and countdown to blast off with passenger tj hooker it is wednesday, october 13, 2021 "squawk box" begins right now. good morning, everybody. welcome to "squawk box." happy hump day on this wednesday, let's check things out we'll see some green arrows. looks like the dow is up by 60 points, nasdaq up by 70 points this comes after three down days equities markets get a little

weaker yields have been picking up there too. the highest level all the way back to june right now yielding $1.65%. check out energy prices wti has been up. still above $80.22 news in the supply chain world. announcing the port of los angeles will move to 24 hours service, seven days a week in an attempt to clear up the back logs also receiving ceo level commitments from walmart and more with commitments from

target, amazon and more to follow the long shoreman's union saying it will be able to staff with terminal operators biden meeting to discuss this deal including the director of the ports of l.a. and long beach. president of the teamster's union. nrf president, executivesfrom walmart and target >> this is a big deal. >> we keep talking about the challenge of the supply chain. jamie dimon says we'll get through it on a market-based system or if the white house has to get involved. >> this is something they've been working on for years and not been able to get it together you not only need people there in the ports you need the trucking industry and the railroads just to make sure you are moving stuff off the ports.

the port of los angeles was testing this on a monday to thursday 24/7 to see if we could make this happen we are behind where asia and europe are they've been doing 24/7 a long time when it comes to the ports. we have not. people who have worked on negotiating, you need all the parties to be okay with it and you need the neighborhoods need to be okay with it the neighbors there don't want 24/7 either. >> christmas is coming you can't really give a lump of coal anymore, can you? >> if you can find one >> news breaking last night. the u.s. going to lift restrictions in early november at the canada and mexico borders for fully vaccinated foreign

nationals. that ends the cushion nonessential travel in place since march of 2020. when i read restrictions in place at the southern border, i could say i didn't know there were any the rules that cut off access to hundreds of thousands asylum it starts in panama there's graves along the trail because people don'tmake it in the

meantime, boeing is among the latest to require vaccines december 8 is the deadline set by presidential order. american airlines and southwest airlines said they would comply with the federal mandate in compliance from a ruling of governor believing the federal mandate super seeds any state laws yesterday, houston businesses spoke out saying it does not support the decision including exxonmobil, chevron

and jp morgan chase. you are receiving conflicting memos. as an employer, huh do you handle it. >> how voters in the state of texas will think about this there is a very free market about capitalism and businesses where both were very happy when president biden put that mandate in place because as a business it has wanted to do the entire time. >> by forcing the issue, you've backed people in the corner and

may have done some of these things when they've backed into the corner it will take a while to have settled in the courts. joining on the meantime. he worries then by forcing you've got people making decisions and this is the party i affiliate with these are the questions i have with vaccines and forcing the issue, gottlieb will force more of an issue. >> wait until you see p what will happen with kyrie irving. brooklyn nets announcing the star -- and he is a star more than just the three kyrie irving won't play or practice this season unless he get vaccinated

he's currently ineligible to play in home games for the nets for the city of new york nets' gm said they respect his right to make a personal choice but would not permit any member of the team to participate with part-time availability if he decides to sit out, he still collects $16 million of his $34 million contract so he can -- you know, living expenses that's not bad 16 out of 34 but 18million not able to collect because the nets owner and gm decided he would be paid for road games he would have been eligible to play but won't be paid for any of the home games. >> interesting to me, if you were the owner of the nets, what have you paid for the home games and the view that the contract

would have been voided or broken and he could have gone elsewhere or to another team and the question is whether another team would have taken them and would there have been antitrust concerns >> how many people are not going to go to work? >> very few. >> i don't know if it is very few. a lot of people will say, okay, i quit >> most people are not getting $16 million. >> i know. but a lot of people will say, okay, i quit >> i guess it is a strong job market >> my hope is that this is 5 or 10% of the population. if you think 20% of the population will quit their job

5 or 10 is an issue. >> especially when it is happening in the health care system >> there and to some extent, you could argue the same thing in the health care system in the argument that pilots are doing their own thing. >> the more i hear, i think it is southwest just skrud up >> the boomers 95% of people over 65. everybody else, 78%. okay, boomer >> continue to encourage >> okay millennial what are you x or y >> i think becky and i are x's >> i don't understand. coming up next, bitcoin mining coming to america. new numbers on the impact of the crypto crackdown in china.

it is next kicking off with reports of jp morgan bl blackrock ceo right after this

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welcome back to "squawk box. the u.s. is now the number one destination for bitcoin minors surpassing china for the first time as of july, 35.4% of hash rate or mining computing power was in the united states. that's up 428% from september 2020 thanks to the crypto crackdown in china which took the hash rate in september 2020 to zero pakistan ranks second. >> where where? that's right with 18% because of cheap and abundant coal power. interesting enough, we've talked about the environment and mining costs. >> use volcanos.

>> part of the argument had been very much around china and how this was powered by dirty coal more that is moving to u.s., you are seeing more being done with clean energy the story is we are winning we are winning since china stopped running. >> we'll talk more about all of this stuff you might bone up on all of that i want to mention it we are not doing great in terms

being able to get a handle on emissions. in 1965, total emissions were $11 billion. 1979, that year, $19 billion in 1990, $20 billion mitigation ways to deal with it trying to get to zero emissions is like trying to jump out of an airplane without a parachute i hope it doesn't happen here. >> i think there will be transition costs and problems along the way. >> you like to fly too --

>> lawrence mcdonald is pointing out all of the assumptions for net zero by 2050 are based on the energy consumption today and doesn't take into account you have a billion people in china who don't have cars yet. you have a billion people in india who don't have air-conditioning yet >> you'll have to keep living like you are living now. you can't live like we live if you are going to get to zero emissions. >> crypto funds coming one of those to get ahead of it. >> the world's biggest crypto fund is coming to washington to push for a new road map for regulation meeting with officials at the white house, capitol hill and

others we got an early look at the increasingly decentralized intser net. >> there is a critical need for how we are going to use technology in an open society. this is larger than cryptocurrency or digital payments this is about the next generation of the internet >> big ideas of what is known as web three. more control over privacy and better controls. and embracing stable coins and writing rules based on risk. >> right now, you have a dozen different federal agencies all of which are trying to find their place in an increasingly complex and regulated environment. a lot of are applying regulated

frameworks that are 70 to 80 years old to cutting edge technologies that just doesn't work so well >> the industry got a wakeup call over the summer this is their attempt to get out in front of the next big d.c. fight. >> i don't know what the worst cased scenario is. any given week they are really looking at some things i guess we'll know when we know. more news from the white house. now confirming it will host the 30-nation counter wear today getting over to eamon javers >> that's right. the meeting begins at 7:00 a.m. east coast 30 countries that have been invited to this counter ransom

wear meeting you see all of the countries in yellow that have been invited. take a look to the east. not invited is russia who will not be participating the sub text there is a lot of these countries meeting believe russia is aware of, if not are tolerating this score we've seen in the past year or two. they'll be talking about cyber security resilience and that is how to solve the problem misuse of cryptocurrency and saying one of the things they are looking at is the solutions to interdict payments. today and tomorrow at the white house and virtually as all of these members participate around the world.

>> thank you >> you bet >> blackrock earnings just passing the tape earning an adjusted 10.90 a quarter. they were looking at total net in flows $98 billion. this is already the biggest asset manager. they keep getting bigger every time speaking of revenue and growth

the stock now up by about half a percent. to talk about the quarter, markets and china talking about trying to get to net zero assumptions. we'll talk about all of these things when it comes up with larry in a bit a new report that apple may slash its apple iphone 13 production targets that's next. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

we are watching shares of apple after a bloomberg report that apple will likely shash production by as much as 10 million unities. struggling to deliver enough components ti makes display parts coming up, we'll dig into -- i just mentioned that. did you see brian? >> we just had him on. i thought he was recovering.

so sad 58 years old, hasbro ceo a new study that shows women outperform men at stock picking at .4% a year. >> all i heard was that they are better by i weigh, i asked to book this when i heard that just to rub it in >> a kuwaiting resul-- awaitinge from jp morgan but now, yesterday's top winners and losers hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene

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so do women make better investors than men the study found women investors

outperformed their counterparts. >> fidelity investor study tell us what you found when you dug into the numbers >> we are just as happy. i shouldn't have been surprised but i was pleasantly thrilled. we looked at over 5 million men and women and followed them over 10 years what we found in the average return over time, women on average earn 40 basis points more >> is that a year or over the decade >> the decade. and i will tell you, that may not seem like a ton but when you add it up.

we do studies all the time who is the better investor, men and women say men are. what this says is that women can and are better investors >> part of the reason is, women weren't moving a lot of times they stay pad >> women do three things well. they look at the overall goals investing consistently over time, let's say oust every paycheck and not trying to time the market they are not buying and trading so much. they are holding that longer term recipe is a recipe of success for them >> women don't have self-confidence. they think they need to know more to be more active traders

would we be doing the same thing men are doing and get better results because they may not be able to time the market the way men can? >> they are sticking with the smart, thoughtful and risk aware approach it is just that more women are investing. we found 67% of women are investing outside of their retirement savings that's a 52% growth from 2016. they are just doing it now more than ever. >> i read those numbers and was surprised too with the huge growth women showing up in more numbers. >> we are siege both men and women show up in record numbers.

>> what is important is that historically we haven't seen that women are great at the day to date householding. we started to see this back in 2018 and the pandemic was a catalyst to get more women involved in finances and investing. so it is great, great news >> why do you think it is if women have dropped out of the work force with the pandemic >> let's go back to part of the pandemic even going back to 2018, women have been on a strong economic trajectory from that time, allowing to talk it back and prioritizing what is important. this is a catalyst to do more with their money

what we are seeing and what we did. accelerating and putting more money into the thought market to see the same potential >> why do you think women have the same thought as men do >> two-thirds of women are still not confident in their ability to invest. they want more information the industry is full of jargon and have made it more complex than it needs to be. i work at fidelity i look at how do we make it more clear. it is not just for women for men as well. women ask all the questions. listen, they've worked hard for their money and that money should earn money. >> thank you really enjoyed reading about the study and enjoyed talking to you. >> thank you as well

thank you. >> thank you, becky. maybe you'd like to comment? >> on women? >> no. talking about andrew presented with our comment just that whole entire study >> they are better investors >> better teleprompter readers >> better pronouncers. >> pakistan. >> so you are trying to insult me and andrew at the same time you are a good teleprompter reader >> i think don't that percent is significant. >> i do. >> i wasn't going to say

anything i was looking for him to say something. you are very politic you are very politic >> relative to you >> coming up earnings due in the next few minutes from jp morgan we'll be watching the tape and later getting numbers from delta areas. an exclusiventvi ierew with delta ceo ed bastian that's coming up it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

we talked about this a little already hasbro ceo brian goldner has died days after he stepped down for a medical leave. on his watch, leading with big movies won the coveted license for disney princess characters and toys and marvel franchisers. telling executives to push ahead with the plan.

at only 58 years old i remember he left for a while and then -- i thought it was in remission and they came back and he seemed fine >> what a guy. such a great spirit about him. there is a peter pan element about him. >> i was shocked by the news >> i talked to someone saying hasbro ceo had died.

condolences. he was a good guy. >> we'll be right back jp morgan to report rngseain we'll have reactions straight ahead when squawk returns. ♪ ♪ ♪ ♪ introducing the biggest advancement in the history of small business bookkeeping. having someone else do your books for you. i'm linda, your quickbooks live bookkeeper. let's do this linda! sounds good! a live expert bookkeeper who understands your business. felipe, i've categorized last month's hair gel expenses.

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welcome back to "squawk box" this morning we are moments away from the big banks sharing results. stephanie link chief strategist at high tower. also with us, greg what are you looking for terms of trading numbers and loan growth right now? >> good morning. jp morgan sets the tone. they always do we have 47% of financials

reporting and the big six in the next couple of days. i want to hear the macro economy. that to me is number one are we at the inflection, andrew we are close that bodes well for the guidance and the three cs consumer credit capital markets. lots of moving parts but i think the commentary is the most important. >>what are you expecting in terms of credit card balances? do you think they'll be paying them down? >> i think they do consumers have $2 trillion in excess savings they are and have been i think credit is in check

the biggest question mark for jp are not revenues or credit it is expenses are they going to guide that expense dollar for the full year let's watch those numbers. >> 17. none interest expense 17.1 it is out. i thought i'd tell you. >> that's good >> isn't that exciting >> very exciting the company earned $3.74 revenue is 29.6. >> all revenue on a managed basis was 30.44. that's better than anticipated up 17% $3 trillion. larry fink is laughing that's not assets under

management >> return on common equity 18% >> becky, you don't see forecast at yearly expenses >> right part of that is we don't have the press release yet. >> the rot 18 is better than 17. that's a good number there expenses lower than expected revenue better than expected provision expenses will be better this quarter than next. that's probably why they didn't crush it with the numbers buts that still really great numbers. very solid >> greg, i'd pull you into the conversation i don't know if you have the numbers in front of you as well. the question i ask you, this is always the issue with jp morgan. they come out strong and ahead but the question is how much are you supposed to take away from what's happening at jp with all

the corporate banks or do you put them in their own category >> i do put them in the category of the big integrators the strong activity you are rigs what has powered the performance over the last year look, we expect that interest environment to remain challenged i do agree it is reflecting. we expect long growth to be anemic we should expect that across the integrateed. we expect they will talk about robust pipe lines and mna and a still heightened level of trading activity so that's been the thing that has powered them through and will continue to power them through until that net interest environment becomes more accommodating. i think that will be the case. >> can i tell you a few more

headlines, this is the comments from jamie dimon, the credit card spend was up 26% and card payment rates were stabilized. that did, he said, contributed to modest card line growth however in the community, consumer community banking, the loans were down 2% he said that reflected elevated pre payment if emergency and the impact of ppp forgiveness primarily offset by growth and auto off 12% they now have branches in all of the lower 48 states. they're the first banks to have branches doing that. they are planning to roll out an additional 400 branches, different from what we have seen from the banks wanting to shrink the number of branches, they are expa expanding. >> when we go to sanford you can see these numbers? >> yeah, those are great numbers on the card side the only problem, andrew, with

j.p. morgan, it's expensive. it's up 23% year-to-date these are good, very good numbers. i think you get better operating leverage at morgan stanley, bank of america and wells fargo i also think that group is so cheap you have to depend on that one. it depends on what you want in your exposure. j.p. morgan is right down the fairway. they have flawless execution the numbers are good >> my question, which is what i alluded to from greg you want to see the other banks. do you look at this and say we will see smashes across the board or look at this and say, these know how to execute? >> they know how to execute for sure i think morgan stanly is a story about diversification and nna? they're trying to diversify away from the field curve, which i like very much they're buying back 12 billion

in stock i haven't seen trading revenues on j.p. morgan bank of america, if you think rates go higher, this is your play, wells fargo was a restructuring story that have upsides to it. >> thank you, appreciate it. we're going to run through those numbers as you can imagine there ut the program. >> as andrew just mentioned, when we come back, we'll have much more, plus an exclusive interview with another financial gian bckt,la rock's larry fink we'll be right back. we'll be right back. >>n be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪

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. welcome back to "squawk box. the fda out with a long away decision on vaping products. announcing it will allow british americans to keep selling its, is it vuse solo ecigarettes in the united states. the first time the agency has approved an ecigarette brand for sale in the u.s. although the approval doesn't include some of the flavored products the manufacturers demonstrates that its tobacco-flavored products can help adult smokers. that outweighed the risk of hooking young people on the products the fda says they are neither safe for nda approved and people that don't smoke shouldn't use them they are in the process of reviews baby products.

about 500, tens of thousands have been denied from smaller players, particularly for flavored vaping products coming up, we return a trio ofic exclusive interviews. black roc ceo will be with us. you don't want to miss what they have got to same before we head to a break, we will check on the market this is morning. the dow is looking to open higher about 37 points higher, the nasdaq up ou65abt points, s&p 500 up 6 points.

financials in focus this morning as earning season gets under way. in this hour, we'll hear from bloc black rock chairman and ceo larry fink delta airlines results expected soon. ceo sebastian will talk about the results and much more. tension building between the united states and china over taiwan you will hear from national security adviser and retired army general hr mcmaster he says the united states and etc. allies are entering a dangerous time with china, the secondhour of "squawk box" begins right now

good morning, welcome back to "squawk box" right here on cnbc along with andrew ross sorkin and becky quick we will get to the dow it looks like it will open higher it's come down 32 points, 31 points, nasdaq up about 55 points the s&p 500 looking to open four points right about now >> here are the things to make headlines. the crunch has left many store shelves empty. the port of los angeles a major hub, we begin operating around the clock seven days a week, shipping companies will step up their efforts. senior administration officials say fed-ex, ups and walmart announcing commitments, house, meanwhile, a different story it has passed a bill to temporarily raise the debt limit, following similar action

by the senate last ike eweek now goes to the white house. the debt limit to early december southwest and american airlines say they will comply with the white house's vaccine mandate. that means the two texas-based airlines will defy an order by governor greg abbott which bans vaccines by employers. they say it supersedes the governor's order that as federal contractors are required to comply >> black rock the lashlgest asset manager is out with earnings estimates both on the top line and bottom line by substantial margins, too, joining us is black rock ceo larry fink we've gone used to black rock beating the numbers, the expectations this time around, also your assets under management up by a pretty significant amount, too. we are talking almost another

$100 billion in assets under management where does that put you all right now? are you closing in on 10 trillion >> no, becky, we had lines in the equity markets and we also had a rising dollar. so our assets were basically flatish for the quarter. you know, we're approximately about $9.5 trillion. we did see $78 billion of net inflows and long-term asits from our clients, which is pretty significant. over the last ruling 12 months, we saw $450 in net flows in addition to the quarter, we had quarter increases above 5% organic growth and coming in, in the third quarter, we had a 9% organic based feed growth. so way beyond what we were permitted to the street. we also had 16% increase in revenues and that's despite in

the third quarter where we had a few wave concessions of $130 million in our money market business, so this is the third son secondtive month we had over $100 million, a peak in session. so even with that, we had a 60% revenue increase in our platform and probably the most important thing to say was broad-based in ets. we actually had $45 billion in active flows, flows internationally, flows domestically and almost every asset category so a pretty outstanding quarter and almost every one of our businesses showed that resiliency. >> part of that revenue growth came from the 13% growth you saw in tech service revenue. what's happening there >> yes >> i think the aladdin system is becoming a platform for more and more of the asset's managers

insurance companies endowments and foundations and pension funds are using the platform to manage their entire portfolio to process their trades to be working with a custodial banks we've actually added quite a new parts of the business to aladdin, working with financial advisors and aladdin wealth, helping them understand associate risc across all their clients' portfolios. we hope to be rolling out in the coming quarter, aladdin climate, where we're going to have analytics to help people understand and judge and measure a portfolio. right now, it's pretty says to overlay a model related to climate risk around see what that will do related to physical impact what's going to be more difficult and it's going to take time is making sure we have the analytics specifically for every company. >> and that's going to be a function of companies reporting more and for companies with more

transparent, then we can see and judge how companies are performing towards that long-term objective of a net zero world. >> larry, your results show people are definitely investing more there is interest in that. if you look at jp morgan, they talked about how scarred spending is up sniblgly, too you put those pictures together, that gives you a picture of a strong consumer and economy right now. you do have some concerns about what you see that are significantly more concerning than the views we've gotten from either jamie dimon or brian moynihan recently. what is it that you see that concerns you >> i think we're in a long transition, a transition out from covid and during the period of covid we've seen as you said great successes in some police its of the economy we see other parts of society being left behind. we are seeing a much more

fragmented divergent world in terms of the developing world growing much faster than the developing world so we are also in this transition a part of the irony today, we have more job option than ever before and we have another 8 million people worn in the work force are not in the work force. and to there is this huge divergence between the people who are out of work or looking for a job and those companies who are looking for help i believe those who are looking for help is much more overwhelming, but i think what is transforming our world is that transition that i am talking about. i think we underestimate the power of the gig economy i think we underestimate what covid has done to so many people from around the world if terms of trying to navigate the work

family balance and the gig a lot or accommodative i think so many companies dependent on part-time workers, not paying them healthcare benefits or retirement benefits, there are alternatives to those jobs now and those great alternatives are in the gig economy have you more flexible you can navigate your hours, with more resilient circumstance you can manage from home we're in this transition this transition is people are re-analyzing their lives and they're embow powering their lives. this is a good thing they're moving to different jobs that keep them closer to home or more resilient hours and then we have the traditional parts of the economy where you may have to drive a truck you may have long hours, you may have to work different times and in many cases, you're fought even paid healthcare or any

other benefits and so we're in this transition phase, and this transition phase is ultimately a good process, but i think we're seeing these imbalances. this is why i am a little more concerned about what's happening in the economy and the world today. we need to go through this imbalance to see where we are going to be at the other end and also see more and more inflation. i think inflation is definitely not transitory across the board, as i said, i do believe wage growth is going to be much higher than people estimate as people are trying to navigate how they are managing their employee base. i actually believe more and more companies will have to find new ways to attract employees. whether that's finally giving them some form of benefit. the benefit retirement or more resilient healthcare benefits. so this is a big issue, too,

between small companies and big companies. so we're in this transition of time i seen the big people of assets on the, you know, that are in money mark funds, that are sitting on the side lines, so i'm very bullish over the long run, but could we see a period of time like we've seen in the month of september and now in october? this rotation, this consternation in the marketplace? i think that may be longer than people estimate. i think at the back end when we have more understanding of how this is all going to play out, i truly believe we are going to see higher highs in the equity markets. >> between now and then, you will see industries, na will impact margins, that's how it will play out in the market? >> it may or may not play out. it may be passed on to higher prices another big foundational issue, the dem graphics of china. china was a very large provider

of many products globally. theu.s. trade with china this year has been a record high of over $600 billion. historically, china was the avenue for this 30-area movement towards low or no inflation. the demographic issue of china means they are not going to have that availability of work force and so i don't think china, we are going to see products out of china that will continue to be low price as they were before. so there are many structural issues going on in the world and demographics in asia are going to play a big role in rising inflation rates. i think our movement away from globalization, our movement away from consumerism to more domestic job and job creations is going to you know further the advancement of wages but will probably create a more inflationary regime. and the last thing i would say,

the way we have been navigating climate and climate risks and i wrote about this and spoke act this in venice in the g-20 in july policies around the world have been more restricting supplies and changing the demand curve. we are now seeing rising inflation from energy. i think this is going to be with us for a long time we cannot restrict supply and alter the supply curve without either, one, changing the demand curve of energy and/or finding good, consistent, cheap, alternatives to hydrocarbons that's the position we are taking this is why 23 are creating investment pools we call them decarbonization pools, investing in new technologies so we can rapidly bring down the premium so we can have a just position for all societies. we're on a path right now if we

move towards a transition in energy i'm a big advocate for that. if we continue to do the policies we do it is not going to be fair and just for the entire commission. >> there are some people that will point to black rock and say you all were partially responsible for the drop in capital expenditures when it comes to the big energy companies, like an exxonmobile, engine number one and their movements. it's made some of the big energy companies, at least this is the thought and theory, it's made them much more reluctant to spend money on exploration and coming up with dirty carbon answers to these things. that's why we're in a shortage right now. what would you say to that >> there is rhetoric if reality i'd say. i'd like to talk to some of those people you were referred to we had more conversations with hydrocarbon companies what they should do than many or most of them those people telling you that i

had an international large company in our office. we are working with every energy company to work on these long-term solutions. we are the largest owner of hydrocarbon companies because as one of the largest equity owners in the world we are working with companies. we are actually working with states around this this is going to be a long transition this is not going to be a transition from brown to green it will be from dark brown to mid-brown to light brown to light green and on and on to green. so we are going to have this transition so, specifically, exxon, i'm not going to get into the specifics of why we voted, how we voted, it has nothing to do with exxon and exxon's role in exploration. it had a lot more to do with governance but i'll leave that. probably i said enough on that we are working with hydrocarbons

not against them. >> i get you know people on twitter you got to ask them about china, kyle bass talks about china. you look how dirty china is. you seem to be fine working with china, even though they're the dirtiest on the planet probably in terms of emissions and coal and continuing to build comb do you ever mention these virtuous ideas to china? >> sure. >> what do they say? it hasn't impacting your investing or relationships with china, i guess >> i guess not, joe. so let's go over reality instead of rhetoric. >> is that a catchphrase you use when you get an uncomfortable question >> joe, i'm not uncomfortable at all. let's talk about it. we have a great interconnected relationships with china as i said $615 billion of trade this year with china that is more than any country between the united states and china and any other place in the

world. those are facts, joe so black rock -- >> they shouldn't have that much china is not a global actor that's doing what's necessary to be involved with things like that we will have our lunch eaten by them eventually across the board. >> joe, your parent company just opened a theme park last month it is an interconnected economy. >> i'm not in that division. i don't -- >> joe, you are a part of the overall platform we have a great interconnected economy. we have a business in chosen we are trying to build chinese savings like we do if every other country. we work with them on retirement, on trying to build a better future for their -- building a retirement mark. the united states, they own over

2.1 trillion of u.s. securities, the chinese does i mean, this is a very interconnected relationship and i'm happy to talk about china related to environmental issues. we have taken a very high stand. we are working with over 100 public companies in china talking to them, askingthem to move forward related to issues our good afternoon fans team is not treating china or any other team differently we are treating every company the same there is no difference between the two countries in terms of how we manage. >> larry, can you speak to there? clearly doing business in china is much more complicated in terms of speaking out on certain issues than it is in the united states or other parts of the west, so the question is, to the extent that you have been able to use your bully pulpit or your letters to be able to speak provocatively about how you feel

about specific industries and specific issues, do you feel that you will be able to publicly when you need to about the issues as it relates to china, meaning, if we get in this situation with taiwan, if there are companies that are fought doing what you think are the right things, will you be able to speak out and say, you know what, we disagree with china on this? you say that vocally i think that's a part of the issue. again some pay think speaking south a virtual signaling thing. there is another argument, you need to be at the table. i get that, there is a debate about that >> the answer is, yes, i have. there are many speeches i have given while we are asking and asserting our views. we need more disclosure and transparency at every corporate level if we will own those

company's shampls we have been v -- company's shares. we have been very assertive on capital marketsand black rock has benefitted by china opening up its capital markets this is very akin to the first phase of the u.s.-china trade agreement that the trump administration passed two years ago. china has shown through many other financial institutions how they're opening up their market to non-chinese companies and that is a good thing we believe that interdependency of the black rocks and many other financial services companies to be there and to be there it is having a voice and i intend to be having just as strong a voice as i have anywhere else in the world if our client's capital is going to go to china and, indeed, we're seeing large flows from european clients who are moving into china we're not seeing much flows from the u.s. clients, overall, we are seeing more flows.

we have to be a fiduciary, if we believe they're not doing the right thing, we're going to speak out. >> george sore sorso says he is going one step further, he is proping up the regime, what would you say to that? >> so there are two phases the big part is investing chinese money in china so we've raised about a billion three in funds in china. this is from chinese investors who are investing now. it's long-term mutual funds. we look at this as they try to rebuild their retirement mark. related to the global position of black rock and foreign

policy, let me be clear, black rock follows u.s. northern policy if every country, including china. we do not go against the u.s. policies and we won't go against the u.s. policies, especially foreign policy to ar as i said, we are conforming to the u.s.-china phase 1 straid trade agreement, where we are opening occupy, where we will receive these license, that's china for china. now related to international investors moving to china, every client has a choice. right now in the embassy eye all world index, which the u.s. represents 60% of that index coin represents around five. we have recommended or black rock investment institute going from 1% to 2% so they're still not at the 5% allocation the

index s. as i said earlier, we are seeing very little flows from u.s. investors into china we are seeing extremely large flows from european and other places of the world into china and we'll all see in one year or five years whether that will be a good investment in or a missed opportunity for u.s. investors but as a global firm representing clients world wide, we're seeing flows from all the different parts. and so the conclusion is the conversations in the united states has actually really inhibited or stopped flows into china from most of the u.s. pension funds. we're seeing some modest ones from endowments. but all the flows that we're seeing into china right now are more european-based and -- >> larry, i have a quick china question and i want to pivot the question it relates to the crackdown

we've seen if china over the big tech companies, obviously people have asked you know where jack maas and the like and what the deposit is doing this goes to how freely you feel you can speak or fought on these issues what do you make of what's happening right now and do you trust the numbers you are seeing out of these companies >> well, i think the sec is reviewing that, in every conversation we've had with the equivalent of the sec of china we are asking them to do the same as the sec. we want greater transparency we want better disclosure. in our conversations with the regulators, you know, i believe they will be moving to a much tougher regime of disclosure and the reason why, andrew, as i said, we are seeing over exposure by chinese in real estate what we are seeing in the

evergrande situation the chinese have a 46% savings rate that one of the things they're not consuming as much and the chinese has no social programs for retirement so now they're building this retirement system. they wanter that companies to be listed in china, not globally. and that's some of the recalibration that you are seeing in china right now so we're going to watch and see >> i don't know what will happen in china i know existing right now you got the leader situation you've got the china pluts more than any than all developed nations combined, the biggest polluter on the planet and now you got a possibly by 2025 of something with taiwan. what would you do if china act on its intents to bring taiwan back into the mainland

what would black rock do in that case >> well, we would respond to what every one of our orders wants to do. they're the owners of the capital, two, we would respond to any foreign policy position of the us government and any other governments. we have to conform to everybody, every holder where they're dom south island >> they have holders all the time on all these issues, larry. you lead the way -- >> if we believe it's a good investment >> now you are going to ask them what to do >> joe, we will lead and follow our clients like we do all the time we have been an incredible fiduciary of our client's money. this is why we have continued to be rewarded like in the last quarter of 98 billion net inflows. we will be a good fiduciary and stew ward of their money as any other asset management in the world, whether that is related to china or any other country's position and act

we will be a fiduciary and driving our client's money in the proper way this is not our money. we will do what we believe is right for them so they could maximize a return in the long run for their money. >> larry, it will be hard to let you go without mentioning crypto we talked to you about it over the years, but it continues to grow both in terms of size and scale, you are seeing more and more financial companies develop and create platforms for it. there is continued debate about it given the comments jamie dimon just made this week. but curious if there is an update from you about your thoughts about offering crypt as to products or access for your investors? >> we're studying block chain and the whole concept of crypto. we believe that will play a very large role, whether it's a crypto governmental agency >> are you still in the jamie

dimon category of bitcoin is worthless or there is value here >> well, i am probably more on the jamie dimon camp i am fascinated by people's interests, it's fantastic. i believe this is a very good positive action. i'm not a student of bitcoin and where it's going to go, so i can't tell you whether it will be going to 80,000 or zero but i do believe there is a huge role for a digitized currency and i believe that's going to help consumers world wide. whether it's a bitcoin or more of a governmental official digital currency, a digital dollar, that will play out but what has to be phosphated about it it's great new technology. it's attracted so many people.

i have more conversation with people on the street related to crypto than anything it's fascinating how people are so fascinated, that they're showing interest in this whether this will play out well in the long run, we'll see. as i said, i see huge opportunities in a dig tased crypto block chain related currency that's where i think it's going. that will create big winners and big losers >> larry, just on the idea of this being the client's money and letting them do what they want with it one of the criticisms in the past has been the shear holder vote, that black rock gets to vote you all took moves this week, in this last week to try and address this how lit work that shareholders will get to vote their own way >> well, we net about $4.5 trillion of equities what we announce will be for about $2 trillion of that pool of money not for the whole 4.5.

it's about 1,000 clients, where we are giving them choice, wlits ch whether it's vote all the shares and follow a proxy adviser they can vote their shares by following what we may say or they can be totally independent in determines of the decision-making. this is another example of us staying in front of the needs of clients. we have clients world wide that have asked for this. we have developed the technology to do this i do believe this is going to be a great opportunity and change in terms of corporate governance we are the asset adviser we're not the asset owner. many of the asset owners are reasserting their rights with their views that they want to vote we're seeing that from our most recent response in the u.s we have many state pension funds that are looking to do this that's going to be analyzing to see if this is an opportunity.

we have quite a few uk of our investors looking to do this this is just in the beginning. i expect more and more asset owners to follow suit in doing this and, hopefully, we have better opportunity to do this for the remaining $2.5 trillion of other people's money. >> larry, i want to thank you for your time on this early voting stocks now 2.6% after the earnings number. thank you for your time, see you soon. >> thank you bye now. coming up, when we return, a lot more right here on "squawk box. we are coming back after this. hey, coach prime... i think you've got what it takes to wear the aflacket. style, charisma, and a smile, that's a 21 out of 10! [aflac!] you know, aflac can help keep unexpected healthcare costs from ruining someone's finances.

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a q&a with me! join for free on the xfinity app. our thanks your rewards. share, revenue better than expected at 9.15 billion let me bring in ed bastion, i think a lot of people are saying fantastic, first profitable quarter since the pandemic what will be the outlook more importantly, where do you see the industry right now >> thanks for coming down, i'm real proud of our team, the first profitable first pandemic major airline from my understanding will be the only major airline him that's without assistance and government aid. so the ting that's a good job, it was a tough quarter we fought through the variant. we also did it without one-third of our revenues back yet

arguably the biggest third still not in the numbers so it's a good setup i am confident the team will do a great job we're going to be ready when the travel channels return >> fourth quarter. your net profit because of what you are seeing right now how much of a head wind is that? >> fuel costs is a head wind for us fuel is our biggest costs outside of labor it's up 60%. so it's a head wind. that will be the determinant the demand is covering strong. >> who areas we want to talk about business and international i believe corporate travel are you looking at it being 40% of 20 fine levels when do you expect the start to pick up? is it in the first quarter or what do we expect in the fourth

quarter? >> it's already picking up right now. we were in 40% in the first quarter. we saw about three or four weeks ago as concerns were starting to reseed we saw business starting to return in our bookings and all forms of travel, it has been picking up week over week, last week, collectively, we were up 9%. a lot of that is due to business travel business travel, we had our best bookings in the post-era almost 50% returns last week. that also then include what is is happening with international as it returns as well. >> right now you are 35% than comparable in 2019 you mentioned before we taim came on air, they're chomping at the bit. you see it with the advanced sales in europe. tell me about that >> for european nationals, other countries are coming into our country as long as they're

vaccinated when the announcement was made by the white house they were going to open it up in november, immediately we saw a ten-fold increase overnight coming into our country. so we have been missing that so if you look at the fourth quarter, october is still going to be very much like september they happened days ago the variant was top of mind. we're going to be 65% in objection. november and december we're looking at a 10% increase because of increased business demand and opportunities most importantly, people are not as concerned about the impact of the variant. so we will end 75% of the year >> a huge increase >> it's choppy, i am confident as we look into '22, we will continue to see full momentum to get our business restored next year

>> andrew. >> as a local advocate for the industry but also for the vaccine in trying to get to our economy and society back up and running. i'm curious if you would weigh in on the pilot's union's efforts legally, suing now over the vaccine mandate? >> i'm not going to comment on another company's challenge. we got our own challenges here >> but i'll talk about the vaccine if you'd like me to. as you know. >> i would say this, ed, in fairness, you know, the entire airline industry went to washington, talked about the need to keep the industry up and running, taxpayers specifically obviously bailed out the industry in a meaningful way southwest was a part of that, all of the airline ceos were a part of that, while southwest may not be your problem, in particular, it represents a conundrum for the industry

so if you could speak to them. i think it's fair game, don't you think? >> let me tell you the what we're doing. as you know, weeks before the administration came out with a mandate, we had put out our own plan to get our people vaccinated the plan is working. i'm proud of the people stepping up and making the right decision so where we sit today, we're 90% fully vaccinated across our entire company those numbers continue time prove day by day by the time we get into november, i am confident that number will be in the 95% range. we haven't done it with a pan date we've done it collaboratively, trusting them to make the right decisions, respecting their decisions, at the same time avoiding the divisiveness what the mandate is posing to society. >> let me wrap this interview with one quick question you don't have a pan date.

have you 75,000 employees, approximately. what happens if we get to december 8 and delta has let's say 2,000 employees who have not yet said, we're going to get vaccinated are you a government contractor, what happens when you don't have this mandate >> i think we will have much newer than that. we will be 95% unvaccinated. there will be a process, people are filing for religious and medical exemptions we will consider that and get down to maybe one or 2%. we will probably be at the 98% threshold. it wasn't to try to force people with jobs. companies are doing the right thing. >> ed bastion, on a day where they report, guys, their first profitable quarter since before the pandemic him back to you >> phil, thank you when we meco back. when we meco back. we will take a loo

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welcome back to "squawk box. i'm dom my chu we want to bring you up to speed on the pre-market. you heard that ceo interview

from delta airlines and black rock before that, the big bank earnings season, jp morgan chase up half a percent in the pre-market trade right now america's biggest bank by market value comes out with results that beat and revenues thanks in part to a reserve released less bad loans. they can release money back into the earnings stream. j.p. morgan chase had a better result in the mna business so watch those j.p. morgan shares they could have a ripple effect also watch what's happening in apple this on the heels of a bloomberg report saying the company may have to scale back targets for i-phone production this year for the new models but as much as 10 million units due in part to supply cane issues coming from the supply conductor companies. apple shares down a half a percent they have been a lager this year.

speaking of that story, let's check out some of the stocks that are a part of the apple supply chain they want texas instruments and broad com are mentioned specifically down three-quarters of 1%. watch skyworks, qorvo and cirrus logic. those names in the apple supply chain ecosystem could be feeling some of the impact from that big apple story. watch those aims keep it right here we'll have much more "squawk box" after the break big day of news coming up.

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>> welcome back. boeing is the latest to mandat covid shots for employee and that's by december 8th, an that's the deadline by a presidential order for federal contractors and american airlines and west southwest wout comply and it m and meantime, we've all been

talking a lot this morning about the growing threat of china' pressure on taiwan and what that means and we're joined b general hr mcmaster and th security adviser to presiden trump and we've been talking a lot about the role of blackroc in china and one of th questions we raise is what h will do if, if fact, china wer to really go and try to take taiwan and what do you think the real risk is and if you were i charge, won't you be doing >> you're right to talk on thi topic and one of the mos important ways to deter an attack is to highlighting th financial consequences for china and i think the consequenc ought to be that china doesn't get access to the dollar economy. if they were to attack china and, also, i think what is

important today is to recognize, i don't think investors have factored in geostrategic ris enough into their decisions into china. you think it's clear at this stage that china is not only going to continue on this path of aggression. there's a whole pattern that you can see just since they forced covid-19 on the world and this is aggression not only o taiwan, but also oriented on india, and they're trying to affect the largest land grab i the south china see and a rang of other aggressions like an unprecedented campaign

>> this is a drop drawer ush and genocide should be an issue, for example and hong kong to take hippocratic ot oath. >> what do you tell them >> so you say three things don't do three things, don't

help the chinese party given a unfair advantage over ou economy in the global economy or in defense and the second is don't help the chinese communist party over wellion police stat or commit genocide or used force labor. we see in with so many businesses >> the question is, this goe back to the better to have a seat at the table and be in th room and maybe is it -- do you have a seat at the table that's the other issue, if you can't speak at the table, mayb you don't have a seat at all >> i'm not saying just complet decoupling, that's a red h herring. try as best as you can to foster

relationsrelationshipping that f the party. chinese companies as law have to act part of the party and it's striking and important to note that china will never be monolithic our behaviour toward china has been consistent with the quote attributed to len on which i the capitalists will sell us the rope which we will hang them >> i'm sure that was mccarthy. [ laughter ] >> your thursday edict, don't do

anything that would help sort of a state-run enterprise bette than a free market enterpris and by definition we can't d anything and take, for example what happened we have how many people who are nba fans? there are eight hundred millio and what is a business -- that's just as an example because is business supposed to do when there's a billion and a half consumers? and it's difficult >> this is why you have to hav a multinational pledge on this and if caterpillar losingmarke sharing, you have to make sure mitsubishi doesn't pick it up, much like applied to infrastructure investment and to counter the debt trap that china sets with corrupt government and weak governments and thi was championed bring the

japanese, and standards for th national investments and i think the tariffs should be thought of as trade enforcement mechanisms. >> we appreciate seeing you an hope to see you again on thi very important topic. buried in receipts, invoices and other paperwork that's preventing you from doing what matters most? then get the all new epson rapid receipt smart organizer to scan digitize and organize your documents and receipts. receipts go in and stress goes away. it's the only solution on the market specifically designed to extract and digitize key data trapped on receipts and invoices. and it integrates with financial software like quickbooks and turbotax. transform paper

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. good morning get ready for earnings season. j.p. morgan leading out of the gate, third quarter results. new numbers from black rock and delta air lines. you don't want to miss an exclusive interview and he's about to boldly go where well, you know who, hasn't gone before, william shatner set to be the oldest person in space with jeff bezso's new trek into space. the final hour of "squawk box" begins right now

>> good morning, welcome back to "squawk box" here on cnbc with joe kernon and u.s. equity futures are at this point indicate to open higher this morning, j.p. morgan might be helping up 80 points or so nasdaq indicated up 76 or so and treasury at last we saw were under 1.6 right now 1.566. becky. >> as joe mentioned the bank beat the third quarter revenue estimates. ceo jamie dimon said it was strong from the delta variant. he talked about cards surged and people using them up significantly. that stock up by about seven-tenths of a percent.

blackrock anticipated above the third quarter. jerry fink joined us and told us assets under management grew in the quarter. that was less than expected. he called it outstanding overall and emphasized they have scrambled the u.s. labor picture and he ultimately sees success for the markets at the end of that transition period >> i was very bullish over the long run, could we see like the month of okay, this consternation in the marketplace, i think that may be longer in the back end, i truly believe we will see higher highs. he says you could see more wage inflation, too blackrock shares up 1.6%

>> dom chu joins us with top free market movers >> those cost precious becky alluded to in the blackrock report there, also play into the stock this is morning delta airlines it's the biggest carrier it's off 1% in the trade notably, it's come to its first quarterly profit for an airline. they are coming better than expe expected forecasts see a modest loss because of riding jet fuel costs. still off one and a quarter% downgrade, wayfair shares down 3% in the pre-market, this due, in part to analysts at jefferies

that cut that from a buy rating to a hold rating and cut the target price as well they think it will are off on the pre-market trade we check on the searched for the ten-year and people focus on rates. also in that top ten, it's ewh, it's a spac, it came down reecht lip, down to 7% pre-market apple big on that supply chain worry. mgm resorts a little bullish exceptary in the last couple of days there a big focus on the oil prices. as always, joe, the rest on the

domino back over to you >> let's stick with the markets. our biggest, chairman and ceo, barry, it's good to see you. it's been a while. you got your pulse, your fingers, you got a lot of fingers over different pulses, in other words, you got businesses all over the place. how is it going in terms of reopening, in terms of supply chain? and cost precissures, in overall rebounding from the pandemic >> where do you want to start? i mean, so let's go to our basic business >> how is real estate i guess in florida? >> so real estate is strong. probably one of the strangest occurrences out of the pandemic was the rapid increases in home prices i don't think anyone would have thought that americans were seriously worried about their jobs and futures, they would have gone out and bought hao houses with higher prices.

i think it's the big surprise is the housing market and then you know some of the assets stayed strong companies were scrambling to fix their distribution and get their products from the ecom websites to their homes so industrials went right through it. apartments took a little pause a. lot of landlords, including us and the public, we have 125,000 partners in our portfolio today. we didn't want to raise rents while panic was in the street. in 2020 they had a timeout we have the slide if you have it of the rents in the last 30 days what is shocking about apartment rent growth is nationwide, it's double dylan it from jacksonville to phoenix to seattle, represents are flying it tells you something about the

consumer outcome i'll come back in a second have you the office markets, we have all been scratching our head, when will they fill? when will they recover most of us expected them to get physically full again, most at least. after labor day, the covid variant and the curve flattened. now we are seeing even in texas you are 40% occupied but we're up like 35 now in manhattan. if you you look around the world, it depends on where you are, in china, in korea, the middle east, they're in their offices, you get to the blue states, the darker states, new york, san francisco, those areram really tough. they're not absorbing the space that they were one interesting phenomenon is companies like we work and

shared offices feel a disproportion fat share of new leases companies are trying to stay super flexible since they don't know what's happening in their future and how their work force will respond to coming back to work i do giggle when i see stadiums, football statements full or or the 49ers game and they're packed nobody wants to go to the office i find that kind of interesting. >> did you see when that merck drug, the mark took off. we feed that, that will help i think that will help with what you were just talking about, people returning then i want you to comment on what the heck is happening in the labor force right now? >> my next comment you get to the hotels and run into the labor force people ask what i will talk about? i will talk about janet yellen

and how wrong she is about the economy. there are 11.5 jobs opened we can't find the whole service economy is in a crisis whether it's a restaurant, a pizzeria, a laundromat mat, amazon can raise wages no problem. they're making a trillion dollars, the richest man on earth or second richest man i guess. they can go to 15, 16, $17 in a warehouse, but mom and dad can't do that. so this labor force contraction so many people are looking for a job, the labor participation has dropped, it's hurting the under belly of the u.s. economy. it can't fully recover until these people come back to work i was at a brooklyn hotel last week we are missing 40 people they can't find them, they won't leave their house for whatever they're doing, maybe they're trading crypto, they're not leaving. i think they have to change the incentive. they should pay people a bonus

four going back to work and getting back off federal programs and state programs and get back-to-work then they can tax them, because they have a job. it would pay the government to give people incentives to go back to work it is going to cripple this recovery it is a crisis you walk around new york city, in a lot of restaurants haven't reopened they hear they can't get labor i'm an investor, they waited to open for five months to find a staff sufficient to actually run the restaurant big business isn't hurt by wage inflation. it's hurting small businesses, which is the democrat constituency it's an interesting thing. they're over doing it in the wrong direction. all these support programs in the 2 trillion or 3.5 or 1.5 trillion package they may exacerbate the problem. they can't work without white collar jobs are here i have no problem with wage

inflation. it's great if you look at the stats, the lower wage earners have gained the most that's the way the economy is supposed to work we should do that with a full active labor force, not with this fictitious shrunken labor force as a result of the government programs. >> hand-in-hand, the government can't do this without the cooperation of the fed people more and more say the fed is enabling a lot of this by keeping interest rates low and in bed sort of partners in crime o in terms of enabling all this, so then you have the -- it keeps them in there, they've got cover to stay where they are because there are jobs not being filled. so it's almost like a vicious circle what they are doing is exacerbating it, like you said >> you know they have, the fed has a problem, because if they raise rates, you know the u.s. economy with the deficits as far as the eye can see, the interest

expense is going to choke off other spending programs. you wind up increasing your deficits endlessly, we need a responsible government paying attention to how they pay money and not believing it gross on trees. it's a great segue to crypto and why it's interesting the one thing i want to mention is how rich the consumer s. if you look at the stockmarket, talk about volatility. you really have two stockmarkets today. have you the one i grew up on, i went to business school. i learned about discounted crash flows and the ability to pay dividends and grow you have a complete casino society. a complete total speccage of bubble whether it's the means stocks or even some of the multiples on the check companies that are impossible to imagine. and the number of companies losing money, you know, the big market cap is an all-time high there are a lot of warning signs that were in 2000, 2001, before

the nasdaq dropped 82% offsetting that is almost 2 trademark of excess savings that americans are sitting on, it's companies being tons of cash, debt service levels very accommodative. very cheap and the consumer is rich it's so interesting. this is a recovery where price, there is completely price insensitive. we can post any rate on the hotel. the inflation is full. that's why you are seeing companies easily being able to pass on cost increases, supply precious and various trades to their consumers. >> here's an inflation question for you. you are seeing inflation then at the same time, you heard kathy woods, also a big fan of bitcoin and crypto we can talk about it in a moment as well, who thinks we are going to ultimately see deflation over the next five years as a function of technology, what do you make of that >> i don't believe it. i mean, larry fink mentioned deglobalization, which will have serious impacts on deflation and afforded good. and technology i think is an

enabler. but the wages will, this shrunken and shrinking work force and commodity price precious in our industry, real estate, construction prices up 14% year over year, that's before the energy complex took off. so piping, pdc piping. it's a derivative of petroleum asphalt, those haven't hit yet and god forbid and we want them to pass the transportation bill, the infrastructure bill, if they can, imagine the bottlenecks for steele and concrete and piping so i think maybe five years from now it will slow down. i said before, i think inflation is not this is higher inflation than normal but it's going to stabilize at a higher rate than we've seen in the past it's good. inflation that's driven by wavenlg inflation is happiness for america. it helps middle class and those in need. driven by crazy policies is not

good >> here's the dichotomy on the kathy woods' view. she believes there will be deflation. at the same time she's a proponent of crypto, we have a screen of all the different crypto currencies effectively to your left. >> i own two of those. so, you know, for me and i think novogratz came on your show and talked to it >> or to my left. >> what jamie dimon talked about, gold is worthless, silver they have some industrial uses they're minor. it's a store value the reason i own bitcoin is because the u.s. government and every government in the western hemisphere is printing money now to the end of time and this is a few night amount of something it can be traded globally. people have fiat currencies, bolivia, it's a substitute for

gold since it's an any million float or 21, i think bitcoin, it's the biggest, it has no real purpose other than a sore value. it's crazily volatile, ether i own only of that and other coins are built off that system. as larry also mentioned, i have become very interested in the block cane technology as a whole and the digital ledger this is going to change everything we're probably in inning one of the internet and i don't know it started in 1990. it will change evolution. >> i see you as a realist with a conscience i just thought about that. you watch larry. you probably watch mcmaster, too. that was the first time i heard someone say, you know, for larry, esg, if you're going to do it, part of the theme might

be genocide, it might not be a great thing to be in there, not just governance. i thought that was a good to use it you will be dealing with all these other things but perfectly willing to go to the biggest polluter of the world, deal with them, look at them for genocide and everything else, what should american businesses be doing in terms of a country that might take over taiwan in two years? and it's getting increasingly aggressive in a lot of different parts of the world do you have an opinion on that >> yeah, when i asked myself and our team, we had conferences for our fund, we closed the $10 billion funds, which you know, we were $100 billion in assets under management we're not investor, directly in china. i tend not to it's not a china thing so much as countries where we feel like the deck is stacked or we can't underwrite the political risks of the investment it's why bother? for multi-nationals, the interest in the chinese consumer

is extraordinary the growth of the middle class and their ability to buy product, it is the fastest growing, most important consumer country in the world that's just see all these companies sort of knowing, not knowing what to do, because it is their growth engine for many companies. so i think, you know, i do think taiwan is the 800 pound gorilla in the room, i think not only obviously where they take advantage of this administration and what they saw in afghanistan, but also, you know, we're not going to physical war. but we go to trade war that will hurt us those 600 billion in trade imports from chosen that larry mentioned. you cut off $600 billion in couches and tvz and taiwan produces all the chips, i've heard in your show before. so it would be strategically a nightmare. i hope our secretary of commerce i heard on the show the other day races to produce semi

conductors are more important than oil we need a semi conductor reserve. because your washing machine will stop working. so i think it's a serious issue. i think that is the canary in the coal mine. that is really the risk to the equity market. we will most likely start with a sanction, global sanctions against china, which could, think think in 100 year intervals. we have investors that buy companies for weeks not even months so you know they will wait us out. this is their dynasties. we don't organize ourselves like that we'll throw earnings on a quarter. we have a huge ceo advantage i know japan is obviously incredibly concerned and we august to be concerned and i don't, i'm not, this is not my pay grade, but it is something that definitely worries me a lot about how to end what is a fueled rally based on liquidity globally there is so much money chasing

property values going back to real estate, property values are soaring across almost every asset class, cap rates are falling. yields are coming down and capital is chasing property because it's in the form of yield and it is not just a u.s. phenomenon, it's around the world, people are looking for yield, safe yield, real estate is a great place to put your capital. it costs so much more to build than the existing stock. it's a very attractive class at the moment i love my boring industry. >> larry, having said that, if that's a place to put your money, what do you think of the equity markets you spent time there, is that not going to be the place to invest >> well, as you said, there is two marks, right and rising rates, maybe the capital will come out, tech is basically mark by the way, tech has never been more important to the real estate markets, drive in new

york city, berlin, all these cities and the expansion of facebook, google, so they are the net users of space in global cities around the world. they continue their rapid expansion around the world you go to a city where tesla, i'm sorry, where google is like in berlin, you know they will build some -- there's kids there, it's a great city, it's fun, pubs. so i think the -- i think the equity markets are -- are basically, they should come down, other than the fact that there is so much money in it so the perception and also the ability to get in and out, the robinhoods that make it seamless to trade, you know, but there is this whole speculative economy out there. doggy coin, that's a totally worthless coin that was started as a joke and i have a friend who trades crypto

during the day and djs at night, she's trading nfts i just feel like it's like i don't know the right word, a ponzi scheme when musical chairs stop, why did i spend there are 300,000 on a digital monkey which is completely useless other than people all over the globe, a global phenomenon. maybe that's what they're doing trading crypto and these coins, one is up only, what a great name for a token is other is fomo baby, fear of missing out babies they have 200 million market cap. some on the name fear of missing out baby is exactly what the cycle is out. it will probably go up 7,000%. it went up 6,000% last week. >> all right thanks we are playing the music i was laughing about, hey, guys, think it's above barry's pay grade, what would it mean it's above ours

i don't think you get to use that expression. i don't think there is anything above -- is there anything out there? >> barry had those the other barry used to say, that's below my pay grade. >> yeah. i think that barry ought to use that i think he seems more realistic. great to have you on we haven't had him in a while. we didn't talk vaccines or anything either mandates. >> we're heading back. when we return, a brand-new read on inflation. the economic metric that everybody is watching right now. plus, we're less than two hours away from today's scheduled blue origin space flight. on board, captain james t. kirk, elmsf. stay tuned you are watching "squawk box."

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commodities a little relief in there. new vehicles up a strong 1.2%. apparel down 1.1 a little mixed bag here. the food energy stuff up big and pointing to this idea. i'm taken by bullish comments yesterday, it takes two to tango. the question as to whether or not the federal reserve and fiscal policy overly accommodated the ability to spend. it's a big story what you see when you look at the probabilities down the road, very quickly, is the probabilities of rate hikes are coming closer so what was it

december 2022 possibility, looks like a rate hike in september. that's been moved forward. >> just to tie this back he said he can charge basically whatever he wants tore a room. >> unbelievable. >> it gets filled. and i wonder. >> i fell off my chair i hit my head when i heard that. that is quite arkable. one of the ways, barry lives there, i know theoretically. one of the ways to stop it is there is a given elasticity for pricing. barry is saying it's not out there. it doesn't exist it is quite remarkable i think that's a combination people can pay it, also the full supply of rooms is not on the market right now i don't know if you got to talk to barry about that right after he said that i fell off my chair. i had to get ready for this number i don't know if that's partly the result of some supply not

being out there. but one of the things we will be watching, investors need to watch for in this upcoming earnings season, is the extent they will be able to pass along prices and then some what we saw in the second quarter was this margin expansion. if it costs you ten bucks extra, you raise prices by $11. you got away with it, which is what barry is talking about right there. so now the question is, have they met that resistance because that's one of the things the fed, and economists think is going to happen. you need a certain resistance, that stops the prices from rising if he's not meeting resistance, that means inflation has a process that has a ways to go. >> steve, i don't think the resistance level has been met just yet but we appreciate your perspective on all of this >> no. >> you bet. >> thank you >> thanks, guys. some news this morning on the packlog in america's ports, kayla tausche joins us with more on this. >> reporter: good morning, becky, the biden administration

secured a 90-day deal between the port of los angeles and workers union to operate 24 hours a day seven days a week, joining the port of long beach in expanding hours to process more shipments at the country's busiest ports. now under the commitment to be announced today, the international long shoremen and warehouse union will provide around-the-clock staff walmart, med expand ups will move towards 27 already have 7 service to support them and additional pledges from target, samsung and home depot in all, the white house says 3500 more containers will move between now and the end of the year they will be hosting labor groups and port executives to bring attention to this issue. senior administration officials say the moves won't solve the problem overnight and they'll need more private sector health to continue. they'll need private companies to continue stepping up. they are looking next to trucking and freight rail companies to use incentives to

expand overnight this comes as supply chain disruptions continue to hamper economic growth forecasts and drive prices of goods higher you were talking white house officials suggested that trend may not begin easing until 2022, becky, when they can figure out some of these log jams. >> kayla, what you said was news to me. we talked about this story ear earlier, this was only the next 90 days. then it's back to business as usual? >> well, the white house has called this a 90-day sprint. some of these pledges are referenced as 90-day pledges him when they talk about increasing the volume at the ports, they talk about doing so until the end of the year. it's unclear what happens after the turn of the year i have reached out to the white house to ask how long this specific deal is, how long these pledges are, but certainly in the rhetoric around really when these efforts will be ramping up, it is about the next 90 days i know the white house is acutely focused on the holiday season, there is a lot of talk

among officials when they look at the data and economics, they believe some of these disruptions will start to ease at the beginning of next year. so perhaps they are trying to work towards that deadline and that can do more if that's not met. >> the key here is the white house is putting the pressure on it but the additional wages, the additional costs for all these things will be born by the private companies and the ports? >> that's correct, becky, certainly, senior administration officials are aware there is a carrot stick dynamic they are focused on the carrot at this point. but the stick may come later. >> thank you, great to see you >> that. w thanks, when we come back, jim cramer will give us his opinion on this and comments coming out from jamie johns first, we head to break, check out shares of delta air lines hosting its first quarterly profit since before the pandemic

the ceo joined us earlier in the show and weighed in on the government vaccine mandate for contractors, which includes delta. the city expects 95% of delta employees to be vaccinated by next month when you think of what we've done, we haven't done it with a mandate, trusting our people to make the right decisions for themselves, respecting their decisions, but at the same time avoiding the divisiveness of what the mandate is imposing to society. society. >> but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people> achieve their financial goals. visit findyourindependentadvisor.com feel stuck with your finances?

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. welcome back to "squawk box. started 10.1321 in under two hours, william shatner james t. kirk and three other crew mates are scheduled to blast off from west texas at the blackrock. they will fly the edges of space for a ten-minute fully automated trip like the one that blue origin jeff bezos took in july before they parachute back to earth. 90-years-old, mr. shatner will become the oldest person to ever go to space. >> he's getting a free flight out of this one. would you take the flight, joe

>> no. >> still no? >> no, no, no no no no, i'd go to. >> we should say we love shatner. >> you know how much i love shatner. he has been on the set. >> we has been with us. >> you remember jim carey did a great. if i couldtary this. >> back if time. >> there we go >> i did carrie's imitation of shot 7 and then he told him somebody needs to fire and he looked 60 back then, that was a few years ago. >> fought 60 he looks great >> neither one of us has aged. unfortunately, he looks younger than i do, but he is a competitive specimen listen, you hear becky laughing? i thought that was kernon. >> that was me, that was then. >> i'm going to find it. >> it looks like she's preparing. >> i am doing a little bit >> oh.

>> getting ready for that. right now, we are getting ready. >> my big three, shatner, grassley and clint my big three you will have idols. you have an idol already, done you think? >> i have plenty. >> who is your idol? if i can pick one, i will not do it >> i don't know. let's leave it alone. >> dolly parton is amazing she's stuck to that even through the pandemic she's funny, classy, always rem and she stays country. she is amazing. >> she's got one now you got to come up with one. examine. >> i'll come up with my other idol >> fauci >> jim cramer. >> i'm going with becky right now. >> let's go down to the new york stock exchange and check in with idol right now how are you doing? >> danielle craig my idol, he came into my restaurant. he's the greatest guy. just the greatest. fabulous wife. what is not to like about this guy, daniel craig is the best there is

>> i do love him >> i do, i loved sean connery before him >> you i dough think daniel craig upped the ante, agree with you. what do you think about p morgan this morning >> i thought it was great. usually jamie says something so the stock goes down. we're praying he sticks to the script that would help. because we got good investment jamie, will you stop freelancing? you know, hey, by the way, i think my stock is a little too high no, it's good investment banking, a very good week for goldman and morgan stanley i like the quarter very much i want to caution people there saulss some moment where people or somebody says something and it doesn't go well so, no, i wouldn't pay up more than this blackrock was fantastic. larry finger with those numbers. he can say whatever he wants all right. >> one thing he said is inflation concerns him if you listen to jamie dimon, if you listen to ron money hasn't from bang of america, they're talking how strong the consumer

is you look at the credit card data, it shows you, larry has seen more investments coming in, you would think that would create a rosy picture. he thinks we could have choppy times between now and the longer the early. >> this is the predominant theme. we got to get through it, every time we have an advance in the market, sellers come in because of stagflation i'm a little more sanguine i think we have to wait until we get through all these sellers. there is just an under current every day that it's not worth paying off, those who pay up end up getting slaughtered yesterday was the day people liked the cloud stocks i betcha they kill them. no consistency >> just the stock -- >> i liengd the darn thing. >> it was great. it really made me think an awful lot about who is going to have to pay up for companies that have been holding back on that that's a more permanent change they're willing to pay for

shipping fees to try to get through the logistics, the log jam, we were talking to kayla what the white house is doing, forcing industry to deal with this and the unions altogether the next 90 days the real question is who will pay up, who's not? >> we will hear jamie hunter later this week. i got to tell you something, becky, labor is winning and people are choosing what they want to do it is the great resignation and i listen to what they want to get the ports going. i can't believe 24/7 labor force has a reason, they don't want to work they can't unload the trucks by the way, you pay people more to unload trucks, they will do it but you have to pay. and so far people just, the capital capitol is acting like this is transient. guess what, they have to pay more for wurns the ceos that are paid billions, they're not liked anymore. >> they have to deal with a strict if they don't >> we're not going to do it.

will you turn money over to shareholders, not to you deere has been an unbelievable money maker, it's time for the workers to make a lot of money they say workers make a lot. no, they don't >> especially the ones showing up and actually doing jobs in person and have been through the entire pandemic. these are jobs that can't get done on zoom >> they're making the same as ten years ago. during the period, ceos didn't make much more than workers. it's one of the reason reagan era was so great by the way, we want to remind you the new cnbc investing club, find out more at cnbc.com/investingclub or put your phone on the screen, it will take you right there we'll see you. coming up, an update on the three big stories we have been following, vaccines, markets and bank earnings and today's cnbc

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welcome back we're following vaccines, markets and bank earnings.

meg, we got some news this morning on moderna >> yeah. andrew, we are waiting for the fda to post its briefing documents ahead of a meeting later this week. yesterday we got the news on moderna for its application for a booster dose the fda later posted i get opinion, saying just as it did for the pfizer vaccine, that overall, all of the vaccines available in the u.s. still afford protection against severe covid disease and death in the united states so the question, of course, becomes the need for a booster dose the meetings are being held thursday and friday, thursday to talk about moderna's vaccine, friday to tack about j&j's application for a booster, as well as mix-and-match data essentially showing, two months out, you increase the protection to 94%

they said antibody shows if you space it out to six months, the protection can be even greater what we are waiting for this morning is for the fda to weigh in on j&j's booster application. and then really excitingly people are waiting to see results of an nih trial. we're going to see the results from that trial either day or friday a lot of people are waiting for that andrew and you have of the outcomes do you think is going to be drink by the implications for health, let's say versus around the larger issues. places around the world how much do you think that's going to way on the decisions we're going to hear about, versus the efficacy numbers?

yeah, you know, the administration has made clear that they think we can do both of course there's been a lot of criticism globally to the vaccine, but that probably will not influence this decision. the science question is, does protection wane to the degree that we need boosters right now, but experts do expect that we are likely going to see a clearance for the moderna booster and for a j&j booster, probably sometime next week. of course, 65 and above, we don't know, probably, right, meg? modern specifically asked for the same gripe group, but the is not quite as high to start with, so it will be interesting to see who they recommend it for.

>> meg, thanks. let's get to santoli for the it broader up markets. >> six weeks we down, what, 3.35%, 4%, back to levels we first reached in early july, so it seems as if there's been a sideways pattern it seems as if it's been a rally sellers market pretty well-defined, though making the case that internally the average stocks are doing better that is the s&p there is still a cyclical improvement message inside the market, but tough to see through the s&p specifically obviously we got that slightly hotter than expected inflation num

number the overall retail sector has still retained most of its gains. now still flat late january, but more or less trying to hover, but you have the dollar store they can't really pass along pricing. the question is how much of the sticky in -- semiconductors is another worry point emerging obviously you like to see it in a confirming sector, and it's faltering as well. we're going back six months, no real net progress. might be this is saying that it's got to the saturation points we'll see if that plays out. the -- the year-over-year

quarterly numbers from last quarter, will that be the peak growth for year-over-year earnings what's the are the estimate right now ♪ the estimates for this quarte are 24%, though i did see some numbers, it's more like 16 mott rating the question is what does it do on a forward basis more like a 9% gain, once we get hundreds of companies offering coloring guidance to see if it modifieded forecast. >> so many cross-currents. we were talking about supply versus demand. there are restaurants where you can't get a table, and you go in

and there's like ten tables open it's not that the tables aren't available. it's they only have enough waiters and staff for like half the restaurant to be full. >> thanks, mike. >> see you later. >> not just the restaurants are only being half full that's with the waiters and waitresses on there taking on more tables than they do it's not that they're slacking or doing it, it's that the people working are doing it incredibly hard. that does it for us today. we'll see you right back here tomorrow morning that's decision tech. only from fidelity.

somebody in there? [ scream ] micheal myers is still alive. tonight, our family will kill him. i want to take his mask off and see the life leave his eyes.

good wednesday morning welcome to "squawk on the street." i'm carl quintanilla here with david faber and jim cramer the futures turn -- ten-year near 159, fed funds future close to pricing in a first rate hike as soon as september b ofa, blackrock, delta all beat, bu