>> balking the negativity on the regional banks, new york community bank double growth earnings coming up >> joey, what do you got >> zoetis, might be the best ceo in the health care industry. >> good to be back with all of you. great to be with you >> the exchange begins now thank you very much, scott and welcome back hi, everybody. i'm kelly evans and ahead this hour, fearful when others are greedy where are we in this cycle the bears may be coming out on wall street. our guest says now is the time to be greedy plus it's george soros bernie sanders black rock and now ray dalio. some say it's a threat to national security. others say you can't ignore the economic power house we'll have the latest. and speaking of green, when it comes to the next wave of ipos, green is out and do

gooding is in. is it a strategy that will pay off for investors? let's get to dom with the numbers. >> the numbers are very much in the red today, but not by that much considering we're a stone's throw away from record highs in the overall market the dow is down just about 100 points 35,000 on the level. that mark for the dow industrial the s&p about 4,500 right now. and the nasdaq composite, the real decliner of the day, off three-quarters of 1%, 15,264 the last trade there maybe a little bit of mini or baby rotation they were talking about on "squawk" earlier this morning. the two best performing sectors so far, the utilities trade is up 12% year-to-date. consumer staples is down 7 they're the worse performing sectors is the s&p 500 so far in

2021, but they are markedly outperforming today. utility is a trade to watch. and gamestop, the og, the original meme stock out there. off about 1.5% heading into its big earnings report after the closing bell today right now though you can see a little bit less volatility the options market is currently pricing in what could be a plus or minus 13% move in this stock after those earnings come out. now, kelly to put that in perspective, that would be about the least volatile earnings report that we've seen from gamestop over the last year. it's been way more volatile around earnings. so, perhaps today a little bit of a respite for some of those folks out there involving gamestop >> can't wait to find out. sir dom shu. my next guest says all of this is welcomed signs joining me is chris.

why do you think we're already in the fearful part of this cycle? >> well, thank you, kelly. it's nice to be back again i'll tell you a dirty little secret about our business of equity strategists and portfolio management it always sounds wiser to be pez mystic but i have to advise people that it's often more profitable to be a little bit brave and as the saying goes, be a little greedy when people are what you think are overly fearful, which is i think where we are right now obviously you've got the delta variant front and center you also had a crummy jobs report last friday and even the u.s. retreat in afghanistan does add to the psychological pessimism of the moment >> sure. >> so, i think all that pessimism is leading people to step back a little, especially from those economically sensitive stocks that will do well as covid eventually fades

>> but how can we be in any kind of fearful varmt when we have the nasdaq, the s&p and even the dow basically at all-time highs? >> i would agree with that i would advise not to throw your money in willy nilly but pick the places that have been hit late we have a couple of stocks to talk about in the travel and entertainment business and the -- look at the stocks that haven't made highs all year and there are a few high quality companies that are still suffering from fearfulness right now. >> so, let's talk about couple of the stocks that you think could do well here because it's always one thing to talk big picture and quite another to say here are the actual picks and where you should be investing. boeing is such a difficult story. why is now the right moment to get involved >> well, i like to tell people say boeing has hair on it. i say, forget that it's sass kwach. there's so much there on this thing. what i would say is take a deep breath and look down the road

three to five years. what do you see? you see covid frankly probably being a grim memory by then. you see a growing middle class all around the world that needs more and more airplane seats and best of all you see an industry that has only two big players in it that can build the big airplanes. so, boeing remains investment great. and because of all this hair, you can buy it for half the price you would have had to pay during certain moments in 2019 for example. >> right >> so, it is a stock where people are still quite fearful >> exactly i was going to say boeing's probably a great example of what that looks like in practice. but your other one, explain to me, disney is hardly a name people are fearful about the pe is around 50. >> the pe like a number of technology names is a little bit misleading now because they're investing so much money in gathering content and getting an online presence. disney is actually -- if there

was a single company for this moment, it would be disney because if covid gets worse and people hunker down, disney has all these streamings offerings now. of course disney plus and hulu, and they're starting to increase prices on those, which is just -- all of that drops to the bottom line. on the other hand, if, as i think will happen, 6 or 12 months, we'll all be so excited by the reopening, you go to the park you take the cruise ship so, disney really wins both ways and disney has seriously underperformed the market over the last two years i get it that it looks expensive on paper but they're pouring tons of money into disney plus and hulu i think in two or three years that will drop to the bottom line and the stock will be higher >> in other words compressing the e. quick question i want to get in before we move along as you like to be contrarian for a lot of these investments, one place where i see your consensus and everybody's is on the fact that interest rates are going higher why not throw in the towel

you want to be bold, tell me the 10-year is going under 1%. >> no, no, that's certainly true it's funny, i think that was more of a consensus opinion three or four months ago than it is now and boy, you get a lot of mix because i hear a lot of people saying, look, we've seen the peak of growth, which is i think is probably true but that doesn't mean we're not going to continue to grow quite strongly next year so, you're right it may be more consensus but i think one thing that we think that's not consensus is what you ought to be worried about isn't the delta variant long term. it's wage inflation. and that's kind of the -- that could be the straw that breaks the camel's back in terms of we would get true wage inflation, hit corporate profits, hit the ratio. so, what keeps me up at night is worrying about the structural wage inflation we may be building in here >> absolutely. and if you want a scare chart to go to bed with, look at the jolts number from this thunderstorming. >> exactly

>> almost 11 million job openings >> right even in the face of the resurgent delta variant, imagine when that goes away -- and it's a when, not an if -- you know, it's going to be happy times are here again except that then the fed gets to do what it does best, which is start taking away the punch bowl >> absolutely. >> that is what's concerning to me about next year >> it's a great point. we're not there yet though thanks for your time today it's good to check in with you with mai capital management. let's talk about news out of the bond market. top of the hour, rick santelli has the results. how did it go over, rick >> you know what it was like that's croissant in the buffet line. everybody was fighting for these 10-year notes. i gave it an a as in apple for 38 billion first-time reopen 10-year, so call them nine-year 11-month securities.

the yield, 1.338 it was trading around 1.35 lower yield, higher price. boy, we really sold these quite well the treasury should be smiling all the metrics, the bid, the cover, indirect's at 71.1, direct at 16.6 these are historically supersolid the dealers take 12.3% of course the lower the percentage the dealers take the more aggressive investors were, and they were aggressive but why did they jump in on the 10-year? one of my thoughts is tomorrow's ecb will never live up to the expected hawkishness that somehow has been built into it that's my opinion. the second thing is you notice what the high has been the last session? and today we keep coming off that 137 and 139, kelly. we've talked before. that is a huge resistance level. back to you. >> the last croissant in the buffet line is quite the line. something to celebrate thank you so much rick santelli.

let's turn to the battle to dominate the beuy now, pay late. courtney reagan is here with the details and implications kourtney >> hi kelly, it's the hottest trend in fintech and paypal is paying up for this one it's a private company backed by george soros' sons, their family offices. it's an option for online shoppers that seem to be cropping upeverywhere. it follows amazon's partnership with buy now, pay later company affirm and square's $29 billion purchase of afterpay over the last several months. under paypal, it will continue to operate its existing business, its brand and the leadership will remain there's little down side in the offering for these options at checkout for online retailers. and in some cases it can solidify a sale or increase the purchase amount for a shopper

that may not be able to pay in full immediately for retailers it's a great option for shoppers, installment payment plans typically offer lower interest rates than credit cards provide and just give another way to pay the aprs charged are lower when paid over a shorter period of time, say three months over 12 months or if the purchaser has better credit from the outset. affirm's apr could be between 0% and 30% depending on the purchase amount and with a possible down payment required and that credit check. there are no fees for late payments, prepayments. there's no annual fees and no fees to open or close an account. afterpay has no interest but requires the purchase be paid over six weeks, so a shorter period of time if the payments aren't made, they count as paused you can't use it to buy anything else now, paidy has options to split charges into three equal

interest-free payments over the period of three months and that came into play in october for that company >> it is a huge space, one to watch. i'm glad you got into the details about what the rates are. appreciate it. courtney reagan with the latest. the quietest corner of wall street, what it is and why investors are battling to get in and stay there black rock is firing back at george soros after he called the firm's business a tragic mistake. another big player jumping into the debate, none other than ray dowdy defending black rock who's right? we'll debate in just a moment on "the exchange. >> annouer: iss hencth i"t exchange" on cnbc.

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welcome back, everybody. cash continues to flood into the municipal bond market as investors seek tax free investments amid calls for higher taxes from washington according to figures from the investment community institute, mutual funds are receiving about $2 billion the supply is still decent black rock says issuance is holding 5% above the 5-year average. none of the buyers seem interested in trading. bloomberg announces that the bonds trading hands is at the lowest daily rate in 20 years. joining me now is michael zee zas, u.s. public strategist at

morgan stanley it's good to have you. >> thanks for having me. >> when i'm thinking about the buying and huddling of muny bonds, i have these analogies to crypto coming to my mind why is it so attractive to investors? >> one school of thought is there's a major tax increase on the ho rrizon and that's driving demand that demand is already in the price. you've got muni at generational lows and relative yield of muni versus corporate also at lows. what we see in the surveys is investors are more likely to be buying because they have too much cash. only 10% of respondents said it had to do with taxes >> this is fascinating this is a theme we're seeing cropping up elsewhere. you're telling me investors have

a problem and that problem is too much cash? that's just such an extraordinary thing to think about. >> yeah. >> so, they're really not motivated by tax efficiency. they're simply looking -- and my guess is these are people who already have a stock market exposure, may not be interested in bond exposure given where prices and yields are. looking around, where else do i two? real estate investment do you think that's what's driving the attractiveness of muni >> i think that's correct. if you look at what's happened, equities have rallied substantially, bonds haven't moved too much, bond allocation is greater than it was creates demand and fixed income in the portfolio what that does is set up a risk in the muni market if the fed's execution on the taper is poor and you get rates rising too fast and negative returns, you can get an unwind of that liquidity that's keeping things at rich levels.

>> the irony is for investors in the long run, they buy it, hold it, move on to something else in ten years. are states and cities taking on too much debt if there's structural demand from munis is it allowing municipalities to borrow more than they should be? >> well, certainly conditions are favorable for borrowers at this point there doesn't appear to be much of a leverage problem in the market particularly given all of the money that was aided to state and local government via the various c.a.r.e.s. packages over the past year but that being said, that is very much con ssensus, our survy again, 70% to 90% expect the fundamentals to be stable or improving. if for some reason delta picks up and suppresses activity a little more than it already has, you can expect these reopening sectors in the airports, hospitals, et cetera they could come under pressure

as investors start rethinking those narratives >> it's a great point. we have to go. i'm just tempted since i asked you. budget, is that going to happen? infrastructure, is that going to happen what's your read on those major policy pieces? >> we still think so we think it's a fourth quarter event. we think it'll be pretty sizable. it'll have a deficit impact. it'll be one of the things that helps the treasury year get the target on the firm >> very interesting. thanks for your time today we do appreciate it. coming up more companies are emphasizing purpose over profit ahead of their public debuts we'll look at one of the hottest trends in the ipo pipeline and how wall street is embracing this new generation of companies. plus a look at the rebirth of new york's financial district we'll spk eato bill ruden who says this transformation, nothing shy of a miracle we're back in a moment

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so you can focus on what matters most. that's how we've become the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. . welcome back, everybody. new york fed president john williams speaking right now. let's head to steve liesman for the headlines. >> breaking headlines from williams, one of the top guys at the fed. he says there's been very good progress he still wants to see more improvement before declaring substantial further progress when it comes to jobs. that means he's not quite ready to announce a taper quite yet. economic growth, he says, has been strong but the pandemic is, quote, far from over we're still a long way to go to maximum employment the delta variant deals a new level of uncertainty to economy.

it's been largely transitory and expects it to return to 2% by next year. the meeting is in two weeks, kelly, and we'll is are the beige book at 2:00 >> about 40 minutes from now steve, thanks. let's get to rahel solomon >> hello, everyone here's what's happening at this hour a brief court interruption on the first day of trial in the paris terror attacks when the main suspect shouted at the judge that he and the other suspects are being treated like dogs he has refused to speak to invss gators about his part. in idaho a hospital has turned its biggest conference room into a space to accommodate 22 patients. the hospital is one of several in the state that have implemented crisis standards of care to deal with record numbers of covid patients. idaho is not the only state

with covid levels at an all-time high and president biden with a speech tomorrow night about covid. and if covid wasn't enough to deal with, new research that the upcoming flu season could be severe a university of pittsburgh study estimates that there will be as many as 600,000 hospitalizations that is roughly triple the amount for a normal flu season kelly, back to you >> no thanks, rahel. no thanks. >> when it rains, it pours >> i'm thinking wear a mask to help with the flu. >> that's interesting. it couldn't hurt >> yeah, you hope maybe some of those measures could keep it being that, but i'm sure they accounted for that rahel solomon with the latest. the cleanup for hurricane ida does continue with hundreds of thousands of homes and businesses going on day ten of no the power kristina partsinevelos is in lafitte with more for us >> the devastation is still all around us. as of last night there's over

400,000 people in louisiana that still have absolutely no power and even in areas like this it's not going to get better for weeks, which is why one non-profit aims to provide an alternative energy solutions for thousands in need. r urg at could mean somethin foyo portfolio but i'll have more coming up later on in the show ♪ ♪ ♪ ♪ ♪ ♪

the debate over whether to invest in china right now is heating up as big billionaires weigh in george soros is saying steer clear, calling black rock's strategy a losing bet, saying pouring billions of dollars into china say tragic mistake the firm firing back, saying clients around the world seek a broad range of investments, including in china, to achieve retirement and other financial objectives now ray dalio is also weighing in, saying it's a part of the world one can't neglect and not only because of the opportunities it provides but you lose the excitement if you're not there all this comes as china's regulatory crackdown continues does china represent a threat or opportunity for investors? joining me now author of the new

book "geopolitical alpha" and managing director at long view global great to have you both here. marco, in a nutshell, should investors be cautious about investing in china, or did hedge funds and everybody else just learn a massive lesson from the losses they've taken do you think that's going to be enough to turn them off from exposure there >> i think definitely in any period of transition it makes sense to be cautious and obviously china is undergoing several transitions i think there is less emphasis on efficiency of the economy, which investors have gotten used to, more emphasis on income equality and there's a transition from a u.s.-centric, tech-heavy, developmental model to something chinese policy makers would prefer, which is a german-chinese manufacturing heavy presence there's leadership transition next year. that said, i also think there's opportunities in these kind of

volatile position moments. >> sure. >> so, i don't think it's a black or white, one or zero. >> if i'm quoting correctly from your work, you've said you can be tactical in china you can look at opportunities in some of the really sold off tmt names in china you're saying they're basically giving you the allocation. they want you to invest in hard tech over soft tech. so, would that be your advice for investors? >> tactically i do think that if you have the risk tolerance you could bottom fish in adrs. they have hit the resistance level. valuations in alibaba have been crushed. so, yes, if you have the risk tolerance, sure, why not, tactically speaking. more strategically, i think what's interesting about china is it's the only country in the world that is basically giving you a sectoral allocation for free there's a lot of innovation in evs, batteries it's not just to save the

environment. for china it's geopolitical. it's national security and so on and so on. i think you can be strategic in longer term. i don't think i'll be fishing for tech names in the longer term, but hard term, definitely. >> let me quote what i think is the key part of what george soros wrote in the "wall street journal" the other day he said early efforts, investments by the u.s. and china could have been morally justified by the claims they were building bridges to bring the situation closer he says today the u.s. and china are engaged in a life and death conflict between two systems of governance, repressive and democratic what soros is saying, that there's a difference between people seeing investment opportunity and also thinking to themselves that that's acting in the best interest of the u.s there are going to be investors who say i don't really care what's in the best interest of the u.s. for those who do, what about the point soros is making? >> thanks for having me, kelly first of all, i agree with my

fellow guest that, look, this is, for me, about being cautious if you accept what soros is saying on the political side -- and by the way, i do -- then one should definitely steer clear of china. but i think there are othe reasons outside of perhaps the hyperpolitical ones that soros has raised for investors to be cautious about china and that is whether or not you care what's happening in china, china has spent the last 20 years or so with a very benign strategic environment. that is no longer the case washington has certainly soured. the eu has soured on china and that will change china's calculus on how it organizes its economy and how long the welcome mat for foreign investors. and china would love to open this up to sectors that in the short-term they really need knowledge transfer and capital to do the things that they want to do. but what we have seen is that over time that welcome mat

shrinks quite a bit when china develops the sector and feels it can move forward without outside help that's my concern, the time horizon. >> if you have concern about the purpose of your investment, to heed soros' warning. but even if you think there's a strategic opportunity and regardless of what soros is warning about that investors don't know enough to know that the landscape that they're investing into will look the same in a few year's time as it looks today. am i getting that right? >> i think you put it far better than i did, kelly. i think where we are right now -- donald rumsfeld said there are known unknowns and unknown unknowns for china we have hope for me it's time to wait a little bit to see where this is going. as i've said on this air, this is more than just a regulatory event. this is more than just one or two sectors.

xi jinping has indicated he's looking to retool the chinese economy and all those things -- not just sec to recall things -- all of those things you give investors pause for a moment >> i want to give you a final word on all this in terms of the ethics of investing in china, marco. have they changed? >> no, absolutely not. as long as it's legal there is no ethical problem with investing in china and i would actually love to talk to george about this and ask him was it ethical for him to short individual european currencies as the european continent was struggling to integrate and overcome centuries of war by political integration. and obviously the answer is no, it wasn't unethical for him to do that. he revealed an inefficiency in the market and made billions and good for him similarly with china, i think that by definition, generating alpha -- and that's what we're paid to do in this community, which is the financial community -- generating alpha means generating returns beyond

what is normal, what the perfectly functioning market is going to deliver and then means, being able to predict geopolitical shifts it means being cautious when investing. for me to generate alpha, i think there are more george soros's out there that are going to walk away from opportunities in china because that's going to create immense opportunities for the rest of us who can be strategic and who can be open minded and also aware of the risks that are out there >> interesting and i'm personally watching to see what happens with chinese investments in terms of the esg buckets, if they will continue to meet requirements for those criteria or not. it depends on how the situation continues to evolve. thank you both for flushing out this issue quick programming note this debate will continue with kyle bass joining "closing bell" at 4:00 p.m. eastern today

you won't want to miss his exclusive interview. and the 20th anniversary of the september 11th attacks is just a few days away up next we'll discuss how lower manhattan has evolved over the past two decades and the resilience of new york city with william ruben. we're back in a moment retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene

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i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart. welcome back, everybody. from pandemics to superstorms, new york is a city known for its resilience and perhaps the greatest test of that was the attacks on september 11th, which many thought the citywould never recover from true to form, the big apple reimagined, redeveloped and rebuilt. and here to discuss the evolution of nyc is bill rudin his rudin management company owns four companies in the financial district and he is joined by bob pisani at the nyc.

>> thank you, kelly. bill, thanks very much for joining us i remember talking to you right after 9/11 and for those of us that was down here, it was a time of tremendous grief and fear, and frankly pessimism. when i talked to you yesterday, you described what has happened downtown as a minor miracle. what do you mean by that >> i think we have to look at it in historical perspective. go back and you and i talked many times in the mid '90s when lower manhattan had 30 million feet of vacant space that's 30% we created the blueprint to diversify lower manhattan's economy. it used to be 70% financial service, 30% others. today it's 30% financial service and 70% education, many others we created a plan to convert older obsolete office buildings

to residential and we were heading in the right direction. but obviously 9/11 was a major tragic event for everybody in downtown the city, the country. and we had to take a step back i think at that time there were maybe 20,000 people living in lower manhattan. and then all of a sudden a year later, after 9/11, things started to come back together and people started moving back downtown companies moved back downtown. and things turned around and that's what i talk about in terms of miracle and your article this morning talked about why 9/11 could be a road map for getting through the covid crisis same thing, everybody talked negatively about the downtown, it wasn't coming back, happened again after the financial crisis, happened again after sandy. nobody was ever going to move or live downtown. and before the covid, we had nearly 70,000 people living downtown new companies moved downtown

uber, spotify, month let, espn we will continue that momentum obviously covid has stopped and slowed things down, but we're already seeing very positive signs of people coming back to live downtown, companies looking for space. we have a building around the corner where we just completed a major renovation, and we're seeing tremendous activity going on >> yeah, you know, when i came to work at the new york stock exchange 20 years ago, 7:00 a.m. in the morning, there was no one here there was no one here at 5:00 either 20 years later, there's people walking their dogs out front of the new york stock exchange. never happened before. restaurants that are open down here it's a 24-hour community 65,000 people live downtown. i have lived and watched this transformation, including the redevelopment of the trade center, the west side highway,

the development of the transit hub is truly a miracle and yet, bill, covid hangs over everything and when everybody says, well, you know, i don't know how much it's going to come back, frankly, because of the concerns are people not going to come back into the office or we're not going to get the same number of tourists that we depend upon down here? there are some parallels with 9/11 these are completely different events but they did say that about 9/11 too. nobody would ever come back. >> that's exactly correct. i think the positive things that are happening now is look at our infection rate it's one of the lowest in the country, below 3%. we were back in march and april and may and june of 2020, we were in a very, very bad spot. today the infection rate is very low. our vaccination rates are hitting close to 80% and increasing every single day. and i think that's going to give people confidence to start coming back to work. we have one of our buildings we have 70% occupancy. so, people are coming back into

the workplace. it's important as you well know, collaboration, brand identity, you know, working together, mentorship these are things that you can't really do on zoom. you have to be in the office environment, and we're seeing companies make announcements deutsche bank said they're bringing they're people back we know jpmorgan and goldman have brought their folks back. that will continue it will take a little time we've changed air filtration systems in our buildings we've increased our cleaning protocols, all to try to make sure people feel confident to come back into the work environment and to go back into the restaurants, you know, go to the sea port this afternoon. it's going to be very, very busy you go to brook field place, it's all happening downtown. but obviously, you know, this week is a solemn week, and we remember all the things that

happened but also the rebirth and the recovery that we've seen and will continue to see >> but how do you address the group that says 25% of the people don't want to come back and we're going to see a much smaller situation here for the office spaces. when we talked about this yesterday, your point was think a little bit beyond the next year or two. five years from now plenty of people who didn't want to come back or didn't want to work in their office anymore might be moving downtown again, just like they did after 9/11, want to walk to work your point that you kept emphasizing to me when we did the interview yesterday was think five years from now when this is not as much of an issue as it is today, how different the attitude may be. >> i hope it's not five years. i hope it's early next year. and i think you made the point over 30% of the people who work in lower manhattan walk to work. they live downtown so, they have the ability to

walk or take their bike. and i think that trend will continue and some people will never come back to work just like some people never came back to lower manhattan. but other people came in their stead, the younger people who want to be -- we have seen record -- we've seen residential, we've seen activity throughout new york city and downtown in july there were 7,600 apartment leases signed. that was a record for new york city the previous record was the month before so, people are coming back people are buying condos and co-ops they are making their plans. we know from our own tenants that they are making plans to bring their people back. some adjusted based on covid but some have been moving ahead. it just depends on thecompany. and some people will work from home but, you know, there's debate about whether -- how effective that is and we'll have to see. but i'm reasonably confident

based on previous history that new york city and downtown will recover. >> i think the key here, bill, is to not look at the history of new york for the last 20 years and downtown for the last 20 years. it's to look at the history of new york and downtown in the last 400 years that's how long downtown new york has been around it has weathered complete disasters like fires that have ruined the city several times, cholera epidemics, riots, outbreaks, depressions, and it's always come back because it's a huge part of the world bill, you and i have been down there a long time, and i hope we will continue to be down here a long time. >> for the recovery of lower manhattan, you really understand it we look pretty good for old guys but yes we're going to get through this >> thank you, bill kelly, back to you >> bob and bill, thank you both very, very much. we appreciate it before we head to break, let's get a look at how the business landscape in lower manhattan has changed. key companies that are no longer

down there include the american stock exchange, the new york america tile exchange, merrill lynch and barney the businesses that do have offices now, the list is tech heavy, including spotify, business insider and vox media we're back in a moment this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth.

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welcome back hundreds of thousands of louisianian residents are still without power nine days after hurricane ida ravaged the region while gas generators to mind, kristina partsinevelos is down with why a look at solar could be the better bet. kristina >> reporter: it seems they can't get a break. like you mentioned, it's been over a week and yet there's still continued widespread damage to the power grid last night, according to the national grid here, there's over 400,000 people still without power. you can see in this area it will be weeks before they can bring back the electricity here as there's still so much water, which is why one nonproject, the footprint project, is looking for an alternative solution for those in need. they travel to disasters and work with local partners to provide solar panels for free so

people can charge their electronics as well as any type of small appliances like a mini fridge, and the volunteers say it's definitely safer and more carbon conscious listen in. >> if we can deploy cleaner energyto communities in crisis it helps them build back greener and allows them to envision a future for their community and prepare for the next disaster. >> reporter: we do know that safety is a major concern because so many people even in this neighborhood are using generators to supply electricity. unfortunately, there's already been four deaths due to carbon monoxide poisoning and 140 people were hospitalized all because of hurricane ida >> i know i can just turn the generator off, moving it away from the building and running

off clean energy solar and batteries is a way of saving people. >> reporter: the biden administration vows to lower costs. just over the past decade solar panel costs have declined 70%. and just today "the new york times" is reporting that we're going to be expecting word from the administration that they're going to come out with some plan to achieve the goal of solar power in the united states all electricity would be powered by solar power and the administration is looking into increased tax incentives it's just been hammered. nova, solar energy, sun run down double digits. a lot of technology. much of that has to do with increased capacity and that's

hurting firms. maybe this could be good news for the solar industry if the administration passes it through congress >> as it rains on you and the water falls down there once again. kristina, it's worth noting the makers of flat screen tvs aren't the top investment and solar may have a lot in common with that as people are looking for alternative sources they are going to be paying for energy. nat gas is at a seven-year high today. >> reporter: it's not that this is the greatest thing since sliced bread it's really expensive. it cost $31,000 just to install and you can't just rip it off. there's hazardous material you have to have crews take down the panel. the tax incentive is a one-time

deal you get a discount but then that's it. there's a lot of cost but a big up upside and they are working towards that >> it is a drenching rain down there. kristina partsinevelos in louisiana for cnbc still ahead the companies poised to go public this fall are trying to distance themselves from the greed is good mantra. how much of the do good mission is real and what is virtue signaling? 'ldiusnext

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incomparable design makes it beautiful. state of the art technology makes it brilliant. the lexus nx. experience the crossover in its most visionary form. experience amazing at your lexus dealer. esg trends are starting to show up in names that haven't even gone public yet according to "the wall street journal" the company slated to debut like allbirds and rent the runway says the mission is more important than the money auc what will investors think? joining us to discuss is cory and business editor at axios

welcome. cory, i will start with you. do they change the way they're doing business because of this emphasis >> for many of them, yes there's some companies that are sifting through to find sustainable things but they were founded on this mission and we're seeing a mission founded companies like chobani >> i think warby parker was a b-corp is that still a thing and does that -- i have to be honest. more the company and its personality than anything to do with the way it does business. am i missing something >> warby parker is still technically a thing.

this is more about messaging since these companies have used this it becomes part of their message. the one thing i would say is for them going public this could get them into esg focused etfs or other funds they may not be able to get into. >> any words of caution or is this something we'll start hearing more and more about? >> investors besides just reading s.e.c. filings to look at what the esg focus is i think will be sharing more about them and that's what warby parker, allbirds, lemonade that's a new type of distinction that they want to have a fiduciary duty

the environment is something to think about. that could come into play. >> that's where this sort of dual obligation could become a practical reality. thank you for your time. that does it for "the exchange." "power lunch" begins right now indeed it does, kelly. wm to "power lunch" for a wednesday. i'm tyler mathison it feels like tuesday, right the fed's beige book is due out this hour as concerns are mounting over economic growth. we will have complete analysis of that one. the s.e.c.