this morning obviously we'll all be thinking about what happened 20 years ago tomorrow. >> yes, we will. yes, we will. >> and thinking about the future and just fingers crossed, but we remember everyone and what we all went through obviously we had it better than a lot of people, andrew and becky, and we're thankful for that join us next week, "squawk on the street" is coming up next. good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. stocks do look to steady after a four-day loss, the longest in nearly three months amid the ongoing growth concerns related to the pandemic. more importantly, though, today is the 20th anniversary of the 9/11 attacks and all morning long we are going to honor the lives lost that day. we're going to remember the heroes who responded and reflect

on the impact on the community, of course, and the nation. jim, the phrase is never forget, and we're going to work hard to make sure that we don't. >> yeah, i think that it's imperative upon people to remember that there's a whole generation now of young people don't know it. there's a fantastic museum, which shows you what the world was like the minute before and then after i don't know how to create a mass pilgrimage to that museum, but david, look, when you think about your kids, where were they when it happened the answer is -- >> they weren't on this planet. >> yeah. >> no, they were not but the memorial, of course, which we see quite often given its very close by is an incredibly moving remembrance for so many of the people that we lost. >> i find that i remember when i grew up, my parents, my father would say pearl harbor, he volunteered the day after. this is a day that will live in in infamy but i don't know how many people

know. >> one thing we can do of course is go back and look at the video of that morning. it was a day, of course, in which our past colleague mark haines was anchoring along with joe and david. this is the moment when mark, i believe, was talking to bill nygren of oak mark and had to cut away take a look. >> i'm sorry, i'm going to interrupt you right now. we have what appears to be a very serious -- is that the world trade tower? >> a plane hit it? >> they think so >> this is one of the towers of the world trade center in manhattan, which is clearly heavily involved in a smoke situations and one would assume there is fire. >> it wasn't long after that moment, david, when you started checking in with your sources having spoken to people who were talking to people in the building >> that's right. i remember getting a phone call from somebody who had spoken to somebody, and they said, we think a plane has hit the

building soon after we saw those pictures, but obviously there was still a great deal of uncertainty at that point, always remember, of course, it was a magnificent day. very similar to the day we have today. >> in the meantime, the nyc here is about to observe a moment of silence commemorating the lives lost on september 11th, 20 years ago tomorrow

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mark, i heard from somebody who spoke to someone in the building they just called me, and they said they were told to evacuate and that they were told that a plane had hit the building again, i spoke to one of my wall street sources who said they had just heard from somebody at a wall street firm that has some offices in the building that they were told to evacuate and that a plane had hit the world trade center >> you know, amazing to think it's 20 years, guys, since i uttered those words, of course, hard to imagine. of course at that moment we still had no idea really what was about to unfold. and i think those were kind of some of the last reporting i did that day mark haines really took over, and was incredible during those many hours that followed as we watched the tragedy unfold >> i think mark obviously love

mark, i think he saved lives with his calm demeanor because you did have to leave, but you didn't have to panic those of us who were downtown we listened, we said, okay, this is obviously really horrible. let's do what we can we always should remember that haines was integral so making sure whatever good happened that day -- >> we will always be grateful to him for his calm, his measured tone and the way he gave information to people who were desperate for any sign of what was going to happen. >> we did feel that there would be more planes we did feel that the buildings couldn't collapse from within. david, remember, okay, building gets knocked over. maybe. ♪ by the dawn's early light ♪ ♪ what so proudly we hailed ♪ ♪ at the twilight's last

gleaming ♪ ♪ whose broad stripes and brigh stars ♪ ♪ through the perilous fight ♪ ♪ ore the ramparts we watched ♪ ♪ were so gallantly streaming ♪ ♪ and the rocket's red glare ♪ ♪ the bombs bursting in air ♪ ♪ gave proof through the night ♪ ♪ that our flag was still there ♪ ♪ oh, say does that star spangled banner yet wave ♪

♪ the land of the free ♪ ♪ and the home of the brave ♪ [ applause ] >> we want to give our thanks to the 69th infantry regiment color guard and the families of two nysc members who were killed that day, thomas sullivan and robert sutliffe, members of harvey young truman who were at a breakfast meeting on windows of the world and perished. as for the calendar the rest of the day, we are going to get some moments of silence to follow and more with first responders at the closing bell,

4:00 of course eastern time. we'll watch all of that. as we pivot from that to the markets in general, jim, what a morning of news regarding the president, this phone call with xi, more news on the chip shortage as toyota cuts production what should we be thinking going into the weekend >> i think the market's focused on xi. i think what's so interesting about it, first of all, can i just -- while we're talking about great people, eunice yoon, she gives this report, and i'm just sitting there thinking is she -- she's telling the truth in a place where truth is not really a commodity, and what matters to me is that it didn't go well. the call did not go well from the chinese side,m so david, i don't know, the market's just saying i guess any talk, even if it's not great is better than what we have >> but i mean, what i've read so far is the statement from the chinese which didn't seem to frame it in a negative tone. >> well, you didn't hear about

follow-up meetings. >> right >> i think that you are faced with a president who was focused more on human rights than the previous president, and that's something that i think they most fear >> is our discussion of their human rights. >> the wires do have some readout information quoting senior officials that the conversation discussed the nation's responsibility to ensure that competition doesn't veer into conflict also some back story on the relationship that biden and xi have together because at one point they were both vps and apparently the discussion harkened back to some of that. >> well, look, i like the two countries talking. i don't think there's anyone in our country that favors the course that we're currently on it's a course where it has to be we're in a collision course if this continues i know people who don't want to do business with china and want to do business with china, but i don't know a soul who wants a collision course

so i think if we can take off the existential conflict, make it so that it's more difficult for president xi one day to invade an island near taiwan, which is probably what would be most likely, not an invasion of taiwan, take that off the table, then i think people will start saying maybe there's less of a global risk and let's start picking some stocks that are connected with china today would seem to be the first day that oddly, and the day after cathie wood in the "financial times" people there's a belief these stocks could bounce because maybe the punishment's over. she is a communist not in name >> we talk about it every day as we should. talking between the two countries is viewed more positively than not, to your point, how much of a collision course are we on with china in terms of our vast competition in so many areas around the world, and obviously the two largest economies. that said back to the stocks themselves, you can see sort of what the shanghai comp has done versus the s&p this year of course the names we've been

focused on are so many of those large cap chinese based companies that have listed here or have very well traded adr >> but should be focused on property companies. >> jim, the question continues to be from the u.s. based investors who are -- who own these, when will it end, are we at the end are they done with didi? are they done with the gaming companies, are they done with the cyberspace administration, is it done with what it expects from them in terms of sharing of information. unclear. still unclear. >> look, i know that the common prosperity, there isn't. they've got -- who would ever have thought that they have great class divisions in a country that was predicated upon the idea that there were none. so i don't feel that the billionaire society that they've developed is something that xi can live with. too powerful billionaire's too powerful he has to take them out of the equation somehow

they have to disappear. >> he's not disappearing he has taken many of them out of the conversation, and it starts with jack ma, who was i would argue the most powerful voice in the country when it came to business. >> right >> being, you know, obviously the man who founded alibaba. you don't hear from jack ma anymo anymore. that doesn't mean that he's been disappeared. >> i know you found him. you were early in finding him. >> he's there, he's spending time creating art and doing various things but he is not any longer participating nearly at the same level he was in terms of sharing his own views. >> it began with ant, didn't it? >> that was, yeah, over a year ago. them shutting down essentially, changing the rules of the road when it ka imto what ant was able to do, it affected ability of the country to earn money the way it expected to >> it is amazing the way they took a dose of capitalism at a time when there was massive global liquidity and huge

technological change and that kind of disrupted their traditional model, right >> the idea that we can be watching them and make decisions about their companies betting that, well, maybe the raid of the companies just over. what kind of investment strategy is that? look, i'm buying some -- and i happen to think alibaba is a great company. i'm buying some alibaba. i'm betting that she's done. >> it's hard to do it's hard to do. >> and nobody has an edge on that one. >> no, no, there are many people now telling me, listen, there's going to be pushback from the billionaire class, pushback from the people i've always felt that xi and the military are one you don't get a kind of society where there's facial recognition everywhere and everything's tracked. it's going to be very hard to create any sort of -- >> any free space, so to speak. >> thank you i mentioned this a number of times. the advent of 5g in china in particular was also enabled.

the ability to frankly, just be able to immediately through ai as well identify people is enhanced and they are, by the way, fairly far advanced when it comes to 5g in that country. >> so what do you do you just say that -- do you take it off the equation? if you want to just be in some sort of worldwide fun, i don't know >> i'm still concerned >> when we come back, a moment of silence at the nasdaq this time as we remember 9/11 today, things can be pretty unexpected. but your customers, they still expect things to be simple. and they want it all personalized. with ibm, you can do both. businesses like insurers can automate it processes across clouds. so agents can spend more time on customer needs.

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9/11 especially today as the 20th anniversary of the attacks is tomorrow we had a moment of silence here at the nyse at 9:03. that was the moment. second plane hit the second tower, but traditionally here on the street moments of silence are at 9:20, and that's where we will turn at the nasdaq for their own moment of silence right now.

>> the day everything changed. this firehouse was first on scene, reflections from the firefighter who was there and the new threat of terror

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feels good to know that your financial partner isn't in the b business of betting against you. >> that's max levchin with jim last night talking about the quarter, bigger than expected loss, revenue surging. >> this is a man who's gotten walmart, shopify, but then he picked up amazon that's when the stock really went -- the stock had been cratering. what i like about max -- and when you speak to him online or offline it's the same story. he doesn't like credit cards he in particular wants to go against the cards that charge, david, interest that is -- that he finds is ewe sors you but more importantly if he succeeds, if he succeeds, what do the credit card companies do? >> that's a great question so what is the answer? do they have to move into this -- do they have to lower their interest rates

dramatically >> well, that's what he wants. he wants to disrupt, and i think that he is so smart and so dedicated. he is a gorilla force against the capital ones of the world. he and i were talking about how many credit cards we had when we got out of school and how we didn't understand. he wants to tell college kids, kids going to business school, people don't know anything about the idea that you're free. this is the shackles it's very -- >> what are the loss ratios like on this? >> what? >> what are the loss ratios like >> very karma that a third are behind on at least one payment. >> i like that company very much many of my friends check their credit rating any day, i don't think it really changes day-to-day frankly i do know that's just not us their loss ratio went tdown

their technology he says is able to figure things out we mentioned ant, you know that the chinese do this kind of technology. >> they do it's the ai, it's the algorithms that can determine effectively who is more likely to pay on time than not, and they won't offer the buy now pay later to those who don't meet their -- >> if you miss you're done, okay, yes. >> miss you're done. okay, well, yeah, that's not a great customer for them either. >> well, but remember the merchants want the business. the customers like it. they are less likely to feel had. i mean, he is about transparency by the way, paypal's about transparency too so i think when worlds collide, it will be paypal versus affirm. maybe square versus affirm if you're jamie dimon. he gave this great speech about what happened, why aren't we square why aren't we square david, why aren't they square? >> it's literally hip to be square. >> he feels like regulation has

been one reason, i think >> right, he feels very hamstrung, not unlike charlie scharf today, although he only had a $250 million at wells. a lot of people, the stock fell $20 billion on a $250 million hit, which is why we don't see wells up today. >> b of a, most sweeping management overhaul in a decade. new cfo, new general counsel, new tech chief as moynihan is consolidating some power it seems. >> in that job a long time already. >> he has. >> remember, he came up from the ranks, a lawyer. but when you speak about what banks are doing the most to advance the social agenda, it's always brian the social agenda meaning empowering people, and i think that we don't expect any of the banks that are listed there to be forces of good, so to speak that's just not true, but the fact is, david, when they lend they charge, okay? >> right >> they have been -- they are

the man versus affirm, square, paypal they're the man. remember the man >> yes >> stick it to the man. >> yes >> yes >> that's what it's about. sticking it to the man >> paypal has a much larger market value than pretty much any of them except for jpmorgan. >> paypal's a worldwide bank. >> there you go. and dan schulman has built a power house. they've got buy now pay later. when worlds collide here, it is not going to be jpmorgan versus paypal >> speaking of sticking it to the man, one of the trending topics on twitter last night was #donotcomply in response to the white house's mandate of either vaccines or testing as we're now in a period, jim, where business is going to wrestle with whether this is legal, logistically sound, going to cost too much where are we on -- >> i read a great book,

"hillbilly elegy." just an interesting book about our society. he's running -- he is the most prominent. >> he's not quite what -- >> he wants civil disobedience not unlike say gandhi. gandhi 2, he's back and bigger than ever? what are we going to do here >> i don't know. i don't know >> well, civil disobedience. >> he's running for senate, of course, the gentleman who wrote that book. >> dr. gottlieb is talking about the right to give other people covid, maybe that should be in the constitution and it isn't. that's kind of a loose view about what he's saying. >> dr. gottlieb also on "squawk box" did bring up the idea that mandating vaccinations for businesses with 100 plus people is going to be very difficult, at least in any quick time given the rule making that has to take place at osha, the challenges he expects that are likely. he talked about fall of next year, which by then the delta variant we certainly hope will be a thing of the past. >> new variants coming up.

i keep thinking about tom brady and how he got it and the vaccination rate of the team that won last night is the high highest and the team that lost actually had covid and it impacted the game. >> that's right. that's right there's the opening bell and the cnbc realtime exchange at the big board as we noted a moment ago, the families are two new york stock exchange members, thomas sullivan and robert sutliffe who died in the world trade center attack on 9/11. at the nasdaq, it's tuesday's children helping families forever changed by terrorism, military conflict or mass violence it is going to be interesting as we keep an eye on this, also the doubling of fines for those who don't mask on transportation, tsa fines. >> it's a multiple, really multiple prong effect to try to get it so the 80 million do something. now i've got to tell you when i spoke to cleveland-cliffs,

they're offering $1,500 to employees. the second largest steel company, then they've got -- they jumped to 75, but remember, david, that means 25 didn't take the 1,500, and i think that that 25 is the group that just isn't going. >> although, well some try to argue, all right, there is hesitancy. if there's a mandate, they can throw up their hands and tell their neighbors, look, i didn't want to do it, but the job says i have to. maybe that makes a turn. >> dr. topol in my record as being another true north figure besides dr. gottlieb, he's talking about the florida death rate remember how people said the death rate isn't going up? the florida death rate is worse than it was during the heydey. >> it's interesting because the states that are having the worst outbreak are also the most open. here still and many of the northeast states you still have constriction to a certain extent you have people not coming to the office at the very least, we know that. we're still talking 15% a lot of

offices, 20% >> well, i think there are a lot of people -- >> and so microsoft yesterday on your show talking about no date now for when we expect people to return. >> what's the point? >> i know. and it's just interesting because these states typically have very high rates of vaccination at this point, fairly low rates of new cases and hospitalizations, and yet they're more shut down in some ways than the states that are suffering from a greater outbreak >> giving that 99% of the people hospitalize rd unvaccinated, at what point do we just say i'm going for it i'm vaccinated, i've got three moderna under the wire before the cdc, those crafty people. >> why not now why not move on now? >> i am moving on. >> that's actually a really good point. jpmorgan looked at how delta has affected economies that have good vaccination rates but still rising cases, and consumer sentiment aside, activity continues like, you know, the google activity index.

>> absolutely. >> what's the problem is supply, right? and manufacturing, toyota production cuts. >> and pvc is in short supply because of hurricane ida david, yuri and ida, there's a pair they changed the complexion of plastic in the country, speaking about two storms this kind of rally today, the great relief rally the issue will be can it stay. we seem to have these moments during the day where we say, you know what? i'm closing my book. i'm going to shorten up. and i think we got to stay very close to these offering. like, for instance, bumble offered 18 million shares. >> i know what bumble is. >> yes, i remember when it went public. >> 18 million shares of 54 that's the one you want to watch. that stock had jumped to 23, priced a deal of 15. >> these are so-called follow-on offerings is the right way to say it

secondary is actually an -- somebody who already owns the shares selling a large block typically. n in this case it's the company as the seller raising more capital, but it's follow-on offering is obviously potentially -- it's dilutive >> what we need to see today is we need to see the drug stocks there's been millions of biotech deals. >> right >> stop the decline for something that was left field, which was the price rollback and the ability for medicare to be able to argue for prices suddenly what you have is a situation where there was a group that you were kind of warming up to, the drug stocks and now there's a dewarming going on you know, kind of a global warming, dewarming >> i thought you said deworming, like ivermectin. >> are we talking about ivermectin. >> dewormer from faber college, of course that's another worm related. >> first year was off campus, right? >> no, it was on campus, fully

on campus. >> so faber is on campus. >> he's having a great time at faber college. >> we're making jokes, but i do think a guy came back from europe would have a green pass, that is something where business has -- you go for any store, and they ask you for your pass can you imagine in our country the level of anger that would be generated if someone had to show a pass to get ice cream? >> individual freedoms, corner stone of what our country is built upon inflation is a really interesting story today. freeport gets cut at credit su suisse they say inflation support is going to wane. it's one of the leaders. >> that's a rebellion against the analysts who i think stock was at 46, maybe that's a better place to cut it. there are some genuine misses today. one that i'm actually kind of bummed about because i would say it's just a mismatch, grand

theft auto, the new iteration. he will produce no game before its time he's sticking by his numbers, but this group has been uniquely challenged video games have been maybe the most -- other than zoom -- pandemically identified stocks >> you don't think it's xi limiting gaming time for kids? >> look, nba 2k is very big in china. i think yes, the overhang of xi, it's very hard to figure out where it isn't roadblocks where people make games. >> it's three hours a week if you're under 18. and only one hour a day, friday, saturday, sunday. >> would you tell me that they actually know? >> i think they might be able to figure it out. they're relying on the companies to make sure of it, and the companies do know. >> and every call -- >> shut them down. >> if you call china, you should presume that you're being listened to? >> i think that's fair fair statement that's why you bring a burner phone.

>> what are you the wire >> yeah. >> one of the topics we talked about earlier in the week, that is coinbase, gensler, going to go to senate banking on tuesday. >> yeah, he's going to get schooled by coinbase people. that is, again, i think that was one of the most ill-advised. i did say it was not moronic, it was just stupid. you do not challenge the agency. you just don't david, the agency is part of the federal government >> i'm aware i'm aware. >> imagine if charlie scharf said i'm not paying that $250 million. >> i get it. you've been outspoken on what you believe -- >> outspoken, i haven't even started yet. >> you clearly believe it was a mistake for them to speak publicly and chastise the s.e.c. for what they seem is a lack of clarity in terms of what's the rule making and in terms of what's being done whether or not -- it goes back it to lending, right, and securities >> when you write that there's some sketchy things going on with chairman gensler.

>> as the ceo of coinbase said. >> he's the chairman of the securities and exchange commission kind of a hallowed institution. >> they can make your business more difficult >> he taught crypto at m.i.t so when i hear someone say that he needs to be schooled, i question what school they're from they went to faber college >> knowledge is good, man. >> don't give me otters speech >> knowledge is good. >> s&p is hanging on to a gain of about 18. if it were to fall today, that would be five down in a row. we haven't done that since february let's get to bob pisani. >> carl, of course i'm thinking about tomorrow it's been a difficult week for all of us, and as we look back and remember friends and family who died on 9/11, we also remember the day the markets reopened that was september 17th, the heroes who rang the opening bell on that day and the struggle of those who worked downtown in the aftermath. there were very deep psychological scars on all of us

who worked downtown. that only gradually emerged, everyone down here had a friend or family member who had died. there was also the grim reality of working downtown in the aftermath, the financial district had morphed into a partly closed arm camp it was almost impossible to cross canal street the dividing line between soho china town and the financial district, unless you were a resident or worked at the nyse or wall street police were everywhere on every corner and nobody knew if there was going to be another attack coming there was above all, the smoldering pit of the world trade center, the smoke would not disappear for more than a year, and it could be seen for miles around the worst was the smell. the acrid odor of still burning paper, office furniture, and building materials some on wall street decided to leave the business, but many, in fact the majority actually stayed some firms did relocate. i joined the buddhist meditation center and learned how to meditate it taught me that the world was

ever changing and to stop fighting the things that i didn't like what happened. it calmed me down, and i still meditate as for the markets they stayed closed for four days it was the longest shutdown since great depression r the day the markets reopened, that was september 17th, two minutes of silence were observed on the floor. members of the new york city police and fire departments representing the heroes of 9/11 sang "god bless america" and then the police and the firefighters along with senators hillary rodham clinton and charles schumer, mayor rudy giuliani, new york governor and s.e.c. chairman harvey pitt all rang the opening bell together that day was not a good one for the markets. the dow dropped 5%, the s&p 500 dropped 7%, but nobody cared what was important was that the market was open again. the9/11 disaster helped push the u.s. economy into a recession. the stock market went into a slow tailspin and didn't bottom

until october of tw2002 the one thing i remember very clearly is that everyone came to work on that day and my dear friend and mentor art cashin is back on the floor of the new york stock exchange, and he'll be giving us his perspective at 10:15 eastern time. >> it's going to be good to see art in person again. bob, thanks. when we come back, we'll talk to don carty as well, he was ceo of american airlines 20 years ago on september 11th. the bond report, ppi did come in up 83 year on year that's the biggest since november of 2010 meantime, dow's up 139 we'll be right back.

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as we know it today. joining us now is don carty, he's the former ceo of american airlines of course parent amr corporation. don, great to have you this morning. you were running the airline on that horrible day when planes were used as missiles. so much has changed, but give me your reflections 20 years later when you think about both that day and obviously the changes that have taken place so significantly in the industry of which you were an important part. >> well, thanks, david, and it's great to be on the show, and it's good to be part of this remembrance of what was a really somber and difficult time for all of us as americans for those of us at american lines, it was really personal. we lost some really wonderful teammates as part of this terrible event, and my day started, actually, that morning when one of our flight attendants, betty hong who died on flight 11 called our ops

center and our operations center immediately called me, so this was probably about 8:30 in the morning. the hijacking was already underway, and i was informed that we believed there was a hijacking underway of course we have a protocol for those kinds of calls to make sure that they're real and i asked the team whether they'd followed the protocol and they said, yes, they had, and they were pretty certain it was a hijacking, and they went on to describe what betty had already told them and a couple of flight attendants stabbed and somebody killed, and that the cockpit had been breached. and so of course we were terribly concerned we still had no idea what the hijackers had intended, but i literally got off the phone quickly telling the ops center i'd be to the office in 20 minutes. as i finished my final preparations to leave the house, over my shoulder on the tv

somebody announced that a small plane had flown into the world trade center you remember that was the first report is that it was a small airplane, and my wife said to me, oh, my god is that your airplane? and i said -- i knew in my gut that it was, and i said no it couldn't be and i felt like if i said no that it wouldn't be true, but of course it was. and then within 20 minutes, i had a call from jim godwin who was running united at the time he was missing an airplane then i had a call from our ops center that we were missing a second airplane. another call from godwin saying he was missing a second airplane and that his security people had heard rumors that it might be more than four airplanes and then i even got a call from our ops center that said the transponder on a third one of our airplanes had been turned off, so we thought we had a third airport. fortunately that was simply an

error by a pilot who had inadvertently turned off the transponder for a couple of minutes. by that time, it was -- you know, we were all -- the adrenaline was pumping we were all terribly, terribly concerned. i got to the ops center to debrief the senior guys for two minutes, and then i told them we were going to ground the american airlines fleet, and i called the faa administrator, and i told her we were grounding the american fleet i thought she should ground the entire u.s. fleet, and she said, well, she hadn't been able to reach the secretary of transportation and i hadn't been able to reach him either so i said, well, i'm afraid this one's in your hands, and she did. she made the decision almost instantaneously and grounded all the airplanes in the u.s. fleet. so that was the beginning of a crazy day, and followed by an awful lot of craziness around

putting the airline back in the air days later and that was a tough thing, you know i was listening to the comments about people going back to wall street with some fear and trepidation. well, our employees had that same fear and trepidation, and the thing i remember so clearly was the strength and the resilience of the american airlines team in their willingness to go back and put the airline in the air in spite of that fear and trepidation >> don -- >> that's an amazing -- >> they're monumental. they've been monumental on the security side. >> listening to you tell the story, which i'm sure you've told many times, it's like a punch in the gut, even after all these years. i do wonder the creation of dhs and specifically tsa, how you would judge them and their ability to bring security back to air travel for the past 20 years. would you give them a fairly good grade just their twitter feed alone and the number of weapons that

they collect on a daily basis, it's stunning to this day. >> it is stunning, and while we had a lot of fits and starts at the beginning because they weren't equipped to do this initially. in fact, i can remember at 3:00 in the morning before we put the airline back in the air, they were still trying to write new were still trying to write new rules and in 2016, i was working at the amazon warehouse

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♪ good friday morning. welcome to another hour of "squawk on the street" tomorrow, as you know, marks the 20th anniversary of the 9/11 terror attacks and throughout the hour today we're going to hear from business leaders and reflect on the tragic events of that day.

first, rick got breaking economic data. morning, rick. >> [ inaudible ]. >> rick will take the mic back and try to get back to you in a little bit o overall, a fairly ventful day. and above expectations as we have nine straight months of increasing whole sale, as some people call it >> and a record high some of the conversation we've been having about inflagsz and just how transitory or not it is certainly continues to ripple through supply chains for example. >> we did start out with gains but the dow has gone negative. and by the way, if the s&p goes

negative, that's five straight losses we have not done that since february of this year. >> and we're below a 20% gain on the year although, looking at big mega cap tech, all quite positive and apple has had a decent run lately almost equating now the ereturn of the s&p of being a ragered through the first nine months of the year rick >> yes, whole sale inventories are july final read are up that was the same as the midmonth read. if you look that number, the all-time high, or the 10-year high in the heart of covid, january 2021 was up 1.4. we miss those inventory levels as we suffer through lack of supply and on the sale side, up 2%. that follows 2.3% and for context, in june 2020, this number hit its all-time forever

high, going back to 1992 and at the was up 9.4%. morgan, back to you. >> thank you i'm just getting a check on a few of the big movers. shares soaring after it easily topped unchings estimates. more than quintuples toyota cutting the annual production target with factories in vietnam and malaysia hit by the spread of covid-19, as well as the ongoing computer chip shortage lastly, cigna getting a double down grade from buy the underperform, siting lower visibility over the next couple of years and that stock is down about 4.5% >> we're reflect ogen the september 11 terrorist attacks one wall street firm headquarters in the south tower was kbw. a third of the work force

perished in the attack and happened to be late to work that day as they picked up the pieces, he helped to lead the company through the aftermath and served as coo of kbw. and he served on the board of a nonprofit that organizes annual service in remembrance always good to have you. >> i was going to work just like every other day. i was coming in late that day. i'd gone with agroup of client to the michael jackson concert the night before and had also my 4-year-old son surprised me as i was getting ready that morning had never done it before and since and it slowed me down and

caused me to miss a train that would have put me in the building i was coming in later than i normally would have. and because of that, i was standing on the sidewalk and watched the two planes and all the aftermath. i'll tell you, aside from the chaos happening, the things that went through my mind, other than knowing that my colleagues were in a tough spot, having been above where the second plane hit, was thinking about what the future would bring and asked myself the question would i ever come back to new york city again as i was making my way back up from midtown >> talk about the recovery then. it's hard to process how you begin rebuilding a firm when you've lost that many people you have emotional challenges, logistical challenges. the whole street was in disarray the resilience, it astounds people two decades later, how they were able to regroup.

>> i tell you, we had -- the plan we pulled together very quickly ways we were going to do two things number one is we were never going to forget our 67 colleagues who died that day many were related to other employees. we had built the company together over many years and the firm's always been very close so, we weren't going to forget and we hosted a moment of silence this morning on our trading desk at 903:00 and i don't believe we have forgotten. we said the best way to honor them was to go about rebuilding the firm as you know we lost essentially all of our trading desks and we didn't know how the rebuild was going to go. when we look back after 20 years, we're very grateful for the people willing to take a shot and rejoin us . our clients have been terrific

and the market cher is the highsh it's been in 59 years the firm existed if you told me that was going to happen 20 years ago, i'm not so sure the first day we came back, less than five people could muster to get there. so t has been an incredible story. and really, still, all about those who we lost. but the other thing is, and you mentioned 9/11 which is a group i'm on the board of an important pivot point is here more than a quarter of the country probably doesn't remember live the attacks of 9/11 we couldn't have rebuilt without the support and unity and resiliency that was in the country and firm at that time. i think it's important we stop and reflect on that. that's why the organization i've been part of with the support and founding has worked hard to convince the president,

president bush and obama to make 9/11 a national day of service and remembrance. we think if we commit to doing the service projects, we'll remember the spirit of good will, which we can use more of today as we go forward you don't want 9/11 to be three or four paragraphs in a history book and we get to write the next chapter, not terrorists. 9/11 day, tomorrow, with the support of our corporate partners, are going to pack 2.5 million meals for those who are food insecure. we have 6 poun,000 volunteers in 10 cities around the nation. steeple, my parnent company is a sponsor as well. 911.org is a place they can go to list the good deeds of any type

and resiliency that allowed us to go on and rebuild >> tom, i mean, national day of service and remembrance and when you lay it out like that, it makes a lot of sense i know a lot of folks that experienced this on the ground, here in lower manhattan or elsewhere and they don't work today. does a federal holiday make sense or should marketplaces like this one continue to stay open >> well, i haven't really -- not having had a lot of time to think about it, my sense is 9/11 i don't know if it needs to stop because i thing story is rebuild and rebuild better tha that's what we wanted to do and doing nothing is unacceptable because then it will just fall in the history books and we don't control what the next chapter is. i think doing something and having action. folks say how should i recognize 9/11 and i say think about the

people who lost their lives and the strength of their famomy whose picked up and movaled forward immediately. look back at empathy, good will, unity. one story is i don't think i heard a car horn honk for two weeks in 9/11. it's because folks were really caring about each other. we have a global pandemic that's not behind us yet, other challenges we can absolutely do this if we remember that sense of resilience and spirit and that's what we think these good deeds are about as a way to honor those who died and rebuilt i would say, as someone who needed the energy of rebuilding as a way to heal, i say let's do that, rather than maybe calling a stop for a national holiday. >> tom, you mentioned the global pandemic obviously, we're dealing with different challenges today but it's funny hearing would people come back the offices? would they come back to downtown

manhattan? how are you dealing with the challenges we do have today in terms of people's resistance to come to the office for a very different reason >> i have to tell you. if you thought how the pandemic started, it started with an on/off switch but seemps to come back on via dimmer switch. two steps forward and one step back it's remarkable how well i think our firm and clients in corporate america has done but the reason folks went to an office to begin with, there was a reason for that. and i think we've all demonstrated the connectivity we've had remotely but we're going to have to spend time understanding the benefits of being together i think corporate america will be an in-office exercise but different with more flexibility in terms of remote access. but i think we have to get the

health uncertainty behind us before we get 100% confidence to come back to what the new normal is going to look like. >> we're grateful as always. good to see you. >> thank you coming up this hour, we're going to continued our coverage with john murphy, the ceo of oppenheimer 20 years ago and art cashin (vo) this is more than just a building. it's an ai-powered investment firm with billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult.

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welcome back to "squawk on the street." bob. >> as we remember 9/11, i'm here with the man who was with me on the floor that day my friend, a sage of wall street and mentor to me for 25 years. art cashin is back on the floor for the first time in 18 months. it was so wonderful to see everyone welcome and see you again. >> i didn't know i owed that many people money. >> we have to reflect on 9 laegs 11 today i wish it was under more cheerful circumstances but it's incumbent upon us to remember and remind people, some who weren't born on that day, of what happened. >> obviously, what we've for all been discussing is there's friends we've lost, people who will never -- who never got the

dhans to see their kids grow up, things like that it was terribly somber it began in a skeptical fashion. even the late great mark haynes, as i recall. the early reports were skechby that a plane had struck one of the world trade centers. a week before, some clown with a parasell had taken his plane and crashed into the statue of libber taep. so, i think mark was dismissive until the first photos showed up on the screen and all of us were riveted. and when the second plane hit, the first was thought perhaps to be an accident when the second plane hit, we knew it was a serious attack on the u.s. >> you mentioned mark haynes i think his finest moment was 9/11 i was on the air with him. and he said bob, if he does not

open, it's a sign the terrorists have won if he does, perhaps there might be issues for the people inside. we don't know. and that was framed perfectly is the problem. 20 minutes later the buildings came down and the decision was made quickly to seal the building with all of us inside and you were one of the few people who had phones operating. >> i was at peyton weber before the merger and our phones were working. and between the loss of the towers and lines here, which is what kept the exchange closed for four days after, and people rushing up i hatd a line that looked like movie theater of people from meryl lynch and stock exchange saying can i please use the phone to call my wife. can i call my wife so, yeah, i was here until the end. i walked out would like to think at that

moment america came together with heroes. greed didn't take a holiday. i came out and there were a bunch of guys wearing the same masks we wear now for the pandemic, catching envelopes, things falling out of the sky from the 80th floor at the world trade center and looking through the envelopes to see if there was money or cash. i was so incensed, i started to go after one of them and my middle son, peter, said to me, dad, the point now is to get home forget those guys. they're garbage. >> and there was the aftermath we dealt with. one of the great days for the new york stock exchange, november 17th. the market had been closed for four days. paul neal came we said hillary rodham clinton here schumer, rudy giuliani, the mayor was here everyone sang "god bless

america. and dow was down 7% and nobody cared. >> well, people who don't understand the market were saying things like there may be a patriotic rally. we're all together now you forget this is a global market europe was down and down sharply in those days when we were closed so, everybody was more or less compensating and they were down that day and unfortunately stayed down for a couple of days i think they went down 13 to 14% by the end of the week it was a somber time but we learned a great deal about ourselves and where things would go and as far as the exchange after the twin towers came down, the exchange became the number one target ichb new york city. if you come today, it's not like it was when i first came for a block around, there's a

security parallel. er for and you can't drive up to the exchange years ago, you could just drievl by the street and hit the pot holes. there are barricades everywhere and that's one other thing about barricades we came for the next several weeks. it's somewhat depressed mode everyone was down beat and the only smiles south of canal street were in the photos on the missing persons posters the families put up to try and find people who had not come home >> and the emotional impact, the 3,000 people dead, all friends and family knew who had died the reality of working downtown, just the fact that it was the trade center was a smoldering pit. i remember being fearful and what i remember ost, december 17th, every single person came to work. from staten island, wherever

they could >> there was no question everybody came you came because it was in it's own way a statement. you have not won we are resolute. we will make it happen again and they did i'll tell you a story. my oldest son had taken the ferry uptown and gotten to new jersey and there were no trains out to morris town where he lived. and he found other train mates and they were hitchhiking. and a refrigeration truck invited them to take them to morris town and the young lady said what's are you doing in jersey city? he said the port authority called me up and wanted me to come in and see if i could reconstitute one of the refrigeratored warehouses down by the water front they were so afraid there may be between 8 and 12,000 casualties, not 3,000.

and that's a testament to the 3400 firemen who went in and by giving up their lives, saved thousands of lives above us. >> god bless them. art, it's really good to see youen the floor, even if it is under these circumstances and ringing in the anniversary 20 years later. we were talking about the changes to the safety around this neighborhood and new york stock exchange barricades, bomb sniffing dogs, etc. certainly the area has bylaws -- it's reimagined itself into a very residential area as well. and i say that as someone who livered down here for a number of years as one of those residents. i wonder how it helped propel the evolution of the infrastructure of the markets too. because it was after 9/11 that you started to see a greater shift to electronic trading, for example, and other things that took the security into mind.

>> don't forget the fact we were coming off an almost riots period we had the.com bubble, which people seem to forget i think was a proddic of the y 2 k remember when new year 2,000 was going to strike and your bank accounts was going to disappear, elevators might not work so, the fed kept pouring money in, thinking they would hoard it in the bank. instead they bought some of the new computers you would need to work after the year 2,000. and that turned into the.com bubble it was nothing but a party up until 9/11 and then things changed. you're dead right. you see a lot more baby strollers and dog walking than you ever did when i first came down in 1960 t was all wall street. if you wanted to make a movie about the end of the world, you came to wall street on the

weekend because there was nobody here, no cars, no nothing. once the bell rang on friday, the place was empty for the next two days so, you're right, it's been a miraculous change and i am thankful for it. >> i wonder if you can reflect on then and now. because there are people today who are saying well, because of covid, tourists are not going to come back to downtown. people will not come back to work and this is what they said about 9/11 nobody would ever come back down it's a smoldering pit, who would want to be here? and within several years, it derned around. one of your greatest pieces you ever wrote, and we're putting it on trader talk today, where you quoted e.b. white about the resilience of new york an essay that essentially talked to 9 laegs 11 and don't despair, new york always rebuilds

>> absolutely and thank god it's true and it will be true after the pandemic we've got to get things strengthened out i don't hear anybody talking about herd immunity anymore. i think if we get the vaccines and variants back iborder, life, hopefully, will still go on. man is a gregarious and optimistic animal, particularly if you're american and optimism is at the soul of this nation. so, when you have a terrible thing like 9/11, you pull together and say okay, let's move forward >> gregarious and optimistic is how i would describe you for 25 years you've been my friend and mentor down here. i'm so happy to see you back and let's hope you get down here a lot more often >> it's my great pleasure and i look forward to marinating ice cubes with you and paul and the others >> that's never happened before.

thank you, guys. >> i so look forward to that as well art, it's great to see you and bob, when it comes to the process of healing from great pain or loss or trauma, the tool of medicationitation and the power of that in the process of healing, i can't say enough about it and i appreciate you sharing that on the show as well "america remembers 20 years later" tonight at 7:00 p.m. eastern. >> arthur, you have witnessed, as a stock trader, everything from the cuban missile crisis to other great financial events nothing, however, quite like this >> no, nothing quite so close to home and one of the reasons i wasn't able to get to the studio is they've closed a variety of roads. on a personal note, let me join all of you in extending my sorrow to the victims.

we've been able to verify all the various cash

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>> we're focusing on the communication services sector. top holdings include facebook, charter communications and netflix. they're up 25% year to date. watch take two it's under pressure after delaying new versions of "grand theft oddo." it's down anicator 2.5% right now. >> let's get another news update from rahe lerks. >> republican national committee says it will sue the biden administration over its plan to require many employers to mandate covid testing or vaccination. says it will hurt small businesses and their workers supreme court yus justice says it was, quote, very, very, very wrong for the high court to allow the new texas law, banning almost all abortions to go into effect they've gone to court to challenge the law.

for the first time in more than a year, lebanon has a new government a billionaire business ticon and former prime minister. he says reversing the company's economic collapse will be difficult and everyone will need to tighten their belts and president vladimir putin says they're not directed against any other country but they're concerned. you're up to date. ♪ ♪ ♪ ♪ ♪ ♪

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we did not lose anybody. we did not lose a single life and we attribute a great deal of that to the police and firemen, who were there

and lost their lives protecting our people >> can't say enough for the first responders that was former oppenheimer funds chairman here just two days after the terrorist attacks of september 11th, 2001. he joins us now to reflect on that day about 20 years later. you were a new ceo at the time you had just, the day before outlined the company's strategy, restructuring as well. walk us through that morning, given the fact the second plane crashed into the south tower where your offices were located. >> thank you, morgan and thank you for having me back i want to reflect for a second on the opening of the show where david and jim or carl were talking about mark hane. that morning of september 13th, when i came to your studios, as

a new ceo, i was nervous, apprehensive i didn't have answers to very many questions at all that morning. and your were going to be asking me questions i walked in the studio and saw mark haynes at the table, shirt and tie and coat above the desk. shorts and sneakerz blow the desk, a bowl of cereal j a bag of cheetos and i said this can't be that bad. it can't be that bad so, that morning -- you're right. september 10th, we reorganizeinized the company a number of us went out that night to celebrate a new strategy, trying to go international, institutional we went out that night, probably had too much wine. the next morning, i was sleeping in the marriott world trade center hotel i got up late. our former chief economist left

us to join cnbc. that was her first day on the job, september 11th. and so, i waited in the hotel room to see her come on and to listen to her debut. and so, i got a late start i went out for a run to clear my head, get ready for the first day of the reorganizeinized company and i was running back from lower manhattan along the river by the boat yard, by the world financial center when i heard this loud roar, sound of a jet engine and then a crash. and i looked up and the north tower was on fire. people screaming out of the hotel, buildings and i'm there in my running clothes with nothing but a hotel key on me, saying to myself i'm not going

to get back in that hotel and shower it's just not going to happen. >> it's amazing and incredible that all of your employees were able to make it out of the building safely. how did you pick up the pieces how did you react and lead your team, not only in the days following but months following >> i have to give credit to what i call the 93 veterans oppenheimer funds was in the world trade center during the 1993 bombing as well and people like corgon, sparks, haynes, buddy donahue, those people were in the building that morning and they went through every floor to get everybody out. they said you can always come back but you can't always get out. and they evacuated those floors for us and all of us owe a debt of

gratitude to them, as well as first responders but standing on the street, watching my employees come out and talking to them about what was going on inside, i remember having a conversation with a guy and i said i haven't been ceo that long. do we even have a disaster recovery plan? and he said let me begin to tell you. about three minutes later i said, chuck, it sounds like you ought to go on a ferry to new jersey and get that place open because we're going to need that and need it quickly. we wound up in eight different locations. our employees were dispersed all over the northeast and we got together, finally, in december, into single offices space in the garment district. class c office space today, all that pressure of finding office space, today all that precof dealing with

landlords and the supply and demand, those aren't there anymore because of covid people are working from home the technology has changed so much that people can stay at home and do their job. and i wouldn't have had the real estate pressures i had to get our employees relocated and back together >> and you ultimately went back downtown why? >> our employee base was all over they're spread from westchester, all the way down to new jersey spread out all over. there was no common geographic location we could come tool agreement on a flb of people wanted westchester and new jersey the common thread was let's go back we can do this we're a strong company during this whole time, we were growing. we started as the 12th largest

mutual fund company and got to the seventh largest during that period of time and we were growing fast and to speak of the resilience, we were in the world financial center and for many years, that pit had no activity. but it was a remembrance every day of what we had been through but also brought us back together as a team, as company, and a very spirited way. >> john, we're so grateful for those comments it's interesting our conversations this morning about risilience, returning to manhattan post 9/11 bleeds into these discussions now about whether you return to manhattan and the pandemic and i wonder if zoom had been available, if it would have been the same >> it would have been completely different.

i been out of the game for a while but my kids are in the game and they've been working for home for 18 months and they have real serious jobs and they're missing the comradery, missing the mentorship, missing the ability to mentor others they hire people they've never met other than a video call. i'm an old timer, sounds crazy to me. to them in that generation, it's normal it's what they're growing up with >> by the way, tharnk you for your remembrances of the cheetos and the cheerios it brings me back and we did talk earlier about how masterful he was on that day you know, we've been talking so much about back to the office and you were making that point, i just love you to continue on that do you think something will be lost by these companies that do not choose to bring people back

full time or is it simply the case because, as you point out, the younger workforce has no interest in being in an office five days a week >> i think it's a generational thing. a lot of the people in the work force today, out of college today, they're younger, different than you and i they grew up differently they grew up in a financial crisis grew up with war not that vietnam didn't have an impact on me they're different. as you've said all morning they're resilient and in different ways and i think this younger generation is going to find ways to be successful and contribute to society without interacting on a human basis with other people they're just used to the technology and what the technology provides for them for me, it's hard to get it and

understand it. and my daughter had to help me today prepare for this with my ipad and zoom. it's different i don't know nat it's better time will tell if it's going to be better. i'm on the david sulman, jaime diamond camp let's get back to work, communicate, talk to each other. exchange ideas real time i'm in that camp >> we're grateful to your dotter for helping you get set up and grateful to you for sharing your experiences and recollections on that day >> thanks for having me. >> we're going to take a quick break and we'll be right back. >> you think about the people in this building that had to get out that day but first and foremost think about your family.

running home to my 10-month old is all i was thinking about that day. ironically he's a firefighter and 21 family first and the friends and community we lost down here, whether it was my college chgendhe led the people at the exan a tirov ones.

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a former white house economist warns the chip shortage will last not one, but two years. those details and more on trading nation

thousand os of children lost parents during 9/11. theirs is a heavy legacy and every year, they've relived it on telt vision here is the story of one living in his father's foot steps >> you know, he was older than most kids. just start on wall street 20

dwreers ago when he witnessed the attacks. he found peace going to work at the place his dad loved. when the second plane struck the world trade center, chris was just a rookie broker a few blocks away. >> i had a clear view for that and i'll never forget clear as day somebody screaming we're under attack >> reporter: he'd always wanted to work in the markets just like his dad, marco >> he was one of the first crude oil action brokers on the imx exchange walking around my dad's badge and trying to emulate him. >> reporter: that morning he hoped his dad was at the u.s. murken teal exchange but marco was on the 92nd floor of the north tower for a meeting. >> i finally got in touch with my mother and my mother had said that he was there. >> just a year out of college, chris was determined to help take care of his mom but

couldn't stay at his job >> on the 30th floor, we were looking into the pit >> he quit and went to work in the same pits with the same people who knew and loved his dad. >> i just wanted to go back to the floor because it felt like home, family to me, as i was going through something that was very, very hard. i knew i could make money and help my mom and support my family >> reporter: the floor shutdown five years ago but chris has day stayed in the business this year his family will mark the day quietly, away from the tv and the 9/11 memorial at ground zero. he promised his mother he wouldn't comesee the memorial until she was ready to come here after all these years, they still haven't seen it. >> till this day, i treat as my dad's grave site, where i say a prayer and it's like i drive by a grave site for everybody that i knew

but i made a promise to my mom that when she was ready, we'll go and just -- we haven't gone down >> reporter: it's been 20 years and she's still not ready. chris is waiting patientsly. carl. waiting patiently. >> i'll take it, bertha. thank you for that report. tonight, don't miss a special edition of the news with shepard smith. we'll be right back. what the world needs now... is people. people who see healthcare a little bit differently. where technology helps doctors provide more precise care...

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president biden speaking by phone with chinese president xi jinping for the second time

since the biden inauguration we have the details from beijing. >> reporter: the good news is the two agree the talks were candid and neither side wants a competition to escalate to a conflict the bad news is that nothing else has changed president xi jinping held the long-held view that so-called serious difficulties are due to the u.s.'s china policy and that future cooperation needs to be based on what president xi described as respect for core concerns that means the u.s. needs to butt out of what the u.s. sees as its own internal affairs. expressing that president biden acknowledged the need for greater dialogue so the u.s. side is noncommittal about future talks because the u.s. has long seen,

especially more recently of this effort to ask for dialogue as a delaying tactic on action. in fact, u.s. officials say that president biden initiated the 90 minute conversation because he was frustrated with lower level conversations that weren't making enough progress as specially as president xi jinping has been a massing greater power and centralizing it the idea is to use personal engagement that personal touch and long relationship that president biden and president xi have had in order to break the stalemate. reviving a lot of speculation here that hope that maybe there is going to be and in person summit possibly this year. a lot of chatter before that they might meet on the sidelines of the g 20 summit in october. that was kind of played down by

the chinese side because president xi has not confirmed whether or not he's going to actually go in person to that event. >> the personal piece is what i'm homing in on we saw metals prices jump a bit on news of the phone call between these two leaders. historically speaking, i realize president biden and president xi have this long-standing relationship, have worked together does personal actually make a difference where chinese leadership is concerned? >> yeah, i thinks that a big question a lot of people have. probably at the end of the day, the answer is, no. because president xi is going to priorities china over a relationship with someone. what came out of this meeting is that the tone was very familiar. they've had over a decade long

relationship and a nice touch between the two. but maybe, most likely not enough to really get over the conflict >> always appreciate it. that's going do it for us on squawk on the street on a tough day on the street. thank you for joining us tech check starts now. >> good friday morning welcome to tech check. today, buy now, pay later gets a lot of affirmation in the clouds, finally we have some new hardware to discuss a