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tv   The Claman Countdown  FOX Business  September 6, 2022 3:00pm-4:00pm EDT

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other states that might dot same thing. we don't need to ban anything. it used to be a free market and consumer used to have a voice. now we're all in a lot of trouble and it's a crazy world. if sanity doesn't prevent soon, we're all in a lot of trouble. for today, we're in luck because she's back. liz claman, she's here. i feel better already, liz. liz: lord help the world if we're depending on my sanity. thank you, charles. it is great to be back. we start with a fox market alert, folks. after three straight weeks of losses, wall street kicking off the final hour of trade in the red. take a look at dow jones industrials down 183, nasdaq down 82 and russell is the lost leader here as far as percentages down just under 1% or 16 points. you know, you wouldn't call the action up till this moment as really dramatic whip saw. it's like chop. look at inter-day of s&p. it opened higher. it topped out at,942 and s&p
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dropped to a low of 3886 and the inter-day picture shows that as we can see at the moment we have the s&p down about 15 points. back forth, up and down, all around. now as investors navigate wilder headlines than s&p's 55 point swing we lies, we need to look at ten year yield spiking to highest level since mid june. back on friday, august 19th, that was a week to the day before fed chief jay powell bluntly warned in the jackson hole speech to central bankers, slaying inflation would bring "pain to households and businesses". that yield stood at 2.98% and climbed right now to 3.34%. powell's take no prisoner's attitude on rate hikes now at this hour has traders placing outside of a hefty 75 basis point interest rate hike at the next fed meeting just a couple of weeks at 74%. now one of the most powerful voices on wall street says a soft landing for the economy and
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the markets is in pearl. payroll. larry fink, the -- peril. larry fink, the chairman and ceo of blackrock. we're joined by larry fink, charlie gasparino and me live by phone. great to have you. charlie. >> hey, larry. >> hi, charlie. hi liz. >> let's start right off the bat, given the fact we have significant inflation and it looks like now the 75 basis point rate hike is probably baked in, is isn't what they're doing in dc with all the spending, one after another, the latest trillion dollars to fight inflation, isn't it -- isn't it reckless? they're making powell's job that much more difficult. >> i think you just said everything i was going to say, charlie. unquestionably, we're seeing governments in europe, in the uk and then in the unit we're seeing very large fiscal symmelus at a time we have --
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stimulus at a time with very high inflation and makes the central banks in europe and the united states much harder tax. we have rising inflation, and it's not necessarily energy. let's be clear, before the russian invasion, energy was around $70 a barrel. where is it now? $88? >> yep. >> got as high as $130ish, $120ish but it's abated quite a bit. it's not an energy story as much as -- i would conclude that so much of the inflationary problems we're witnessing today are policy oriented. you know, we had huge amount of stimulus, fiscal stimulus during covid and can look back and say, it was too much? we're doing more stimulus now and in europe, even today there's a new prime minister announce $64 billion program to
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offset some energy problems they have with the rising energy there. at the same time the bank of england is raising rates and we have a disconnect between what policy is being proposed and what the responsibilities of the central banks -- >> policy, you mean fiscal policy and what the responsibility cause it's the spending. >> correct. but it's beyond fiscal stimulus. let's be clear. brexit, we had millions of people forced -- you had to leave the uk as a lefty in the euro zone. they had very high-rising wages and labor shortages. for the last four years, we changed our legal immigration pollicis. we are down approximately 2.5 million legal immigrants from the rate prior to 2017 of how many illegal immigrants were allowed. we have huge, you know, we have a disconnect between job openings and people available
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for jobs and so it's beyond justifies cal stimulus. we've created policies that havy inflationary. >> and it's been bipartisan, trump spent a lot of money and biden spent a lot of money. but real quick, the last spending bill was dubbed something like the anti-inpolice station bill. i can't remember the exact -- inflation bill. i can't remember the name. it was supposed to be to address inflation. is there anything anti-inflationary in the last spending bill? >> well, the way it was scored, tvs going to reduce the -- it was going to reduce the deficit and beyond that we had the infrastructure and proposal related to student loans, which some estimate could be a trillion over time. i'm not here to tell you the actual number but they're all offsetting and whatever deficit reduction that would create, it's been offset by other proposals. >> that's a no. >> if you take that one specific
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bill, the way it was scored, it did reduce the deficit. if you take the totality what's being done, it's larger than that and we're raising our deficit there. liz: larry, let's dis distill wi think i'm hearing you say, government spending, excessive government spending and staying with the u.s., is dampening the fed's muscle or weakening to fight inflation. the fed phoned the runway with a bunch of different rate hikes over the past several meetings to avoid certainly a hard landing, but you're telling us that the government spending happening right now is going to run that opportunity and do you see a much harder landing? let me ask, are we in a recession or facing a recession? >> well, if you look at the raw stis it a statistics, we're in a
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re-.s numbers are down one tenth of a percent and economic recession is two quarters of negative growth and we're there already. liz: wait, are we hearing you -- sorry to interrupt, are you going with that definition? a lot of people are saying no, no, no, this will be a growth recession. i mean, i don't even know what that means. >> i don't either. i've heard that too. liz, i think we are -- to answer your question, when you have governments spending a lot of money, generally that doesn't happen at the same time we have a tightening regime. we haven't had tightening regimes for a long, long time. in my 40+ years of being in financial market, this is a rare occurrence when you're seeing systematic fiscal stimulus going on. some for very good reasons. the russian gas problem in europe, they'll have to offset some of this. i'm not trying to suggest any one policy is bad, but at the same time we have inflation that is way above the target, both in
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europe and the uk and the united states and so the central banks according to their mandates are having to find ways to mitigate that rising inflation. >> how many rate hikes are we talking about here? >> we are going to see an abatement of inflation. i believe we're going to see -- i think we're going to see changes in the work force and let me just emphasize that. if you look at the statistics that came out of the united states for u.s. productivity, in the second quarter, productivity was down 4% and in the first quarter fell over 7%. >> oh, god. >> that's very inflationary and i believe productivity is falling in the united states quite a bit because -- >> we're talking 75 basis points definitely and maybe two or
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three more of those? >> yeah, we could see -- we could see a 3.5, 3.75 short-term rate. that's not super troublesome. what's troublesome is the fallen productivity. when you have falling of productivity, that's very inflationary. i think we have to get our employees back in the office. >> i was going to ask you about that. what are you doing about that? liz: yeah. >> when you see these collapsing in productivity, you have to ask what is going on. i think in the first year of covid when we -- i think it was, you know, remote work worked fantastically and we're in the 2.5 year anniversary going on and we're seeing the failure of what's being done and seeing this collapse in productivity. i think, you know, if we magically had more and more people coming back to office, i think you'd see the productivity. that will offset some of the
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inflationary. >> are you at black rock doing what others are doing and saying we want your rear ends back at your desk? >> they've not formally announced what they're doing. i can't speak about what they're doing. we are asking our employees to be more mindful about their responsibilities in the office and taking a harder line on how to bring the employees back, and we believe this will be a key element in bringing down inflation, rising productivity. i think all of this is we're facing the consequences of covid. that has created an inflationary pressure alongside governmental policies and alongside obviously a war in ukraine. all of these are hitting at the same time and, you know, it just makes it harder for our central banks and the other central banks to really move the dial and if they have to be more aggressive than could it lead to
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a recession? yes. if we can get many more and more people back in the office, that could stave off some of the recession and lead to a less aggraggressive fed. these are all triangulated and see how it all plays out. another thing, what's really remarkable about germany right now, obviously they're facing a tremendous head winds because of energy, but in germany they streamlined the permitting process. it took less than a year -- less than a new months to permit the l and g plans and they'll have an l and g plan up in the first to second quarter next year. obviously between then and that
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period of time where we are now, they're going to have issues around where are they going to get the energy and move more coal and nuclear in the short run. hopefully this is a wake up call for all the countries and we have to find ways and raise productivity. we have to streamline our permitting process to get business back into working in business. >> larry, i do know our time is limited with you. i just want to bring this up because you're talking about permitting and that of course is in the central area of oil and gas in this country. liz: we'd be remiss if we didn't ask you where are you investing right now? you've always been very much at the forefront of esg. what do you see as far as better investments in just say the near term. >> well, we've been the largest -- one of the laryngoest investors in gas -- largest investors in gas pipeline in the world and provided $14 billion in equity for saudi arabia to
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build their pipeline that will be used to export -- to offset the russian gas. we financed the gas pipeline in abu dhabi. this is something we've believed in and believed in any esg or energy transition. gas will play a central role for the next 50 years and that is -- >> and key is you believe in a transition, not a night and day 180 to the zero carbon footprint. >> we have to have an effective long-term transition. this is why we remain the largest investor in hydrocarbon companies in the world today and continue to work with our large companies. we want them to move forward. we want to understand how they're moving forward but it's not happening in the next day or year. it'll be a long transition. we believe like in everything else, we're a fiduciary to every one. none of this is our money.
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we have to find our investors the best investment. we do believe investigating in infrastructure will be a good alternative and investing in water, investing in hydro--- in gas. investing in hydrogen. these are great long-term investments for retirees. >> how about nuclear? >> nuclear once again, if we get around the permitting problem, nuclear is a great alternative, especially the science towards small nuclear reactors has changed -- liz: very safe. >> the problem is it's very hard for us to see how nuclear plays a role without changing the whole process of nuclear. we believer nuclear can play a role in our future. i see no light and day in the united states in nuclear at the
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moment. obviously france continues to build nuclear. they're providing more and more electricity to germany. you know, germany may go back to nuclear and see how this all plays out. there's no question, we have the science. we just have to now build out, you know, we need to have a long-term policy. charlie, you said it well, a transition is a transition. it's going to be the balancing between moving towards more decarbonized technology at the same time making sure the transition is one of smoothness and that's hard to do. but as i said, we're working with every company who's in energy. i'm very proud of the things we've done. we've invested in the midwest this one company called navigator h20 where we're -- we're taking natural gas to the midwest, converting to ammonia,
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providing fertilizer. one of the big reasons why food prices is so high is because fertilizer prices have more than doubled because of natural gas. we're trying to create these new processes, new startup companies. we're doing that. we are working with hydrocarbon companies right now in the sensorineural yeast ration of carbon and energy giants will play a giant role in the sequestration. liz: great to have you, larry. but we need you in person. can you come to us before you have dinner with anyone else. >> liz, that's a date. liz: making a lot of headlines here, charlie. >> he is the biggest investor in the world. i knew him when. liz: when he was but a young pup. we are coming right back with
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much, much more. don't go away. dow jones industrials up and a better of loss of 269. don't move. ♪
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but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. new prime minister bypassed the frying pan and straight into the fire with britain facing crippling energy problems. liz truss promising higher jobs and safer streets and replacing boris johnson who officially stepped down this morning. even with the queen's blessing, truss inherits one heck of a nightmare. not only is the uk experiencing what we just said, record high
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inflation, its housing market is exhibiting signs of a sharp correction. fresh data out today from s&p global construction purchasing manager shows british construction companies suffering a second straight month of contraction. how bad could the situation get and which country's correction is worse: the u.s. or uk? joining me now in a fox business exclusive, north america region ceo mark rayfield. it's a publicly traded $21 billion company at the forefront of providing sustainable materials to builders in the uk, u.s., and across the globe. mark, great to have you. you're the ceo of north america and could you tackle what you're seeing globally in terms of demand for materials as many countries you serve are caught in the vice grip of inflation. >> well, liz, thanks for having me. i was fortunate to live in the uk for years four or five years
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ago. what we're seeing here in the u.s. and mirroring in other regions is strong fundamentals in the housing and building market. there's in many markets, i know in the u.s., there's about 1.7 to 3.8 million homes underbuilt over the last decade. those are all based on family generation over that past decade. you have a lot of future family generation of millennials coming of age. the general market in the u.s. and north america have similar demographics in the uk remains strong fundamentally for the mid to long term and why we've invested now over $3.5 billion in north america on the acquisition of gcp that allows us to de decarbonize the construction market and weatherizing and residential and k can giving us a good system and number one position in canada and building new lines in roofing and insulation and gyp somatoserve a growing market.
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it'll be in the same situation. liz: right, british gypsum is one of your subsidiaries. in the long term, we're in a housing correction. we've had many a home builder on talking about that saying, geez, we've had people backing out of contract sos what do you do in the meantime? here you are the guy who's really supplying a lot of these companies with everything that they need. tell me how a company like yours deal withs the current situation. >> that's a great question. with interest rates, it creates uncertainty with people looking at homes and seeing that in the short term numbers in the housing market. overall you've got a very strong equity in the housing market today already, 95% of mortgages are fixed versus 25% back in the last crisis. those rates are between 3.4 and 3.6. so what we see today is three main drivers. one is you have a lot of equity in homes that generate
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remodeling and renovation in existing homes if they don't go to new homes. a growing multifamily and build to rent market offsetting that interim period if people aren't buying single family homes and that's another side. and 1.6 to 1.7 million homes that have been started that are not completed now. which is a pretty long backlog for building materials to go back in. we've not seen a reduction in demand in our businesses at this time. liz: okay. okay. that's interesting considering we're watching people become out of all of the deals and what do you foresee for price mikes because your materials i'm sure like everybody else's have certainly been hit by inflation. are you passing that onto your construction customers? >> yes, inflation for many reasons are raw material supply chains has been a big part. we've done a couple of things and one is i couldn't be more proud of our purchasing and r&d teams to ensure security of
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supply and where inflation is real with freight and track, we've had to pass onto -- transportation, we've had to pass onto customers and raw materials going into a home are very small fraction of the cost of the home. might be 10, 12, 15% of the cost of the home. it's not material inflation to the overall cost of the home. liz: we'll be following everything else you g guys doin. mark rayfield, great having you. we're coming right back with the latest on bed bath and beyond. e
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a look at markets at the moment, the dow down 176 and s&p down 390 and we've gotten close to slipping past a key support level. nasdaq down 87 and bed bath and beyond sharing singing at this hour. looking at inter-day, we're close to session lows down about 20%. after what has now been confirmed as a suicide of chief financial officer gustavo arnal. he plunged to his death from a new york city skyscraper on friday and left no note and was named with gamestop chairman ryan cohen in a class action lawsuit that the two inflated the company's value in a "pump and dump scheme". the retailer appointed chief accounting officer laura crossen
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as the chief financial officer. bed bath and beyond secured $500 million in new financing and aimed out a series of moves at reviving the business. the stock popped at that and since then continued to fluctuate up and down wildly from session to session. it stands right now at $6.90. digital world acquisition, dwaq failed to get enough votes to extend the deadline for the merger with donald trump's truth social. dwaq set a september 8 deadline to take the former president's social media platform public. it has since then warned investors that trump's volatile popularity could be a risk to the deal. in addition both dwaq and trump media are under investigation for possible federal violations. top gun maverick soaring to new heights thanks in part to national cinema day.
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the tom cruise flick grossing $7 million from friday to monday thanks to $3 ticket promotion. spider man no way home brought in $6.6 million over the four days and maverick made more than $701 million, that's just domestically surpassing black panther to muscle into fifth place at all time in the box office. amc still down 7% and cinemark down 2.25 and i max down about 1.5%. cvs reach ago deal to acquire signify. it's valued at $8 billion. it'll pay $30.50 a share in an all cash deal. right now signify is up 1% and below that price so it's at 2908. the healthcare tieup comes as amazon and walgreens making big moves and getting deeper into the healthcare sector and cvs
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acquired insure bowler aetna ane mark. bill murray as charity crypto sales ends up vanishing. wait till you hear how much was hacked and how far does this set back crypto as investors run from the ghosts in the machines. the bitcoin depot ceo is here on how his security g gate keepers are keeping his safe. closing bell 26 minutes away and dow taken another leg down, lower by 226 at the moment. we're coming right back., ♪
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liz: well, even celebrities are not protected from crypto hackers. comedian bill murray, did you hear about this? he's the latest victim of a
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crypto heist after $185,000 worth of ethereum stolen out of his wallet to benefit the less fortunate. the factor famed for stripes and ghost busters raised the funds in nft charity auction for a collectible called beer with bill murray. the hacker attempted to steal $180 nft from the wallet and e raerat indicated from a -- eradicated by a partner of bill murray. bitcoin is down and ethereum at 1,776 and litecoin down 9% and xrt two and a third percent. the long merger was supposed to
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begin this week with doubt swirling around the digital tokens. the largest operator of crypto atms bitcoin depot is forging ahead and planning to make public debut on the nasdaq in $885 million deal. joining me now in a fox business exclusive, bitcoin depot founder and ceo brandon mintz. these are the kind of headlines that any nascent stage technology will have trouble. this scares people. what do you hear say when you hr things like this and even bill murray that had really great advice on setting these things up got hacked. >> first off, thanks for having me on the show, liz. there's a phrase that we like to say in crypto, not your keys, not your coins. what that means is you really want to maintain your own custody of your own cryptocurrency. therefore you have access to
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your own private keys. a lot of online exchange options don't allow you to do that, but with bitcoin depot and our bitcoin depot wallet app, our users maintain their own custody of their crypto and have their own private keys. even if bitcoin depot were to get hacked for example, the u users would be completely unaffected since we don't have any access to their wallets. liz: yeah, well, you know, we're calling it ghost in the machine but these are hackers in the machine we're able to somehow get through there. so i guess the question becomes as you are launching what is expected to be this near $1 billion reverse merger to go public with your atm machines that enable people to put money in and be given these tokens back, talk to us about how it actually works and what do you think something like this does to the psychology of everything that is swirling around this very early stage industry?
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>> well, how it works is you would go to our website or our bitcoin depot app, and we have over 15,000 locations where you can buy crypto in person. around 7,000 of those are bitcoin atms and there's another service we just launched called bd check out that has thousands of additional locations as well. when you download the app, you'll be provided a qr code for the wallet address for example. you'd go to the machine, enter identifying information, you would then scan that qr code from your wallet, put in cash, and the bitcoin would be on the way to your wallet immediately. the whole process only takes about a minute or two. it's really going to open up access to crypto for millions of people in the country and around the world. i think in terms of how it changes the psychology is it
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allows anyone and everyone from all walks of life to walk in that and it'll further adoption. liz: everybody talks about how block chain is a digital ledger and no bitcoin can ever really be stolen because you can see every single train car on this ledger. it's almost like cars on a train attached to each other to see exactly where things went. the merge as it's being called for ethereum is supposed to start happening this week and this is where for people who don't really quite understand this, it's a little won i can but it's going to cut the costs supposedly of the proof of work details that go into providing this ledger. how does it affect somebody like you where you have people using these thousands and thousands of kiosks around the country and world and trying to make sure they keep their eyes on exactly where they're money is going?
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>> it'll encourage a lot of users to buy bitcoin now than in the past and gas fees have been extremely high at times where people might have been paying $30/$40 to send ethereum to one person to the other even if they were sending $100 total. now if they can complete this merge and get to a more scaleable place, the ethereum met work can allow trans-abses we're hoping and cost as -- transtransactions and cost as ls pennys and that could be a game changer for money transfer and international remittances for example and both are use cases on why our users use our bitcoin at ms. liz: bitcoin and researcher kyle mcdonald warning this ethereum merge could crash the digital market when it comes to forcing
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people to say, wait a minute, wait a minute. this is not working. do you agree with that at all? do you see any worries on the horizon about this merge and what may happen? it's not exactly y2k but the fears are there about this. >> well, it's a very big project and the ethereum network has hundreds of millions of dollars in market cap, but there have been plans in place for a long time to make this happen and there's thousands of developers around the world that have contributed to this merge. it's been a very carefully thought out plan and everyone in the industry is hoping for the best and we see a lot of positive outcomes from the merge happening very soon. liz: well, we'll be watching for your big moment when you reverse merge. please come back, brandon. we have a great record of having people on their big day when
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they go public to have their opportunity to speak to our investor audience so thanks very much. >> thanks, liz. hope to be back soon. liz: thanks. the white house releasing its plan on what to do with the $50 billion coming into the semiconductor world from the chips act. we are going to take you straight to the white house for details on how the biden administration is now saying in the last couple of hours how it hopes to boost domestic semiconductor production. closing bell, we are 13 minutes away. yes, folks, we did start the day off in the green. we are now solidly in the red here. dow is down 148 and s&p down 12. nasdaq down 73. russell transports, bitcoin, crude oil, brent, it's all down.
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. . s, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my own way forward. ask your doctor about everyday verzenio. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier,
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♪. liz: "fox business alert." it has been six days, look at this chart. this is a one-week chart of nvidia. we could show you a whole bunch of chip companies, six days since semiconductor stocks took a punch to the gut after the biden administration sprung a sales restriction on chip companies limiting sales of gpu, graphics processing units for
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sophisticated semis to china. investors, semistocks are still selling six days later this time as the biden administration unveils a plan for 50 billion-dollar chips act to boost semiconductor domestic production and loosen china's grip on the industry. take it live to edward lawrence at the white house with more on chips for america program. edward, give us some granularity on what he plans? reporter: the president talked about this in his cabinet meeting, fifth full cabinet meeting of his presidency. he laid out a plan that will basically build a semiconductor manufacturing sector in the united states. the commerce department will hire 50 people focused solely on negotiating with private companies for part of the $50 billion in the chips act. >> this is not a blank check for companies. this is not for them to pad their bottom line. there are clear guardrails on this money and the department of commerce intends to be vigilant anding a aggressive protecting
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taxpayers. chips funds cannot be used for stock buybacks. chips funds are not intended to replace private capital. that is key. reporter: the money will be handed out in february. $28 billion of the money will help establish a domestic semiconductor manufacturing sector. another 10 billion will be used to expand existing chip manufacturing in the u.s. then 11 billion to launch a national semiconductor technology center. now the president again talked about all of this in his meeting today. we know that in part government spending has pushed the inflation we're seeing. well the president highlighting all that spending today, listen. president biden: over the past 10 months we won passage of some, i think extraordinary parts of our economic agenda. the bipartisan infrastructure law, biggest infrastructure package since the eisenhower administration with the help of some of our friends on the other side of the aisle. the chips act -- reporter: talked about the inflation reduction act as well,
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as the american rescue plan, both of which again have tens of billions of dollars in government spending. liz? liz: wow, these are stocks everybody continues to watch. many people invested in them of course we're on the story. closing bell, we are six minutes away. let's get to our "countdown" closer. fed-watchers, listen up. you are actually about to get another chance before the next rate-setting meeting, that is september 20th through 21st to hear what federal reserve chairman jerome powell thinks. this comes after friday's august jobs report showed 315,000 jobs and that created an unemployment rate ticking up to 3.7%. thursday he will speak but you don't have to wait till then because today's "countdown" closer says they have got two picks that could provide protection no matter what he says, or does. next, joining us now, creative planning ceo, peter maluk
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manages $230 billion. people say on and on, peter, oh, the fed, because they move the markets. you're saying you know some picks here ahead of what he may or may not say. tell us what you think he is going to say, then tell us your picks? >> good to be with you again, liz. they will raise again at least 50 basis points. housing is softening, unemployment is softening. they are both way too hot, the economy is way too hot, congress and president are fighting the fed with spending plans and adding fuel to the fire so the fed is trying to slow it down. with the rate hike more blood of speculative assets. we're seeing the speculative high-tech growth stocks, nfts, all these things down 60, 70, 80% it will get even worse in those spaces. big companies, value stocks with actual earnings will get through this just fine. buying opportunity for people. we will have more weakness next couple months if you stay with big and quality. liz: isn't it just the best
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thing to dollar-cost-average in? if you go all-in on one day, you see whatever you bought goes down even further, at this point people look to see from experts like you how they should be scooping up what are clearly some stocks that are oversold? >> right. i think there is this mythology with investing the more risk the more reward. some risk is just stupid. a lot of risk is just stupid. things really do go to zero. some things they do well in free money environment but they can't survive an environment where there is not free money. they continue to go down. if you're buying things like what we're talking about today, large cap, mid-cap u.s., filing in, dollar cost averaging as you said you are absolutely going to win. the question will it take you six months to win or two years to win? when markets are depressed like this the average annual return for big indexes in the u.s. i'm talking about are double digits over next three years. doesn't space out evenly but
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fast forward three years the expected return would be average double digits each of those three years. stick with big quality names where we know the risk will be rewarded. liz: peter, you're looking at some of these opportunities toe scoop up a bunch of different names. you're liking some mid-caps. there is a vanguard etf that has that opportunity. i'm watching the se-minis, subpoena futures at the moment. they are couple points above 3900. in fact the s&p just touched 3900. you know, if it goes below that, it closes below that, where do you think markets psychology takes the rest of the equity world? >> i mean september and october are traditionally bad enough before you factor what is going on with ukraine, energy russia, the fed everything else. i have zero 60-day predictions but i would do exactly what you said at the cost, i'm dollar-cost averaging into my 401(k). putting cash to work every week, every month, every paycheck. i welcome the volatility, i
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welcome weakness that might come the next couple months because it looks very, very bright a year or two down the road because even with everything that has happened, the fed will have a loaded gun, it could go back to lower rates to stimulate our way out of this if they overdo it. unemployment is historically low, but for legitimate reasons probably sustainable. it is hard not to be bullish over multiyear period. anyone with a multimonth period i don't have any advice, stay a way from speculative assets but if you have a couple years this is a gift. liz: retrospect we look back as he did to the lockdowns of 2020 and february, march of 2009. those were the best opportunities to buy. peter, finally, what are you avoiding? >> i'm avoiding small stocks without earnings. i'm trying to avoid all the gimmicks. all that stuff is over and focusing on quality. liz: focusing on quality. we'll take that advice and run with it. peter, thank you very, very
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much. peter malluok folksing we have peter at the end of the show. larry fink at the top of the show. larry fink saying he expects many more 75 basis point hikes. [closing bell rings] fed has a lot more to do. too much government spending will water down the fed efforts to stop inflation. no wonder a lot of red on the screen. a lot of concern. we'll be back here tomorrow. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. there he goes again. president biden campaigning yesterday in wisconsin in front of a very sparse crowd i might add. and repeating his divisive claims that maga republicans are a threat to american democracy. now he started this week ago calling trump followers semi-fascists. that is about 74 million people who voted for trump. he started this week a week ago


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