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♪ good tuesday morning welcome to "squawk alley." i am carl quintanilla with mike santoli, jon fortt at post 9 of new york stock exchange. the indexes losing some steam, still green across the board dow and s&p are positive for the year briefly after yesterday's session. major averages off highs as the president hints about positive news around the u.s., china trade war, productive conversations going on joining us, julian emanuel, and investment management chief strategist alicia levine welcome to you both. we have some cross currents to deal with. we know the u.s. and china spoke by phone after the huaway cfo arrest, you take that. >> we'll take it for now it is an example that the market

will trade on different news on the trade side today it is great, may not be great tomorrow >> what's your take on this. how constructive do you read it? >> talk is better than no talk, no question about that if you're a professional investor in particular, today is a perfect example why you have been pulling out your hair the last couple of months. you have news on china in the morning, a major ceo of a technology company testifying in front of congress, you know, you have a brexit vote there's a number of things it makes it more difficult to think about stocks fundamentally. but the backdrop is that the consumer is in good shape. >> that being the case, there have been times the market is perfectly able to shake off all of the policy stuff, all of the noise on trade, budgets. i wonder if it is because now what is in front of us in terms of fundamentals is a slowdown potentially at least how do you play that >> right now we see the economy in 2019 good enough to support

the market the issue is that the market is looking for degradation in the second derivative. slowing rates of change. friday's job data is a perfect example of as we get degradation in growth rate, the market will respond. you're in a trading range of 2600 to 2800 to really see the rally further, on the s&p, you have to press through 2800 and do it decisively. >> julian, can you trade on statements out of the white house the way you used to? expect that they're vetted with the level of accuracy that they have been in the past, reminded of a week ago mixed signals on what was going on between the u.s. and china seems like in a vacuum of information in the short term, traders take anything. does it stick? >> it is hard not to argue the decibel level and confusion level has risen since the midterms in that respect it really is hard you shouldn't be doing it anyway, unless you're a

professional trader. if you're a member of the investing public, the thing is to really get comfortable with the fact that we're going to swing three, four, 500 dow points a day, that's the way it is in this environment, and ultimately, the economy even though it is slower in an absolute sense is strong enough, particularly if we get help from the fed that stocks will be higher next year. >> so we've got the softer rate narrative, right, the g20 truce and talks are back on. ubs says resemdemptions are near peak would you use this volatility to add to positions >> we would. to us at this point again, given the fact that the backdrop, it looks favorable, albeit slower, and the fact that sentiment is as sour as it is, contrarian indicator to us, this is a normal bottoming process for a typical ten plus percent

correction that you had since 2009 this is number six we would look to be adding. >> alicia, we had half of the s&p stocks down close to 20% a lot of value knocked around here what does it mean to try to position coming out of it, and what are you looking for as signals. yesterday, big tech was a bright spot credit markets were okay for a day. >> i look at credit markets and look at one of the most hated sectors, financial financials have been the pain trade for this year, in part because of the flattening of the yield curve, and also concerns on growth. after all, the economy is mediated for the banks if you see the financials trade up and if you see credit spreads come in, particularly in high yield and bbb sector, i think you're okay. >> how do you read what's happened in big tech on one hand, a lot of names have seen a 20% drop that mike

mentioned. amazon is still up 40% for the year netflix better than 40%. microsoft about 30 google is pretty much flat it is like some high valuation stocks remained high while some of the ones that had been chugging along, making numbers have suffered. how do you parse that? >> i go back to what julian said, you have google in front of congress today. i would unpack faang i think faang has been de-faanged you can't look at it as one sector you have different business models with different revenue streams. business models that don't monetize customers are ones most at risk, political risk. you have an alliance between the democrats and the house and the administration that has an interest in regulating this. that's why you see a difference in multiples there are certain parts of tech that can go up. >> interesting as you say that, twitter is the number one s&per, up 5%. if you think faang is squeezed

in all sorts of areas, incremental dollars, marginal dollars go to second tier players and social media, search. >> i think social media is a problem. you'll see it more in the cloud area i think you will see some recovery in the hardware, as long as the trade issue stays good enough, right you can't have lighthizer, navarro in front of the camera, at the table every day >> julian, you keep an eye on the derivative side of things as well what do you make of the volatility index at 22 now the market has been super volatile, that's been carrying it higher. in december, normally it trains away a little bit. is that sort of a warning signal does that reflect the environment you're expecting on more wild swings or does it reflect an excess of caution what are we to make of it? >> it reflects uncertainty with all of the events around us. for instance, trump, schumer, pelosi are due to meet in 15

minutes. what's going to come out of that obviously you have concerns in europe and so on and so forth so it is typical for volatility to be more subdued in december. we expect as you get closer to the end of the month that will happen, but you have to get through the fed in particular first. >> that's another eight or so days or something where we're on edge for awhile? >> we will, but going back to the early comments on financials, it is a potential, particularly if the fed backs off and we see the yield curve start to steep en, that counter intuitively could be good for financials. >> waiting for the all clear on banks for sure good to see you. >> thank you and let's see. right now you are looking at a live picture from capitol hill google ceo sundar pichai is testifying in front of the house

judiciary committee. he is facing tough questions about algorithms and privacy practices. we will take you live for any developments all right. as we head to a break, markets are still in the green, off the highs this morning you see the dow up 126, a half percent. s&p is doing better because of tech doing better. and nasdaq up almost 1%. and next, a closer look at the faang stocks, the impact of this morning's google hearing which of the four could be the best buying opportunity in 2019. we'll discuss that next. stay with us place, the xfinity xfi gateway.

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simple. easy. awesome. click or visit a retail store today. we're seeing a big move in the british pound. let's go to wilfred frost. >> reporter: two big developments in the last hour that played into a three-quarter percent inter day move lower in the british pound. it is now down 0.3%. the first, as theresa may journeys around europe to try to secure more concessions from european leaders towards her brexit deal, she left angela merkel, she heads to brussels next merkel tells ap on reuters there's no way to change the brexit deal. another hard line from the european leaders that suggests theresa may won't be able to get enough concessions to win back

support of mps in parliament the other factor weighing on the pound, significant pickup in rumors that enough letters from conservative mps may have been placed to call for a vote of no confidence in their leader we don't have confirmation of that, and we heard rumors like that before a couple of weeks ago, they didn't quite reach the crucial 48 limit but the rumors have hardened from a number of sources in westminster, those two factors weighing on the british pound. >> plenty of drama there you'll be on tomorrow of it. thanks very much wilfred frost in london. it has been a rough second half of the year for faang stocks all down between 10 and 20% in the past three months. rebounding this morning, all of them in the green, but still well off the highs which of the four may be the best buying opportunity, how should we play the sector?

john, we know your answer seems to be amazon for the next year is there anything different about the amazon story now at its price today versus 2000 versus beginning of the year at 1200 is it more of the same, investors decide what to pay for that >> yeah. it is our top pick again, with the pull back linike you called out, down since peak in early september. still up 35% for the year. just multiple levers and optionality. 35% up side implied from here. and sectors like apparel, consumables, ramping margins that's led by aws and advertising business

that's in the middle for that valuation in the last five years. i would like to point out we published a deep dive on amazon's u.s. food and beverage, grocery, consumables business. that sector is $1.2 trillion our call today is that they're going to go from number five player with whole foods and potentially to number two depending on investment. amazon is the top pick of the faang going into next year >> colin, would you basically be behind that idea that amazon is the way to go here, and in general, how is this group positioned now in client portfolios we know there was a massive unwind of people being so crowded in the stocks. do you think that worked its way through? >> i think for the most part obviously near term there could be volatility, there's certainly uncertainty, the government is taking more intervention

tactics. certainly agree on amazon. today you get aws for free if you buy the stock, that's compelling if we look at a market that continues to be wobbly, alphabet, google has the resilient business model through turbulence, the stock trading at near historic valuation lows we look at alphabet as well in that context. >> john, every conversation with amazon now is about areas in which they're going vertical we talk about delivery all the time today, it is the times doing a piece on making their own chips, whether or not that's a threat to intel how much of this is overstated in the long run? >> i mean, it is like a focus for them we haven't spent as much time on chips but for instance on the grocery report, we have been covering this for three or four years. there has been multiple acts

here our call today on grocery is they could be number two in this massive vertical in the u.s., driven by three things they further enable online grocery. what we found is 70% of whole foods shoppers are prime subs. that set of customers way over indexes online grocery what amazon has been doing, they ramped up whole foods delivery, now 63 cities, and pickup in 22 cities and second thing is consumables, high replenishment categories, personal care, household goods this is tailor made for amazon in the long term they're number two, half the share of walmart now but we have them getting within shouting distance in five years. they should lead this in time. they get in a lot of things. so yeah, but their execution is pretty good. that's why it has impacts on

several different variables. >> what about facebook it is down 20% over the last 12 months and year to date. of course they seem to be peak angst now. i don't see anybody out there truly threatening their d dominance. there are questions about data privacy, that would hit a lot of people not just facebook if the rules fundamentally change doesn't that stock have a lot of potential? >> from a purely valuation perspective, facebook looks very attractive relative to amazon and alphabet, there's still some fundamental unanswered questions on the pace of decline in growth and margins and leadership and certainly regulatory and legal issues. in the context of a long term valuation framework, facebook is very attractive, in contrast to amazon and alphabet. we still think there are

potential speed bumps near term. we prefer amazon and alphabet at these levels. >> and before we go, i want to pin you down on the idea that investors are getting aws for free how do you calculate the rest of amazon at a proper value to say aws is not even reflected there? >> well, if you look at the business outside of aws, the core retail part of the business, third party markup place which also has exceptional profits, the advertising segment of the business, obviously john talked about newer verticals on the retail side. you think about overall, more than a trillion of market cap evaporating from faang, decent portion from amazon, we think aws still represents a potential catalyst for the stock as they move to further growth areas of software and service that's what i was referring to >> thanks for breaking that down thank you very much for your time today

>> thank you and right now, take a look at shares of stitch fix, getting crushed this morning after an initial jump after hours, following a beat on quarterly profit of a stock turned negative after the online styling service said it did not expect subscriber numbers to increase over the holiday quarter, that sent shares lower now down about 28% i spoke to the coo, mike smith, about the quarter last night they seem to be in a situation where people don't understand the model. this isn't one where people are buying gifts also, the ceo and founder and the way she structured the company, katrina lake, very focused on deliberate structured growth and you can question whether that's the right thing reed hoffman talks about blitz scaling. this is not a company trying to blitz scale. they did experiments around customer acquisition, cutting back on tv advertising last

quarter that caused some hiccups in their customer acquisition. i think this will be perhaps a case study in whether this deliberative approach in the era we're moving into, whatever it is, where the market goes from here, where the economy goes 2019 and beyond, whether that approach is the right one, or whether more softbank driven approach of pedal to the metal, figure out the brakes later is the way to go. >> market reaction seems to be the street saying the early adopters are in, we don't know if they're hitting a wall or not. maybe they're questioning it >> they're growing, making money. but the question is are you in the old amazon camp of more growth maybe not at all cost or most of them, but slogan steady when you have the subscription game >> stock was $51 in the middle of september

>> ipo price, yeah. when we come back, we continue to watch the markets. dow session high up 368, almost 200 points we low that now we go back to atlanta, sara eisen has a peek at coke's new products and first, twitter is ckn mitethe s&p. ba ia nu

sundar pichai is testifying and he made news about the company strategy in china. for that, back to ylan mui in washington >> reporter: carl, he is signaling the company will not move forward with plans to operate in china here's what he told the texas congresswoman sheila jackson-lee. >> we don't have a search product there. our core mission is to provide

users access to information and getting access to information is an important human right we are always trying hard to provide that information but right now there are no plans to launch search in china. >> reporter: no plans to launch search in china. some of the most pointed questions he faced are around this dragonfly project that received internal and external criticism, trying to frame google as an american company, upholding american values. we'll see if that's enough for lawmakers. a ways to go >> i hear a hedge. they certainly built a model for doing search in china, so they plan to build it but perhaps have not specifically planned to launch it. for now, let's go back to atlanta. sara eisen live at coke headquarters, following her interview with the ceo, james

kwin quincy looking at coke's product road map >> good morning, john. product innovation is key with global economic environment so challenging. asked james quincy if he sees a slowdown this is what he said. >> i think you saw coming out of the summary, it became a little softer as it got into september. so we did see a little decline in september again, 2019, i think is uncertain. lots of forecasts, whether the u.s. or globally saying there will be growth next year, maybe not as much as 2018, but still growth in the u.s. and global economy. we think the consumers will have it and we're bullish on that >> how do you drive growth among

millennials? coke like other companies is trying to appeal to a younger generation big part of that strategy is personalization. that's the key theme take a look. we have an up close look at what coke thinks is a secret weapon, a powerade machine only at lsu, it is on the field, the coach can adjust a custom drink for each player, adjust the electrolytes, salt, sugar. and then the player chooses the flavor they're trying to make a dent in gatorade who has overwhelming market share, over 80% but it is also what younger consumers may want from companies, a dasani water machine going up on college campuses, new iterations of the freestyle machine that know who you are from a chip in your water bottle and recognize you food giant is playing with this

personalized theme we brought home those bars where you can add your name or photos, they're experimenting with c cadbury. i talked to an analyst, and he says it is not about driving sales, new innovations and tech machines, it is about data coke and others are gathering the consumer insights they get which they hope allow them to compete with the amazons and alphabets of the world which are also getting a good handle on all of the consumer data, how we consume and what sort of habits we make. it led to creation of a new drink, cherry sprite, born out of a freestyle based on what consumers are bringing we are hoping it speaks to a new generation, we don't have the same loyalty that our parents did for these more than 100-year-old brands. >> personal targeting seems like it cuts across industry. the powerade machine is neat,

but you can't dump it over the coach after the game. >> that's true, you can't. but you can personalize your electrolytes they hope this and a recent investment in body armor which is growing fast can challenge gatorade it has been tried before, gatorade had a lock, in part because they have that great marketing play with dumping over the heads. i don't know >> never thought i would miss water fountains. at least they're not collecting data about me. yeah great stuff. >> you only want your own electrolytes >> you know how valuable that data is. >> sara, thank you very much great stuff. european markets are just about closing now. let's get over to wilfred frost in london for the latest on brexit, following a delay of today's vote >> reporter: following a big selloff yesterday in the british

pound, the sterling did start the day well as the fallout from theresa may's decision to delay the vote on her brexit plan had calmed a little. in the last hour, we have seen a selloff, touching a 20 month low. angela merkel added her name to the list of european leaders that told theresa may in no uncertain terms there can be no serious re-negotiation of her deal secondly, because rumors in westminster have risen that enough conservative mps have tabled their call for vote of confidence in the prime minister we'll wait to see whether that rumor is true or not what does it mean for what happens next deutsche bank estimates, they came out with a note, saying relatively high compared to some 50% chance that theresa may gets her deal through parliament in some form or another, though that is down from 65%

previously 30% chance that theresa may gets ousted, up from 10%, and 20% chance there's a second referendum today, european equity markets are higher 1.5%. they were lower yesterday, and the euro and pound are lower today, helping the exporters guys >> big story we'll monitor that with your help losing our gains, dow up 58 points, now 46 let's get to sue herera for a news update. >> good morning, carl and everyone here's what's happening. president trump to meet with democrats chuck schumer, nancy pelosi at the white house. trump says the military will build the border wall if the democrats don't deliver votes to secure the country, tweeting democrats don't want border security for political reasons. an afghan official says a suicide car bomber struck a security convoy on the outskirts

of kabul, killing four security officers six more were injured. no one immediately claimed responsibility, but the taliban and isis affiliate -- projecting 45.7 passengers will travel on airlines over the holiday travel season. that would be a 5.2% increase over last year a recall to tell you about 29,000 pounds of jimmy dean frozen pork and poultry sausage is being recalled. this after the agriculture department received complaints of metal pieces in the sausage it was packaged and produced in august check your freezer make sure you don't have any of that in there. that's the news update this hour guys, back downtown to you john >> thank you, sue. when we return, has apple bottomed we will talk to one analyst on

the street with a sell on the stock. the stock is within kissing distance of his price target is he about to change his tune more "squawk alley" still ahead. (toni vo) 'twas the night before christmas, and all thro' the house. not a creature was stirring, but everywhere else... there are chefs, bakers and food order takers. doctors and surgeons and all the life savers. the world is alive as you can see, this time of the year is so much more than a bow and a tree.

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apple stock is down 30% from a 52-week high is the street ready to get back into apple josh lipton is back at one market with a closer look. >> reporter: jon, the apple bears are out in force, raising the alarm about weaker than expected iphone unit growth in quarters ahead given warnings from apple suppliers, laser suppliers and lcd suppliers, we got positive numbers from two other suppliers which represents foxconn both report near 6% growth in november sales overnight for those keeping tabs, we continue to see firms slashing estimates for apple, including

morgan stanley, ubs, guggenheim, goldman, rosen blatt, citi being the latest another challenge, qualcomm saying it won a ruling against apple that banned several older models in that country that injunction is limited in scope but adds to greater headline risk for the stock. bulls have arguments of their own. after this valuation moderated, apple traded 14 times earnings, a discount to the five year average and broader market wall street sentiment moderated. 54% rate apple a buy, down from 82% a year ago, perhaps showing a lot of challenges are known and acknowledged, and technicians expect a near term bounce they think the stock could get back to nearly $200 level. back to you. >> thanks, josh.

for more on where apple goes from here, bring in former cnn chairman and ceo walter isaacson and pierre faragu. love an analyst with a sell rating, especially when he was right. apple is trading 169 when do you go to a hold a lot of the buys don't go to hold until the stock goes way down what's your strategy >> you know i'm not going to tell you that, right >> i can try >> you can try yeah i think i look at three things, first is valuation 165 is valuation you take apple, it is roughly $165, you get close to 10% valuation is not an issue any more, even if you think iphone

business is at risk of cyclical decline over a few years, it doesn't make a case in terms of valuation. that's one thing the other thing i look at, of course, is what expectations are. it is interesting to see that buy ratings are pulling back, but numbers expectations are high i am shy of 10% of street expectations, so i need to have numbers behind me to start looking back and third thing that's important is to clarify the outlook. remember, my goal was -- the question is going to be what does 2020 look like. i need to see that before answering the question >> walter, i feel like there's been a shift in sentiment towards big, powerful tech in general, whether you look at apple, google, certainly

facebook a lot of the stocks always have kind of some wall of concern to deal with. i've got apple in mind specifically what do you see going on, what do you think it means? >> i think for apple, one of the big problems is china. if we continue in this back and forth trade skirmish with them, the court ruling in china is not good, if they're going to start using things like patent for qualcomm patent to restrict apple sales. i also think that you're right this is an important thing there's a feeling about big tech, this doesn't effect things right away when you watch sundar pichai not doing particularly well in front of congress today, when you watch feelings on privacy and even all of the things, you'll start to see more sentiment for

antitrust enforcement, for when facebook does things like buy what's app, buys instagram, those are waved through. people are starting to feel the bigness becomes vulnerability. i read a great book last night, talks about how you need a little more antitrust enforcement at a time when people are uncomfortable with the way the companies are doing things >> you don't think sundar pichai is doing a good job today. anything he should emphasize more >> he waffled around the question of are you going to do a search engine in china he kind of said well, we don't have plans to launch it. clearly they're preparing it i think this is one of the

vulnerabilities of google which is they are so big, it is going to be backlash if they start doing searches in china, giving the government, allowing the government to harvest the data of what people are searching and what they're doing online. you've got to play by rules of the country you go into, and at times, google at the beginning of its creation was a don't do evil, don't be evil type company. i think this puts them in an uncomfortable position, i thought he squirmed around the answer >> fascinating the degree that google ran afoul of regulators in the eu. now with china, it involves qualcomm we'll talk more about 5g in the year ahead the companies, their global nature, is it more reliability than other global companies? >> i think it is like -- you

want to remember what districts are that, what's the size of the argument should look at qualcomm and apple. this guy is arguing $2 billion if it were between you and i, a big deal, for them it is smaller. qualcomm would like to pay more and apple to pay less. so in that game, they're trying to get their party to the negotiation table with as much negotiating power on their own side this announcement yesterday in china means qualcomm has one win, but not in qualcomm's interest to see iphones in china not available. this is never going to be in the interest of apple to do business without respecting intellectual property of another player these guys are going to negotiate. it is a complex process. they're fighting it shows around the planet so far in terms of legal

decisions, it has been more in favor of apple than qualcomm this is a bit of a turning point. i think we're still talking about the $1 billion issue >> walter, the apple, qualcomm thing is who gets credit for innovation apple feels like components suppliers don't deserve an outsized amount of credit, but qualcomm's very business model is based on the idea of pouring money into r&d, and getting a big payout down the line when people need to use their technology as we watch this setting up between these two large companies that became successful because of the smart phone, how high are the stakes? >> i think this goes back to the brand of intel inside, when you bought a laptop or pc, you were thinking i like the microprocessor maker

yes. it is very important to say the microprocessor is one of the sources of innovation, especially going into a 5g world. i think we have a larger issue with china i agree with what you all have been saying before this is only a billion dollars, $2 billion, i guess is small money these days for apple, but what's really important is whether china starts to use things like intellectual property decisions as retaliation on the u.s. using intellectual property as part of a trade war. that could be very, very bad for apple. >> funny you say that, walter. right now, "the washington post" has a piece just popping up now that the white house will condemn china over hacking, economic espionage, actions to include sanctions and indictments, "the washington post" quoting u.s. officials but the whip saw regarding the

current environment between the u.s. and china is remarkable >> yeah. i do think of the decision, i would love to think -- i think these type of decisions may be an indication of the arrows and quiver that china can use. >> all right a story that will continue certainly in 2019. thanks for being with us coming up, markets are giving up just about all of their gains. dow up 367 now up 27. more on today's volatility is ahead.

i am scott of the hour, did apple bottom josh brown thinks so with that big call he made yesterday on "halftime. we'll debate what it could mean for your money if he is right. plus, the big warning from former fed chair janet yellen. where she says another financial crisis might be brewing. and super investor marc lasry is with us today all at noon. we're about ten away we'll see you in a few >> let's get to the cme group and rick santelli. >> reporter: thank you, carl before i get into the exchange i would like to throw up a chart starting last week for ten-year

note deals the ten-year note yields as you look at that chart have been stopping in the low 280s good support there we want to pay close attention how quickly it may get down there. it's unchanged at 285 or 286 if you could put a dot, a closing only chart if you're an equity trader instead of the open high/low close, i think most people would probably be happier. they would be able to adhere to their strategy better. why? volatility is a tough thing to deal with. when volatility picks up we'll hear stories and that's a good thing. i would question at this point this industry is one of the more adaptive industries and it i adapted. it's turned into pretty much machines and algos, complex

strategies and all that is marginalizing markets. i don't mean making them smaller. i have a friend trading a small funneled every time we get big volatility, he picks up the phone and tells me, margin call. and he's right we're fully packed, one of the key variables in how tight they pack equity positions. okay, but what i want to talk about i think the exchanges in the clearing houses have done a very commendable job if you look at the top of the structure, below that all the clearing houses and the various capital and funds and default funds they've set up the reason i bring it up there's talk about increasing margins. listen, margin size is an absolute science it's difficult to calibrate.

in the end it can't be too small, obviously and if it's too big, many participants won't use it. all products in a central location i caution regulators, give these exchanges some room. they've been doing it a long time in my almost 40 years in the business they're doing a pretty darned good job of it. jon fortt, back to you >> rick santelli, thank you. as we head to break, take a look at the leaders on the nasdaq 100 "squawk alley" continues place, the xfinity xfi gateway.

and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods.

simple. easy. awesome. click or visit a retail store today. about 300 points have been peeled off the session highs which was plus 365 got some decent action in old school tech once again nktrngo ll st.

getting some headlines regarding an oval office meeting between the president, speaker designate pelosi, senator schumer, and the vice president. a clash, it sounds like, over border security. the headlines so far out of reuters and bloomberg's suggests the president is threatening a government shutdown if he does not get a wall as part of the deal says no deal is obviously happening today. the senator says border security is possible without a wall, but sounds like this is going to get heated >> i wonder if it's a little bit of the market coming off the highs. it seems like a potential government shutdown, end of next week or something like that, is not really one of the things that was front and center before today.

>> me thinks the wiggle room is in definition of a wall. the president's definition of a wall seems to have shifted over time we'll see if they can work it out. >> keep your eyes peeled for taped playback in the oval and another volatile session let's get to "the half." carl, thanks i'm scott wapner calling a bottom on apple. what if the stock really is about to find its footing again? would it be the surest sign yet the worst for the markets is over it's 12:00, noon, this is "the halftime report. >> this could be a meaningful turning point in the stock >> is apple about to lead a new market charge? what about the financials? are the beaten down banks poised for a turnaround as well and yellen's warning >> we could have another financial crisis >> we're debating how much damage debt can really do. it's noon eastern, tuesday, december 11th. h