>> birthday boy. >> expedia, i like that call >> guy >> happy 49th birthday, and i like the call on broadcom, as i said, abgo. >> thank you tfo that's the abgo. >>. >> snnchts sfwlnchts "mad money." my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to save you some money. my job is not just to entertain but to put this in context so call me or tweet me @jimcramer

people need reasons to buy decides declining prices and this market just isn't it. yeah, the dow plunged 614 points, s&p plummeted 1.7% nasdaq, 2.19%. you buy stocks when they're too cheap. a dip is not a reason to buy in itself even as dips have been buying opportunities i spent the last couple of weeks warning you not to buy stocks. i told you we have been hit, will be hit late september i think there are a lot of people who had forgotten stocks can still go down and stay down. it's daunting on them you can lose big bucks in stocks others feel betrayed they want stocks to go back up because it's their right

it's right because they're like vacuum cleaners with warranties or something how dare they go down? maybe because i've been doing this for 40 years i have a different approach i look for reasons not to buy stocks just because they're down, i'm not attracted to dips. i'm attracted to stocks. you have good reason they'll start to bottom and they can work higher. if i don't see those reasons, then i will not pull the trigger. let me give you some examples. the chinese conundrum. they're finally starting to talk about that there's this real estate develop jr. called evergrant unless you're a country you should never have that kind of debt load. there are a number of countries that are like businesses

chinese communist party is no friend of evergrand. this year their government has remembered it's supposed to be a communist regime which is bad news if you're a communist and need a bailout they want common prosperity. there's a silver lining there. despite the free markets, at the end of the day china does have a command economy. if they want to punish the shareholders and save the financial system, don't let the stock go to zero, bail out the creditors. if they want to punish the business and bail out everybody, they'll nationalize it they can do whatever the heck they want. the problem is, we don't know what they want, that's why we can't just cool down we think the chinese government must have a plan

most investors believe them. we have to let this play out that's the chinese conundrum we've been through debt ceilings this one will be no different. the worst was ten years ago when the government got hit by a debt downgrade. the market dropped 19% but it did cause the bottom if you try to anticipate that 19% you got run over by a freight train. 400 cars the debt ceiling i think will be raised or the white house will find some sort of work around. we could be in for a lot more squirm and drag before that happens. third, not long ago we thought we'd get an infrastructure bill, maybe another stimulus package how can we anticipate anything from washington? fourth, covid cases have peaked. maybe they haven't peaked. maybe we'll discover a whole new way for football stadiums jam packed with fans

i have no idea nor do the professionals which is why i'm hesitant to turnbullish. fifth, the federal reserve meets and they will taper their bond buying program if the fed says nothing igher, is that positive no six, i spent all of the last two weeks warning you now we're in the seasonally weakest time of the year and you should either go short or take something off the table. given that the market pulled back ahead of time does that mean the weakness is baked in? as painful as today is, you could argue, i will, we're still at the beginning of the decline because the calendar is very ugly the fact that the dow jones average has turned negative means nothing. a collection of stocks collections don't collectively decide a stock goes down we've been cast city gated for

the last two weeks it was impossible even on twitter. i was so negative. well, sorry. the pure ipo is flooding the market with ipo supply turn off the darn ipo spigot we have an endless supply of new stocks most of them i don't want. most of them you don't want. most of them stink these insiders have to get out at all costs, why should you buy from them? makes no sense the deals in the pipe, they must be canceled to make me more bullish. finally you have to consider your fellow shareholders, often your greatest enemy. they know how to buy things whether it's crypto, tech, meme stocks they think their buying power has the ability to push it higher diamond hands. worth while. do we think these meme investors will suddenly start saying, i have to do the present value of gamestop's business. maybe we ought to figure out the

discounted cash flow of amc? never carried about that before. they certainly haven't learned about how to do it now do you think they have real reasons for making a case for buying something here? did you ever read what they have to say they're on permanent intellectual vacation. i mean pound the table adamant that while we can have a short coming rally, i bet you we get one tomorrow, this market is likely to get hammered i don't want you sucked in it's been done every year for 20 years in this period others are finally joining in. they're saying, oh, my, maybe it's bad here. the bear well, we've been going ourselves, you know what i mean? they've been saying i'm yogi or the one that's in e.b. white what is that guy the panda. you know that guy. well, whatever i'll come up with him during the break. come on, will you help me here what is the one, the guy --

pooh they think i'm pooh. like i'm pooh. i'm seeing that in twitter he's pooh. i thought that meant something else that alone doesn't give you a reason to buy. i can't turnbullish until you turn bearish until we come up with some rationale for trying to stop. right now we don't have one other than we're pooh. we sit tight and wait for something that might compel us to buy a stock because we think it will go higher. for the moment we've got nothing to hang our hats on. remember that thing i did with the hats if anything, we have reasons to sell the great home buyer missed guidance buying stick buying has been a fantastic strategy for 15 months but it's worthless in the face of a serious selloff i've been encouraging you to sell ahead i can't turn positive until i find an actual reason to change my mind. you want to be a buyer, find a reason to buy. let the pain of late september

unfold before you pull the trigger, otherwise, look, maybe you make a couple of smackers but you're going to get bushwhacked. pooh needs to speak to mark in florida. pooh pooh. >> caller: hi, jim i'm calling about a favorite stock of yours there's been repeated insider selling and a competitor fresh works will come public in an ipo. do you recommend waiting for some market stabilization or is salesforce a buy at this level >> this week is salesforce, dreamforce let me tell you about salesforce i have liked this stock since 8 bucks over 14 years ago. there have been many periods where it's been right to sell but there's been far more periods when it's right to buy i'm not saying it's apple where i tell you don't even trade it you can sell it if you're really nimble and you can buy it back but that kind of nimble i can't do let's go to heather in florida

heather. >> caller: jim, i'm calling you from a small island off the southwest coast of florida where golf carts and boats are our main mode of transportation but for most americans it's all about the car. with new car inventory issues and the hot market on used car sales. my stock question, best known as owners of napa auto parts what's your take on epc? >> well, look, my favorite is not epc. my favorite is to own a dealer and believe it or not, i have to tell you, i like this lithium motors i think they know what they're doing. i'm going with lithium by the way, i like ford very much at 12, i really do. win any the pooh likes forward at 12. that's like blue horseshoe likes anaconda. >> hey, jim. long time viewer and brand new

aap member. >> what can i do >> caller: love you. they had stories about facebook and ethical actions. they have done a terrible job, i feel, of covering up the inequities in their algorithms which also affect how they view things like the covid, radical crap that goes on with covid then there's instagram according to reports he is hiding the truth what's your take on all of this? and congress which hasn't acted properly for years. >> look, i think they've created -- they've had ethical issues i think they've grown so fast that i understand that but i think that mr. zuckerberg is an ethical person i think he's doing their best. i like what they're doing for small business

i'm not going to jump all over them too many people have used them to create new business i hope they try to continue and reform and be better at what they do and that will make people realize that they're not terrible people. all right? i don't believe they are now i've been encouraging you to sell ahead what i've said for the last 20 years is a bad period now suddenly i'm starting to hear, hey, jim, i think it's bad. when i hear people telling me it's bad after i've been telling them it's bad for a couple of weeks. we're looking for opportunities. ai airbnb, speaking of opportunities, is continuing to gain shares in the travel market it has very interesting news in our show the exclusives coming up on the show the first in person interview since the start of the pandemic. everbrand, is it at risk for collapsing i'll break it down and the beauty health company has soared since coming public

via spac earlier this year over the market selling off the company focused on helping your face do an about face are your pimples from those masks a godsend? stay with cramer don't miss a second of "mad money. follow @jimcramer on twitter have a question? tweet cramer #madtweets. send jim an email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc ss something head to madmoney.cnbc.com. with directv stream, i can get live tv and on demand... together. watch: serena williams... wonder woman. serena... wonder woman... serena... wonder woman... ♪ ♪

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the s&p had its worst day since may and you know we don't think it's over.

the delta variant and airbnb has made an impressive run higher. covid is everywhere, airbnb becomes the safest way to take a vacation, plus later this week the company's presenting at the skip global port travel congress where they'll make the case that we're in the middle of the travel revolution. a significant change in the way people move around but do not take it from me. earlier today we had the privilege to catch up with brian chesky, co-founder, chairman and ceo of airbnb who came by our headquarters in englewood cliffs, new jersey, to make his point to cramerica take a listen. brian, airbnb has created a travel revolution and this number tells me that's the case. >> yes yeah so we started just 14 years ago and when we started airbnb i remember the first person i told the idea about he said, brian, i hope that's not the only idea you're working on.

well today, 14 years later we just hit 1 billion guest arrivals on airbnb imagine airbnb being used a billion times. that's what's happened. >> it's not just that you've created an amazing industry but you've created wealth and empowerment for people who didn't have it. >> just to give you an example, since we started the company women on airbnb are hosts. 55% are women. they've earned $70 billion through airbnb the top professions of hosts are health care workers and teachers these are mostly everyday people this is important economic money for them. >> now i think what -- got some people worried was there was a belief that when you laid off people, and you had to layoff people i know because i spoke with you how heart felt and difficult that was, it was over for airbnb it turned out to be the absolute bottom, it was time to buy airbnb. >> a lot of people asked does

airbnb exist it was just the beginning. what we've learned is that our model is really adaptable. we're in a fast changing world this is one of the most disruptive times since world war ii we have every type of space at nearly every price point we can adapt to however the travel patterns change and the thing that's really interesting is we're also really innovative. we've done over 100 upgrades to our service in the first six months of this year. travel is changing >> one of the things that i find interesting, my daughter goes to madrid its that he lockdown she goes to a different airbnb every weekend. >> a world of zoom is a world where we can be more flexible, travel and go more places and what that meant this past q2 half of our business for nights

booked was longer than a week. it's not even travel this is a total revolution in how people are traveling. >> we also used to think it was a shot in the dark now we have enough to know whether we like the place. >> it works on a reputation stay when a guest stays with a host, they leave a review. another number we hit, guests have left 500 million reviews on airbnb properties, 500 million these are reviews you can only leave after you make a reservation and you pay through the platform. >> we are not done with covid unfort unfortunately. it's still raging. many fear getting in an elevator communal setting airbnb became the de facto healthy choice. >> it was privacy for a lot of people a lot of people couldn't get on airplanes, they couldn't cross borders. they could travel nearby they got in a car and said, i'm stuck in the house i want to work somewhere else. they'd get another house and

airbnb became the way to do that that's what's happened that's explained some of the milestones. >> go back to the fact that when you're trying to figure out, let's say you have some space. what do you do do you call airbnb i want people to know about this if it's a billion, it could be 2 billion. >> we have 4 million hosts people rent their homes on airbnb. >> they're on at all times. >> they're on as we speak, 4 million. they have around 6 million homes in nearly every community in the world. 100,000 communities. if you want a list, all you do is go to airbnb app and.com. we guide you through the steps we can match you with another hope takes 10, 20 minutes. >> hotels have gone up in price. >> yeah. >> i don't know why that is. maybe because they're struggling i never saw a single hotel room go down in price airbnb, how do you size up the economics say for two families versus say going to a typical hotel that is in the city? >> well, i mean, you know,

compared to a hotel room maybe for a certain cost your whole family's in one room with one bed or they have to get two hotel rooms. on airbnb you can have a whole home multiple bedrooms, kitchen, backyard, maybe a barbecue, may have a pool, it's in a neighborhood with a local grocery store, there's a host. typically you'll get a lot more for your money that explains some of the experience of airbnb or your daughter a lot of people travel on airbnb and they couldn't afford otherwise. i started this company when i was 26 and i couldn't afford to stay in a hotel. people who can afford hotels are also realizing they can have -- i mean, people love homes. that's why they live in them. >> yes, they do. >> we provide that all over the world. >> i can be negative let me ask you something is it possible that this incredible company that you created can get to 2 billion a lot faster than it got to 1

billion? >> a lot of things we know about compound growth is the next 2 billion will happen faster than the first billion. airbnb is a noun and verb used all over the world when we started airbnb it was an alternative way to travel. for many people it's not alternative, it's the default. we'll get there a lot faster. >> we saw you very early on. >> very early. >> i love this idea. i have loved it since. i've been a happy user, both sides, seller and buyer like many other people watching congratulations, brian chesky. you started it all. >> thank you, jim. coming up, what does a chinese real estate calamity have to do with your portfolio cramer connects the dots next.

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i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. we have to figure this out

how the heck did a flailing chinese real estate developer who nobody heard about less than 24 hours ago send the u.s. stock market into a tail spin today? this time of the year is the worst part of the season turns out what we're worried about this time is the potential collapse of an ethical evergrand. it is not going to last forever and it sure ain't grand. maybe you think most american businesses have nothing to do with the price of real estate in china, but what we're concerned about here is a very simple cont contagion. that's right it's a contagion evergrand has 1300 real estate projects, side businesses, electric vehicles, theme parks, sports teams, beverages. sure they're a large enterprise. by revenue it's the same sides as ibm which is nothing. the real issue is evergrand's

balance sheet. 88 billion in interest bearing debt at the end of june. their bonds are everywhere in asia not so much here when you hear evergrande is in trouble, that could be bad news for shareholders and that's how you get contagion. that's how you hear this could be china's lehman brothers moment something i don't agree but i have to talk about so what exactly is happening here first you need to understand for the past 20 odd years china's booming economy has been what's really been fueled by real estate some people feel it's been fueled by real estate. it's been fueled by real estate. evergrande became the leading developer of the prc people have been wripging their hands about chinese real estate is in bubble mode. china introduced new rules known as the three red lines with the goal of making these companies clean up their balance sheets. in short, the company made it

harder for companies like evergrande to get financing. they managed to strike a deal with investors and some government partners to escape by the skin of its teeth. that's a very difficult pattern. fast forward to the summer and things started falling apart in june they told evergrant grande consumers then the banks with the most exposure decided not to renew the loans when they would mature they cleaned up the balance sheet a bit, a tad by late july one city halted sales in some of the residential projects while many stopped providing mortgages to providers. this is also when we started hearing that the company wasn't paying its bills evergrande surprised everybody

less than two weeks after flagging it to its investors which led to another round of credit downgrates. they said they were going to do it and they don't. august 19th chinese regulators did something unusual. they resolved the debt problems and stop spending untrue information. that's their word, not mine. you rarely see this kind of public rebuke. that really freaked people out they're back on the communism bandwagon. forget too big to fail the policy is too big must fail. the founder is the richest in china. by the end of august evergrande

came clean ever grand they figure it's on the hook for 1.7 million apartments that have already been sold. that's a huge chunk of their liabilities but it's tough to finish construction projects when you don't have any money to finish construction projects as "the new york times" reported it's gotten so bad it's hitting up employees for cash. some have been told they have to lone the company money this month the headlines have gotten worst on the first they led a pledge signing ceremony call me jaded, that kind of thing doesn't inspire confidence then the company got hit with another round of credit

downgrades with fitch saying a probable default we've heard word they'll suspend on annuities chair men have promised to pay investors. this month they said they would do so with properties. parking spots. last monday things took a very public turn for the worst when evergrande's customers protested. you're not allowed to protest in communist china. it looks like they're having trouble monetizing their side businesses they have on shore bots. i think the only way out of this is a government bailout. at the same day that's not like "the new york times," that's a

state-backed new hampshire said they shouldn't expect the bailout because they think they're too big to fail. big/fail meanwhile, evergrande's stock has been obliterated with lots of chinese exposure. evergrande is a systemic risk for china. there are some sectors that will get hit. if chinese real estate collapses that's bad news for metals and mining products. plus if this causes a fall and recession in china then u.s. businesses with lots of chinese exposure can get there you think about starbucks, nike, caterpillar, tesla, even apple don't, don't, don't flint in and out of it. it's not going to work i'm not worried about the u.s. banks. we used to think that was a problem. maybe they dodged a bullet

cryptocurrencies also could collapse more than they have and i've got more on that later so you want to stay with me the bottom line, i don't think the evergrande if i as could he will do anything it gives investors a great excuse to do selling my view, sit this one out please and then you can buy stocks with zero china connection at better prices and not have to worry about a place that you had never heard of until today called evergrande. paul in texas. >> caller: boo-yah, jim. >> boo-yah, paul. >> caller: i've been looking at casino stocks and with the virus going on, a lot of them cut or suspended their dividends and then the reopening, the delta in china now. i started looking at mgt mgm growth properties which is paying a little over 5% dividend and they never cut it during all of this time so i'm wondering with all the uncertainty going on right now, would that be a place to invest in casino stocks

>> i think you deserve a higher yield than just 5% for that level of risk. i'm going to say no to that one, paul let's go to maryland matt. >> caller: first time long time, jim. >> excellent. >> caller: thanks for all you do for the average investor. >> yes. >> caller: i wanted a real estate play for my dividends i have my cost basis out and i'm on house money now the ticker symbol cube is it smart to stay in cube smart? >> yeah, that's real good. people will say it's coming down it's got good growth decent yield and good management look, i don't think evergrand e poses a systemic risk to the u.s. economy it gives investors a terrific risk to sell you might be able to find something before hand, but you've got to wait until we stop a lot of people just heard of evergrande let's make it everybody knows of

evergrande and then we start thinking about buying them much more "mad money" ahead. the fwuty health company how is the company behind the hydro facial continuing to innovate in a growing space? i'm going to talk to the ceo younger investors in cryptocurrency, could there be new threats to look out for? i'll reveal what i'm seeing. hint the lightning round so stay with cramer september 29th, the most powerful investment event of the year returns, cnbc's delivering alpha. policy makers and game changers. register at deliveringalpha.com.

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in a difficult market like the one we have right now we want to circle the wagons around the long-term growth stories that can hold up even in the face of worries about chinese credit collapse which brings me

to the beauty health company and that symbol is skin for all you home gamers. the medical aesthetics outfit that became public earlier in the year this is one of the few spac winners. real company with real sales and real earnings. they sell their product, hydro facial to health spas and get a stream of revenue. i recommended this one in june after speaking to ben saunders since then the stock is up more than 40% can it keep climbing as it has nothing to do with today's current woes let's check in with clint car fell in to learn more about his business and where it's headed mr. carnell, welcome back to "mad money." >> thanks for having us. >> we know brent sauntd ders from way back. i want it straight from the horses mouth beauty health company. talk about the category that you created and how it's different from what everybody else has >> sure. thanks, jim. brent's a great chairman and

it's been fun partnering with him this last year hydro facials are a flagship brand recruiting beauty health thus we named the company beauty health company real simple. three steps, 30 minutes to the best skin of your life. >> now there are people on my staff who use it i didn't even know about it. how did the word get out and how can the word keep spreading, including internationally? >> yeah. jim, there's a lot of people on this planet and they all have skin hydro facial is the best thing for good, healthy skin our competition, we're creating the category, defining the playing field. for us, consumer awareness is competition. going public, we've doubled our spend. high single digit domestically to become a global brand when you get it, most people get it again in fact, 2/3 of our customers stick and some become sticky getting it 6 to 8 times a year consumer awareness is the single greatest pillar of our growth

going forward. >> you're watching and you're saying, how do i know i need this my skin looks fine. or i've been spending a lot of money going to dermatologists. this seems like something that's not as good as what i'm getting. >> yeah. think about the way the market's been developed you have wonderful companies that speak well to the consumer, lotions, possessions, great brands out there that have created great companies but very little evidence of whether they work if you look at kind of the medical side of things, certainly where brent was ceo at allegan, botox is a product. very little direct to consumer marketing. beauty health sits at the bridge of the most efficacious thing in beauty brands and the most approachable things. it feels good, you look good immediately. we show you the gunk so you know what you got for $200. in every treatment you cleanse, extract and hydrate. that's something you need if

you're a 17-year-old male or 86-year-old female cleanse, extract and hydrate >> we have been since this show began more than 16 years ago big believers in what we call the razor razor blade model whether it be gillette or intuitive surgical you have a classic one. >> it's a great business model well balanced p&l. 50% razor blades, 50% delivery systems. diversified globally diversified across the channel and no one single partner of ours has any penetration inside of our p&l a lot of diversification and many levers and growth for years to come. >> many companies are connected to china your stock is up more than 120% and yet when you went to go borrow money, you've got the equivalent of any triple a balance sheet. how did that happen?

how much did you get how much did you originally ask for? >> yeah. so one is having brent as my partner, you know, the public markets really like him and are aware of his deal making the stock has performed well we've picked up endless coverage we have wonderful blue chip coverage if we were to go out for fundraising what type of vehicles would you like to see given we were relatively new as a public company the convertible markets looked like the right vehicle we're so pleased with the way we landed it last week. it felt like current investors, new investors and the company all landed this in a great place giving us a great balance sheet. we started with a small raise we ended up with 750 million. as we get towards the end of october and everything clears probably something like $1 billion in dry powder which will support our m&a which we've been clear will be the fourth pillar of growth. >> i have been an open critic of spacs but i am not a critic of

what you have accomplished this company does well in thick and thin easy to remember symbol skin thank you for being on "mad money." >> thanks, jim we can ring our hands. we can say there's nothing good but you know what i said at the top of the show, or we can look at companies that have nothing to do with today's problems, companies like skin. "mad money" is back after the break. coming up, a storm is coming so give us a call. cramer's got the answers to all your burning questions the lightning round is next.

millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. that building you're trying to buy, crafted by lexus. - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads.

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it is time time for the lightning round and then the lightning round is over are you ready, skee-daddy. jerry in massachusetts jerry. >> caller: hi, jim. >> jerry, how are you? >> caller: great i love your show i have a few of your books. >> oh, thank you >> caller: i like a stock that has good earnings growth and a low peg ratio but it hasn't been rewarded with a higher stock price and i'm wondering why. the stock is mcft, master craft boat holdings. >> i think it's hostage by a belief that that industry was an industry that was great during covid and as covid winds down people will opt out and not buy boats. i agree with you i like brunswick. bnc. >> boo-yah, cramer. >> boo-yah, david. >> caller: your staff is amazing. >> they make me look good every

day. what's up? >> caller: well, my question is about nokia. >> nok. >> i am warming up to nokia. that will be the first time since 1998 i'm not kidding. i'm waiting for the stock to come down. let's keep close and do work nathan in pennsylvania nathan. >> caller: hey, jim. thanks for taking my call. i want to know if you like this stock and if so, at what price point should i pull the trigger. the stock is element solutions inc. >> i don't noelment solutions. i've got to do something even with their incorporation i have to do something jim in california. jim. >> caller: hey, jim. should i add more sofi technology to my position? >> we're not adding anything here right now we are going to wait to see what's going on in china but i think around 13 you probably do want to pull the rigger. let's go to betsy in california. betsy. >> caller: hey, jim. i feel like dorothy today.

you know, there's no place like home i don't see anybody. i don't see anybody asking mike jackson could they please give back his horacio allmendger awa. this is a great reason not to sell >> autonation is a great company. i like lithia. i think this is their time as long as there's a chip shortage it works. let's go to manuel in illinois >> caller: i'm looking to add a defensive stock to my portfolio. what do you think of raytheon technology >> buy some tomorrow, buy some on the way down. the market is headed lower. >> let's go to abe in wisconsin. >> caller: thank you i have a question regarding spi. >> no. no no right now we're a little cool on the aerospace industry

boeing is going down under 190. that's why i pull the trigger there. dave in california dave >> caller: boo-yah, jim. >> boo-yah, dave >> caller: listen, i've been looking at this. kind of in my spec cue lar basket but there's a company called workhorse. >> no. no no no no we have enough problems around ford motor which is the king of big drops. that, ladies and gentlemen, is the conclusion of the lightning round. >> the lightning round is sponsored by t.d. ameritrade coming up, is china on the verge of a lehman brothers moment cramer weighs in on a crisis that could be coming to your doorstep next.

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like i told you earlier, this whole market suddenly worried about contagions from the collapse of this called evergrande the contagion is doing real

damage to our stock market i'm worried about a different world. i'm worried about the crypto world. there's a misperception that american banks will lose on evergrande it looks like we lucked out. you can't get hurt by evergrande if you were never in a position to get into it there's one part that could be hurt by a meltdown with the chinese credit markets and that's the crypto economy. i'm a big believer i'm under no illusion about the linkage here it's something we've talked about before, the so called stable coins this is the lynchpin of the crypto economy think of the cryptocurrency as the stable they are way too volatile. even despite what all of the companies are saying and taking.

if you want to transact with crypto, you need something like a stable coin that's pegged to real asset the largest is tether. it's backed by holdings, short-term loans and much is believed to be, but we don't know, to be chinese commercial paper. at one point we thought they owned u.s. dollars they were backed by u.s. treasuries what a bunch of idiots we were after a lawsuit by new york state, we learned they were keeping their money in the short-term debt instruments we didn't know anything about last month we talked to sec chairman about gary gensler about tether and what they owned. you should be concerned. tether said they have no evergrande concern, thank you. that can spell real trouble if the dominoes fall here 2008 lehman brothers collapsed which acted as an accelerant for the financial crisis could the same thing happen with tether just say i'm concerned why should you care about tether

if you earn other cryptocurrencies do you have an idea of how much bitcoin and others are purchased with it? if tether collapsed it will cut the whole crypto ecosystem if you own crypto, i recommend taking something off i know there are lots of younger people who own this stuff. i wouldn't be surprised if crypto goes mainstream owning crypto is a crowded trade. i don't want you to lose money if this space gets hit by evergrande these could be truly vulnerable thanks to the tether connection. take tether out and it wouldn't be if the chinese communist party liked tether, that would be one thing. they don't seem to have much interest in stopping this problem at the source by bailing out evergrande or they don't want to bail out the shareholders and creditors i know crypto lovers don't want to hear me say sell.

if you have what i do, i'm begging you, sell some wait and see if china changes its attitude towards an evergrande bailout i like to say there's always a market somewhere and i promise to help you find it. i'm ji the search for brian laundrie now the fbi's in charge. i'm shepard smith. this is "the news" on cnbc gabby petito's boyfriend still nowhere to be found after human remains thought to be hers are discovered by the fbi. the new state of the investigation as authorities raid his florida home. pfizer says its vaccine is safe and effective for children what we now know about the trial and the urgent push for fda approval >> a dramatic day of selling on wall street. >> the dow p