wait for the city to get its mojo back, which it will >> good stuff. >> salesforce is the dominant contact management software provider, growing, 90% subscription and repeat revenues >> okay. all right. pete >> just a little bit ago i saw some very active buying in hilton hotels through november, scott. i'm not in this trade yet, but i like what i'm seeing >> all right good weekend everybody "the exchange" is now. >> thanks. and thank you very much, scott. hi, everybody. here's what's ahead this hour. behind the curve to fear of the paper, it's been an emotional ride for investors as they try to decipher if the fed taper is the right move plus china is ahalving one of the data's strictest privacy laws what it means for the chinese

stocks and the u.s. companies operating there. and more and more companies are pushing back the return to office plans should investors start thinking about the never return to office plans? we'll dig into that. dpirs let's get a look at the markets. the dow is up 238 points right now, so a pretty decent rally across the board 1% pop for the nasdaq there and we're trying to end on a high week after a choppy couple of sessions we're still on pace to end the week in the red. the worse weekly drop in about a month is what we're pacing for right now. so, again this is kind of the uplift trying to stem the losses that we've seen monday through friday so far. crypto is also in the green today with bitcoin and ethereum inching up toward the 4.5% gain. ether around 3,200 industrials are trailing with deer among the worse performers, displayed a beat on earnings and raising its forecast tells the

sector environment we're in. deer down about 2.5% crude is also on pace for its 7th straight drop. it's hitting its lowest level since may. we're back to 62 remember when pippa told us we were up at 77 just last month. a 1.5% drop once again shares of target and rh are moving higher as both retailers top picks say they'll continue to benefit from remote and hybrid work. so, even the names rising today are a pandemic play target up more than 3% as we retrace the week we started off with news that the fed was likely on course to announce tapering in september the markets took that in stride. we really shrugged that off. different story as we moved through the week and data started to getting worse retail sales missed, the philly fed index was weak still the hawks dug in their claws and james bullard on thursday, maybe wednesday -- the days are getting confused --

saying there are too many risks from going too slow on tightening his hawkish message -- again maybe we saw choppiness on thursday but look at the markets today shaking it off and moving back to the upside so, is bullard right what's the message for investors here jason brady is the president and ceo of thorn berg investment management jason, it's good to have you should investors be positioning for the tapering and does that mean continued investment in things lying value and banks and rate sensitive sectors and oil and china? >> look, i think you've hit the nail on the head in the context of what's been driving markets which is the fear of a fed tapering in 2013 we saw this play out and we saw the fear the beard with bernanke i think it's going to be less worrisome for investors. what the fed should do and what they will do might be a little bit different for investors. i think the fed will taper

there will be volatility they're tapering because the market and the economy are improving. though the data was a little less good recently, its rate of improvement was slowing versus the fact things were getting much worse >> let's focus on investors for a moment the taper plays should be the kind of plays that suggest handoff from fed supported economy to one with its own momentum and the whole point was to be in the reopening plays, the value plays, the banks, the rising interest rates none of those trades are working. they haven't been working all summer they really kind of peaked in late spring. what do you say to somebody who might be overweight the banks right now or energy? >> each individual name is different and the sectors are different. i actually think that financials are more attractive and certain parts of the financials are more attractive than energy within the overall value or

cyclical uptick i think you saw the stocks get ahead of themselves a little bit. but ultimately there's significant value in those names as volatility increases because the cash flow that they generate continues to be significant. and valuations there are notably lower than in some of the growth names that i think people have routed into marginally >> i see you like jpmorgan, i would almost posit the only catalyst i could see is the fed -- i'm sure you must feel differently. what do you think are the catalysts for these trades to really start clicking again? >> sure. so, there's a few fundamental elements and then there's obviously a sort of what generally how people feel about the sector fundamental elements are really just the credit quality of the folks that j.p. morgan is lending to and the overall environment to include the m&a environment, which is pretty significant. i think when you think about how financials can work more generally what you think about

is a steepening curve. the fed is not talking about or maybe even talking about talking about raising rates. and i think there is significant certain about when they might ever do that, whereas tapering is a different conversation. i think the fed is getting into the conversation of why are we continuing to buy mbs when the housing market is superhot the fed will work with legislation, especially with brainard versus higher rates >> they always go into these crises saying bond purchases are meant to support the economy and ease financial conditions but they try to exit going no, no, don't worry about the bonds, that's not related okay, but i don't really -- tightening financial conditions are tightening conditions. one final quick thing i want to sneak in here. there's a lot of speculation over whether it will be a non-event. i don't pretend to know the real mechanics of what's going on there. but talk to me about the time line and what you think the fed really is signaling at this point. >> look, i think what chair

powell is dealing with now is increasingly fractious fed, so you're hearing from bullard, rosen green, a number of folks from kaplan this morning and all of it is a little bit of hey, look, this doesn't make as much sense as it used to, so i don't think chair powell is going to get in front of a much broader audience and say anything supersubstantive because ultimately he's got to get his own cabinet in line first. >> all right jason, thank you you're the one man cabinet today. we really appreciate your point of view trying to explain these markets. it's god to have you jason brady. meanwhile the s.e.c. is warming up to a bitcoin etf and the battle is well underway to see who will become the first money manager to get theirs out the door bob pisani is here with the latest bob? >> kelly, here's the problem everybody thought gary gents letter was going to be the golden boy for bitcoin he taught crypto at m.i.t.

therefore he gets it no what gensler has done is intelligent. first he said i am in favor of financial innovation, and he's been very bullish on that. he's pointed out i am now head of the s.e.c., which is a large of protecting consumers. it was founded to do that, protect them from fraud and misrepresentation. and the crypto exchanges, there's been a lot of problems with that. so, gensler has come out very cleverly and said, yes, financial innovation, however, i have no control over the regulatory structure of these crypto exchanges i need that. and he's basically gone to congress and said, will you clarify this for me, will you help me out either with legislation or clarification or an understanding now he's also gone a little further. he said and implied that he would look favorably upon a bitcoin futures etf. what's the difference? a bitcoin futures etf is not based on bitcoin

it's based on bitcoin futures. yes, there is a relationship, but bitcoin futures are a regulated market bitcoin and the way they would set up in an etf would imply that he would have to approve something that is actually traded in unregulated markets. and that's the distinction so, now everybody has said, oh, my gosh, we're not going to apply for bitcoin etf. we should be applying for a bitcoin futures etf. and they're all scrambling to do that the problem is very simple the bitcoin community and the eft community believe futures are an inferior product compared to owning the product itself and it is because of the costs involved >> and it's also not pure accumulation of bitcoin, which you could argue an etf isn't either, bob. but others say it's an efficient way to do so because there's a lot of fees in trying to accumulate bitcoin >> the whole idea makes a lot of sense. think of the gold model. gold, you had to own physical gold, store it in your house there were storage problems.

it was a problem gold etf figuring out the problem. there were vaults in london where they hold gold for you they charge a fee for holding the gold in london and you have a gold etf, something like that, and that solved a lot of the problem. this bitcoin would be a similar structure. who wants to own bitcoin in exchange where you can get stolen, for example, or something can happen or you forget the password. you've got the thing right there. you do have significant roll costs associated with the futures contracts and that's why the community doesn't like it. they saw what happened with the oil futures contracts last year and they left a very bad taste in people's mouths >> it's an interesting choice by the s.e.c. here. we appreciate your reporting china cracking down on its tech industry, maybe great for consumers, but what happens to the companies now? we'll look at the fallout and what it means for the american names doing business there plus are we setting up for a work from home forever world

and if so, what stocks are set to benefit and here's a look at this week's biggest decliners on the dow. we're back in a moment >> announcer: this is "the >> announcer: this is "the exchange" on cnbc. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade.

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welcome back china unveiling new legislation including a superstrict data privacy law that could have huge implications for any companies doing business there euni eunice unijoins us live from beijing. >> china's protection law focuses on protecting user data similar to europe gdpr the law goes into effect on november 1st and it dictates that companies collect the minimum amount of data for a service, obtain consent for sensitive information, obtain easy -- or offer easy opt-out options for consumers and get government approval to transfer data overseas. now, separately the cyber watchdog unveiled tighter data collection for the car industry, again requiring approval to transfer data abroad now, in addition to data

privacy, the chinese lawmakers here discussed expanding the country's antisanctions law to hong kong and macaw. but in a surprise move, beijing decided to delay the vote. it's interesting because this law would have allowed beijing to potentially punish companies with operations in hong kong and macao if those companies are to abide by u.s. or european sanctions. kelly? >> oh, that's interesting. so, they delayed that piece. i mean, that's a whole, i guess, sort of separate discussion. i didn't realize that's very, very good to know on the flip side going back to what's happening with data protection, a lot of people have pointed out how swiftly tech giants have falling from the ranks. is china betting in the long run these valuations and their growth will eventually recover.

>> reporter: well, yeah, actually, they are in fact state media today, a very influential economic journal had that exact point as one of their headlines they were saying in a commentary that this is short-term fluctuations for a longer-term gain and that the main point of what the government is doing is really trying to make sure that the economy, that the internet standards and data privacy and all of the regulations are up to snuff to make sure that it's a healthier environment for companies overall. so, that is what the government says but, you know, there are a lot of companies that are scratching their heads because they do understand that they're getting battered >> yes, they are their shares as well the investors included eunice, thank you very, very much we appreciate you staying up for us is this new law providing more clarity or less about the regulatory landscape for companies doing business there it's a sharp decline for tech

giants this week alibaba plunging about 14% but if you're thinking about scooping up some be careful. joining me now senior policy analyst at long view and a cnbc contributor. welcome. so, when are we going to have the kind of clarity that would make you comfortable buying some of these declines? >> hi, kelly thanks for having me look, i think we are getting a lot more of a picture of what has upset or at least concerned the central government, the ccp. and we're getting the sense of what regulators are being asked to crack down on however, there's been a lot of talk about xi jinping's concern about what he considers to be unregulated or out of control capitalism so, for me, what that means is this is more than a regulatory event. xi jinping is likely looking to retool the chinese economy completely and while the fundamentals of these companies may look good now, we're not sure that these business models will survive

what xi jinping has planned for the retooling of the economy i'm not sure that just sitting back trying to survive the on sl slaugt looking for the bottom is a good strategy because the bottom may not exist >> we heard kathy wood say earlier this week her memory would be seared about the fact that china nationalized the sector that said, we know the agenda. it's 1950s america it's encouraged child bearing and put families first and anything that makes the cost of living too high or interferes with those goals is subjugated to them. to me it would seem a platform like alibaba, won't they ultimately become utility like in the sense that i don't see why they themselves would be some direct threat to this goal that china has to increase its population growth. so, could investors at some point just say, listen, they've

fallen but they're not going anywhere and that maybe the upside is capped but so is the down side. >> i think that's a good way to think about it, kelly. but let me toss out one thing that xi jinping has recently announced as ai goal, and that is how he looks at accumulation of capital and the distribution of capital i think xi has a plan to survive. also an expectation that some of this wealth is going to filter down to other people and that the concentration of wealth among a few big companies and a billionaires is not the model he's looking for so, in terms of share prices, that's fine. you may regain those things, but then what will happen to that money? what will happen to the profitability? that's the question that i have as i sit here today. >> no, it's a great point. i only wonder if it's not going to be these companies, can china reliably figure out how to generate the kinds of gdp or financial markets you think it would need to support its goals. the last question i would ask you then is where do you think

investors might look in terms of reasonably investing in chinese companies, american companies with big chinese operations or do you think they should kind of, as many are starting to do, these etfs that x china out are growing in popularity and assets is that your own best advice here >> i'm reluctant to give advice because i am not a professional investor i'm a policy guy there is a lot of uncertainty left here. yes, we're seeing regulations but there's some real fundamental things happening in china. me personally, i would sit back for a while until we figure this out. >> thank you very, very much for joining us really good to get your point of view coming up, new data shows stimulus may not be the best way to stimulate the economy we're going to look at why and what the better option may be if the economy ends up needing more support. and the second largest u.s. mortgage lender will accept bitcoin as mtge ymt.oragpaen

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dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome back to "the exchange." markets are holding onto their gains as we move throughout the afternoon, which is slightly off the highs. the dow is up 253 points the nasdaq up more than 1% let's hone in on individual movers buckle is down more than 6%. it's well off the lows of the session now. look at that how it's climbed back down 7% on the week, down 2% today. it did see a decrease in online sells year-over-year in earnings the stock is still higher for the year next check out shares of lyft. they're down about 4% today to

bring declines to around 16% that's the worst week since last april of 2020 as the company continues to struggle to find enough drivers to meet demand. mosaic is moving higher following upgrade. they say supply disruptions and low inventory are catalysts that could support strong prices. mosaic is up this year for more on this call and others, go to cnbc.com/pro now to tyler mathisen for a cnbc news update here's what's happening at this hour, a new survey shows one in five americans would not seek emergency care due to fears of the coronavirus most respondents said they worried about getting covid from other patients or staff in crowded emergency rooms. on "the news" fighting covid and easing fears at the little league world series, which is bringing together unvaccinated young ball players tune in tonight at 7:00 eastern time chad isaac, a navy veteran has been found guilty of the

gruesome killings of four people in north dakota. the four victims for stabbed about 100 times. three were also shot isaac could face life in prison without patrol and preparing to leave, moving vans have been spotted at the new york governor's mansion. workers were seen carrying out boxes of artwork as governor andrew cuomo prepares for his last day in office he's scheduled to step down on monday and give way to lieutenant governor kathy hoechal at the stroke of midnight >> we'll see you soon. coming up in rapid fire, the work from home trade, zoom, microsoft's cloud and facebook's vr office. we'll dig it into it next. first it's friday and that means it's time to look ahead to next week. here's your friday fast forward.

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2022 here to break down all of these headlines, robert frank and matt milli. it's great to have you guys all here let's start with zoom, the poster child for work from home. they're going to report earnings and one company is expecting blowout results. mi zoom phone because of hybrid and remote work and zoom shares they're flat on the year because they pretty much quintupled in 2020 robert, what do you say? >> well, look, it was about a year ago that jerry seinfeld came out with that famous op-ed in the "new york times" saying that basically remote work would not kill cities, especially new york my favorite line that rings true today is that energy, attitude and personality cannot be remoted through even the best fiberoptic lines i think people do have zoom fatigue. clearly this will be a tool that is important to businesses and workers going forward, but a

year from now, will people really be zooming more, and will more people be zooming than right now? i think we've kind of hit a peak >> that's a good point but matt i would add i've been surprised -- i mean, we all have, right? but we thought that okay at least by this labor day it would be normalization, a lot of people going back to the office. and in some cases that's still true but in many, many cases even just anecdotally, this stuff is all being pushed back. and no one is going to push it back into the winter we know the winter could be bad again. what are we talking about? next spring? >> that's one of the things, now with this new wave -- new waves of the variants of covid, it's like you said. several companies have already said we're delaying back to work type situation and there's going to be a lot more going to do that. and now we're talking about the lambda variant, all these new variants i totally agree that we do need -- people need to be in office a certain amount of time. it's good for learning

it's good for training it's good for corporate culture. but we're -- this work -- at least some time away from the office is here to stay and i'll tell you one thing. recently in the last month or two, the number of people using zoom phone has skyrocketed it's really allowed them to get involved in some of these calls in a big way and i just think that this is going to be a bigger room for the company than i think people realize right now. >> fair enough i think we should talk about this aspect of the call as well. i'm already losing track of what year the pandemic began in that's how long it's been going on i'm forgetting was it march 2020 but then march 2021 we were still in it and now 2022 and all these people who bought homes -- i know many, many of them way outside of where they worked and i thought that's a big risk to take and now i'm going they were geniuses. this is going to go on for years and years. >> yeah, we haven't seen housing demand really fall off at all. the only reason we're seeing

sales come down a little bit over the summer is affordability. we got a report this week from the atlanta fed saying affordability for housing hasn't been this bad since 2008 and that's because so much demand is in the market and there's still so little supply you're seeing the rental trade too. i can't tell you how high the rents are just insane, whether it's in new york city, still going up again, or right here in d.c. but not just the rents the activity looking to find rent we're seeing rent cafe just reported that the number of people out looking for rentals is up 40% in d.c., up 78% in san francisco, up over 90% in new york city. people moving around just trying to find out where the best place is going to be for them. and i don't know if it's actually that urban flight thing or even just staying in cities >> that's fair enough. in bargain hunting, again prices create demand, whether they're going up or down or what have you, you're going to see this massive population shift underway we'll circle back to new york in

a moment let's talk about the technology here microsoft getting the hike to 350 a share, saying the cloud service is hitting a new cloud stride they're calling it the backbone and artery of cloud services and expect a tidal wave of new businesses as companies scramble to meet needs. they're saying the upcoming office software suite price hike could be a $5 billion windfall microsoft is up 2% it's up 36% this year. unlike zoom, which has taken a breather, had a much sharper 2020, long term processes for microsoft seem to look pretty good >> there's no question it's so funny how this is -- the 1990s wun of premier technology companies in the world and it just kind of fell down in a significant way. but, boy, what a comeback under the new management it's done incredibly well. it's an incredibly well-run company. and i love what the -- the way that street analysis has been

really pumping the stock the problem is there's a difference between a good company and a good stock microsoft right now it is the most overbought. it's been looking at the side chart, it's getting back very close to the level it saw back in 2000, in early 2020 it's also at over 90% premium to it's 200-week moving average and again that's the same it was right before it sold off early 2020 so, again i love the company i like the stock longer term i just think i wouldn't be chasing it up here and i'm not saying you should sell it and try to buy it lower. i'm just saying hold on to it and if you want to buy more, let it come to you >> fair enough we've talked about the software for remote work. but moving along, let's talk about the return to office period the latest data shows that 90% of office buildings around the country were occupied as of q2 this is higher number than i thought. even in new york city around 81%. that still leaves 47 million

square feet of empty office space in new york city only about a quarter of workers are back in offices. the offices are leased but nobody is there. and with people fleeing to homes in the ubsuburbs. state street is leaving manhattan offices. it's encouraging workers to work in new jersey or stanford, connecticut, which is benefitting from the population shift. it's otherwise saying you don't need to make plans unless you need to get yourself back into the office >> yeah, and i think it's really creating this great dynamic in the housing market where you're seeing these boom in smaller cities, more affordable cities, people saying if i don't have to go back to the office in new york city maybe i'll move upstate or buffalo or syracuse or someone less -- that's more affordable to me you're seeing the migration to smaller cities, a boom in smaller cities of course, like you said, you're going to see prices go up in those cities as well

if you bought last summer you are probably the smartest person on the earth prices are cooling down a little bit because things are getting out of hand. they're cooling. they're not falling. it's just that the price appreciation may start to come back it's still incredible deal right now. if you bought last yoear, you'r sitting pretty >> it's true, people got ahead of the bidding wars. it's just gone on and on i want to go back to the point diana was making earlier about the surge in interest and rents in the big cities like new york and san francisco. the fact there's been persistent owner occupancy of leases even if the employees aren't there, i guess in that sense this is a big bet that life as we knew it pre-pandemic will continue in some of these areas which have also been plagued by crime and homelessness and other issues. >> absolutely. and i think diana's done a great job reporting on the overall shortage of housing in the country. that has emerged as perhaps more important than the momentary shift from the urban areas to the suburbs.

new york city, rents had their best quarter for new leases ever, but we still have 20,000 empty apartments for sale or rent in manhattan. to your point earlier we don't know once people start coming back to the office in october or whenever it is this year hopefully, how many people come back, how many days they're back, and what kind of office footprint companies need what's ironic about new york city is that most of the new commercial leases are by the very high-tech companies, whether it's facebook or amazon or google that have come out and said, look, we're going to go either hybrid or fully remote going forward on a permanent basis. so, maybe they've taken the space but maybe they won't end up needing it. because these commercial leases are so long term, usually ten years, it may be a long time before we see how much office space is needed in manhattan my sense is probably not as much as has been built and is there right now. >> i mean, are they all residential, robert?

we can see the skyline from where i live it's about 13 miles away and we look at the manhattan skyline and i go, i don't even know what these buildings are anymore. i can pick out empire state, world trade center there's all these buildings into the sky for residences obviously. >> the little spikes near central park those are residences, all billionaires row there the giant tower that's next to grand central station and many of the midtown, those are commercial spaces, whether it's hudson yards or by grand central. a vast millions of square feet of new commercial space has just come online either right before or during the pandemic and that has yet to be absorbed. so, you've got the combination of a large supply just coming on and unknown about new leases going forward. i think new york obviously has had a great recovery on the residential side we don't know what the commercial side and the business part is going to look like >> before we move on from this, matt, what would you do with

real estate play, apartment reads, the category in general with what's implied for interest rates. what would you say to investors? >> well, i think we need to be a little careful here. we're moving into a seasonally tough time for the stock market anyway in general, you guys have been talking about here in boston right before the pandemic, i mean you wouldn't believe the number of cranes that were hovering over the city, just unbelievable buildup there and even though people are certainly moving back into the city again it's going to be a while, as robert says, for them to really, really figure out how much they need, how much this can be filled. i think it's one that i want to step back from right now >> fair enough if you miss the feeling of being in the office, facebook has an app for that. users create cartoon avatars, interact with workers.

you will need an oculus vr headset to join. this is zoom on steroids to kind of like sim city in person you remember those but the thing is i look at this and i go, this is like video games in the early '90s. look where we are now. diana, come on i definitely think -- this is -- this is happening. diana, it's totally happening. >> i mean, it's totally happening, but maybe for some young people but i got to say, look, i want to be in the office. maybe i'm the only one out there. but i want to get back and see people other than this camera man that i've been quarantined with for the last year and a half -- love you, pat -- but i want to go back and see the rest of the office. i don't want to just pretend they're there or sit in the stadium with them. just to the point that robert was making about tech workers and offices, we think tech that people don't have to be in the office and that's what's going to keep them out i talked to john foley, the ceo of peloton, which he considers to be a tech and media company, he wants everybody back. he wants people to be able to talk to each other and that's

where they're most productive. he wants to keepeverything safe they're not going back yet but he was very adamant that as soon as it's safe he wants his workers back >> i'm pro office. i've just got to call a spade a spade. i look at that facebook thing and we're going to be doing virtual rapid fire or something in 20 years. >> i'm pro office too but if we're going to be virtual, can we at least have legs. did they run out of money when the animators were supposed to draw legs? or because we're wearing our joggers and lululemons, they don't want to draw the legs? >> let us choose and everybody will be all for it we don't want it based on reality. thank you very, very much for this edition of real estate rapid fire one of the biggest mortgage lenders in america will start accepting bitcoin. the details and whether heotr coins will be accepted in the future future that's next.

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welcome back from virtual tours to online mortgages there's been plenty of tech and innovation in the housing market now you can add bitcoin. some buyers will have the option to pay for their mortgage with the coin mckenzie >> hey, kelly. so, potentially as soon as q3 of this year you could be paying for your mortgage in bitcoin and eventually in ether. united wholesale mortgage said this week that it has plans to accept cryptocurrency for home loans. the ceo made the announcement halfway through the company's earnings call and he's billing it as a first for the industry here in the u.s. i spoke with the team and they say they're thinking about starting with bitcoin but they're actively in the process of evaluating other digital currencies to put this into context, it's a big deal uwm is the nation's second biggest mortgage lender after quicken. they have $59.2 billion in loan

volume last quarter. also really important to keep in mind this push to digital money comes at a time of heightened scrutiny from all sides in the u.s. we've got revamped bills, not to mention the top authorities like janet yellen and gary gensler have been weighing in on the question of whether to regulate cryptocurrencies kelly? >> the question i ask every single one of these stories, mckenzie if you pay your mortgage with bitcoin, isn't that treated as a sell of bitcoin and you would be taxed on it accordingly? >> right exactly. so, it really depends on how the cryptocurrency is treated at the point of transaction if the company immediately converts it to fiat, then it is a sell of a propertybecause bitcoin is considered a property here in the u.s.

and if your cryptocurrency is appreciated in value since you first bought it, then you are subject to capital gains tax i reached out to the company and i asked them whether or not they plan to do that or if they are going to accept bitcoin and hold it on their balance sheet, and i haven't heard back yet >> that would be an interesting case if they held it still, you would think that would be a transfer anyhow, illustrating people are going down this road mckenzie, thank you very, very much still ahead democrats are poised to pass a $3.5 trillion pl plan tune in to a special edition of "fast money" next focusing on next generation of innovation and technology "the next" srtattas 6:00 p.m. "the next" srtattas 6:00 p.m. right here on cnbc being first on the scene, when every second counts. or teaching biology without a lab.

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welcome back, everybody. we are expected to hear president biden begin speaking any moment now on the evacuation effort in afghanistan. let's go to the white house. >> national security adviser sullivan and other members of the national security leadership team, the situation room, to

discuss our ongoing efforts to evacuate american citizens, third country civilians, afghan allies and vulnerable afghansment i want to provide the american people with a brief update since i spoke to you on monday, we've made significant progress. we've secured the airport, enab flights to resume, not just military flights, but civilian charters from other countries and the ngos sake taking out civilians and vulnerable afghan -- vulnerable afghans and now we have almost 6,000 troopsen the ground, including the 82nd airborne providing runway security, the army 10th mountain division standing guard around the airport and the 24th marine expy iary unit. this is one of the largest most difficult airlift inrist and the only country in the world capable of projecting this much power on the far side of the world with this degree of

precision is the united states of america we have already evacuated more than 18,000 people since july and approximately 13,000 since our military lift began on august the 14th. thousands more have been evacuated on private charter fights facilitated by the u.s. government these number include american citizens and permanent residents as well as their families. it includes siv applicants and their families those afghans worked alongside us, served alongside of us, gone into combat with us and provided assistance to us, such as translators and interpreters the united states stands by its commitment that we have made to these people and it includes other vulnerable aifrs such as women leaders and journalists. in fact, working in close coordination with the management of the "new york times," "the washington post," "the wall street journal," we have successfully evacuated all 204

of their employees in afghanistan and u.s. military aircraft earlier this week we have established the flow of flights and we have increased the number of people we are moving out of the country. we paused flights in cannkabul s morning to process arriving evacuees at the transit points our commander has given the order for outbound frighlights resume even with the pause we moved out 5,700 evacuees yesterday and we are working on a variety to verify that number, the americans still in country because we are not knowing the exact number of americans who are there and those who may have come moment home to the united states. we want to get a number as to exact huoy how many american citizens are there and where they are just yesterday among the many americans we evacuated there

were 169 americans who over the -- we got over the wall and into the airport using military assets we are also facilitating flights for our allies and our partners and working close operational coordination with nato on this evacuation for example, we provided overcah for the french convoy bringing hundreds from the french embassy to the arm f airport these operations will continue before with complete our drawdown we are going to do everything, everything that we can to provide safe evacuation for you are afghan allies, partners, and afghans who might be targeted because of their association with the united states but let me be clear. any american who wants to come home, we will get you home make no mistake. this evacuation mission is

dangerous. it involves risks to our armed forces and it's being conducted under difficult circumstances. i cannot promise withhat the fi outcome will be or what it will be, that it will be without risk of loss. as commander in chief i will mobilize every resource necessary. and as an american, i offer my gratitude to the brave men and women of the u.s. armed forces who are carrying out this mission. they are incredible. as we continue to work the logistics of evacuation, we're in constant contact with the taliban working to ensure civilians have safe passage to the airport. we are particularly focused on our engagements on making sure every american who wants to leave can get to the airport where we have been seeing challenges of americans -- for americans we have thus far been able to resolve them we have been able -- we made -- look, we -- we made clear to the

taliban that any tattack, any attack on our forces or disruption of our operations at the airport will be met with swift and forceful response. we are also keep a close watch on any potential terrorist threat at or around the airport, including from the isis affiliates in afghanistan who were released from prison when the prisons were emptied and because they are, by the way, make everybody understand, that the isis in afghanistan have been the sworn enemy of the taliban. i have said all along we are going to retain a laser focus on our counterterrorism mission working in close coordination with ourallies and our partner and all of those who have on a interesting in ensuring stability in the region. secretary blinken met with nato allies about the way forward so afghanistan cannot be used in the future as a terrorist base

of attack to attack the united states or our allies for 20 years afghanistan has been a joint effort with our nato allies. we went in together and we are leaving together and now we're working together to bring our people and our afghan partners to safety. the past few days i have also spoken directly with the british prime minister, mr. johnson, chancellor merkel of germany, and president macron of france we all agree that we should convene and we will convene the g7 meeting next week, a group of the world's leading democracies so that together we can coordinate our mutual approach, our united approach on afghanistan and moving forward we are united with our closest partners to execute the mission at hand. we have also discussed the need to work with the international community to provide

humanitarian assistance such as food aid and medical care for refugees who have crossed into neighboring countries to escape the taliban. and to bring international pressure on the taliban with respect to the treatment of afghan people overall, but including afghan particularly women and girls. the past week has been heartbreaking. we have seen gut wrenching images of panicked people acting out of sheer desperation it's completely understandable they are frightened. they are sad uncertain what happens next. i don't think anyone, i don't think any one of us can see these pictures and not feel that pain on a human level. now we have a mission, a mission to complete in afghanistan it's an incredibly difficult and dangerous operation for our military we have almost 6,000 of america's finest fighting men and women at the kabul airport

they are putting their lives on the line, and they are doing it in a dangerous place to save other americans, our afghan allies and citizens of our allies who went in with us you know, i talk to our commanders on the ground there every single day as i just did a few hours -- an hour or so ago, and i made it clear to them, and we will get them whatever they need to do the job they are performing to the highest standard under extraordinarily difficult and dynamic circumstances. our nato allies are strongly standing with us their troops keeping sen tri-alongside ours in kabul as is the case whenever i deploy our troops into harm's way, i take that responsibility seriously. i carry that burden every day. just as i did when i was vice

president and my son was deployed to iraq for a year. there will be plenty of time to criticize and second-guess when this operation is over, but now, now i'm focused on getting this job done i would ask every american to join me in praying for the women and men risking their lives on the ground in the service of our nation as events evolve over the coming days my team and i will continue to share the information and update the american people on exactly where things are we'll use every resource necessary to carry out the mission at hand and bring to safety american citizens and our afghan allies. this is our focus now. and when this is finished, we will complete our military withdrawal and finally bring to an end 20 years of american military action in afghanistan thank you. may god bless our troops, our

diplomats, and all those serving in harm's way. now i will take questions. ap, zeke miller. >> thank you, mr. president. [ inaudible ] you promised to bring out those who helped america in its war effort. we have seen the heart-wrenching images at the kabul airport, say nothing of the people who can't get to the arm you made the commitment to get american citizens out. will you make the same commitment to those who assisted in the american wore effort over the last 20 years, number two? number two, what is your message to america's partners around the world who criticized not w withdrawal, but the conduct of that withdrawal and made them question america's credibility on the world stage >> i have seen no question of c credibility from our allies. we have spoken with nato