>> i think they're representations of the trouble with amazingly fast growth i don't think the it's a fatal flaw thank you, see you tomorrow. that does it for "closing bell." "fast money" begins now. >> "fast money" starts now i'm melissa lee, your traders are pete, tim, brian and guy tonight on fast, hurricane irma barrelling through the kai rcara and toward puerto rico we'll bring you the latest and the stocks moving on the back. plus, doept look now, but energy stocks are making a comeback one top technician says the it's a trap and later, it's the showdown of the century. the man who wrote the book on

bubbles says bit is the biggest of all time. firgs we start with the news that broke in the past hour. the report from dow jones that gary cohn, one of the most important voices on economy in the trump white house, will not be nominated for fed chair >> just more clarity dow jones reporting that gary cohn is unlikely to be nominated for that position. according to their sources dow jones also saying that the reason appears to be because of cohn's criticism of president trump's response to the charlottesville protest. you'll remember that cohn gave a very personal and frank interview to the financial times in the wake of those demonstration, saying that he had come under enormous pressure to resign. "the new york times" reporting that cohn drafted a resignation letter, but didn't turn it in

and this of course comes on the heels of the thus earlier today that vice chair stan fisher will be steppinging down from his post for personal reasons, so, a lot of questions around the leadership of the fed at a very critical time. back to you. >> thank you so what does this mean for the markets? tomorrow and remember the markets have been relying somewhat on gary cohn for being that voice for being that sort of fiscally sound person in the white house. to advise donald trump >> and also referred to as globalist gary one of the few guys in this administration that's had a liberal democracy approach to trade and what not so in that record, you could be concerned. i have to tell you, that gary cohn as fed chairman doesn't give me a ton of confidence and i wonder really what is is on the resume that allows this guy to be fed chairman other than thooes he's the guy that seems to be most linked to the white house, which is not what i want my fed to be

i'm not concerned by that. >> at the same time, the voice of stability or reason or at least that's how the markets perceive it. >> he was one of the markets, one of them so to speak! we saw the markets sell off when there was rumor, news he might leave, so that to me is the link not sure anybody else could do as good, so it is more of a stability, hey, this is a markets guy in there understanding what's going on. i got to think if you can't get tax reform done and maybe if he does by the end of the year, he's gone. >> so, my pushback to tim would be and i understand what he's saying he's not an economist in the classy sense of the word froms here's my pushback in my opinion. i could be wrong but i think the fed has put on the large aest prop trade in the history of mankind better suited to unwind this trade. somebody that did it for a

living at a high level i think the kiss of death for gary today was lloyd blankfein gave him his endorsement saying gary would be much different than yellen. i say that because lloyd blankfein has extraordinarily critical of the resident >> you could say he could have been the voice within the fed. no that this can't happen with quarrels but u if we extrapolate this, if we are to believe and a lot of people do, that gary cohn wanted that position of fed chairman, if he doesn't get it and it looks like he won't. is he walking away entirely. >> that creates the stability factor we're looking for some sort of sfabl staiblty and we're not seeing it. seems like weekly, something is changing around the white house. you want to see gary cohn in these positions that we think at least the possibility. you bring up the biggest prop trade ever i agree with guy i think that puts him in a

position to be somebody who could do a very reasonable job as the fed chair if he's not the guy, then who is and does he want to leave because he's not getting the role he expected to get. >> hold on a second. if the administration in office has anything going for it, it's that it's promarkets, probusiness, pro everything. doesn't matter who he's going to bring in look at every major appointment he's made. it's been someone that's been the opposite of the guy before him. so, you don't need gary cohn, is next person is going to be another rubber stamp it doesn't matter. if you elected this guy because you were tired of the status quo in washington, regulation that was overreaching in washington before that, those are pretty decent reasons to change things up u you're quoing to still have that why else, the market isn't getting easier >> that he's not going to provide more zpl gary cohn is one of the most

talenteded executives out there and knows a lot about organizations. there are others that have a similar pedigree >> that's the idea i think he does. >> he wants to come in though, where were we any way. >> there's a lot of people that when trump was elect ed, who ma not have voted for trump, said hey, look at the cabinet, the people he surrounded himself with with. that gave him comfort. when you strt to see that and maybe we see something like rex tillerson might be the next one on the list, i think that creates a bit of instability and i don't know who's going to -- >> assume the story is true. that gary cohn is out of the running for fed chair. how long the markets will absorb this >> short-term sell off we had a conerer sags yesterday. the market had a significant sell off we led the show saying it should

have been or could have been much worse s&p closed down 18 handles yesterday. rallied off the low. given all the news over a long weekend. it should have been down, but it was not recovered today. so to answer your question, what we have seen now and again, not trying to paint myself as some raging bull, but we have this seen this over again my sense is that will happen here >> let e's bring in larry kudlow what's your take on cohn's next step >> i don't know if the leak is true i have no idea didn't come from any official administration source, so there may be truth to it, but i want to know for final confirmation, there had been a lot of rumors that gary cohn's disagreements with with president trump u charlottesville and matters related to that.

that the two, trump was furious with cohn, so the rumors have been out there and you know, my guess is just a hunch, i've not talked to cohn in several week, wii tbithe way, but my hunch is that he will stay on in the administration see the tax reform battle through. if he wins the battle, this ch i hope he does, that would with with great but my guess is that -- if this rumor is true! a lot of news concerning fed vacancie vacancies. we have news that stanley fisher is going to step down in a month or so. how does this change in terms of how you view who is a front run uer to lead at this point. >> i will say this one person who's been on the list of fed nominees.

kevin has written several op-ed pieces in resent years he's a former fed governor, not an exist, probably a good thing. not a bad thing. kevin's going to be a fed reformer in he has a chance. he's written this. i've spoken to him many times. he wants the fed to be accountable to congress. he thinks they've gone overboard. he thinks they're much too reliable on wage conditions and wages. he wants them to change their models take a look at commodities a look at financial indicators does not want the fed to be data dependent to the extent they have been and he believes the fed needs a longer term strategy what did cpi do yesterday, three

days ago doesn't like that at all he's contributed lot to ideas of fed reform >> so, that larry, it's tim. how dependent is the fed now and how independent do they need to be going forward? >> the fed is an independent agency the fed as you know, administration nominated candidates congress confirms them i think if it's worse or whoever, more congressionals say in what the federal reserve does and i think that's an important factor no matter who is chosen.

this isn't tight or loose money. this is more internal to how the fed operates and whether the fed reports to anybody. for example, john taylor stanford economist at the hoover institute. i think upon jon would be a candidate for vice chairman p if kevin were nominated to be chairman john likes the idea of a monetary rule. another person is judy shelton she's also a market watcher. she likes to watch commodity prices including precious metals reminds me of wayne and ashley johnson there on the fed you've got a lot of possibilities here and i kind of like the idea of a wash and taylor or somebody and a taylor.

if it's not a uniform decision these are names that i cannot say with any degree of certainty because i don't think the decisions have been made, but i can say that these are people that were on the list, on the transiti transition committee list inside the highest levels of the white house. >> thank you so much for phoning in great to hear from you >> let's talk about the markets because on top of this, we had more news out of washington that moves the markets. the three month extension of the debt ceiling limit helped rates really juice them in term tofs ten-year as well as the shorter end of course. that sort of overlapped th epedt time period. it was interesting what you saw across markets you also saw the dollar move s&p 500 against the dollar, most

of this move in 2017 has been lock step with a weaker dollar doesn't look like it was strong there, but the reversal after this news came ut, if we get a stronger dollar, that's going to hurt multinational earnings and could be something that slows down the wul market. >> that's the first in what is it eight months now, his presidency, first time we've seen something like that that augers well going forward to get something done, which in my opinion, should be market positi positive >> larry predicted cohn will stay if some sort of tax reform works out. you have this reef iing reefing across aisle maybe combined, not bad. >> if we can look forward and see more things that we know is the agenda absolutely i mean, you look at the ten-year, the way it move ued today, financials, the nice bounceback they have then at the semis and some of the tech names, everybody says it's dead

money. they're not going anywhere there was a couple of names starting to move to the upside, so i think that the market itself it's amazing how fast we digest this new, isn't it is this another 5% drop today after that huge spike just the other day. >> still ahead, energy stocks having their best day since july 3rd, but a top technician says do not trust the bounce. plus, the man who wrote the book on bubbles is here to take on brian kelly on bitcoin schiller says the it is a bubble bk has other thoughts. the winner will answer the question once and for all. much more still ahead. chances are, the last time you got a home loan,

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breaking news on nelson's battle with proctor and gamble leslie >> hey, melissa. that's right nelson releasing a 93-page white paper on proctor and gamble. we knew he had a $3.5 billion stake and now, we have a better idea of what he wants to do with it first and foremost and what i think is his most ambitious idea is to restructure the organization to three distinlgt business units that would run what he says lean under a p and

g holding company. pelt said that would make those who work there more accountable and allow the organization to be faster moving. he also wabts greater oversight on p and g's cost saving plan. hemts to board to initiate a study to better understand why the innovation machine is broken he says they haven't created a new product in two decades the last time they did was swiffer. he wants him to focus on small and mid size local grands which he says they can do through organic growth and mergers and acquisition. he said that's the key to success and where they're seeing the most competition as well as on the digital side they should have more of a digital infrastructure as well

he said his compensation is off. they're paying too much for executives relative to market share losses he pointed to their insular culture saying they thiede no recruit more from the outside and set a goal for having 25 of the top 100 executives with experience outside of p and grk. we've reached out for comment, but about a month ago, taylor said in a letter to shareholder, adding pelts has the potential to derail the transformation we're leading at p and g and in the meantime, he pointed out a statistic that they're spending $100 million to keep him off the board. how, that doesn't sound tremendously different he points to the global business

units and says it will cut out the fat, make people more accountable. he mentioned there would be global units having more of a desperate matics model, end to end, that he pointed to and said it's inefficient and creates a lack of accountability. >> leslie, thanks so much. 93 page report out from trion. appreciate it. what do you think of this plan so far mr. pelgts announced he was taking a stake back from the spring

trades at 41 times earnings, which is in my opinion is expensive. it could break out to the upside, but in my opinion, if you like proctor and gamble, you've got to love j&j at 17 trz it's not where the market is right now. reflation trades, not staples, not high yield even though yes, we're back down to 210 25 times is important. only time you're talking about trailing 12 months is when you put in perspective we've seen greet chutes with proctor and gamble before. it's moved 37% off the lows. you don't see them moving much, but that level is critical for this name. i don't think this is enough of a catalyst to get toyota break out.

>> you talk about risk reward. what we have seen over the last month and a half has been nothing but upside call buying, so people are looking for that reward it's very, very inexpensive. the bullishness, they think he' going to shake through even more if he gets his way and gets more efficient levels he wants it to be are you buying into that >> i own the calls >> still ahead, hurricane irma barrels through caribbean and heading straight toward puerto rico and florida we'll give you the latest details and stocks moving off of it here's what else is coming up on fast ♪ you can say that again despite following rates, the

telecom stocks continue to trade like trash and things might have gotten worse we'll explain. plus, it's the bitcoin brouhaha heard around the world robert schiller, the man who wrote the book on bubbles is taking on brian kelly in a no holds barred battle over the future of bitcoin. that's when fs munz u returns.

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hurricane irm showing no signs of easing up let's go to miami. >> melissa, florida governor rick scott already calling this a life threatening storm here in south florida, especially in miami beach, where i am now, it is a coastal city, a barrier island you can see people making preparations they have been coming to this point to grab b these bags of sand, city officials have been giving them out by the thousands. this place has been opened since 7:00 thin the morning and peopl have not stopped coming. they know how dangerous the storm is i just spoke with the mayor and this is what he told me about the preparations happening here in the city. let's listen >> we've been preparing for a while. put in portable generators and pumps. these kind of precautions are no match for a hurricane of this

strength we've been pruning tree, making sure there's no debris stopping construction projects reaching out to homeless people in seniors. most importantly, i've been telling everybody since yesterday, if you can leave the city, leave the city >> the mayor's advice, leave the city if you can. people are very concerned, we've seen it here they know how dangerous and especially after harvey, they want to make sure their homes are protect ed from the storm surge and flooding >> thank you a number of names getting hit. finding more than 60%. airlines falling under pressure. united and jet blue down more than a percent how do investors approach this is this a sell now and pick it up later >> i think devastating what happened in houston. what apparently is going to happen in florida and maybe up

the o's coast, horrible, but the travel stocks in my opinion will recover. that said, home depot upgrade yesterday, reinstated $170 price target so if you don't want to delve into these stocks that have gotten beat up, i think home depot is a safe bet. >> stocks still fall into the category >> the one on the i would not buy the trivago. they downgraded their growth rate that was down 16%. terrible day for a travel stock to announce a growth downgrade that one i would not pick up >> just talking about airlines, they came out today and warn that had the third quarter, they've given a guide down on harvey and the impact just of some of the seasonal elements of their business, it was really about the hurricane and this is a stock i bought probably 11% higher when it was down 15%. and this is not something that's scares me. other than the fact that the

airlines now youp get some concern that they're back to their old tricks this is a buy on weakness if yo believe that the houston event was as bad as it gets for united >> buy on this weak snz. >> i would say yes because i like the fundamental story we were talking in the break about united pulling back 15 or 20%. they just keep falling that's the problem these airline, i cannot figure them out on why they are >> why you stick with this trade? >> i've been in united, the stock itself, selling calls against it like the gilead trade where i'm trying to take the premium to lower the price level, but i'm in the options in jet plu. >> you like the stock, 10 or 15% ago, you like it more. options should be more tasty >> volatility, you're getting implied volatility getting premium when selling against that, but i do like these stocks

the stocks are not not react a kting in a market where they should be. >> it's giveren oil a big boost, so the crude's long nightmare over rich ross, hi. >> hi, melissa i would do business with crude i respect crude, but i don't trust crude oil. i'll show you why. first, it's gotten better here in the short-term. >> tragic weather, all giving a boost to crude oil you can see a nice little potential head and shoulders bottom forming here. but let's keep in mind you have this well defines trend and you have this 200 day to contend with so above this level here, i think you're a better buyer of crude. you might say brent has broken out. this is a little bit harder, the part of the problem is that the underlying commodity looks better and e are flekting the weather session. crude is moving hire and the

energy stocks as we'll see, we've brought three of the biggest ones with us this is like energy. where you go for safety. this is clearly not a good chart. just a one day rally doesn't mean it's all clear by any stref. we moou on this is the safe way to play energy but never the less, nice little base breakout here outperforming within the xle this is part of the problem here this is for the time being a little two-day affair. you can trade it, but let's not get carried away here. let's respect the power of the down trend just to finish on a high note, we talked about the short-term

let's just zoom out. i'm not calling it a double bottom, just yet because a one-day rally doesn't make it a double bottom, but if we were to see proof, that would set up a nice buying opportunity the weather helping the commodity, but the stocks not so much just yet. >> i think rich ross comes over. so, i have a question. what is your take on halliburton, asking for a friend not so decisively.

weaver talking 40 in change. it's a stock flirting with a neckline of support that could provide the catalyst for a reversal, but i say could here we are still in the early stages of what could be a nice recovery, but let's not push all in let's not. >> say that plays out. baseded on the head and shoulder bottom >> i think $51 comes in around your neckline and happens to correspond with the 200 day moving average it seems like hyperbole to be talking about crude. it's been so long. but as we discussed, brent, a nice little sneaky breakout today. let's start with a break above 51 then we can start to talk

we've got oen a case where a lot of the names are calling 50 break even therefore, we priced in a lot of guys that haven't done anything below that halliburton to me is a company that is the most exposed these guys are the ones that are going to be there. if you look at these charts, they're so blown out and bad, these are very interesting names. they've been interesting for a few yeweeks. >> we've been waving the caution u flag 24 hours is not a trend make it appears maybe the bottom is number one, number two you didn't catch this, i know. he viewed right at the top of his head squl. >> who is that

>> the only way you can play the space and it's been a widow making for all of us we've probably got p our head taken off. so the only way to play it is through the derivatives and options world. today, there was huge paper. is it a head fake? most likely. you don't sound convinced this is a move that's sustainable huge paper coming into all sorts of other names s. >> you're play ing playing and fine the currency is breaking out nothing wrong there. other commodities are doing extremely well we've seen bullish breakouts it's gold, silver, they raised

interest rates emerging markets on fire all of these things are potential to suck sesds. we haven't seen it yield at the lows. curved at the flattest, those are not supported. you have cross cur runts here, but the rest of the world is telling you commodities. >> thank you, rich god father >> thank you >> still ahead what's wrong with telecom? verizon, at&t getting crushed this the year and t mobile might make it a lot worse. plus, the man who wrote the book on bubbles is here to tell tcn ndri klyikit is find out after this break. ♪

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it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. welcome back to "fast money. have you talked to your friends ant about bitcoin? you're not alone we have more on the bitcoin boom. >> while some steam after china slapped a ban on initial county offerings. there's no denying the boom is still going strong bitcoin has rebounded up about $200 today

a positive session for ether as well high interest in bitcoin with user rs checking the price of the currency on a daily basis, up 600% versus a year ago, highlighting the rise in popularity coin based, the world's largest broker, has seen its overall base double in a ten times increase in the rate of first time purchasers. here's an interesting chart that pulls data from blockchain.info. showing the rise of trading activity over the past several years. you can see as prices have been skyrock skyrocketing, so has trader interest still trading at more than triple the price of gold melissa. >> thank you the growing interest in bitcoin has some calling it a bubble one of those, the mab who wrote the book on bubbles. he's going to take on brian

kelly in a bite bit county battle royale for the ages we want to kick it off make the case as to mi it's in a bubble >> i'm not as negative as it may seen, but i think that the thing that's driving bitcoin at the moment like other examples of bubbles is a story it's the quality that's attracting this interest it's not sustainable what is the story? nakamoto had this brilliant paper, then disappears, where is this guy we have a new form of money that replaces the extremely revolutionary and involves a very clever use of cryptography

that you can spend all afternoon trying to figure out, maybe more than that. the story has ined young people and active people and that's what's driving the market, it's not fund men tachl it's not like this is is a fundamentally important thing. >> that's where i would disagree this is a profound revolution in the world. what bitcoin and block chain the underlying technology is able to do is disintermediate a huge swath of financial services. so, whether it's bitcoin, i have no idea if it's going to be bitcoin. i'm reminded of the days where yahoo! and net scape were the search enjogine and google wasnt invented this is a change just like the internet was, so my question for you was you fams famously caller the howing bubble in 2003. took four year, very well done but what i'm asking now, is this bitcoin bubble, is is it a bubble that's ready to burst because everybody gets scared

when you say the word bubble or is it a bubble that's ready to expand >> see, for me, the word bubble is unfortunate because it suggest that is a bubble bursts then is gone forever that's not the way real financial bubbles occur. in fact, peter in his book famous first bubbles 20 years ago pointed out the tulip mania isn't dead yet they keep coming uchl prices at flowers exchanges. i don't mean to say we're going to see a burst in bitcoin tomorrow then gone forever we did see a burst in 2013 by the way. it could happen again. and then it could take off again. so, i also don't mean to demean the innovation and technology. in fact, i've been interested for years in financial innovation i just don't, it seems to me that the enthusiasm for bitcoin is out of proportion to its

immediate application. maybe in the future, there will be some great application of this currencies but not at this point, it's a little bit, in fact, i think i saw one of your papers you said it has as expects of a bubble didn't dnt you say that some time ago >> i wrote it in my book in 2014 and i agree. i read your speech you gave to the noble prize committee and your definition of a bubble, i think there are seeds there. people are saying hey, midmy wud di here made 10x i want to make 10x let's look at the system as a whole. it's about $150 billion in market cap or value at this point in time. if indeed this is going to be the payment system or settlement system for a decentralized web or take over e commerce then what i know is that the market cap shouldn't be in the billions it's likely in the trillions

for me, i'll take that risk reward they're pretty compelling. >> i argued 20 years ago for a copying -- and its alternative money. it's very stable in value in contrast to bitcoin. that idea didn't attract much excitement because there was no bubble that could come out it's just very stable by design. maybe it's possible that you can still ride this bubble on bitcoin but i keep thinking of the other currencies sh other ideas that will come up and eclipse this

one. it's risky >> we appreciate your time your cogent arguments. it's not often we have noble prize winners on the show. dwra great to have you with us. let's vote do you agree with professor schiller or bk guy? >> i don't think it's, i think crpy is manipulayp is hip. >> be careful. that could be gang warfare >> look at you >> no bubble, guy says >> brian didn't do it and professor, thank you for coming on i say it lives because there's tho question that the technology lives. a lot of bad guys in the space when my wife starts -- -- asking me about bitcoin and at 2:00 in the morning when i've been outiout drink, i get more.

regulators are coming. i don't need to buy here >> the bubble or you wouldn't buy here >> it lives. not buy iing it here. >> we'll let that go >> after listening to professor, i'm not positive he thinks it's a bubble so i say, he said ride the bubble i ride the bubble and bk, you're the most educated guy i know in this spot. >> all right all right. >> ride the bubble >> bk will take it so the desk basically siding with bk. do you agree logon to twitter and vote right now. and if you think we're witnessing a bitcoin bubble or not, there are two options only unlike what -- laid out. two options. we'll reveal results at the end of f the show. plus, taylor swift's new single is breaking rules. ga cl tell you why it might be a mehanger for music streaming. (upbeat dance music)

(bell ringing)

taylor swift is back and her new song is smashing records left and right julia has the details. >> forgive the noise, it's been less than two weeks since her

single look at what you made me do launched and it's breaking all sorts of records it was streamed 84.5 million halftimes in its first week. a record for the year bolstered by her now offering her songs everywhere the video launched a record 43 miles on youtube on release day alone. as for digital download sales, the track has been purchased over 350,000 times, but that's about 200,000 less than our shake it off single sold three years ago, so why is decline well, the digital music landscape has changed dramatically in just the past three years. the digital download market is down 48% since then while on demand streaming is up nearly 300%. now streaming comprises 63% of the total digital music market according to nielsen now, swift is busy promoting the full album, which launches on november 10th.

she's a partnership with ups and target she has a concert tour in the works. she's already getting the the word out, trying to get people excited about buying ticket, but hasn't announced the full dates yet. back to you. >> thank you in los angeles i got to go to guy since he's the biggest taylor swift fan on this desk >> you know, you say that with such indig -- i've been to seven or eightfantastic. >> google is a $650 billion market cap company youtube is a big deal. and i still think google held that 930 how do you trade it? googl. >> speaking of google, parent company of youtube, traders are betting on more gains. hey, mike. >> we didn't see above options today, but we did see above

average call volume in google. looking at goog and actually what we saw were buyer of the october 980 calls paying about $5 for 800 of those. that would be best and it's going to get through 985, which is the strike plus the amount of premium, new highs on the year so, this is you know, one thing i'd point out, 800 contracts doesn't sound like a lot they're going to own $75 million worth of it if it goes through that level >> for more, check out the full show friday, 5:30 p.m. up next, final trades and it's not too late to vote stay tuned for the rs.ul hey gary, what are you doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades

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welcome back the final verdict is in on the epic battle between professor robert schiller and brian kelly. the poll has been retreated over 1,000 times. toni braxton because the professor bag ged this one ♪ 60% said yes yes in a bubble >> he does >> final trade pete >> the chips have been on fire intel, huge call buying, expecting to blow by 36. giddy up >> staying the trade look at the move above the 50.

stay with us >> buy bitcoin here. >> i'm in the pete camp in those chips. 32.5 gets you done >> thanks for watching see you back here tomorrow at 5:00 "mad meysttsow on" ar n "mad money" with jim cramer starts right now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. every night i come out here and tell you what happened during t