talk about what's going -- we're continues to provide for defense capacities to the ukrainian. we're talking about what's going on in both the baltic and black sea, et cetera there's a whole ranges of things where he's calculates how quickly can he do what he wants to do. he's an informed individual. i believe he's the long term of implications will be >> you've gotten a lot of questions about voting rights, mr. president, but i want to ask you about black voters i was in congressman clyburn's

district yet you opened the news conference talking to him i spoke to a number of black voters who fought to get you elected and now they feel like they don't feel you're fighting hard enough. they see this as more of a last-minute pr push than a legitimate effort to get legislation passed what do you say to these black voters who say you do not have their backs. >> i've their back i've never not had their back, and i started on the voting rights issues long, long ago i think part of the problem is, look, there's significant disagreement in ever community on whether or not the timing of assertions maid by people has

been in the most timely way. i'm sure there is those saying why didn't biden push it as hard -- why didn't he push it six months ago the fact is that there is there's a timing as to what focus it is, but part of the problems is as well i've not been out in the community enough i find myself in a situation where i don't get a chance to look people in the eye because of both covid and the things that are happening in washington

to be able to go out and do the things i've been able to do provided well -- connect with people, take a measure of my sincerity, a measure of who i am for example, as i pointed out in south carolina, you know, last time when i was chairman of the judiciary committee i goat the act extended for 25 years, and i got strom thurman to vote for it that's what i've been doing my whole career so the idea that i didn't anticipate or didn't speak to it as ver fenly as they wanted my to -- similar, i spend hours and hour and hours talking with my colleagues on the democratic side, trying to get them to agree that if in fact this occurred, the push continued, they would be there for john lewis and -- anyway, so, um, but

i think that's a problem that is my own making by not communicating as much as i could have, yet you find that when you deal with members of the black caucus and others in the united states congress, i still have very close working relationships. it's like every community, i'm sure there are those who in the community and big lake guy, i'm sure there's people in labor saying why haven't they done a, b, c or d? it's just going to take a bit of time. >> you put vice president harris in charge of voting rights are you satisfied with her work on this issue? and can you guarantee -- do you commit she will be your running mate in 2024, provided that you run again? >> yes and yes >> do you care to expand >> no, there's no need to.

she's going to be my running mail, number one, and number two, i did put her in charge and i think she's doing a good job >> big picture, particularly when you think about voting rights, the struggle you've had to unite your party around voting roots, unity was one of your key -- in fact, you said your whole soul was bringing america together, uniting people people heard the speech you gave on voting rights in georgia recently in which you described those who are opposed to you to george wallace and jefferson davis. what do you say to those offended by your speech? >> number one, anybody who listened to the speech, i did not say that they were going to a george wallace or a bull conner i said we're going to have a

decision in history that is going to marked, just like it was then you either voted on the side -- i didn't make you george wallace or bull conner, but you did not vote for the voting rights act back then, you were voting with those who agreed with conner and so -- i think mitch did a real good job of making it sound like i was attacking them. if you notice, i haven't attacked anybody publicly, any senator, any congressman publicly, and my disagreements with them have been made to them, communicate to them privately or in person with them my desire still is, look, i underestimated one very important thing. i never thought that

republicans -- for example, i said they got very upset i said there are 16 members of the present united states senate who voted to extend the voting rights act they got offended. i stated a fact. what has changed what happened? why has not a single republican, not one -- that's not the republican party that's not an attack >> reporter: is the country more unified than when you first took office >> the answer is, based on some of the stuff we've got done, i would say yet i still contend, and i know you'll have a right to judge me by this -- i still contend that, unless you can reach consensus in a democracy, you cannot sustain the

democracy. so this is a real test, whether or not my counterpart in china is right or not. autocracies are the only leaders that can prevail i believe we're going through one of the enflexion points in history that occurs every several generations with more time than that, where things are changing almost regardless of any particular policy. the world is changing, in big ways we're going to see -- you've heard me say this before you're going to see more change in the next ten years than we saw in the last 50 years, because of technology, because of the fundamental alterations in alliances, just because of

the nature of thing. so i think we'll see an awful lot of transition, and the question is, can we maintain the democratic institutions that we have, not just here but around the world to be able to generate democratic consensus on how to proceed? it's going to be hard. it's going to be hard. >> reporter: what have you done to restore americans' faith in the competence of government,

and are you satisfied of the view of your competenceof your government >> let'stake afghanistan i know you all like to focus on that, which is legitimate. we were spending a trillion dollars a -- i mean, a billion dollars a week in afghanistan for 20 years raise your hand if you think anyone was going to be able to unify afghanistan under one single goal? government it's been the graveyard of empires for a solid reason -- it is not susceptible to unity, number one so, the question was, do i continue to spend that much money per week in the state of afghanistan, knowing that the idea that being ability to succeed other than sending more body bags back home is highly,

highly unusual my dad used to have an expression he would say, son, if everything is equally important to you, nothing is important to you. there is no way to get out of afghanistan after 20 years easily not possible, for matter when you did it i make no apologies for what i did. i have a great concern for the women and american who were blown up on the line at the airport by a terrorist attack against them but the military will acknowledge and i think you know a lot about foreign policy, that had we stayed, had i not pulled those troops out, we would be asked to put somewhere between 20 and 50,000 more troops back in, because the only reason more americans weren't being killed than other is because the last president signed an agreement to get out by may 1st

had we not gotten out, an acknowledgement is we would be putting a lot more forces in do i feel badly what's happening to as a consequence of the incompetent of the taliban yes, i do. but i feel badly also about the fist ulas taking place in the eastern congo. i feel badly about a range of things around the world where we can't solve every problem. i don't view that as competent the issue of whether or not there's competent, in terms of whether or not we're dealing with 5g or not, the fact is you had two enterprises, two private enterprises that had one wanting 5g, and airlines they are private enterprises

they have government regulation. what i have done is pushed as hard as i can to have 5g folks hold up and abide by what was being requested by the airlines until they can modernize over the years, so that 5g would not interfere with the potential landing. so any 5g tower within a certain number of miles of the airport should not be operative. so i understand, but anything that happens is consequential, is viewed as the government's responsibility i get that am i satisfied with the way in which we have dealt with covid and all the things that go along with it? yeah, i am satisfied i think we have done remarkably well you know, the idea that -- on testing we should have done it quicker, but we have done remarkable since then. what we have is we have more

testing going on more than anywhere in the world. we're going to continue to increase that. did we have it at the moment exactly when we should have moved? and could we have moved a month earlier? yeah, we could have. with everything else going on, i don't view that somehow as a mark of incompetence i physically went to mish gan, stood there in a factory with the head of astrazeneca, and said we'll provide the machinery for you. we'll help you do it so you can produce this vaccine more rapidly. i think that's pretty hands-on stuff. we also said right now, when people -- the hospitalizations are overrunning hospitals, and

you have docs and nurses out because they have covid. we put thousands of people back into the hospitals look at the military personnel, first responders nobody is every organized. nobody is ever organized a strategic operation to get as many shots in arms by opening clinics, and getting so many people vaccinated. what i'm doing now is not just getting significant amounts of vaccines to the rest of the world, but they now need the mechanical way is how they gets shots in arms. we're providing them the know-how to do that. now, should everybody in america know that? they don't necessarily know that they're trying to figure out how to put three squares on a table and stay safe. i do think where i was a little disappointed, could have written it differently s. was the

legislation to provide money for covid and providing to the states to keep the schools open. some didn't do a very good job some are still holding the money. there's not anything he can do about that there are things that could have been done faster i understand the frustration you know, i remember -- i think it was cabinet member saying to barack obama, where something was going on, and he said, well, you can be sure, mr. president of the millions of employees you have out there, somebody is screwing up right now. somebody is screwing up. so, you know, it's just -- but i think you have to look at things on balance what is the trajectory of the country? is it moving in the right direction now?

i don't know how we can say it's not. i understand the overwhelming frustration, fear and concern with regard to inflation and covid. i get it the idea -- if i told you when we started, the first year i'm going to create 6 billion jobs, i'm going to get unemployment down to 3.9%, i named it all, and you look looked at me like i'm nuts maybe i'm wrong. >> reporter: with as much washington experience as you entered this office with, but yet after we sit here for more than an hour, i'm not sure i've heard you say if you would do anything differently in the second year of the term? are you satisfied with your team here -- >> i'm satisfied with the team there's three things i'm going to do differently, now that i've gotten the critical crises out of the way in the sense of knowing exactly where we're

going. number one, i'm going to be out of this place more often i'm going to talk with the public, do public fora, i'm going to make the case for what we have done, and number two, i'm bringing in more and more, now that i have time -- literally, like you, i'm not complaining, it's, you know, 12, 14 hours a day no complains, i really mean it sincerely. i'm also going to be out there seeking more advice from experts outside fro academia to editorial writers, think tanks, just like i did early on, bringing in presidential historians to get their perspective, seeking more input, more information, more

constructive criticism the third thing i'm going to do more of is being in a situation where i'ming are able -- i'm going to be deeply involved in the off-year elections we're going to be raising a lot of money, making sure we're helping all those candidates, and scores have already asked me to come in and campaign with them, to go out and make the case in plain simple language to what it is we've done and why it's important how many more hours am i doing this i'm happy to stick around. you always ask me the nicest questions. i know you do. n >> reporter: a new year.

why are you trying so hard in your first year to pull the country so far to the left >> well, i'm not, i don't know what you consider to be too far to the left if in fact we're talking about making sure we had the money for dough individual, money to pit together the bipartisan infrastructure, making sure we were able to provide for those things that in fact significantly reduce the burden on working-class people i don't know howing that pointed to the left. you guys have been trying to convince me that i am bernie sanders. i'm not. i like him, but i'm not bernie sanders. i'm not a socialist. i'm a mainstream democrats, sand have been. if you notice, 48 of the 50 democrats supported me in the

senate on virtually everything i've asked >> reporter: you clarified a moment ago whether or not you believed we would have free and fair election in 2022 with some of these state legislatures reform their voting protocols. you said it depends. do you think they would in any way be illegitimate? >> easily. imagine if trump had succeeded in convincing pence to not count the votes. >> reporter: sir, in regard to 2022. >> imagine if those attempts to say that the county was not legit, you have to recount it or we're going to discard the following votes? i mean, sure

i'm not saying it's going to be legit. the increase -- the prospect of being illegitimate is in direct proportion to not getting these reforming past, but i don't think -- you're not going to see me, and i don't think you'll see the democratic party give up on coming back, assuming that the attempt fails today. >> reporter: one more, sure. you campaigned and ran on a return to civility i know you dispute the characterization that you called those folks as being bull conner or -- but you said they would be in the same camp. >> no, go back and read what i want tell me if you think i called anyone who voted on the side of the position taken by bull conner that they were bull

conner that is an interesting read of english. i assume you have it in the journalism because you like to write. >> did you expect that -- >> there's certain things that are so consequential you have to speak from your heart as well as your head i was speaking out forcefully on what i think to be at stake. that's what it is. by the way, no one, no one forgets who was on the side of bull conner. no one -- the history books will note it. when i was making the case, don't think this is a freebie. you don't get to vote this way and somehow it goes away this will stick with you the rest of your career, and long after you're gone. >> reporter: mr. president -- >> folks --

[ inaudible question ] >> okay. whoa, whoa, whoa hang on, guys. we've only got an hour and 20 minutes, i'll keep going, but let me get something straight here how long are you ready to go another hour or two? [ inaudible question ] >> okay. i tell you what, folks i'm going to go another 20 minutes, to a quarter of, okay yes, sir >> reporter: thank you i'll wait for the mic. president biden -- >> i want to thank my communications staff you're great help here. >> president biden, on the coronavirus, we are tragically approaching nearly 1 million americans who have died. i would like to ask you, why it is during your 3 1/2-hour

virtual summit with the chinese president, you didn't press for transparency, and whether that has anything to do with your son's involvement with an investment firm controlled by -- >> the answer is, i did raise the question of transparency i spent a lot of time with him the fact is they're just not being transparent. >> transparency on the coronavirus origins? >> yes. >> you did >> yes. >> reporter: is there a reason your press staff was unaware of that >> and they weren't with me the entire time. >> reporter: and what did the chinese president say? >> i made it clear that i thought china had an obligation to be more forth coming on exactly the source of the virus, and where it came from yes. we're going to break away from president biden's first

solo press conference in, i think, ten months. one of the rare press conferences on the eve of the one-year anniversary of hi inauguration this, folks, is "fast money. i'm tyler mathisen in for melissa lee. we did have a big show for you it's going to be big still, but we are going to start with kayla tausche, who's been listening in let's get to her for some of the highlights this has been a wide-ranging -- there's a lot on of buffet table. he did hit on several. >> this is just the second time that the office or press corps have had an audience with the president here, which is why they're urging him to keep going. but it's happening against a backdrop of global flash points and spring of -- the president

touting some of his achievement s there are some darker truths behind some of the statistics. for instance, he talked about decreasing child poverty, but that's become because of the child tax credit, which just expired last month now many households are without that for six months. they're asking what happens next he did suggest that there may be some pain alleviated that americans are feeling, and then he tried to preview what his year two agenda will look like he said, he thinking he can get pieces of the bills that have been proposed pasted onless

landmark build back better spending package, he said he believes he does have some support for that as well he suggested his top trade official is currently weighing the lifting of tariffs on some chinese goods and says he wants to get a plates where he can tell beijing that some of those can be lifted, but, by far, his steepest foreign policy challenge will be deterring a russian invasion of ukraine, tyler. so manyquestions on that front today. he said he believes vladimir putin wants to test the west and test the united states, and that there is some division among nato partners on the extent to which they want to respond to mr. putin, depending on the level of the invasion. he made some waves, mr. biden did, when he suggested perhaps a minor incursion by mr. putin would not be met with significance actions, but later he attempted to walk that back

throughout he was consistent in saying he believes mr. putin has not seen sanctions as costly as the ones that the u.s. is putting on the table, and that there will be a steep financial and human toll for russia if mr. putin does invasion. tyler? >> thank you very much one of the things he did seem to point out is if russia moves against ukraine, russian banks would not be able to deal in u.s. dollars that would be a stiff and stern-point for them kayla, keep listening in we may come back to you. i don't know if we've got a trade here guy, tim, steve and karen are with us tonight. let me ask you, karen is theres in trade that you can discern from the hour and 25 minutes we heard from the president >> no, i don't know what there would broadband. i feel like what was going on in

the markets was sort of the big story of the today nothing made me feel that something dramatic was going to happen, but all of that being said, i thought it was an interesting day in the market. it wasn't a panic, but we sauce the volatility index tick up, and the last hour was a bad one, so maybe tomorrow could be a turnaround day. >> it did start to slip away things were starting to slide, and this feels more and more, guy, like a bit of a mudslide, you can't get out of the way of it there is places where you could make somemoney, but gently speaking, this felt a bit like a mudslide >> a bumudslide is a great drin,

by the way even more rare our tv time with you. what a gift. i think energy, he's poking the bear clearly i think this thing with russia, my sense is that it gets worse before it gets better. i think all things continue to point to the energy trade, tangentially, he mention -- i think cybersecurity is still front and center. >> tim, you spent a lot of time studying russia and investing there, and so i'm very interested in your perspective on what's going on in ukraine. the president certainly indicated that he didn't think putin had made up his mind yet, but he certainly did indicate he's going to do something you don't come this far -- big countries, he said at one point, don't do small things.

i wonder what you think the effect of an incurring into e ukraine would be on global markets. >> i think there will be a spike in the price of oil. there would probably about rally in the dollars, a dynamic that may bring yields down, but you asked about putin's intentions in ukraine, and we could have spent three hours and not gotten to the surface, simply they see that nato backed up to their back door, you know, as a great insult, and something similar to how we might feel if somebody was done that in puerto rico i think the relevancy of putin in the global world is something i think he continues to try and fight for, and i think this is about also trying to maintain his power base in russia which, you know, without that rule, i think putin has major issues in

the next regime? russia look, that's the story here. i think in terms of biden and some of the things we're focused on today in the speech, foreign policy is certainly a player where i think there's been some concern. the clumsy exit from afghanistan i know was discussed when you think about the biden presidency, as it relates to markets, the biggest issues are related to covid, and then really inflation it's with some irony, if you think about the biden administration is actually going to have to deal with the aggressive fed, that the trump administration, you know, was lashing out at the entire time and to powell's credit, reasserted the president's popularity if i'm remembering correctly, didn't eventually mr. powell

reverse course it was in the fall there, right around october things in the market were not reacting well, and by december, he kind of did a bit -- powell did, a bit of a pivot. before we move on to our first guest, steve grasso, the final word here. you can talk about hi comments about the fed and inflation, and that he seems to want the fed to bear down on inflation and bear the brunt of making sure it does not become entrenched. he did guess passed an infrastructure bill before the hole dates, so there might be a build back never plab or might be cut up. if you have to look at

caterpillar, john deere, uri, definitely underperformed. the chart looks better than the rest, but pick up where tim left off. all of these names are your russia/ukraine bets. china, taiwan, bets after the olympics when make when they lift their head up a bit general dynamics up 4% in the month, lock heat up probably around the same am those charts are probably where you want to be off of that interesting point. there's a call for investors at home to think about. for more reaction now to the president's comments, let's turn to ed mills, washington policy

analyst at raymond james welcome. good to have you here. what did you hear the president say with respect to the economy or to trade or to inflation that gives you a sen of what will happen >> i hear three things one, build back better will be build back smaller number two, inflation, that's powell's and the fed's concern number three, russia, he does not want a rod line, if you will, with their incurs in the ucrime build back smaller, there is probably going to be a significant amount of energy tax credits, if anything gets done to steve grasso's point, we still have the infrastructure bill that a lot of people don't remember on inflation and the fed, that's

political power for powell to raise rates. that should be good for financials in the final piece, where we do have growing geopolitical risk, that's a market risk overall does it further drive sentiment to the negative. in the near term, that's good for the defense stocks, as well as commodities. >> that's certainly what steve pointed out, some of the defense stocks, general dynamics, lockheed and so forth. ed, did you hear anything in his comments other than sort of, hey, fed, go get inflation -- that he plans to do to fight inflation? he did reference briefly, glancingly, the idea that he might use anticompetitive law against the big four meat packing companies to try to spur competition. is that a realistic idea

the message is it's not our fault, it's not the fed's fault. the fault is with the big business it is, who are getting outsized profits i would expect that to be more pressure from the federal trade commission, more pressure from the justice department, antitrust division, to push their competitiveness agenda he signed an executive order back in july he'll hold another meeting later this month the rhetoric will increase i do think that could impact multiples on tech stocks can think get something done that's where i'm more skeptica at this point. >> we appreciate your analysis this even. we're going to take a quick break, but coming up, a consumer breakdown. where the discretionary sector is headed next don't go anywhere. we have more "fast money" after this ever.

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welcome back, everybody. the consumer getting beat up today, as rising interest rates loom over the market the question, then, becomes is the selling overdone let's bring in katie stockton,

on whether she sees more pain ahead. katie, welcome higher interest rates weighing on home builders not just consumer companies, but take us through your arguments here. >> really just today we downgraded the sector in relative terms versus the s&p 500. we did that, because we have breakdown, for one example, the ratio of the spdr to the s&p 500. that took out the 200-day moving average. also a breakdown in xly itself and respect that, and reduce exposure in following, noting that next support levels are pretty well below. amazon is probably the best example, one of the biggest drags as of late, amazon has a pretty major breakdown on its chart. if you look at something called

the cloud model, it's just a gauge of support appeared resistance that support level was taken out for the first time since 2015, and does a deeper risk of a corrective phase it doesn't mean tomorrow or next week, and as you mentioned the home builders have been under pressure we think kneeled with work their way higher the home builders are reacting with a pullback if you look at an etf like itb, the histogram has been fallen it de deeply >> why is this happens, katy what is your hunch it's a real shift some momentum

that's coming alongside weakness of the megacaps. though makes it very hard for the imagine indices to work harder folks are let willing to hold on to their winners they want to take some profits. >> katie, thank you so much. we appreciate it let's trade this one, karen. i thought the consumer was in pretty good shape, balance sheets are good, jobs are good, more wealth, their houses are worth more, their 401(k)s are worth more, why wouldn't consumer stocks be holding up better >> some are, some aren't, but she brings up some important points about whether this home building or home buying spree is over i think of three different

tranches there's the home builders which trade at much lower multiples have done well, and them home retailers like home depot, and then things that feed into it like williams sonoma or restoration hard way, like tim pointed out that just have gotten massacred i do think there's value there i agree with you i feel like the consumer is in decent shape brian moynihan thinking the consumers is in good shape i think parts are overdone

some were pretty coky, but look at on -- and katie pointed out some of the charts and breakdowns and why you have to respect those charts those three stocks are as oversold as they've been on an rsi basis, which again is a limited look at short-term momentum, but again, we haven't seen this velocity of down moves. starbucks is down 17% in the last 11 sessions the numbers we got in terms of comp and reaction sell race, they were up probably 10% to 15%. with lululemon, this is a story, after this point, when you pull the stock back, this is going to do, you know, 10, 15 a share, depending on who you ask i think you've gotten to a place where you've had major corrections. i think the biggest issues to me are on margins what are they doing with labor

and inco.s. >> very interesting, you see the costs all rolling over there, and coming down rather significantly. let's take a quick break when we come back, the new kid on the banking block, what the latest news is from sofi what it means for the way you handle your money and the fintech stock. more on that when "fast money" returns in two throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. cody! hi!! hi! how are you? i'm good! i'm crocheting. i see that. started off as a hobby. kind of snowballed from there.

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all right. welcome back, everybody, to "fast money. shares of sofi topping the tape in a big way today after clearing a final regulatory hurdle to become a bank steve, to you first. what does it mean for sofi and the more conventional big banks? >> the younger generation don't see the traditional money center banks equating to them any longer you can trade clirypto, stocks, you can't do that with jpmorgan.

those are the dinosaur names granted they've had a great run add the sofi are the growth entities so we have seen the massive sell-off in growth, the massive repurchase of value, but at these levels, technically sofi is screaming by. it started to bounce right where it bounce and double -- doubled by february. >> guy, do you agree >> i agree 100%, but i also never thought it would go down -- obviously it shot through it but i think you had some price kaput lace and volume co capitulation every time sofi gets down to these levels, there's significant bounce maybe this is the catalyst that will lift some of the

uncertainty. i think in terms of the e anoth break. we're about to kick off tech earnings, with netflix after the bell tomorrow. 'lta about it when "fast money" returns we'll be right back. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.

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netflix is on deck to report earnings tomorrow. one options trader is betting something could be interesting in story tony zang, about to see you. what's the story >> netflix traded 1.3 times the average daily volume today the market is currently implying about a 7.5% move, versus 6.2 over the last few quarters one is trading them by team january march $500 straddle swap to break down this trade, they

sold 725 contracts of the january -- for about $40, and then of the march straddles for about $66. the employed volatility difference is 106% for the front month, 41% for the back monday, so taking a delta neutral approach, betting we won't see a big move on netflix, maximum profit if the stock is at $500 >> tony, that's very much. for more options action, you can tune into the full program friday a the:30 st 5eaern time up next, we have some final trades

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let's see what four smart people can do in 41 seconds. around the horn, tim, you first. >> starbucks, i think there's good support here, 96, 97. >> karen, you're next. >> thanks for being here, tyler.

we want bank earnings season was ugly, but bank of america did themselves proud i bought some stock today. >> steve, trinseo. a perfect value play much more ahead. >> >> new man. >> that was one second th thank for watching. my mission is simple, to make you money i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm cramer welcome to "mad money," welcome to kay america other people want to make friends i'm trying to make you some money my job is to entertain and put things in context, call me or tweet me at jim cramer let me tell you how that approach this market after yet still one more