yield, huge beneficiary. >> adam. >> i'll pass to weis, i'll go last >> united rental is what adam was going to say, with whihich m portfolio. >> i will just say i like the stock market here. >> that's it for "halftime." "the exchange" starts right now. >> welcome to "the exchange" right now. i'm kelly evans. let's go over to steve for the headlines. >> james bullard warning a sharp sharper-than-expected slowdown may be possible. bullard is speaking in illinois. he is a voter this year. he dissented at the last meeting where the fed cut by 25 base points, he wanted a cut by 50 base point he does not expect the trade uncertainty to go away in the months or the years ahead. why? because he said it just

difficult to reach a stable global trade regime. as to the impact, he says it's small in the united states but it is larger globally. in addition to trade, bullard in his speech highlights several down side risks, among them slowing global growth in the economy, which could feed into the u.s. economy, contraction in global and u.s. manufacturing, as well as slowing u.s. business investment, not to mention the signal from the inverted yield curve, which seems to suggest that policy may be too tight from where the u.s. and global economy is bullard also said monetary policy can't react day to day to the trade war and these insurance cuts may help also recenter inflation let's take a very quick look before this speech at where the federal probabilities were there's a 56% probability of another quarter point cut. that would be the third this year,coming in october then you have to get -- if you get to december, 72% chance and then again in march the next

cut, a second cut is 54% right now. so, kelly, a strong warning or strong level of concern from bullard, who we already know is concerned but it looks like he's taking it a step further in his rhetoric here. >> as you pointed out, we're 50/50 on the next meeting, which is the first time in a while we've had that kind of uncertainty. we have six weeks to clear it up but people have pointed out, we're going to hear from more dovish fed officials and i wonder how that's going to move markets. >> i think that's part of it 56%, i think that second cut is built in for this year the question of does it happen at the october or the december meeting. that's why i'm watching those second cuts, to see if they think it goes beyond just the third cut and whether or not that second cut gets moved to january. that would be a true expression of even more dovish outlook by the markets on fed policy. >> don't you think the fed is going to basically push it, make it clear one way or the other

what they're going to do before we get to that they're not going to leave it at 50/50 going into that meeting? >> that's a great point, kelly in general there's a lot of uncertainty looking past the next meeting but as we come up to this meeting, the fed through its statements and comments end up tailoring or winowing down the possibilities so we have good expectations for the meeting in front of us but not so great for the meeting after us it's like looking through one foggy window to the next foggy window and tell you what's beyond that. >> doesn't sound that good steve, thank you so much >> let's drill down more on these markets, including the reaction to these headlines. what do you see, robert? >> well, i see what's going on in europe. they're reacting very negatively the manufacturing and services pmi in the u.s. both rose in august for the u.s. and in europe it was down i mean, they were weak

predictably yields in europe dropped and large banks, they were way down as you can see here other big cap european names like siemens and daimler and glen corps, they were also weak. this is the tale of two continents it europe versus the united states it's been a similar theme for years. lousy manufacturing numbers out of europe have revived concerns about slowing growth over there. flash manufacturing pmi fell to the lowest level in ten years in europe this has been going on for ages. european stocks have been flat for the last four years. there you see the white line on the bottom, the s&p is up 50%, there's the orange line. what do we have that they don't? we have growth and a more dynamic economy, kelly, and we have positive interest rates, a byproduct of that growth and a stronger economy there are a lot of people concerned with these numbers today, so weak in europe that germany may in fact be slipping into some kind of recession at

this point there's been speculation about that for months now. >> getting harder to ignore. bob, thanks. appreciate it. >> world leaders are converging on the u.n. general assembly today. great to have you both here dan, some colorful headlines this morning about sheldon adelson warning president trump about the u.s./china trade war and some pretty awful data out of germany and south korea are you sort of seeing things leaning towards a deal here or no >> let me first say that in august there was a lot of focus on national security risks, particularly as it relates to china trade. and the economic data just got so weak, kelly, that it's starting to force policy makers to pivot and look for at least the escalation as the president goes into the united nations this week, he's going to be looking to sign a deal with japan, he's going to be looking to sign a deal with

india. i think they've made great progress there and we're seeing continued improvement between the president and house speaker nancy pelosi on nafta ratification if we can take some of that uncertainty off the table, it allows you to focus on these negotiations with china and see if we can get something and october 15th i think a lot of what steve leaseman w leaseman was talking about with the fed -- >> we shuouldn't overlook the popular impact on the economy. you had to get everyone together and be friend and come to some agreement. is that priced into the market now, though? >> look, i think what you're looking at here is the tail of two sides of the atlantic, as bob pisani pointed out i don't think the data in the u.s. is weak enough to really

push politics at this point. you can look at polling data, you can look at sort of how the democratic race is unfolding, but ultimately as we look at markets here, we're looking longer term and for us the most interesting thing about the last couple of weeks was that you've seen some -- you saw some of that real rotation devalue, that was from a rates trade, right? so rates started to rise as they come back, that's reversed somewhat. if the fed is going to keepcuttinkeepcu keep cutting, are we in a rotation, are they starting in a recession in the u.s., one we don't see on the near-term horizons >> bond yields are sinking today and you wonder if people are going to put back on the big momentum trade jason, what is the general advice for investors here? >> one thing that investors continue to look for is income

you want ability and willingness to pay you see a number of not expensive i wouldn't call it cyclicals but not expensive nails out there domestically and globally, which can provide some interesting yields shell is one that's over a 6% yield jpmorgan, you can argue banks are cyclical i would say we're not in a 2008 time frame, we're more like 2001 that's the parallel. that was really not a banking crisis that was really more a lot of financing of other things particularly at that itime telecom, maybe drama playing out in other forms of media. >> i do like the specifics there in terms of ways to get that income dan, let's come back to you. as you said, people are looking for maybe a couple of deals. japan, the u.k what should be the biggest one in terms of what the market thinks frankly, all they seem to care about is the progress with china

or lack thereof? >> and for good reason those are two of the biggest economies. here's what's happening with china. the u.s. has some goals, china has some goals and those two goals aren't reconciling there's no guarantee they'll be able to come up with a deescalation, which is why we're focusing on getting the issues away if you get a deal between the president and nancy pelosi, that shatters everyone's view that everyone hates each other and a deal can't get done, right if you look at japan, u.s. is going to get agriculture-level access similar to the tpp, maybe with the exception of rice in that deal. that's very, very good and it helps build that farm economy. we hear about polling data earlier in the segment i would tell you that the farm economies are struggling and the manufacturing straits have beatn struggling and that's forcing policy makers to get this back on track

>> brady is shaking his head over there like a classic market skeptic. we'll see. maybe that suggests some pessimism is still priced in gentlemen, thank you both. >> the pressure on big tech companies seems to be ramping up by the day snap, owner snapchat is talking to federal investigators over aggressive tactics at facebook we'll be hearing much more about that development i'm sure. congress also ramping up pressure on san francisco-based juul with two big hearing on vaping and its health risks. congressman, it's good to see you again. first of all, when it comes to the issues with big tech, including california's own crackdown on the gig economy, is this key area of innovation for the u.s. economy in danger of getting stifled? >> we need well-crafted and

thoughtful regulations california basically said that if you're driving a vehicle, you should be treated as an employee, not an independent contractor we need also smart privacy regulations and thoughtful anti-trust regulations but if the regulations are well crafted, i am confident silicon valley and the united states will still lead in innovation and entrepreneurship >> i just worry about, you know, the middle class in california could be a whole other conversation, but this crackdown on gig workers would hurt language interpreters and people involved in the wine making industry it's pretty broad. >> i don't think it will hurt them i think it will actually help them they will now get health care benefits, they'll be able to organize and get more benefits what we need to do is make sure the extraordinary wealth that's being created because of the technology revolution isn't just concentrated, that everyone can benefit from it, whether you're a driver, whether you're a security building operator or whether you're a food preparation worker >> yeah, i mean, what that looks

like though is the big question. so final question on this is what do you expect to come out of these hearings if it is documented that facebook had used anti-competitive tactics when it came to snapchat >> i think it's for the justice department and fdc then to see what the appropriate remedy would be no one is going to talk about just breaking up companies arbitrarily, but if companies have engaged in anti-competitive practices or copied from competitors, then that should be stopped. the microsoft case back in the 1990s provides a great model microsoft wasn't allowed to type netscape now microsoft is still doing great, they're a terrific company but their anti-competitive practices were stopped. >> instagram copied stories from snapchat and that was kind of the game over. what can be done in retro expect about that >> well, the fdc has obviously

the ability to fine. there are the courts, the justice department can scrutinize future mergers in terms of making it clear that facebook can't copy or acquire future competitors so i do think that there are a number of things that can be done sort of just stifling these companies' innovation and ability to compete with china. >> we'll see on that front but as mentioned, there's also another major issue before congress this week what is your own stance on vaping what should be banned in terms of the public danger from these products and, by the way, how do we protect the health benefits this may offer to people who are switching from cigarettes? >> we need to do three things. first, we need to follow michigan and new york and ban flavoring in vaping. there's no reason that you should have all of these flavors that often tempts kids >> including mint and menthol,

congressman? >> i wouldn't ban all of the flavors, especially given evidence this has attracted kids to vaping. and we know that it's harmful. it's products we don't want minors using second, i wouldn't allow tv advertising and i wouldn't allow marketing to children. weshould have the same regulatory framework for vaping that we do for cigarettes. >> i think the flavors is probably the most controversial. we had a colleague here whose dad switched over from smoking and picked the fruit flavor for vaping that's the one he wanted >> i sympathize that we want people to stop smoking, but there are other ways that they can stop i don't think vaping is the only solution and on balance, i'm not saying the flavors don't help some people, but on balance given the recent deaths, given the epidemic with young kids and high school kids using these products, we need to do something. >> understood. congressman, thanks so much for your time. >> thank you >> appreciate it

>> here's what else is still ahead on "the exchange." coming up, not working a falling valuation, a delayed ipo and now reports that the board wants to oust its ceo. a look at we works fall from grace and what it can do to get investors back on board. and a look at the company that is letting people get in on startu startups and why disney had a change of heart about buying twitter this is "the exchange" on cnbc woman: my reputation was trashed online.

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welcome back adam newman's namdays as weworks days could be numbered the largest shareholder supports the removal of enounewman as ce. i'm joined by joanne lipman. she's a cnbc contributor also with me is cnbc.com's alex sherman, who has been following this story for us. alex, start us off with the likelihood that a board meeting this week, which could be imminent, could remove mr. newman as ceo. >> we don't know how contentious

is this board meeting going to be we do know that softbank is pushing for adam newman to step down as the ceo, be replaced at least in that role >> you think softbank is pushing for this >> absolutely. that's what we reported over the weekend. >> why >> a lot of this is like the godfather. it's just business softbank doesn't want wework to go public, adam newman does want it to go public and this is maybe a lever that softbank has to prevent the company from going public in the near term. >> they not only want to change the ceo, they want to keep the company from going public. joanne, what do you make of this this is one of the more extraordinary ipo dramas we've ever seen. >> it is i think the big question i have is why is this a tech company? we work as a real estate company. they buy real estate, they lease

real estate, they sublet it. there are dozens of these co-working kind of companies out there. we've had decades of time share companies. it just doesn't make sense that this would be considered -- would have a $47 billion valuation, makes absolutely no sense. even at 15, $10 billion, i think what it is, we've seen an amazing salesmanship job by adam newman to basically present this as a tech firm >> and to joanne's point, alex, we now know a lot about the down side of this country, about the down side of the structure, its exposure to downturns in recessions, about the structural problems with its business model. what is the best case scenario for softbank here? what do they see as justifying either the tech valuation she's referring to or just its ability to grow? >> i suppose the best case scenario now is for wework not to go public, to make corporate

governance changes being maybe even for there to be a mild recession and wework to come out of it and say this companies works in a recession and you come out and ipo and you have a valuation that is at least healthier than what you're going to get today and in the near term in public markets, which we've heard numbers of 10 billion thrown after all of this if they keep pressing forward with an ipo, it may go even lower than that. there's so much uncertainty around the company on the flip side, the purpose of the vision fund has always been to be the sort of family, to be very friendly to founders, to get them to work together. if this is going to be a fight and adam newman is now pitted against the founder's son, is this going to be something that will affect the vision fund moving forward -- >> and their ability to invest in other --

>> and masayoshi has to know about that >> and he's been pushed out for a new ceo, who has been applauded as being the kind of normalizing ceo for wall street. however, there's a lot of discussion about uber having lost that culture that made it so successful when it lost -- by pushing out eum neumann, have y pushed out the basis of the company? >> the fact that you have these founders, like uber, like adam newman, who are incredibly charismatic. they go in, venture capital as we know 98% of venture capital dollars go to companies run by men.

the venture capitalists making those decisions are men. in both cases those boards were all male so what you end up with is this very dangerous group think where there is nobody -- everybody's agreeing with one another and they're pushing up, up, up those valuations and there's nobody there to really question them and say wait a second, let's look at this differently >> i think of it more as star driven when you had the elizabeth holmes saga come out of this as well, they know the script, they know how to play to it, whether it's man, women in charge of these companies. finally, he owns all the shares. what can the board really do neumann is their because, isn't he >> he could dispose of the whole board if he wanted to. he does have leverage here then again softbank and its entity own more than 30% of its companies. so you'd have to imagine that both sides have some degree of leverage maybe they come together with

some sort of compromise. we'll see this week. >> i can't wait to see what happens. thank you both very, very much alex sherman and joanne lipman coming up, why disney passed on buying twitter plus americans have a record amount of equity in their homes these days, so why aren't they tapping it and how mighth bt ate worsening the housing supply crunch? that's ahead we're back in two.

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welcome back, everyone i'm sue herrera. here's your cnbc newsupdate. elizabeth warren has overtaken joe biden as the top choice for the democratic nominee by likely caucus goers in iowa polls show warren grabbing 22% >> another weekend of protest in hong kong where standoffs between pro-democracy demonstrators and police have become increasingly violent. protesters could seen burning flags and left a shopping mall heavily damaged. >> the "chicago tribune" reports state lawmakers will take up vaping bans. more than 500 illnesses are been tied to vaping nationwide and eight deaths

prince harry and meg amegan mar and archie are in south africa, though we haven't seen archie yet. >> here's what's still ahead don't go anywhere on the exchange >> coming up, legacy versus original content what's the better play disney considered buying twitter, but one big issue held them back. bit coin fans rejoice. the nyse is getting in on the action and the world's oldest travel firm collapses, leaving hundreds of thousands stranded. that's all ahead on "the exchange." my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired.

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. welcome back let catch you up on a couple stories that should be on your radar today. it's time for "rapid fire. kate rogers, bill griffith and contessa brewer, welcome, everybody. v viacom acquired the rights to

"seinfeld. this news just comes days after netflix of course landed the streaming rights for the show and investors -- granted this was partly because of the high price tag, not necessarily buying this news netflix shares are down 10% since the deal was announced they are down 30% since july 1st. >> that market cap-wise, that's more than $10 billion. so i'm not saying there's a correlation, yada, yada, yada. i am saying there's two facts here >> there's so many seinfeld jokes we could -- >> does anyone anywhere join netflix so they can watch seinfe seinfeld >> i joined crackle for a summer we did a whole summer of "seinfeld" and then i quit >> i thought it was silly all the money being spent on "friends" and "seinfeld. however, i saw a story over the weekend about 'tweens who have discovered "friends" and are living it like we did in the 90s

when it was on first run it li it's like my generation when we first discovered "i love lucy. n netflix has it right because you can binge watch it i think binging is the key there. >> i couldn't agree with bill more what this tells us about "seine fe -- "seinfeld. >> so everybody's learning about it now my cube mate was saying you need this legacy and original content. it's great they're liking it now but what about the generation after that >> this is the final big question on them netflix has been criticized for what it spends on original content. now they're criticized sort of for what they're spending on the

library content. it seems the numbers keep going up and up and up >> yada, yada, yada. >> bob iger said he walked away from a potential deal to buy twitter because the details were too toxic. the whole thing is a great read. he said twitter is a compelling way to reach consumers but that there are brand conflicts with disney and he said the nastiness on twitter is extraordinary. >> i'm stunned that they got that close to buying twitter it came to the point where it was literally a last-minute decision by bob iger to pick up the phone and call jack dorsey and say we're not going to do that he stunned dorsey. >> we used to cover those twitter shares would move every day on a report or rumor this was or was not >> i think he absolutely right, though there would have been a brand collision between these two companies. disney had no business trying to fix twitter, which they would have to do if they were going to

buy this thing >> and i mean, just the nastiness that bob iger says he sees in his own feed he mentions he goes on to check the news and the nastiness >> twitter is fun until you look at the apps. >> that would be a great responsibility for them to have to fix and is certainly something he was not open to doing. kind of a bad report for twitt twitter. >> you're not familiar with nastiness. to ow me is to love me.ositive. >> do you think there's a warning in here, though, for the social media companies in terms of business outlook, that the threat or the risk that comes along with people having an open forum to troll, to bully, to say things that are just factually incorrect at all levels of society, that that is a risk factor that could get in your way? >> and he basically mentions that as well he says there are disney brand issues, the whole impact of technology on society. and that's where i said the nastiness is extraordinary my producer says there could

have been synergies between espn and twitter. when the giants won last night, i was on twitter looking for some reinforcement from my community. >> and you got it, too >> yes, i did. >> disney went to bam tech and they're doing all these partnerships with the nhl, soccer, and those are ways they can use their sirn synergies, especially with sports gambling coming down the pike >> you have to follow woj without some of these guys and all the business models that come with that >> you lose anonymous postings and a lot of these problems will go away. >> that's a great point. look at facebook we'll talk some bitcoin as we move along here. bitcoin futures did begin trading on the nyse. the real story here is these

will compete with simila futures offered by the cme group since 2017 cme is preparing to launch options on those futures so the new york stock exchange is playing a little catch up here >> my thinking on this has not evolved. i still just don't get crypto currencies i understand the concept and what they want to do with it but still there is a stigma attached to this and they don't have a payment mechanism and you still have the reluctance of regulators to do anything about this, which is a problem you've got whole countries that are -- don't want to touch this with a ten-foot pole so you got real headwinds for this crypto currency thing >> disney said it was too much of a brand risk to go with twitter. is it too much of a risk for the new york stock exchange to get involved with bitcoin futures? >> i think it signifies it's become even more and more mainstream, whether people agree or disagree.

my own local pizzeria are offering discounts if you use bitcoin. >> you're kidding. >> apparently backed is also working with starbucks to help convert digital crypto currencies into ways people can use them in their store. starbucks has leaned very heavily into mobile order and pay. it would be very curious to me if that's how they started accepting payment. >> you have goldman sachs here, which does clear bitcoin futures for some clients but it's deaver sided it not going to clear the futures for the intercontinental exchange why not? what's the difference? there are a lot of unanswered questions surrounding the cryptos and who is getting involved and who's not >> it's a great point. they're going to need liquid it to be successful >> get it regulated first.

>> see vaping. >> that's what i'm saying. >> thomas cook, the world's oldest travel firm, collapsed overnight. i thought this was a travel agency it almost like american airlines and hilton collapsing at the same time. it's causing a logistical nightmare that left hundreds of thousands stranded around the old. this is called the biggest peace time repatriation effort in british history to get these people home. >> if any company should have been called too big to fail, it was thomas cook $250 million or pounds, one of those two. they turned them do you. now how much is the u.k. government going to have to pay to send them home? >> basically it's travel insurance for any of the packaged travel that goes abroad so whatever outlay the british

government is doing now, it because they've collected money and the people who bought tour packages or travel packages through thomas cook are protected under that, which is why the government is going through this >> there's a moral hazard, if this company that ran itself into the ground gets that bailout. interestingly enough with thomas cook, they own some of these airplanes and hotels >> the problem is eyan't sell off those assets under an administrator because there's no administrator who knows how to run that complex of a travel -- it's an airline, it's a tour operator and it's a retailer all at once. there's no administrator who knows how to do that so they had to go this liquidation route. will there be buyers for those assets sure >> they already had the chinese coming in with a deal to invest money and keep this viable for a few more months. >> i don't know if we have the image but if you go to the web site, it's extraordinary

it looks like a 1998 screen that says we're sorry, this company, there it is. we're sorry, the u.k. business has ceased trading >> they're asking -- some of the hotels are asking some of the 150,000 people that were stranded there to pay again. can you imagine? >> the british government is saying don't do that, you're protected, you have this insurance through our british government >> i read about 300 swedes are stranded on korfu until friday and they're saying, okay, we'll just stay. >> boris johnson did say he'd get everyone home. we'll see. >> thank you all appreciate it. coming up on "the exchange," allianz ceo joins us

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welcome back global bond yields are tumbling again today with germany's ten-year note sliding back nearly 0.6% today. it's hurting insurers and worrying global investors about a broad are downturn and potential for negative rates in the u.s. joining us is oliver bate, ceo of allianz you want to go carbon neutral. is that what you were talking about today? >> yes >> is it moving the needle >> it will move the needle and the secretary-general has done a great job to address industries individually and he came to us and said can you do something around the asset owners because the asset managers have always the excuse they can't do anything because

of fiduciary duty but insurance pension funds you don't have that so it can make a difference >> you have negative rates, terribly negative rates in germany. is that destroying your typical business model >> no, it's not destroying the business model but it's certainly challenging it it's particularly troublesome because it's not because markets are doing it it is what is called financial repregs. >> you think it's central banks? >> central banks backed up by governments. the primary of beneficiaries are people with a lot of debt and these days that's governments. >> we have the european central bank pushing rates ever lower, doing more bond buying and buying a lot of negative yielding debt. tell us how that all end >> i have no idea. if i knew that, we would be very rich as well we are trying to protect our savers and we have to develop investment opportunities ourselves. we're going forward developing particularly liquid asset

classes to secure yield for our savers >> can you give us a couple of examples in the past we already saw a lot of people buying almond farms and all kinds of things they thought might be exot ig wic wao get yield in untraditional waways >> the way we do it is a bit different. in the past we'd go to an investment bank and say can you create a fund we can invest in today we do that ourselves so we can capture some of the yield for our servers and shareholders >> so you're saying we're not willing to pay other managers to manage our money it's not great for that business, is it? >> it means you have to have real value added you can't just intermediate and say give me 150 basis points >> you're germany based? >> yeah, we're headquartered in munich but we're a global business >> but right now there's a lot of alarm

i mean, the numbers that are coming out of the germ eastean y are sorry weak is it a technical recession? is it a full fledged one how bad? severe is anything going to be done to stop that? >> we're affected by the increasing trade tensions between china and the u.s. so global trade has come not to a halt but has decliend significantly. last year we saw 6% lower car sales globally that's quite significant for a company like germany so we're affected hardest when trade becomes very difficult and typically the early indicators, you're going to see that in other countries as well like the u.s so we have to be very careful with what happens next central banks cannot help us we need to see fiscal action. >> you believe that germany is spending more on infrastructure can be the way out of this >> not just germany but the world has to do more infrastructure just look around in the u.s. i think there's a few things to

improve. >> which airport did you fly into >> newark, which is very good, by the way >> it is very good i was going to say given the fic with the u.n., you're lucky you made it out here at all today. you're saying we've reached the end of what central banking can achieve for these ceconomies. should the u.s. be concerned negative rates are coming here >> i'm not a good forecast our colleagues at pim co can do a better job at telling you what the central banks do here. we're preparing for a long, long time of low asset rates. we cannot hope for it to go away that's the most important investment position we can take. >> oliver bate, the ceo of allianz. thank you for your time. >> thank you >> coming up, home equity rose to an all-time high in the first

part of 2019 so why aren't americans investing in their homes? we'll tell you why not and what it could mean for the housing market and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today. woi felt completely helpless.hed online. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555.

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prices coupled with

conservative bargaining has homeowners sitting on a record amount of potential cash we have more on why they're not tapping it >> today's borrowers saw their equity increase by 8.4%. that's a collective gain of nearly $428 billion. break it down by borrower and the average homeowner gained 4900 in home equity in one year. it's at a record high. the amount of equity available also reached a record. $6.3 trillion according to a separate report from black knight it defines as the amount homeowners can cash out while still holding 20% equity in the home they are sitting on it more than in the past even with mortgage rates near record lows borrowers are still smarting from the last housing crash and say they homes a as saving

account rather than a checki ii account. >> at what point do they say now is the time to with draw >> consolidating debt. paying down student loans. maybing your debt lower by taking a little more out of your house. some are realizing that. it's also keeping some people in place because they feel like they have so much in their home and don't want to take it out. i think we'll see borrowers start to take more out over time >> thank you very much our next guest says you don't have to be a venture capitalist to invest in the next big thing. we'll speak with the ceo who says he wants to bring start up investing to the people. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions.

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doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. welcome back on average companies weigait 8 o 13 years before they go public start- retail investors can get in on the game his investment platform lets people close to deal for as

little as $50. joining me is kendrick nguyen. welcome to you >> good to be here >> do people still want to invest in these companies or maybe it underscores why you have to. >> much of the company's growth happens as a private company now wework going just about ipo manage when you could have invested back when it was 50 million in valuation or 100 million. now the debate between 40 billion or 10 billion makes it viable >> you can invest if you're the regular old public what makes you different >> the difference is when a company is still 20, 50, 100 people, and if you invest $100 your potential return can be 100 x or 1,000 the risk is high

it's high risk, hype reward. >> it sounds like the worst way to use a credit card for something that's high risk, high reward will you be exposed to i don't know if it's bad for business but regular larts cracking down. >> we have a maximum people do have to invest credit card is just for convenient we're talk about amounts below $100 you look at how every one 40, 50, $60 billion into lottery ticket, it's got to be something the people consider when they make investment. >> listen it's a good analogy every one should know this used to be restricted investing in these kinds of companies that was usually people with a million dollars of net worth but didn't regulation do away with all that is that why you're now able to

offer this product >> it did change in 2016 before that you got be a millionaire to invest privately. now you got to go through a platform like ours we accept less than 2% of those apply. >> why do you turn people away >> weworks is one example. financial statement, balance sheet, you have to look at the team making sure they have the emotional maturity to build a company is a really hard thing to do. we have to vet and make sure here is a team that they can do what they claim to do. >> did you turn wework away from your platform? >> we did not. they were launched eight years ago and republic is three years old. if i could go back in time i would have loved to invest in wework >> i think a lot of people

would. >> thanks very much. >> thank you >> good luck with the venture. ken nguyen is the ceo and co-founder of republic that does it for the exchange today. i'll join tyler for "power lunch" which starts now. we'll see you in a moment. look forward to that welcome, everybody here is what's new at 2:00 markets are hovering below record highs but there's one chart that could mean this is the calm before a potentially very ugly storm. we'll explain that one weworks office drama going from bad to worse. the ceo on thin ice as he loses the support of the company's largest share holder that's never a good thing. we have the details. the streaming wars hit the red carpet last night. what tom rangers will tell us who the real winners are "power lunch