this $8 run in merck is excessive. i sold some upside calls >> pete. >> it's all about energy, mel. i'll give you occidental >> guy >> halliburton >> thanks for watching halliburton. >> thanks for watching "fast." "mad money" with jim cramer starts right now my mission is simple, to make you mope. money. i'm here to level the playing field for all the investors. there's always a bull market somewhere. "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 money. my job isn't just to entertain you but to teach you so call me or tweet me. remember friday when we were all excited about merck's covid drug this market has a memory of a

monarch butterfly. i was too generous this market is like a lantern fly. it eats your money they sense your duty and their duty is to kill it that's how i felt today with the dow losing 324 points has me seeking 1.3 but the nasdaq coming in 2.14% where all the damage was here's a point worth remembering though as we go lower, the easier it is to go bargain hunting. so what made this important? first it's been so easy to make money in stocks for so long that lots of people forgot how to handle a selloff there's lots of new investors who want out before they give up their days we forgot there's a down side to the decreasing democratization it's an accelerant when stocks are going higher, it's fabulous. the new investors buy the dips,

borrow the money, buy call options because dip buying seems to work. when stocks go down and then don't bounce, that's another story. these people are learning that a decline isn't necessarily a buyable dip. it could be a draconian punishment that wipes out traders and what fall is expecting an imminent bounce for a year and a half it's what new investors needed whenever i preach about things, practice the charitable trust. i think younger investors spoon about how foolish papa taking from big i explain i didn't want people to give back they told me i was too old to listen to. that i didn't understand the movement, that it was time for me to retire nobody wanted to hear about the virtues of discipline and making it so they have some money

we had a new market. better market. always making it harder for people to try to make money. i was keeping people in and i begged people to realize this was not a new market, it was the same old market and eventually there would be a reckoning there's always a reckoning i gave you time for it the market tends to swoon in the second half of september and carries into the first couple of weeks of october that's why larry williams told us the smart move was to sell around september 17th. you can see temporary blips. i expected another one this week now that we're down 79% on the nasdaq that's a decent sized decline. we don't find an investable level until later this month this negative call wasn't rocket science. we need a new term now that william shatner is flying in rockets. real ones. it's been this way for the last

23 years that's right, 23 years of course, these new investors would hear none of it. they assumed i was operating in bad faith trying to keep them from making money. that really did take me by surprise i've managed money and been writing about it for 40 years with the latest being the cnbc investor club. my call is always the same, trying to help you make the most amount of money with the least amount of risk i don't want your money. i don't want to take your money. i want you to get rich carefully. right now there remains plenty of risk although with the nasdaq bruised and the market down 5% from the highs we can start looking for buying opportunities but we have to buy stocks gradually on the way down if you jump in on every dip, you're going to get slaughtered. seemingly endless foil wrap. for the longest time the bull market was great didn't have to worry about economic weakness if you saw the price of food going higher this is one of the practical jokes. higher oil is great for the

stock market as long as it doesn't go too high. oil $77 a barrel that's too high it means we're in an inflationary nightmare scenario. it's not just oil, it's natural gas. we've had an oil and gas glut in the country. we were producing more than we knew what to do with every time the prices went up they spent a fortune on drilling oil supply prices went back down last year the puppies got religion they stopped spending beyond their means. that's why their stocks have been on fire now they're no longer drilling like crazy with borrowed money that means much less oil and much less natural gas which comes to the surface when you drill for oil. so suddenly these fossil fuels are in short supply. we don't even have the pipeline infrastructure to get it where it's needed. they've killed five pipe lines in the last few years. that's why so much remains stuck in ohio and west pennsylvania.

we can send it more easily overseas than boston when we see it, we're petrified. there's been strong inflation for months but nobody cared until it started hitting gas prices of course, the flip side is if oil pulls back the averages will roar again, while you see the bear mauling you have to see it won't hit all time highs as it did today. don't extrapolate every negative trend. you wouldn't do it for the positives. third problem with the market tech is out of the world bad facebook has been on the corporate end. can't even keep its own end right. i commend facebook for its excellent work and it's still doing that, doing a great job. the leap memos did take my breath away. i interviewed marc benioff and i asked him how he would fix facebook if he had the chance. benioff told me there's two kinds of companies, those who believe in the truth and those who believe in power

he thinks being a single source of truth is what matters and that safety should be paramount. clearly according to the memos facebook disagrees now my charitable trust has owned the stock forever. we are up huge in this thing but i think it's time to let facebook go. there are better opportunities so check your investment portfolios for more. it will be hard to part with it. i've created fang. that was the f as for the rest of tech, it's seen tremendous profit that's what just happens there's nothing wrong with profit taking. you know why this is happening, as i've said repeatedly, we have too much supply. we've had a huge wave of ipos. they've all started to blur together which weighs down the e salesforce will come right back to life but deals need to get pulled every day i come to work post 9

here at nyse, every day i see more companies finally there's washington and the world. washington is a nightmare. president biden and his allies seem incapable of anything, don't they from the debt ceiling to the infrastructure the chinese keep flying over the taiwanese air space. it's a good start. getting covid under control is incredibly important even for inflation. if stocks come down we could be due for an over sold bounce. plus oil prices ever go down, the average will explode higher. this market's already forgotten friday's good news because of this everyone suddenly realizes this is a tough market? i say tomorrow's a brand-new day. maybe you'll forget this ugly session too. nothing would shock me at this point. now we're about to get into one of my favorite parts of the show getting to talk to you, cram cramerica. last night we launched the cnbc investing club this is an opportunity to get emails from yours truly.

you can see exactly how i'm investing in my travel trust for instance selling the facebook. yes, i'll also tell you when i screw up and how it went wrong, like i bought some other stocks too soon total transparency join my mailing list by going to cnbc.com/investingclub or scan the qr code which will take you right there. influenced by you. let's go to jack in pennsylvania jack >> caller: boo-yah, from allentown, pennsylvania, jim how are you this evening >> i was in allentown this weekend on the way to the eagles game and maybe wish i had stayed there, frankly what's going on? >> caller: jim, i'd like to get your take on one of my favorite turn around companies and i think it's one of yours too. ge jim, what are your thoughts on a reverse stock split and the purchase of bk medical >> bk medical shows they play office reverse stocks, i wasn't sure whether that was necessarily the

right thing to do. i know they felt they had too many shares. i believe in larry kulp. they need boeing they need aerospace. they need covid under control. a lot of things they need. i think they'll get them but not that quickly how about steve in new jersey please steve. >> caller: hey, how's it going, jim? >> going okay, steve how about you? >> caller: i'm holding tight >> yeah. >> caller: i have a question about my -- oracle my single largest stock position you know, i've noticed that several analysts have slipped through the ratings, reduced the ratings. i thought maybe i could get some input on this stock. >> no. i don't -- look, i happen to think that oracle is incredibly well run i don't think there's anything exciting i don't think there's anything boring i do prefer dell over oracle they've had a series of quarters that make me feel like oracle is

doing quite well in the cloud and no one is talking about it friday's good news, already forgotten by the market but tomorrow's a new day maybe today they'd forget today's pain wouldn't shock me. i say don't get too negative that's a bear. that's a picture of a bear i was never an artist. big blue is gathering up for some big changes i like that company. they announced the breakup plans. i'll check in with the ceo of ibm and see what the changes mean could a dash of mccormick maybe spice up your portfolio? down 15% i'd say so let's speak to the ceo on what's known as national taco day after the recent report paychex has rebounded to all time highs. what a move it's just had. i'm going to get a read on employment and the stock and the ceo so stay with cramer.

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a hideous tit-for-tat. what held up fine was the stock of ibm they're jettisoning it do you believing down and a particular focus on the hybrid cloud and ai

today the company held an investor meeting where they outlined what ibm will look like post breakup management is taking sustainably hit mid level growth and generate 35 billion in free cash froe welcome back to "mad money." >> it's all the a pleasure to be here talking to you. >> a lot of people felt like you are going to get maybe some low to mid single digit sales growth or you're going to get good cash flow and not that good growth or, you know, no one believed we could do some growth you laid out targets that said it's not going to be difficult for you to hit both high growth and high cash flow. >> that's right, jim so we talked about how we spent

a couple of years now optimizing our portfolio and that portfolio is going to generate the mid single digital revenue growth sustainably. >> as you know, the free cash flow generates the investment power that helps fuel the revenue growth >> i also like the whole theme about consulting to be a partner as opposed to be consulting to bring other consultants in or to not work hand in hand. the delta example i think is a perfect, perfect paradigm for what you can talk about to our audience >> absolutely. so look, jim, our rolling consulting is to be the part leader and their journey to hybrid

cloud and ai in the delta example you talked about we had deep understanding of the application landscape we knew how to bring hybrid cloud to unlock value for them whether it's flights, crews or passengers then as you go about moving, their case over 90% of applications to cloud. the actual infrastructure will be amazon web services but on top of it is going to be red hot and red hot. i think on top of that ibm software, cloud packs. all the world done by ibm consulting and if they need other applications from some of our partners like salesforce or adobe, they'll bring those in as well really ibm consulting becomes the lead in establishing the top leadership and the business transformation with our clients together with all the technology skills they need to do the work.

you talk about your hyper scale partnerships with microsoft and amazon candidly the old ibm would not mention those two companies. they are your partners you work together. >> you brought together services, all kinds of technologies that our clients needed, hardware, software, in other cases business consulting partners like ey as we mentioned here you have to recognize microsoft

and ibm are going to be there. let's add value to them as they bring value to us. >> when i think about the hybrid cloud opportunity, to me it is your largest and i was always hoping that red hat would not be a bolt on i was hoping it would be the gateway. i think if you talk about the hybrid cloud opportunity for ibm people understand why you can have those targets and the targets on phantom >> so we make red hat at the heart of our platform strategy you call about the hybrid platform the heart of that platform is red hat but for every client who wants then there's another 3 to $5 of software you do the math. maybe 30% of the clients do that you get that share of that there is a services opportunity but services also brings in a partner be it sap, be it salesforce, adobe, et cetera but software partnerships like box and palantir amongst many

others so this ecosystem helps bring more revenue in but through the platform and the multiplier effect we get a lot more revenue. that's why we feel so comfortable about this and as you pointed out, jim, there's so many opportunities be it around automation, the data fabric that goes around multiple clouds that red hat brought to us and in cybersecurity which as you talked about before, there's so much opportunity because of the sheer threat that the bad actors are bringing. >> i have to tell you. it was obviously a terrible day for the market but you laid out -- when i first met you you said this could happen a lot of people had doubted you. i am not a doubter i am a believer and this day really cemented that i want to thank you, chairman and ceo of ibm bravo, sir great meeting. >> thank you, jim. this is a different ibm and it's one that i think you'll like because it's got very good

growth and lots of cash flow i'm tired of just getting one without the other. "mad money's" back in. coming up, can this stock be a taste maker among investors. cramer gets the seasoning that could spice up your portfolio next

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whatever you want to do with the safety stocks or maybe some say so-called safety stocks, they're getting steam rolled here because they're only recession resistant and not flinch resistant take mcormack. they got a huge boost during the lockdown as theeconomy reopened this stock became a house of pain it looked like it had stabilized and the rest of the market was

rolling over unfortunately mcormack reported stocks were good sales were on fire the stock got hit 3% response. the problem, higher raw costs. material costs are so tough. higher packaging costs higher transportation costs. if we can solve our supply chain issues, mccormick could be a terrific buy can we let's look at the chairman ceo of mccormick and company welcome back to "mad money." >> hi, jim great to be here with you today on national taco day. >> i was going to -- it's funny you mentioned that because i wanted to tell people and we were joking at my staff that you started a very funny thing which is to have people try to, you know, mention that there was a chance to get the job. 5,000 people applied for the -- what, to become the director of taco relations >> that's right. we had 5,000 applicants for

director of taco relations our ambassador for all things taco we announced joe luna today as the successful candidate and have kicked off a campaign you know, jim, we got over 700 million social media impressions out of that campaign. >> it is a brave campaign and we think that when we look at which part of the food group is where you want to be associated with, it's hot and what goes -- what does hot go on sfwhes tacos. so when it comes to the secular trends of food, you're right on top of it. >> well, jim, you know, flavor is really what consumers want today, especially younger consumers. of course, tacos are almost ubiquitous family favorite taco tuesday is almost an institution but you're absolutely right hot and spicy flavors are very much on trend and what consumers

want today and are a big part of what's driving our growth. >> and the cholula, everybody knew it they didn't have the heft they didn't have the management, they didn't have the money you're translating it into much better numbers than it had three years ago. >> for hot sauce, we targeted this as a growth category. we see hot sauce as a liquid spice and the category is growing tremendously you know, at the current rate of growth hot sauce will pass catch c catchup in a few years we're the number one hot sauce generator.

we want more and more flavors and it looks like i can get the whole panoply from you guests want many different styles of heat it's not one size fits all for that business and you get that >> it is and we've introduced a whole -- we've got a whole range of cholula flavors in addition to the original flavor. they had some of them on the market already, the formulas needed some adjustment because they had things in them that consumers don't want clean flavor is one of our specialties so now we offer a range of great tasting varieties of cholula that all have really clean labels, all fresh and natural ingredients. >> when i go to a convenience store i just saw last week i went to a convenience store and i got the red hot goldfish i've had goldfish forever. red hot goldfish, it was doing to me, like, okay, i've got to

try that it was delicious it's something that didn't exist, what, a year, two years ago? >> this is something people think of us as -- they know us from our hot -- variety of spices and herbs on grocers shelf. they forget there's a whole other side which is making the flavor systems and some of the health and nutrition companies as well. red hot goldfish was right at the crossroads of that business. >> i was going to say, to me it just popped. i'm not used to being on one of your conference calls where you talk about how you had a call with chairman jerome powell wherein frags is how transitory is it when you see it we all know your business is going to go great in good times and bad but we just hate to see the earnings not be able to flow -- you know, the sales not flow down to the bottom line like it used to. >> if i can step back from the noise of the quarter, jim. if you look back to the

pre-pandemic time to where we are today, we have grown sales operating profit and earnings per share almost 20% versus the base year 2019 year to date. so we've had tremendous success as we've gone through the pandemic and we continue to grow i think that differentiated growth is what we're best known for but we're also known as a consistent performer we're looking at unprecedented inflation as all of industry is right now and we're going to have to manage our way through this time of cost inflation just as we have in the past it's going to be a mix of price increases unfortunately and cost effectiveness through our cci program. >> at the same time you continue to be very good at trying to get to zeitgeist tabitha brown, health and witness focused recipe this is what i like. your caribbean inspired blend sold out in just 39 minutes. once again you have something if

you could make much, much more of you could bring it right to the bottom line. >> you know, that is absolutely true you know, that's a great example in ecommerce that was intended as a limited edition recipe, but it did set us -- it did allow us to set a record for ecommerce in one day. across our business right now the supply chain is really our limiting factor. demand is extraordinarily high for all of our products, both on the consumer side, the household brands we were just talking about that people know and love but also for our flavor solutions and flavor systems business and transportation and logistics issues getting a product from point a to point b is the single limiting factor. it's he not demand demand is incredible. >> last week i had a sustainability conference. people asked me how important is it to have a diverse board i just said, look, if mccormick had a board that represented the old way of all white people not

knowing much, i don't think they would know any of the trends the trends that are really driving things and that this is -- your company is a great example of the more diversified, the better the sales. you have to agree that that is part of the secret sauce, so to speak, of what mccormick does right? >> i think it's diversity up and down the whole company from the bottom to the top. you call this our board. the bore, you have to have an example at the top our board has ten independent directors. two african-american, four women, a latina, a north african. i mean, it is a very diverse, diverse board and sets the tone for what we try to drive through the whole company. diverse insights bring better business results that's just a fact. >> well, look, these raw costs can't keep going up. that's never been the case, but the sales keep going up here which is why the stock down 15% is pretty interesting to me.

great to have you on the show. >> jim, thanks for having me okay, guys, look not everything goes up all the time sometimes you get a stock like this down 15% and you just buy it and you put it away knowing that the sales are going to be great but the raw costs can't keep going up. they do stop "mad money" is back after the break. coming up, when it comes to economic indicators, checks marks the spot cramer gets a peek at labor and more with paychex next

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how can we get a handle on

the job market with the all important non-pharmpayroll report the big outsourced human resources division is doing so well as a kicker the company has a terrific read on small and medium size businesses paychex shot the lights out. the analysts didn't expect this. they delivered tremendous top and bottom line beat and raising the forecast across the board. the stocks went up 107 to 115. so what does that mean for the broader economy? let's check in with marty mucie. you know him behind this one the whole way to get a better read of the quarter and the labor market mr. mucy, welcome back to "mad money." >> thanks, jim always good to be with you >> there's so many, let's say, ironies this quarter for you one is we know that delta has ravaged the southeast. south was incredibly strong for you. a lot of them would have felt

small business was doing poorly. the small businesses are doing unbelievably well. finally, i've got to tell you we're supposed to not be able to find anybody to go to work maybe your digital automation has helped them too. it all came together this quarter, didn't they >> it really did we had a fantastic quarter, 16% revenue growth really strong. great team at paychex that made it happen. our clients really are rebounding you're absolutely right. we've seen a lot more employees coming back and our small business index will come out this month what you're going to see while growth has slowed down a little bit for businesses under 50, it definitely is still strong, certainly strong almost as prepandemic. >> is there a switch in where small businesses are i think we've all experienced anything that goes wrong in our house, anything that we need, garden, landscape, it's impossible to find someone if we were to look at where the new bits ar businesses are, how

many are in the three to 10, 20 person group of people that fix things up? >> a great deal of them. the biggest issue is there is a great demand of folks. there is a shortage of people to do that. businesses are trying to find people and continue to grow. it is a high demand and i think it's going to be for some time. >> okay. now the other thing that you were doing that makes it so there are more people, the people existing can do the job there's a great moment in the call all these innovations, paychex precheck the paid benchmarking, client dashboard. all of these things that are leap frogging the competition. talk to us about this great assemblage that you've put together >> yeah, jump, you know what we've found, businesses small and mid-sized businesses need to be more efficient. that's their biggest issue on top of recruiting and retention of employees on being efficient, paychex precheck is to be able to

compute the payroll, send a link by smart speaker even out through a.mazon or google or sir and say, here's your check it's coming up please confirm it's correct or if you have any issue with it to let your employer know it's making the employer much more efficient on top of that, the recruiting need is so important we've created products that will digitally send information from the client to indeed, the world's largest job posting site when somebody applies that comes back and preloads into our system we've made it a lot more efficient and easier to hire people and retain employees. >> if that's the case, there should be some surplus labor out there. where did everybody go, marty? 10 million job openings? i don't understand where people disappeared to >> i think, jim, you know, you've talked about it on the show i think there's a lot of early retirements. when the pandemic hit a lot of the boomers intended to retire a little bit earlier

they came out of the work force. there's more parents coming out of the work force because of child care issues and there's overall concerns with safety and getting back to work and whether they wear masks and whether there's mandates i do think as you see some things coming up, the unemployment boost is over i think you're going to see that the moratorium on rent payments is going to come off where people have to pay their rent. tuition payments, people have to get back to paying loans from school you'll see employment continue to pick up over the upcoming months. >> i was thrilled to see you are the number one 401k company. could you give me some view on how you educate people i think there are a lot of people who may not be covered by you in the same way people weren't covered by the ppp by you didn't get the information you give what are the types of information you are giving to 401k administrators? >> we're getting out there we have a tremendous sales force. we're getting out to say to people, clients, employers and

prospects, hey, if you have a retirement plan, it is a very strong benefit now compensation is one thing, but benefits are becoming even more important to hire in this really tight market so we're out there making sure that they understand not only our traditional 401k but we have a pooled employer plan as well where we become more the fiduciaries and make it a lot easier for the client to be able to handle the 401k and get it out to their clients. all of this can be done digitally on our five star mobile app you can sign up and change your deductions and see your balances everything is a lot easier today with our innovation. >> let's not leave out the thing that the millennials don't like talking to people. they like talking to machines, don't they >> yes, they do. so, yeah -- sorry, jim with everything on the mobile app that makes it -- >> you have an app. >> people are talking to alexa knew all the ones -- you've lined up everything, haven't you? >> we really have. and we're the only business now,

only payroll company out there and hr company that connects to all three of the google -- of the assistant -- voice assistant platforms and you can -- now that can give the client themselves here's your task of things to do today, it can let the employee know, hey, your paycheck is ready. it's deposited in your account or, hey, do you want to make any changes to your 401k everyone wants to connect to their smart speaker or mobile app and we have it at paychex. we're very proud of it. >> one thing analysts have missed is customer loyalty you have from ppp. a huge number of people. you talk about getting the credit back. it looks like these are people that are going to be with you for life. >> i really think so we were given an opportunity in a difficult time to show how much value we can really bring to our clients and they were very excited by the fact that we helped our clients get over $65 billion in ppp loans we've also now reached almost $5 billion in employee retention tax credits.

that is cash in the hand of our clients that can help them either hire or retain employees. its he really been important and we're going through a whole precheck of all of our clients to see how we can help them get those funds while they're still available through the end of this year. >> again, i like this because i am a client of paychex and the job you guys do is terrific because there really is wall to wall coverage. when we have a lot of things on our mind and a lot of things to do, we need paychex to focus on what we need to do marty mucci, congratulations big run of stock. >> "mad money" will be 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.

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crepe corrector lotion... only from gold bond. light things round is sponsored by t.d. ameritrade before we start the lightning round i want to be sure this is on your radar screen last week we unveiled the cnbc investing club it means a lot to me this is about educating, teaching and recommending so that you can find an investment that suits you i want you to think of this as a brokerage house except we don't want your commissions. we want you to learn that's what matters to me. make sure you're ready for tomorrow's pre-market newsletter by heading to cnbc.com/investingclub or scan the qr club which will take you there to sign up and i hope you

join me and now it is time for the lightning round. and then the lightning round is over are you ready, skee-daddy. let's go to kelly in illinois. kelly. >> yeah, boo-yah, jim. >> boo-yah row generation the company is doing everything right but they're like qui quicksand. >> we recommended it to the teens. we have not looked back. let's go to richard in california richard. >> caller: good evening, jim thank you for taking my call i've got questions about valet, symbol vale. >> iron ore, this is a company that is a tortured company that i don't want you to touch. it has too many environmental issues and i think the chinese economy which provides a lot of the buying has cooled. kevin in massachusetts

kevin. >> caller: big, big boo-yah, jim. >> massive boo-yah back to you. >> caller: rock star hey, before i get to my equity, is nvidia a german shepherd, your new dog >> no, it's actually a cattle dog. 47% -- it's an australian cattle dog but thank you for asking a guy on the street today and he said boy i love you. i love nvidia right back how can i help >> caller: my equity is bionano -- >> that's as speculative as you can get. understand that that one could be cut in half and no one would care that's the problem vito in new jersey vito. >> caller: boo-yah. >> good to have you on the show. what's going on? >> caller: long time fan love your show listen, i'm calling about plug -- >> i love hiram. we were talking about the investment club and i said i am

a huge investor of green hydrogen plug is the most bismal way to play it. i myself prefer -- oh, boy, whatever but i prefer one thing and one thing only lending. why lending? because they make the -- they are the largest maker of hydrogen you need a lot of hydrogen to have green hydrogen. let's go to richard in washington richard. >> caller: oh, man how are you, sir >> i am doing well how about you? >> caller: i'm great thank you. thank you for asking, mr. cramer i was calling about otg. sounds like it's a pretty solid company. they're putting out high ee fish sentences ensi sounds like a win-win. >> a lot of marbles there. i want to do richard justice but

i couldn't see that. me too covid play. no thank you i'm a seller that, ladies and gentlemen, is the conclusion of the lightning round. >> thelightning round is sponsored by t.d. ameritrade coming up, crypto, fin tech and a generation's lingering scoring for big banks. is jamie dimon the man to steer jpmorgan through these modern head winds cramer makes the call next when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web.

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jamie dimon, ceo of jpmorgan just came out swinging at the cryptocurrencies in a new interview. while he's right about some of the particulars, maybe he's missing some of the big picture. before i get started i agree with dimon, cryptocurrencies have no intrinsic val suevalue. jamie dimon doesn't have a whole lot of credibility for some of these things he dropped the ball on point of sale products that i think he could have dominated on.

so many didn't want the hassle of working with big bank he doesn't seem to understand the antipathy young americans have on big banks. in the scheme of things that hasn't mattered to jpmorgan stock which hit a new interday all time high. like i said, he is a great ceo even if he dropped the ball on tech he's ton so many other things right. the thing is i think he's dropping the ball again when it comes to crypto. he could be a standard setter grabbing the bull by the horns why not? sure they have no intrinsic value. most younger investors are financial mules. that doesn't stop them from making money on them no intrinsic value compared to what the dollar we've had a free floating exchange rate since the '70s it's like bitcoin or ethereum. point two, regulation. i agree it needs to happen i speak to every single cybersecurity company and the whole industry is adamant cryptocurrency is almost always

used for ransomware payment. that's the government's fault. you want to stop ransomware payments, you need to crack down on the businesses that break the law. plus i think there's an amazing opportunity for any big bank ready to get into the game we have stablecoins. people use them to conduct transactions tether got sanctioned by new york state and the company behind it no longer allowed to do business here tether is backed by tens of billions of commercial paper we have no visibility depending on what commercial paper it is maybe it's exposed the evergrande fiasco. something issued by a trusted financial institution. this could be jpmorgan's moment. jamie dimon missed the square revolution because the younger staff didn't bring it to his attention. will the same thing happen with

crypto he could own the entire market say jpmorgan is going to make it a stable ccoin he would leap frog over. to me this is the single greatest opportunity in the banking universe much greater than paypal, visa, master card. you can follow this by joining our new investment club. yes, you can follow along with me here's what i'm thinking i'm so excited about this club that i'm encouraging you to join me on this investing journey point your phone on this qr code and away we go i want you to know why i like master card and paypal i know it feels hostage. i say set up a separate division taking over the stable coin business could be momentous. the valuation versus the rest of

the market is still way too low because the bank needs to innovate and use the trusted brand to dominate crypto and become the banker of the next generation too it's jamie dimon's call. i always like to say there's a bull market somewhere. i promise to find it for you i'm jim cramer see you tomorrow "the news with shepard smith" starts now facebook critics pounce on its business practices, then all of its sites dgo away. i'mshepard smith this is the news on cnbc facebook, instagram and whatsapp down for hours what we know about the worldwide outage the morning after damning accusations against the social media giant. >> there were conflicts of interest between what was good for the public and what was good for facebook >> now the whistle-blower heads to congress to testify under oath beaches destroyed, wildlife found death smothered by tar after a massive oil spill in southern california.

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