sacrifice. and always remember that freedom just isn't free. all right. so as we wrap up the week, folks, real quick look at the markets, pretty good move here. you know, we're shrugging off inflation fears, the bond market is cool, calm and collected. here's the thing, right before a three-day weekend, it's always a bullish sign. i share that with you as i hand it over to my colleague, liz claman. liz: charles, you know, i'm calling it the no fear wall street, right? no fear on wall street -- charles: there you go, no fear. liz: as markets climb higher, i know, on this final trading day of may, investors shrugging off the federal reserve's favorite inflation reading as it hits its highest level in 29 years? this somehow is not a problem because looked at the dow jones industrials, up 115. the s&p gaining 12, the nasdaq up 56. wall street is not worried either about president joe biden's $6 trillion budget that was just released an hour ago. the massive spending plan comes complete with a $1.8 trillion

deficit next year alone. we're going to take you straight to the white house for instant analysis. we're also going to talk to the man apple executives basically called the a drama queen in internal memos. apple app store critic david hanson, aka drama queen or king, here to respond for the very first time since those memos were revealed. and gentlemen, restart your engines. the indy 500 ready to roll as the greatest spectacle in racing holds the largest public event since the pandemic began. we're going to talk you live to the brickyard for a preview from penske entertainment ceo mark miles. but first, breaking news on this last trading day of may, the dow9 and the s&p are less than 1% away from hitting lifetime highs. and the nasdaq is just 2.5% away. this even after what most would

have expected to be kind of an economic earthquake. the most hotly-anticipated data point that the federal reserve uses as its true gauge of inflation, the year-over-year core pce or personal consumption expenditures index which basically measures the prices we all pay for goods and services just failed over the expected 2.9% -- sailed up to 3.1%. that number is a sure sign the fed will soon be forced to take the first step at least on the path to raising interest rates, and that step? talk about or talk. but the last -- taper talk. the last time that happened the stock market had a terrible reaction. june 2013 after fed chairman ben bernanke laid out a six month time table to taper or, in essence, curb its bond purchases first put into place during the great recession. it led to a two-day global selloff with the dow plummeting 560 points over the course of june 19th to june 20th.

but even as fed members have already started the taper chatter in just the last month, everything from the dow and the s&p to meme stocks has moved higher. just take a look at amc. a amc up 121% so far this week. 121%, right? gamestop jumping more than 30%. virgin galactic spiking 5 1%. our question on this friday, can anything take this market down? or your portfolios, i guess, right? we don't want that. let's get to our floor show traders, brett swenson and chris robinson. we've heard so far at least where are you piling in when with it comes to stocks? >> well, liz, it's a great question, and i don't know what can stop this market right now. i suppose you have to be long because it keeps going up. but you have to expect that when the fed is buying $120 billion of treasure trues and

mortgage-backed securities every month. look, this is going to continue as long as the fed keeps printing money. and, you know, we've seen this movie before. you know, this happened during the the '09-2016 administration with obama/biden when as9 she i inflation -- asset inflation was fantastic because you had zero rates and quantitative easing but hostility to job creators. as long as that comets, you're going to see financial asset acceleration. i don't know what's going to stop it, but at some point inflation's going to check up, and all these -- catch up. liz: where do you pile in then the, greg? >> well, i would definitely hedge, for sure. whether it's always buying puts in a rising market, the santorum is below 20. the vix is below 20. volatility's cheap. i would be buying puts, i would be buying stocks. if you have to own equities that

are leveraged to inflation and also have some hedges like gold or bitcoin because, you know, this money printing is going to continue. you know, look at m2 compared to inflation historically. you know, it's coming, we just don't know when. so i would be very careful with equities. liz: well, now greg just stepped on your toes there, chris. what do you do when you know that as long as the fed is really still very much in this game or at least out of the game of actually tapering, let's put it that way, where do you pile? >> what he said is right, you've got to protect your gains. you know, we're at -- with the dow at 35,000, let's just use that as a benchmark, right? i'm not moved about 1% moves, 350 points. just two weeks ago we had a 5% move, that shook a lot of people, but within 24 hours we'd recovered everything. at some point we're going to get

something bigger than a 5% or 10% break, and anybody that tells you that he knows when or what's going to happen, they're just guessing. it's probably going to be something we don't see, it could be something geo political, something unforeseen just like a year ago, i mean, who would have predicted what happened last march? but i think the number one thing is rather than to pile on, okay, set the trap. if we do get a 10% break, what are you going to buy? if we get a 15% break, what are you going to buy? look and see. you have a plan for when the correction's going to come, because it will come. i don't know who's going to get the blame for it. hopefully it's not me -- [laughter] it'll probably be the fed or something like that. and that's when there's an opportunity there. so you would say this, look for an opportunity, set aside some money. if it gets that break, pull the trigger. i know it's hard to do, but that's what we play for. liz: right, exactly.

you've got to have that shopping list. and believe -- >> right. liz: -- me, everybody i know who's very smart from buffett to the average trade ther to a retail -- you know, ceos who are watching right now, they have a shopping list so that when those prices fall if, the problem becomes, greg, psychologically. let's say they fall within $2 but not quite down to that level, they're, like, maybe it'll hit, go a little bit lower. very hard to time the markets, right? >> yeah, it is. and i think you have to, you know, maybe price in a 20% correction. always have that dry powder for assets that you like. and if the fundamentals haven't changed, and i think we even saw that with some of the cryptos, you know, recently when you had bitcoin coming off 64 down to the 30s, you know, always have a 20% correction baked into your with, you know, to your cash position. it's hard to hold cash right now because cash is being devalued by the reck wills spending by the government -- reckless

spending. but i think to be disciplined, you have to have that. and be ready for the black swan. as chris pointed out, i don't know what it is, but something's coming. the fed doesn't have any dry powder left, so be ready with your own portfolio. liz: yeah. crypto pulling back by 2,000. both of you with, thank you. have a very safe holiday weekend. greg and chris, always a pleasure. fox business alert, president biden visiting with troops at this hour in virginia after revealing a $6 trillion budget proposal which includes a $2.3 trillion infrastructure proposal and his $1.8 trillion american families plan. the massive spending plan is the biggest in u.s. history and includes a 16% increase in domestic spending along with a 1.7% increase in military spending. but the national debt topping $28 -- have i thrown enough numbers at you? -- topping $28

trillion the, the reaction from republicans has not been supportive, to say the least. to blake burman louvre at the white house. i don't think -- live at the white house. i don't think republicans would be supportive anyway, but you've just looked over this budget as best you can with a fine-toothed colm. what's -- comb. what's jumping out at you? >> i've been speaking with officials about this budget, and it is very clear that they believe the president's plan is working. they think his economic vision is right, they think his plan is right, and that is part of the reason that they believe more spending is needed down the line, and certainly what the white house has put forth today is a blueprint for more spending. let me go through some of the numbers for you. $6 trillion for fiscal year 2022 which starts october 1st, they believe there's going to be about $4.1 trillion in revenues, so they're projecting a $1.8 trillion deficit, 7.8% of gdp. the acting omb director describes the white house's

thinking with the numbers, quote: the decades-long global trend of declining interest rate even as publicly-held debt has increased gives us the fiscal space to make necessary up-front investments. that's how they're thinking about it at the white house. the plan is also projecting huge deficits down the line, $7.5 trillion give or take for the next five years when you add it all up and about $14.5 trillion over the course of the next decade, what they are projecting. now, republicans, you're right, here in washington, no surprise, they say this is a no-go. the senate minority leader, mitch mcconnell saying, quote: now we know why the administration tried to bury their budget announcement on the friday before a holiday weekend. president biden's proposal would drown american families in debt, deficits and inflation. now, liz, keep in mind the white house is putting in this proposal the american families plan9 and the more than jobs plan. at this point the jobs plan, which is the infrastructure package, is still being

negotiated, the family plan, they haven't even gotten there yet. while that $6 trillion figure is, indeed, a massive number, it is still a long way to get from here to there especially considering that it is congress who has the power of the purse, and they will eventually have the say over what gets allocated. liz? liz: you know, the national deficit in 2019, blake, was $984 billion, getting close to a trillion. >> reporter: yeah. liz: it just makes you wonder whether anyone from either side of the aisle really pays attention. >> reporter: we were standing here 14 months ago or so, something like that, with the trump budget projections that they put out, it was trillion dollar deficits until the eye could see. liz: absolutely. >> reporter: the biden administration now putting it out, trillion dollar deficits as far as the eye can see. more than what the prior administration had put out, but you're right, democrats, republicans, once they get in office and once they get in

control, it's tough to tame the spending. [laughter] liz: yeah, yeah, or they like that, they like that money. [laughter] thank you very much. blake burman. >> reporter: you bet. liz: if you build it, they will come. that's the message from btig as it starts coverage of nikola at a buy on an increasing demand for hydro-powered vehicles. taking a looked at performance in may, shares have revved up. a nice picture here for nikola. from from hydrogeneral engines to, gentlemen, restart your with engines, the largest sporting event since the covid pandemic began today kicking off in indianapolis. we're about to take you live to the indy 500 track where the ceo who oversees the indy 500's home base is standing by on this history-making weekend. closing bell 48 minutes away. the dow is at 34,566, up 101 points. stay with us on this friday.

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indianapolis 500. the time, august of last year. a first, no crowds packing the stands, an empty infield. can you imagine that? the falled indy 500 was more like the windy 500 as coto viewed 19 restrictions left nothing but hot gusts of wind coursing past lonely drivers. fast forward to this afternoon, it's car day at the indianapolis motor speedway which is restarting its engine in preparation for the 135,000 fans who will return for the 105th race, this iconic race. this sunday will mark the large sporting event, listen, ever, since the start of the covid-19 pandemic, crushing the kentucky derby's attendance four weeks ago by about 70,000 people. with this faster and louder event comes some real business challenges9 to the man driving the events at full throttle, mark miles. mark, i'm looking at the track

behind you. we understand the rain which had delayed practice has just stopped. what can you tell us, what is it looking like there? >> yeah. well, it's gray, but it's not raining, and so the cars are on the track for the last opportunity to fine tune. they're off the track tomorrow. we're far enough along in this practice session that if it starts raining again in a moment, we're good to go on sunday. so green flag. liz: oh, my gosh, that is so cool to see. now, there aren't too many in the stands at the moment for carb day, but what does running this race again with an audience really mean, the comeback of the indy 500, since the pandemic? >> well, it's hugely important to our fans, to our city and state, to the businesses that it sports when we bring -- supports when we bring so many people here. and as you've pointed out in your opening comment, it's such a stark contrast to really bizarre, almost weird experience

of this massive place with all of the things that happened on the track and no fans on site to watch it. we couldn't be more thrilled. it's really important to draw policymakers to our economy, to our fans, and we can't wait to put on the best show that we can on sunday given that we have 135,000, which you noted is a huge event. but on the other hand, there's 100,000 seats that we'll have to leave empty on race day. liz: right. yeah, okay, but still ramping up to even just 40% capacity. i want to know the challenges you faced when you began to really prepare for this. >> since we've been preparing since covid shut us down in march of 2020. planning for every imaginable contingency. the issue is execution, and there are some particular challenges. you mentioned again we have about 250 full-time employees. so we scale up and hire maybe

6,000 people, seasonal employees, to sell concessions and merchandise and do guest services, hospitality services and all the things that they get. it's really been challenging to get these part-time people and the normal levels. we don't need quite as many in some respects, but on the other hand, we have 600 people we've never had to hire before to hold signs up going up and down the aisles asthmassing ambassadors -- as maskwords, hopefully -- mask ambassadors. it's more complicated in many ways. hiring seasonal employees has been a challenge, but we think we're ready to go. liz: what have been the hardest jobs to fill? this is a situation that we've been following very closely here, this labor shortage, and are you offering any kind of incentives? have you had to raise salaries or hourly pay? >> a lot of the people that normally to this come back every

year, and that's the hard core foundation that we rely on. but to get to the newer job descriptions and filling out those roles, that has required that we look -- it hasn't been a or terribly meaningful number when you add it all up. it's more just the process to recruit. we bring in people to staff concession stands from surrounding states normally. and this year we've had to be even more aggressive in identifying people that welcome count on. liz: sure. we know that scott dixson is starting sunday's race in the poll position. he has been there before, he's won the race once. tell me who else you're looking at here, and what are you most excited about come race day? >> there's a number of great areas on the track itself. you just look at the first two rows, you've got three very accomplished veterans, and you've got three in their 20s. three of those, those three guys

won our first three races of the year, so there's this generational thing going on right in front of the grid which is really exciting. can't wait to see how that plays out. last weekend was qualifying, we had two penske cars barely got in the race, they're starting 32nd and 33rd. our woman on the team, women-run team with some other -- [inaudible] so we can't wait to see how that pans out. we've had drivers start last and win the race, so anything's possible. liz: absolutely. the dark horse, it can always happen. and i guess you can't really say gentlemen start your engines, right? you've got to say everybody. >> exactly. liz: mark, we wish you the best, and indy 500 is back with audience. mark miles, thank you so much, of penske entertainment. all right, i have a question for you guys. who among you remembers those fall into the gap commercials.

remember that jingle? gap shares are actually falling into the gap at this hour even after the apparel chain clocked a huge revenue beat, raised forecasts and got multiple price target hikes from wall street. why is the stock falling 5%? well, the chief financial officer said supply chain pressures from covid outbreaks in india and southeast asia are a worry, but then the ceo said summer dresses and short sales are heating up. well well, after hearing that, people buying shorts and all kinds of summer outfits, could a total beach business bounceback be coming our way as people head out to the shore? we are about to dip our does into the ocean on that question live from the jersey shore in just a few minutes. closing bell, we're 37 minutes away from the final hour of trade for the week and for the month. the dow gaining 107 points. ♪ ♪

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♪♪ liz: we have this news for you, u.s. special operations command has made a big decision. special ops signing big data analytics software provider palantir to a new $111 million contract. this 1.25% boost in shares right now much needed after a rocky month. and talking a look at this chart -- taking a look at this chart, it might be no surprised that the ark investment chief has had -- [audio difficulty] taking a looked at some of ark's more well known funds in may, ark innovation and the next generation internet fund, both of which own palantir, down 2.46 billion -- actually, down 7% for the innovation fund, down 7% for the internet one and fin-tech

down 4.5%. but let us please keep in mind that the ark innovation fund jumped 150 last year. so there's that. switching gears, new i safety concerns rocking boeing shares into the close. edward lawrence has the details in today's fox business brief. >> reporter: hey, liz. yeah, boeing finding itself at the bottom of the dow 30 after halting deliveries of its 787 dreamliner on new faa concerns over proposed fixes for known quality lapses, following production problems that caused a five month suspension of deliveries on the aircraft. from the dow's biggest losers to the s&p, hpq getting hammered, pc and laptop demand begin to erode as people working from home are headed back to the office now. and the bottom to the top, salesforce one of the big winners of the day on upbeat forecasts driven by demand for

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the president and first lady are expected to spend the long memorial day weekend at their residence there. fellow americans flocking to the beach though for the holiday weekend after new jersey lifted its mask mandate. local retailers along the jersey shore expecting a huge influx of visitors this weekend rain or shine, right? lydia hu is in asbury park, new jersey, talking to small business owners about their hopes that this weekend givens sort of the true start of a real recovery. lydia. >> reporter: and, boy, are they ready for it, liz. the local business own eauers say that if last weekend was any indication, they are ready for a booming summer ahead. this weekend the weather doesn't seem to be cooperating. it looks pretty quiet on the boardwalk, but we're finding people are heading indoors to hit the bars and the restaurants, and let me tell you, they are just delighted9 that the indoor mask mandate for fully vaccinated people have has

dropped. we talked to some restaurant owners here, they are ready. watch this. >> i feel great. i feel like i have a lot of staff who stuck with us, and we saved all our businesses. we rock it through a really difficult time. >> essentially the kickoff to summer at the jersey shore, memorial day weekend's always a big deal. >> reporter: now, some of the small businesses along the boardwalk do have to compensate because of a dismal year last year. if you ask me, in my opinion, it's still worth every penny. pretty good, it's lemon. liz: what? a buck more? what about the funnel cakes? that's all i care about. [laughter] >> reporter: funnel cake prices are staying steady. liz: oh, thank the lord. because, you know, it's really good for your heart. thank you, lydia. you look great out there. have fun. lydia hu.

all right, no. longer ripe for the picking, apple getting slammed with a street the-low price target of $90 and a rare sell rating from new street. the firm doubts 2022 demand for iphones will keep up with the current super cycle the iphone 12 has enjoyed. ap 8, call it flat9 to -- apple, call it flat to slightly lower, but could a ruling for epic games be the ultimate spoiler for tim cook's empire? the man who first got under the skin of apple's c suite, and wait til you see what apple execs called the base camp founder in e-mails. david hine meyer hanson here in his first interview since the e-mails came to light. closing bell, we're about 13 minutes away with, or is that 23? yeah, let's make it 23, we need more time here. dow up 127 points.

we are coming right back, and the social media audio chat app clubhouse has been at the top of apple's app store for months. it's till drewing in the likes of -- drawing in the likes of elon musk, drake and oprah, i sat down with the found or about his string of successful start-ups and what head him to jump in and become one of club house's first angel investors. how did he get that, you know, it's not so much the midas touch, it's the midas vision. you've got to listen to my everyone talks to his podcast available anywhere you get your podcasts. we are coming right back, don't go away. dow is gaining, up 135. ♪ ♪ what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq that building you're trying to buy, - you should ten-x it. - ten-x it?

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♪ liz: the thing about corporate lawsuits, secrets get shaken out, forcibly spilled, which is exactly what happened during the apple versus epic games antitrust trial. a report from web site imor says evidence revealed during court proceedings showed apple executives complained about the app store's most vociferous critic at the time, david hanson, who feels the app store wields too much power. in an internal apple e-mail, execs including phil shiller said heineman hanson was basically a drama queen. quote: with his issues unresolved and a personal penchant for drama, the concern is that dhh is unlikely to get let this go and will likely keep tweeting and stirring up tros. hanson had kicked up a fuss on twitter in 2020 after hey e-mail was rejected by the apple app store because the app did not offer in-app purchases for its

service. and, of course, apple insists on its 30% commission of in-app purchases, a cut that's alleged to be monopolistic. in his first appearance since the apple e-mails were revealed, basecamp cofounder and chief technology officer -- i guess i could call you drama queen -- david joins us. what did you think when you heard about that e-mail coming forth during the trial? >> well, they weren't wrong, were they? i mean, i did kick up a lot of drama -- [laughter] and that was exactly how it got all the way to the top of apple that they were discussing this internally. the last thing apple wants is this kind of drama to tarnish their reputation and tarnish their brand. they would much prefer to continue business as usual where they can just abuse app developers such as us in private, in quiet. and suddenly they had a case on their hands where they couldn't, where noise was being made, and we were raising our concerns in

a public forum and getting the attention of lawmakers and journalists and fellow developers and customers. and naturally, that made things very uncomfortable. what's so interesting though about these emails is they don't really show the prologue here. they showed up until the point they thought they could make this go away. they thought that they could just put a procedural setup in place and then i would just have to be quiet. but, of course, that wasn't how things played out. over the weeks following that e-mail, apple eventually ended up backing down. and as phil shiller said in the original e-mail, they have to pay the in-app payment fee. well, we're on the store, we're not paying the fee, to apple lost that side of it. but unfortunately, we don't have those e-mails because i think perhaps once the heat got heavy enough, apple realized, you know what in let's just switch to the phone. this is where we to our dirty business best. let's not put things in e-mails anymore.

liz: right, let's just be clear, you called them gangsters, and they call you dramatic. your app is on there. you are not getting charged 30% commission, but you do have restrictions and, in fact, anybody who wants to download the app has no idea where to go if they want a paid subscription, so apple is still kind of sticking it to you, is it not in. >> yes, absolutely. they're still making it intolerable. and it's so interesting that point exactly, what's called the anti-steering provisions in the app store guidelines was the key point that this judge in the apple, the epic lawsuit just harped on endlessly during the closing stages of the trial. that the judge with could also see that this does not make any sense. wait a minute, you're not allowing these companies to even tell their customers where to go to buy things? that doesn't make any sense. how do you get that kind of power? and tim cook didn't really have a good answer, and i think that's going to be very important to determine the outcome of this case, is that so

much of what epic showed up with was general onely convincing to the judge and especially -- genuinely convincing to the judge, and especially if you wind the case back about nine months and epic was trying to get an injunction against apple. the judge was not very sympathetic at all. and now we're ending up at the end of the trial after evidence has been heard, witnesses presented, and the judge is in a completely different mood than they were on the first day of trial. so i think that bodes very well for 'em -- epic. liz: i know the judge showed it almost seemed like she was siding with them, but judges sometimes do that, david. in fact, the argument is, you know, you can go somewhere else. there are android phones, there are other app stores. but we had an app developer on, this is john meyer with, because john meyer was the guy who created the flashlight app on the phone, something like 40

apps since he was 14 years old, he called people like you ill-informed and says you've got to understand that it's apple that put in all the infrastructure. here's what he said, and then i want you to just react to that. >> apple putting in billions of dollars into developer tools just to make it possible for any average person to just pick up a computer or borrow a computer and make an entire livelihood off of creating and selling apps. it's a game-changer. it's creating an entire economy and i don't see the fuss. liz: what do you think about that, david? >> well, the thing is i've been around this business far longer than the app store. i've been developing software if making a business out of it for over 20 years. and you know what? there was an economy selling software on the internet before the app stores. apple did not inning vent the software economy. in fact, we don't have to go

back even just 20 years, we can go back decades more than that. there has been a thriving industry selling software directly to owners of general purpose computers. and at no point prior in history did e there exist a process where someone had to hand over 30% of their revenues to be able to access those computers. that was simply not a thing. it's not a thing on apple's own other computing platforms, the mac. and if you even take that argument at face value, oh, apple has invested a lot of money, ergo they're entitled to 30%, well, what if the platform is -- does at&t and verizon, are they also entitled to a 30% cut of everyone who builds top of that, so they should get 30% of all iphone revenues? i don't think it makes any sense at all. apples has a wonderful platform that some people can choose to

opt in and say i will let apple handle my payments, and in return for that, i'll give them 30%. that's totally fine. no one with wants to deny willing participants to enter a contract with apple to handle their payments. i don't want any of that to cop, i just want to say that something has to be a choice. if there's not a choice and you have a dominant platform like apple has with the iphone, that's when the monopoly abuses start. and this, of course, is a problem for apple and not also some other businesses. there's a current rule set. once you cross the threshold into a dominant platform that gives you monopoly power. liz: let me just quickly end on this: how do you anticipate the judge is going to rule in the epic versus apple case? >> well, it's so hard to -- my hopes and my dreams here, of course, i hope end puck is going to win. but who knows? the judge said she's going to spend months looking over all

the material. i think there's so many compelling arguments that have been brought forward by epic, normal, new arguments we did not actually know prior to this case. revealing apple's argument because they have this amazing infrastructure, they hire a bunch of people to review 50-100 apps per day. it's a security theater. and having that exposed in that way as epic was able ooh to do by getting these internal e-mails, getting apple's own former executives to go on the record and testify against apple, i think it's going to be a really devastating blow. it's going to have a huge impact on all the other cases that are going on around the world. what the antitrust subcommittee's going to do,

what's going to happen in europe. a ton of dirty secrets are going to have great ramifications. by the way, epic wins, apple wins, this is why it's so difficult to sue someone like apple, because it's going to take ten years before someone come out the rick to have in the end. liz: let miss know when you're auditioning for your next movie being the drama queen you are -- [laughter] >> i'll play myself in the movie reenactment. liz: david, akadhh according to those apple internal e-mails, thank you very much. we'll be watching the case. cryptos going cold ahead of the unofficial kickoff to summer if, but coming up, today's countdown closer still making the case for stick thing with bite coyne and all its -- bitcoin and all its crypto cousins. todd bubba horowitz makes that

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liz: we are four minutes away from hearing the closing bell ring, the dow and the s&p set to snap a two-week losing streak the nasdac up two weeks in a row , we do have green on the screen, but for the month, the dow and the s&p 500 will clock gains for the month, right but their fourth straight monthly gain that's certainly nice while the nasdac, appears to be on track for its first down month since october, down about 1.5% its been rough for the nasdac and certainly big tech. bitcoin down more than 30% over just the last month but our countdown closer still loves the crypto mainstay. let's bring in todd horowitz, he's here to explain why. hey, man, you know the last time you were here, you were saying stay in crypto, and the price

was closer to 50,000. i would have lost money if i bought it there. >> hi, liz. well, it went to 65,000 before it went to 35. there was no doubt there be a sell-off. you've been around in the industry long enough to know that these, it's like a commodities, they get so high, they have to some have pullback and i think it's healthy for the crypto space. i think it that this is attracting more new money, and i think that we're going significantly higher. i mean, this is the currency, i would say, of a libertarians for sure, and it is a free market currency, versus the central banks around the globe, manipulated currenc ies. liz: when do you see it turning around? they talk a lot about the crypto winter, back in december of was it 2018? i can't remember, yeah, that's when it hit its 19,000 high, then it fell, and it didn't really move until, i don't know, late last year, this year, so

they called out the crypto winter that lasted kind of a long time. when do you think this one starts to shake out and we see these cryptos go higher? >> well, liz, it wouldn't be surprise surprising if we fell a little bit more in bitcoin. i'd say between 25 and 30,000 should be the bottoms. we could go up from here certainly. i think we're very near and because you can see how fast it's moving. i mean, the last two days, we've seen, it's nothing for that thing to move two and 3,000 points in a day, and i think that we're probably very near, but one more pushdown would not at all surprise me but i be a buyer of that pullback anyway, so i'm looking for opportunities and that and a couple of the others. i think the big problem is we get too many and it does bring in a lot of these shady characters creating all of these ridiculous claims that will never exist. liz: got it. well, you can always buy what you say, bitwise. that's the etf that encompasses

this if you do like the mining chipmakers versus the actual miners so nvidia, taiwan semi, but let me say this is the weed stock that you'd mentioned the last time you were on in april it's up 6% since then, it has announced it's going to be acquiring colorado-based los suenos farms do you still think this is a buy >> i think it's a great buy. i think if you want to play the marijuana space, i don't see any other way than a fed legalization of marijuana. i think that's the only way they are going to be able to raise enough tax base, enough tax money, because of all of the stimulus that they are creating so the cleanest way to do that be to legalize marijuana and when that happens, these marijuana stocks, especially the american ones, are going to explode to the upside. liz: todd horowitz, bubba, our

good buddy, thank you so much as we head into the long memorial day weekend, our eternal thanks for all the veterans and everyone who sacrificed so much including migrate uncle jack favish. [closing bell ringing] who died in normandy. that'll do it for the "claman countdown", the dow, s&p up in the green and the no fear markets continue. larry: hello, everyone. and welcome to "kudlow" i'm david asman in for larry kudlow today. a budget blowout, president biden unveiling his administration's first budget proposal that comes in at roughly $6 trillion. the budget will bring the debt to historic levels we haven't seen since the end of the second world war. blake burman is live at the white house with all of the details, blake? >> hi there, david good afternoon over here at the white house they will argue that the president's economic plan and his economic vision is working, which is why they say