy we know they're inconveniencing
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you for consolidation of power. all businesses are independent. obviously the folks in d.c. will take care of their cronies and aren't going to be focused around small business. in terms of doing the right thing, you know it goes back to picking winners and losers. obviously restaurants were very hard hit but so were other personal service providers and gym owners and retailers. the thing the government should been doing, consist 10 going back to the constitution and eminent domain. if you take somebody's property for the quote, unquote, good of society you need to compensate them and unfortunately too many small business owners have not been appropriately compensated. restaurants being an example but many others and they should really be doing right by the constitution and by these small businesses. charles: yeah. of course for so many it is too late, let's at least come to the rescue of those fighting tooth and nail to stay in business. carol, thank you very much, appreciate it. so the ambitious biden
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spending plan and tax plan by the way continues to struggle. there is a major tug-of-war between moderate democrats an progressives democrats so far spoiling this whole thing. one the main roadblocks senator joe manchin. last night he released a statement rhee it rating his reasoning, one thing in the first line of the last sentence that caught my eye. america is a great nation but great nations throughout history have been weakened by careless spending an bad policies. so when i read this i said immediately to the team, get wesbury. he is with us right now. first trust advisors chief economist, brian wesbury. brian, i don't know the first time you and i met, 15, 20 years ago, kansas city fed. we both gave speeches. yours was much better than mine. you talked about hayak, great nations, why they fall. why does manchin get it and very few of his colleagues do? >> that is a great memory, charles. that's a great memory. you know, you're making me
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nostalgic bringing that up and i remember meeting you and you know, isn't great to meet kip dread spirits -- kindred spirits along the way in life and we've been friends since which is cool. when we met i think bill clinton was president. remember he had a balanced budget, cut the capital gains tax rate, reformed welfare as we knew it and that is a different kind of democrat than we see today. i think joe manchin is a clinton democrat and he also, obviously is from west virginia and i think about nancy pelosi and aoc. they couldn't, they couldn't be a dog catcher, they couldn't win the election for dog catcher in west virginia. so you know, i think joe manchin, he is a hero today. this is awesome that he is putting a roadblock in front of this crazy spending after we've
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done already five trillion other dollars worth of spending. it is really kind of neat. i don't think he is a true conservative or a libertarian but he knows what america is supposed to be and changing america, i love the fact that he won't let that happen. charles: yeah. and so we've got two democrat, two bill clinton democrats in the senate apparently around three blue dog democrats in the house. by the way, i thought there were no, no more blue dogs until about two weeks ago. so let's stay on the top pick of bad policies. this war, which is almost a global war on fossil fuels, certainly the west and the overreliance on things like wind has set off this mind-boggling global power shortage. this is crazy. >> right. charles: every time you look prices are going so high, governments are stepping in. they have to provide subsidies. they're begging coal powered power plants to go all tilt. isn't this another cautionary
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tale we should be paying attention to? >> absolutely, charles. this goes back to joe manchin, what america is about. why markets not government can manage things way better. think about markets, the supply chain issues we're having these days, craziness in the energy markets. markets deal with billions of pieces of information all individually all connected over time. governments can maybe handle a dozen pieces of information. when they try to manage the economy, they mess it up every single time. that is why we have supply chain issues right now. these energy problems are just going to get worse and worse and worse. you know, you can use solar, solar power in arizona where the sun shines all the time. you can't use it in the united kingdom. you can't use it where there is clouds everywhere. so but they have seemingly a one-size-fits-all policy and it
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is going to blow up. we're seeing it happen right now in this energy market is a clear sign that government cannot manage the economy or even an industry directly. charles: brian, it has been great. been great being your friend all these years. every time we talk i still learn something. thanks a lot, man. >> thanks, charles. charles: there is about a dozen hearings on capitol hill, folks. adding to the political theater we've seen all week but war is the hearings for our nation's heroes? no one needs it more than they do. i will ask congressman michael waltz, he is a former green beret. he is next. ♪. before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents!
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♪. charles: so washington, d.c. has always been considered a circus but this week it has been more over the top than unusual. democrats pushing each other around as they try to pass president biden's spending agenda, that is high-wire act, hearings over botched withdrawal from afghanistan leaving 13 servicemembers dead that has become a greater spectacle. we have congressman michael waltz. what is happening now in d.c. on the spending bill, the infrastructure bill, i guess something happens. is there a slim chance nothing happens? >> he will with the senate just passed a continuing resolution which in itself, charles, is a policy failure. that means the democrats didn't pass a budget and didn't pass its appropriations bills on time and for someone who is very focused on our national defense and our military, it means our military can't start any new programs to compete with china
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until the continuing resolution is lifted. so i will vote against it today in the house but it does mean i think we'll avert a government shutdown. on the infrastructure piece, it is really a shame. this country needs infrastructure and that we can't meaningfully sit down and come to some type of meaningful bill to address our roads, ports, bridges, 5g infrastructure grid, all things we all need, the american people expect us to do, but the fact we have not hooked on this socialist program and they can't come to agreement on their side how big it is and it is going to drag infrastructure down with it, again, it is a shame and meanwhile the chinese and other countries are beginning to lap us when it comes to smart cities, grids, you know, energy diversification and all the other things we need in the 21st century.
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charles: yeah. representative waltz, you remember the house -- i'm going to skip this question because there is something else i wanted to talk to you about and i don't want to run out of time. >> yeah. charles: listen, you know, you were a green beret, all right, and a couple of months ago i had a former marine who is friend of mine told him i like pens. he made hand made pens. he made me and my wife a hand made pen. he made me a shaving stand. we have picture we will show. last friday, he took his own life. representative waltz, all the fingerpointing, gamesmanship, all the gotcha stuff that goes on in d.c., why aren't we doing more for our vets? this man has talent. his wife a former marine. he took his life. he wrote me a beautiful life. how do we help the people who keep us safe, keep the world safe?
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>> man, charles, i'm so sorry to hear that. unfortunately that is not the only story. there are far too many. there has been 15% increase in the last year. this botched evacuation from afghanistan hit me, so many others who sacrificed so much there, truly in the depths of our soul, there is 85% increase of call-ins, texts, emails to the suicide hotline. this is the problem. we have government-run health care in the va has seen an increase of $90 billion in 2000, to $220 billion today, they're getting the same terrible crappy results and our veterans deserve better. that suicide figure has been flat or increased and all we see washington do is throw more money down this bureaucracy at the problem. i tried to do two things as of others. one get the money around the va directly to the community veteran service organizations that are eye-to-eye with the
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veterans that are much more effective and two, get a full menu of options, service dogs, hyperbaric chambers, medicinal marijuana, whatever we think will help is what the va provider should provide. we had to force the va to provide service dogs as part of its therapies after they studied it for six years. so, that i think, that is a huge part of the problem. look, many in the va try to do great work. but at the end of the day is the largest example of government-run health care and it hasn't gotten results veterans deserve and throwing more money at it is not the answer. charles: congressman, thank you for your service. i want to say a special thankful to staff sergeant jonathan bass and his family. god bless you all. we'll be right back.
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waivered. you stop by my office once a week get bitcoin, get bitcoin. >> glad you're finally listening. you're interested in bitcoin now. charles: anything that goes up 1000% in two years. >> you're all ears. charles: why is it happening? >> it's a financial revolution. the reason bitcoin is financial revolution because it is decentralized. charles: we have naomi brockwell joins me. congratulations. you're killing it. there are still obstacles. particularly governments around the world, these countries. every government is many can after crypto including sec. talk about the recent efforts to add accreditation for crypto investors. wouldn't this block out regular folks from buying it. >> absolutely it would. the whole point of crypto to break down barriers to entry, break down barriers to financial tools so everyone can get access to them not just some people.
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what accredited rules do put the barriers back up. they say some people can have access and other people can't. it is incredibly unfair system. it dates back to the time presumed some people had more access to more information than others. they could be trusted to make better decisions which is crazy idea to begin with. let's stop infannizing the population and let people make their decisions okay? we have the digital age with all the information at our fingertips. of the digital age, information age has been a great equalizer. charles: sure. >> what the sec is trying to do now, to shoehorn crypto in the archaic model. this is not about protecting consumers. it is about control. charles: crypto job listings on linkedin up 600%. cryptocurrency jobs 1500%. ethereum miners holdbillion dollars. this thing is a juggernaut, but there are thousands of them,
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thousands of them. in your mind in three years will be the sort of names and coins that will stand above the rest? >> that's a great question. i'm not sure who is going to win but i do know that it is not going to be the u.s. dollar and it is not going to be any government fiat. if you look look at the past two years the unprecedented money printing the u.s. government has done. it is absolutely astounding. savings are being devalued. people are looking for places to park their cash. they're looking to diversify their assets. if you're not investing in crypto you're missing out on diversification. a lot of people are realizing that so the space is absolutely booming. it is no surprise at alchemy, we have money can't be shut down by governments. everyone is pouring in. institutional players are pouring. individuals can say i get 4% interest in i park my money in crypto. i cannot get that in a bank account. that is a better option for people and people are starting
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to explore it more. charles: they absolutely are. you were there from the very beginning. 2500, you told me at 2500 to buy. i didn't. i should have listened. i can still listen. >> oh, charles. you better get in there. charles: all right. i promise. the next dip i'm in. great stuff, great seeing you naomi. talk to you soon. i'm hosting a new investor revolution town hall. listen, it is crypto, it is the meme stocks, the stock market. people are pouring in and taking control but there is so many lessons to be learned the hard way. don't wait for that. november 9th, i got you covered, 2:00 p.m. meantime email me your questions at invested in you at by the way one of the best parts of the down hall will be live studio audience f you're in the new york city area, folks, get in there. sign up. join me in the studio. i can't wait to see you. this is the last day of the quarter. we're looking for the next round of earnings. they're right around the corner.
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i think they get the market jumping again. not all earnings are great. i have rob luna and mitch roschelle to give the names that they think will participate the best. ♪ ... it's another day. and anything could happen. it could be the day you welcome 1,200 guests
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charles: so, some is driven more by emotions and speculation liked to's sell-off they yield the very best buying opportunities of course you got to have the nerve. i've got two guys, rob luna, mitch roschelle. rob it's not about forcing the issue but tons of stocks that recently posted great earnings, the stocks went up. i think those are like when you begin your buy list for just someone looking for a trade, they've got to be attractive right? >> there's a lot of discount going on in the market especially in the technology space, a name i like a lot is far fetch, that one pulled back and that is a long term winner i'm looking at that but what i wanted to do is bring in a new name, smaller cap name today, ns tb, northern star trust , this is under-the-radar, charles only half a billion dollars it's one of the spacs, went public in february at $10, ran up to $12. it's back to $10, let me tell behind this is apex. it's a custodian that's behind robinhood, stash, no ones talking about it these guys were
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talking about crypto earlier opened up a million crypto accounts they have got over 13 million asset accounts, these are the guys that are going to displace schwab, td ameritrade. the new custodian take a look at that name. charles: mitch what are your thoughts? >> i don't know that i'm starting to salivate probably getting a little nauseous with the gyrations, but there are some names that we're right on the heels of earnings season and there's some names that have done really well this year, i'm a big fan of apple, oracle, and sales salesforce, and i think if you have the stomach right now if we see a little bit more sell-off before we get into that earnings season it's a great time to buy. charles: you know, mitch let me stay with you here for a minute. we complain a lot about all the unbride eled spending in d.c., but can we admit stock markets love it? i mean all of this money pouring into the economy a lot of it ultimately ends up on corporate balance sheets, in fact senator
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manchin said something earlier today the one part we don't like is the taxes that go along with it so is that one of the reasons for the anxiety today? >> yeah, i think, listen the market hates uncertainty and this is about as uncertain a week as you could possibly find. we don't know if the government is going to be able to pay its bills we don't know the fate of tax reform, we don't know the fate of the size of an infrastructure package and how much money will be printing and we don't even know if chairman powell is getting another term so i think there's just a tremendous amount of uncertainty but yes, corporate america is a wash with cash and they're going to spend it and that's why i think you've got to look long term because when corporate america spends, the stock market does well. charles: rob, let's assume, okay i know you're not supposed to assume, we know what that does but that the infrastructure bill does go through, that maybe we get something like a $2 trillion spending bill. manchin coming up a little bit the progressives go down.
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what does that do for the market >> it puts moore liquidity into the market and for a long time the market is fairly valued. i think to the higher side, but i quite honestly think this is going to get a lot worse in terms of valuations are going to continue to get stretched. there's a lot of liquidity out there chasing these stocks right now. you get that in there, i get i think we'll see a next leg up it's a tax bill that i'm worried about that could put a slow down on things but that's another catalyst for the market. charles: all right, mitch it's the last day of quarter, earnings season, i think is going to be great in part because a lot of people are saying it won't be as good as the second quarter. what are you looking for? >> i think it's going to be a blowout, and i paid close attention to guidance, and over the course of the year, the first two quarters, it seemed like cfo's and ceo's were a little bit more transparent about guidance and were very optimistic and they're still conservative by nature so i think the third quarter is going to be a big one for earnings and the base from a year ago is up a
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little bit, so let's remember the third quarter of last year from an earnings perspective was a lot better than the second quarter, so the year-over-year growth is going to be meaningful charles: right. all right, hey, mitch, rob, thank you both very much, we love having those calming hands particularly in these kind of sessions. we're off the lows of the day though, right? beginnings i'll take some of the credit for that, the cp effect but also people have already begun to buy on the dip. cheryl casone, i'm buckled up, i know it's going to be great, just filling in for liz and i can't wait. charles: the last hour of the last quarter,qq 3 in the books the reopening trade stalled we'll talk about that during this hour with our guys. wall street is watching right now, the halls of congress, with a keen eye at this hour as markets are mixed as we wrap up the month and quarter as you can see the dow is down 320 points we're off session lows at least for now, s&p is down 19, nasdaq though tech-heavy nasdaq is up 35, after yesterday's losses. we'll try to figure out what's
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