for amc. charles: i'm going to squeeze one more in with 10 seconds, coinbase, buy, sell or hold before the close they report after the bell. >> i think they are going to get more than 60 million users absolutely buy. it's going to crush it in the long term. charles: sylvia you are absolutely the best. not only do you make people a lot of money but you follow instructions. [laughter] thanks a lot. liz claman, over to you. liz: [laughter] oh, well, i don't follow instructions. charles: you know, you tell a guest we got 30 seconds and they start reiting war and peace. liz: she's terrific, i have the same issue bumping up to kudlow, charles take a look at the global exit restructure etf, top holdings include vulcan materials, deere not only is it up about two and 1/3 percent on the

senate passage of the infrastructure bill but that vote is also powering the broader market to all-time highs. we're talking about the dow and the s&p, they are closing in on brand new record, but infrastructure paths still somewhat unclear because the road leads to the house of representatives, which could be haunted bipartisan battles we'll take you live to d.c., the game, what happens next, to pay for the spending on roads, bridges and broadband both democrats and republicans agreed upon among other things attacks on cryptocurrency. child star turned bitcoin billionaire, brock pierce, is not amused in a countdown exclusive. he's about to tell you what un intended consequences he believes congress just unleashed on the crypto world. and it's back-to-school for a quarter of america's kids this week as the coronavirus pandemic upsets the education world for a third school year. the ceo of online education and textbook rental giant chegg had

is here to tell us how this one could be different from the last two. i want to see that. all right breaking news president joe biden momentarily is expected to address the passage of the senate's bill at any second here. it's everything needed to rebuild bridges, highways and the electrical grid is moving higher, steel stocks are really heading to the moon, take a look at u.s. steel up 5.5%, steel dynamics up 6.25%. the senate finally caught what has eluded both sides of the aisle for years. an infrastructure bill both sides could live with, but what are the details? all right included, 65 billion to expand high speed internet access to rural areas, 110 billion to rebuild nation's roads and bridges, 25 billion to help modernize airports across the country, but there is more and some of it is going to turn into the haunted house of representatives, right? edward lawrence is outside the white house, edward, the bills passed, what's next at

the house? reporter: yeah, you're right it goes to the house of representatives where house speaker nancy pelosi will sit on it. she says, until the reconciliation bill is going to be passed and that looks like it could be sometime in the fall we'll have to wait and see on that now president joe biden coming back here to the white house today from delaware to make the comments, to show these comments we're expecting to hear him say he reached across the aisle and it worked. they got a bipartisan in deal. the president expected to take this victory lap and here is the white house press secretary on why, listen. >> the most important piece of this to the president is not the bipartisan piece, which of course, he is pleased to see the opportunity work with democrats and republicans, but that this will deliver huge benefits, millions of jobs, to the american people. reporter: we will add some of that money to the debt that we all have to pay, from that infrastructure bill if it passes the house and the president signs it. the reconciliation bill outlines this , if the federal public debt will go to $30.7 trillion

in the next fiscal year and then more than $45 trillion in 2031 that's after the pay-fors are already added into this. now, the president of the committee for responsible federal budget mia mcginnis says the spending could jeopardize the u.s. place as the world currency as well asco give us crushing debt interest payments in the future. >> it's as though politicians today are saying hey, we're going to give you lots of spending which we know you like, keep your taxes low which you know you like and promise that the future is going to makeup the difference. but take a look at your kids and tell them that that's the deal we're signing them up for. reporter: she lichens this to that introductory rate on your credit card you get for a year and all of a sudden the rate boosts pretty high. back to you. liz: and you can see the podium the president is about to step before the cameras and talk about at least this first part

of the passage of the infrastructure bill. we'll be monitoring that with president biden and as this bill is closer to the finish line, is the taper tiger beginning to stir due to all of the noise coming out of the federal reserve? right? just an hour ago, st. louis federal reserve bank president says that the jobs picture shows the economy is making enough progress to start tapering, saying it should start soon and conclude as early as next spring well he joins the great chorus saying that the federal reserve should just stop plowing money into the economy to profit up because the economy is doing really well. then yesterday, boston fed president eric rosen said the central bank will announce its plans to reduce the $120 billion every month of asset purchases and, you know, these are treasury bills, and mortgage backed securities that he says that should happen in september. also yesterday, atlanta fed head urged for faster bond tapering, particularly if we get another strong jobs report, like the one

we just got for the month of july, where we gained nearly 1 million new jobs. as taper talk does ramp up investors need to be ready for the next twist and turn, as our next guest says, just like we have a mutating coronavirus at the moment, we've got a mutating u.s. economy that is looking like it's more than surviving. let's bring in david kelly chief global strategist at jpmorgan. mutating economy i know you mean it in a good way, right, david? >> yes, i do. the economy is adapting and it's evolving and it's so important to recognize this. we've had one economic, four covid, but each subsequent wave of the virus has actually impacted the economy less because we've changed the way we do things and i think it's very important, i hate the delta wave that we're dealing with right now. it's obviously terrible from a human perspective but it's not hitting the economy for a loop the way the original coronavirus wave did, precisely because we've adapted and we continue to

adapt. liz: yeah, i get it and we are adapting and when you talk about adapting, economically, look at i mean gdp has looked incredibly strong. we do have that great july jobs number but everybody says that jay powell, head of the federal reserve, needs to see more. more than 6.5% gdp, and yet we're still at 0 interest rate. as you look at the globe, and everything that's happening in different countries obviously developed countries mostly, can you give us a sense of what their economies look like? because if you really note that many of these solid country, i'm talking about sweden and germany , have negative rates on their 10 year and for germany the entire yield curve is negative, what's happening in their markets and what's happening in their economies? >> yeah, i think the central bankers have this wrong all around the world because they are promoting a surge in asset prices, but low interest rate

doesn't really help the economy grow, but we need to get back to more normal interest rates overall but look at the economy. we're going to see around the world, we're going to see a very strong end of this year, i think a lot of improvement in 2022 in fact i think europe is going to do particularly well around the end of this year and 2022 because they are now well-ahead of us in terms of vaccinations and i think they are able to get past this pandemic fully before we will. liz: now, you do believe, with all of this demand, i would imagine we would see more consumer borrowing, and we would see more consumer spending. if so, what sectors beyond the obvious, retail, et cetera, really stand to benefit here? >> well i think the key is interest rates. almost everything in financial markets pivots those long term interest rates. we expect those rates must go up and we're 130 on a 10 year treasury but negative 1% on 10 year tips, so we think those rates will go up and that should help value stocks versus

growth stocks. it should help international stocks versus domestic. it should help small cap stocks, it should help financials, industrials so i think the cyclical areas will be help ed by a continued rebound in the economy and rising interest rate so i think that's the most important thing but also, when interest rates are zero, you put money into any silly idea and you can finance it at nothing so i think it's a lot of babies and bath water in markets right now. when you have to pay serious money in terms of interest to carry an investment bet that's when i think valuations are more important so i expect that valuations will compress over the next few years, and things that are cheap right now will do better than things that are expensive right now over the next few years as interest rates rise. liz: well, you know, we're looking at nasdaq winners ebay, csx, and we've seen what's happening with the dow jones industrials these large caps especially on news about the infrastructure bill passing in the senate, so it looks like there's a decent runway that's

rather smooth at the moment for the economy. david great to see you thanks for joining us. anytime. liz: david kelly, big frowns on the spaces of smile direct club investors in this final hour of trade, after the teeth straightening company reported weak second quarter results and gave an underwhelming forecast. its had the lingering effects of the pandemic and april cyber attack that hit the company played a big role in its miss. multiple firms piling in and downgrading the stock and by the way, it's down 23% today, down more than 56% year-to-date, and you may not be able to see many smiles as american students head back-to-school. not because they're not happy to be returning, but because they will be masked up for a third year of pandemic learning. we're going to speak to the ceo of online education and textbook rental company chegg about how he sees the new school year playing out, if virtual learning is about to take a step back and

how he came in with such unbelievable quarterly numbers. good stuff for chegg. the closing bell is ringing in 50 minutes, the "clayman countdown" is coming right back right there that's a record for the dow if we close there. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. at usaa, we've been called too exclusive. because we only serve those who honorably served. all ranks, all branches, and their families. are we still exclusive? absolutely. and that's exactly why you should join. ♪all by yourself.♪ you look a little lost. i can't find my hotel.

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liz: breaking news, president biden is now speaking, saying that the senate infrastructure bill, which just passed, moments ago, the bill will help the u.s. out-compete the rest of the world and he said create millions of jobs. we're going to keep an eye on this , go back to it if he takes any questions. in the meantime, while retailers across america are gearing up for what analysts predict to be a record breaking back-to-school season, in part because a whole host of states are offering end of summer tax-free holidays, stocks that are related to it are looking very healthy, and take a look at this. states from iowa to new mexico, texas, virginia, they are just coming off tax-free weekends while massachusetts kicks off its tax-free weekend in august 14, and connecticut, well they are going whole hog with an entire week of tax-free spending.

retailers from target to kohl's to office depot, which by the way is up 156% year-over-year, are reaping the benefits you can see everything in the green right now, with one in four u.s. students beginning classes this week, and, right, gang buster back-to-school sales, will textbooks also feel the same school spirit? to dan rosenswag, ceo of online textbook and course giant chegg, and wall street loves your latest quarterly numbers you got a flurry of upgrades and accolades and it's only summer. what does that say for the current quarter? >> well first of all, hi, liz how are you? look, i think what it fortells is that more students need more help, they turn to online, and high integrity, high-quality, needs to be affordable and it needs to be available when they need it, how they need it in the format they need it and so what chegg has been saying all along is it doesn't matter if your student is physically in school, if they are online, if

they are doing hybrid, if they are taking a class, they benefit from subscribing to chegg and our numbers really reflect just the momentum that continues, even against the way. liz: well, you've got 4.9 million subs in the quarter that's up 31% year-over-year, anybody would love half that jump for whatever subscribership they have and so i think that it's obvious that chug, and i remember when you guys launched so many years ago as a start-up, i'm thinking how is this going to work. it has really and we just had david kelly on saying that the country has, let's say, morphed, but the country is shifting to online textbook rental but what are you seeing as we head into yet another year of, well, questionable education , whether it's going to be in-person, with masks, or not, and how that will affect chegg. >> well the good news is it won't affect chegg at all, and

the reason is because we're actually not affected by the pandemic, because as long as students are taking a class, they benefit from subscribing to chug. where chegg did benefit from the pandemic was surprisingly internationally. when students went out of school internationally, they discovered chegg for the first time, and we had said a few months ago we thought we would actually do a few million subscribers outside the united states this year and on this call we actually said that we updated it to say we're going to surpass that, so the momentum outside of the united states is even greater inside the united states , and the united states has been phenomenonal. the challenge for schools is economics. they know that they shouldn't be having students come back to campus if they aren't prepared to make sure that the students stay safe. it shouldn't be necessary. they should be investing in technology. they should be able to do hybrid teaching but they're not so what's going to happen is they are going to have students come back in school, require vaccines , probably in all the state school, private

schools, but ultimately, the shift to online learning, online education, online support , has been inevitable and liz, you came to visit me i don't know how many years ago and you knew this was a thing and really starting to see this momentum continue, to see the growth rates at 38% on chegg services revenue, ebitda growth 52% and it turns out, you teach better at-scale, more on demand, more personalized and you can be more affordable and make a lot of money, so it's just a really exciting time to be at chegg. liz: all right, i know, and i can tell you but there's an exciting and not necessarily in best possible way, sort of global event going on and that's in china. i know you guys don't really do business in china, but china is attacking, or eating its own online education stocks. they are really clamping down on them and i thought of you guys because one of the new orders

that government has put in is that these online tutoring companies can no longer use foreign textbooks. what do you make of something like that? >> yeah, i think you're right. they are but i think the fear that i think the chinese government has and my familiarity with china is pretty significant. we had business in china, of course when i was at yahoo i was involved in the alibaba deal which turned out to be a great financial deal for yahoo but it became really clear after meeting with the government they had absolutely no interest in any foreign entity being involved in technology or the internet, and it's bearing out. now their challenge is their internet leadership is so successful, the reach is so great and their revenue, their income and their personal wealth is so high, i think the chinese government feels like it's a challenge and what the chinese government wants people to learn is people to learn independently from online teachers so i

responded when we responded, to stay out of china because our experience there is always this way. to we're in the rest of the world and not china so we won't be negatively impacted but it is stunning just how quickly they can turn off their own internet that way. liz: it is, and then the disturb ing in a way, but listen, what did we expect, right? you can't tell what they are going to do on any given day, and dan, great to see you. >> i was going to say they don't allow me to control the immediate y they certainly don't want you to control what you're learning but we at chegg are outside of china, growing like crazy it's a great time to be here, and i hope everybody stays safe and thank you, liz, as always. liz: anytime, dan rosensweig of chegg, as each day passes the delta variant is forcing more and more companies to do what they didn't want to do and that's pushback their return to work dates which had already

been pushed back multiple times, and that's creating new headaches for landlords and major office space. lydia hu is live in the big apple with a look at how once coveted high end leases might be losing their luster. closing bell ringing in 38 minutes the "clayman countdown" is coming right back. please, stay with us. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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liz: we've got this fox business alert, a sleepless night for the holders of this pop stock, casper sleep shares are on the move, down, on a wider than expected second quarter loss. the bed in the box mattress firm blaming inflationary pressures and difficulty in finding manufacturing labor. the stock getting hammered down 17.25%, casper also says selling mattresses through retail partners ate into the company's profit margins, even though

sales grew on that end. that is not the only retail stock taking a hit. shares in online luxury reseller the real-real getting marked down by about 17%, after posting a bigger than expected second quarter loss. strong demand for high end but lower commission goods hurt results. wall street flashing its price targets on the company as well, so that's not helping the real- real stands at $13.48. on the upside ev maker revving up its trading engines morgan stanley initiating coverage at overweight and announcing a price target of $40 a share. just for reference point we're at $18.39 right now that is a gain of 22 1/3%. the firm views it, listen to this wording, potentially one of the only ev-related start ups to actually launch on time with its ocean model. okay, that's how low the bar is for a lot of these start ups, potentially they might launch on

time because they haven't yet. all right checking other start ups can use and lucid group, we have them in the green, with can u up a fraction, and call it 5%, lucid group up 4.5% we should look elsewhere, kansas city southern chopping its way to the top of the s&p 500 as toughie for its hand in marriage. canadian pacific railway is betting that anti-trust concerns will sway shareholders to accept its new $27 billion offer, while lower than the $29 billion bid from rival canadian national railway, cnr still has not gotten a green light from u.s. railway regulators the only one to the upside is kansas city southern up 7 1/3%. google employees who choose to for go train, plane, automobiles and what have you and instead work-from-home, could see significant pay cuts. that's according to a new

reuters report. google has already sent u.s. employees a special calculator that will determine compensation based on their work-from-home status and on the cost of living at their chosen work location. right? less expensive areas, you get a pay cut. the company joins a growing list of technology companies, which is shaking up employee compensation including facebook and twitter, which also cut pay for remote employees. all three names are to the downside here, and as more companies cut down on in-office employees, others are simultaneously pushing back return to office dates due to the surge in the delta variant, so what does all of that mean for the commercial real estate industry and the stock surround ing it? lydia hu joins us live from a vacant office space in manhattan there's a lot of vacant office space in manhattan, lidia what's happening? >> yeah, there's a whole lot, and landlords tell me that they are, in some cases, losing tens of thousands of dollars a month, and the announcement from major

corporations and delaying the return to the workplace is making it harder for landlords to fill vacant office space like this. this is turnkey commercial space available in manhattan it comes already with conference rooms and even a kitchen over here, but the landlord tells me, liz, that this commercial space has been empty for the entirety of the pandemic. the landlords broker said before covid you'd never see this type of office space empty for a year and a half. watch this. >> the bigger companies that announce that they are speculat ing on delaying coming back, it has a trickle effect, and smaller companies follow suit, and as a result of that, landlords suffer. this shouldn't be on the market. this should have multiple offers reporter: now like you said, liz , there's a lot of commercial space available, and it's growing, adding competition for

the landlords, available commercial space is up to nearly 22% in la, in san francisco, it's up to nearly 16%, new york, gone up to 17% from 10.5% just a year ago. now, speaking of new york city, there is enough available commercial space added just during the pandemic that it equals more space than the entire downtown la office market. that's according to colliers, a brokerage firm which also says that as leasing activity continues at the current pace in new york, it will 2020's leasing volume will fall below last year 's record low for commercial rentals in manhattan. now, liz, the landlord of this commercial space says before the delta variant, he had some momentum and some interest growing from prospective tenants but since the big corporations have announced they are delaying their return to the office it seems that momentum and that interest has fizzled, his

optimism has now turned to frustration as he expects it's going to be many more months before he can fill this space right here. liz? liz: yeah, i know it's tough for them, but you know what? time to make some deals, if you need to lease you can finally afford it in manhattan. lydia hu thank you very much. we've got this breaking news president biden is taking questions, he is saying that the senate infrastructure bill, which just passed, yes, moments ago the bill will help the u.s. outcompete the rest of the world, create millions of jobs, we're going to go back and listen to him right now, live. >> on all these amendments, and then get to the business of see ing how they can make it work and then come back. i know you understand this well, but the public wonders what we're talking about sometimes, and decide exactly what's in that reconciliation bill and how much is going to be spent. i think we will get enough democrats to vote for it, and i

think that the house will eventually put two bills on my desk. one on infrastructure and one on reconciliation. thank you. >> [overlapping speakers] reporter: thank you so much, mr. president. >> i'm sorry, go ahead. reporter: in retrospect, do you think there are measures in place early enough and whether you should have heeded some of the lessons from other countries that had done that as early as may and june about how the variant spreads? >> no, we knew how the variant spreads and we know how the vaccines prevent the spread, so [laughter] it's like, you know, a lot of countries didn't have the vaccines that we were able to put together, make sure every single american, we have over 300 million doses, 600 million

doses of vaccine for americans, and when we've exported over half a billion, we will over half a billion, so we knew what is disappointing is that more people are not willing to take the vaccine. we've done everything in our power, well i shouldn't say there's probably more we will do more, but we continue to try to make the case to the american people who haven't taken the vaccine that it's in your interest, can save your life, and can fundamentally impact on the lives of your children or people you love. now, one of the things that's happening as bad as things have gotten, the death rate is 1/50 don't hold me to the number but significantly significantly lower than when i inherited this job, when i inherited the coronavirus pandemic, when i

first got elected, so the thing that i, i continue to hope that people will overcome their fears because their fears are based on some suggest it's a political statement but very few. i think most people are worried, that's why i'm hoping that, the fda will say that we permanently approve of these vaccines, because we have enough for everyone, and i'm hoping that, as people realize, and it is picking up. vaccines are picking up, but not at the rate they were before. remember, i was setting up stadiums, sports stadiums and we were doing thousands of vaccines a day, and i wish i could have thought of something beyond what

we thought of that make everybody want to get the vaccine but that hadn't been the case. now, at a federal level, what i'm going to be doing is making sure that they understand that i do have authority to say if you're going to come into this building, into a federal building, that you have to have been vaccinated or show that or be wearing a mask, and i think that i'm going to use, and i anticipate that it's probable, that the defense department will , as they put in place all the mechanisms needed to be able to, in fact, impose or initiate a mandate for all regular forces and reserves to get vaccinated, but i continue to be hopeful. you see i had a long, not a long , i had a talk with governor asa hutchinson who said he made a mistake, and he is working really hard going around and he told me that he's doing a lot of town meetings, not all of

which are being embraced, but he's making the case. we're going to continue to make the case. reporter: mr. president? one of the democrats through the years that you spoke with about infrastructure the most was andrew cuomo, who is resign ing, who announced he's resigning today. you traveled new york with him when you were vice president for the launch of reconstruction of laguardia and someone that supported your campaign early on and you condemned the alleged behavior but your someone who spends a lot of time with mayors and governors, how would you assess his 10 and a half years as governor of the state? >> in terms of his personal behavior or what he's done as a governor? reporter: what he's done as a governor. >> well he's done a hell of a job, and i mean both on everything from access to voting to infrastructure to the whole range of things. that's why it's so sad.

last question right here. reporter: mr. president i have a question about the significance of the bipartisan nature of the infrastructure agreement. are there lessons learned from that agreement that can be applied to voting reform, police reform, or lgbtq civil rights. >> by you guys or by me? reporter: by anyone. >> [laughter] i'm sorry i shouldn't kid because i was just reading about 50 statements from very serious press people about how my whole plan was dead from the beginning look, the lesson learned is being willing to talk and listen listen. call people in. no, let me finish, and i think the lesson learned is exposing people to other views, and so that's why from the beginning, on all the subjects you raise, i've sat with people and listen ed to their positions, some in agreement where i am and some in disagreement and so i think it's a matter of listening

it's part of democracy. thank you, all. >> [overlapping speakers] reporter: why have you not named an fda president. >> i'm not going to comment any more. liz: president biden is saying the signature piece of his campaign, the promise to pass an infrastructure bill, has come about thanks to both republicans and democrats working together to create jobs and rebuild and strengthen the country's infrastructure, to pay for it, they put together a couple of ideas. they repurposed the leftover covid money, covid funds, they delayed medicare rebate and they are selling wireless spectrum and they passed a cryptocurrency tax provision. here to react to that piece of it, which has been controversial , is brock pierce, the billionaire bitcoin investor who i would imagine, brock, not too happy right now. tell m ewhat your thought is and why you think this is a negative not just for the crypto world

but for the rest of america. >> well we're living through the fourth industrial revolution , and it's indisput able that technology is changing the world and that this technology is going to have a big impact on the financial system, and the well being of americans, and the idea that an amendment was jammed into an infrastructure bill for a conversation that is so important to our collective future, and not given its own container to have ample discussions so that we actually thoroughly think through the issues and the long term implications it has on our lives , i think is very short- sided, and that's why i'm so disappointed. this is a very important topic and it deserves its own forum and it doesn't belong buried in the back of a 2,000-plus page bill with only days of notice and there were multiple senators that raised issue with this. i'd like to give a shout out to senator toomey and loomis for

pushing all the way to try and prevent this from happening. liz: loomis of wyoming and toomey of pennsylvania but brock am i hearing you say that just because this is a nice entertainment industry, this cryptocurrency echosystem that is sprouting up right now that taxing it to the tune of 28 billion which in the grand scheme of things is not that much, is something that will destroy the whole thing? >> yeah, no. it's not the issue of taxation. it's the issue of the regulation that they've attempted to put in this. they're attempting potentially burden all of the infrastructure that supports the industry in a way that those businesses may leave the united states, no longer create jobs in the united states, and the epidemic it center of those independence potentially ending up in other places like dubai, singapore, europe, rather than the industry being headquartered here. the united states is the capitol

of innovation and it's important to me that we stay the capitol of innovation and this industry is on the forefront of changing the world. this is not an issue with the taxation. it has to do with the regulation that's being imposed to support that taxation. liz: well now you're talking gary gensler's language. he is the one at the sec who said that cryptocurrency is the wild west. somewhere in between what you're saying and what he's saying lies the truth, but that said, what regulation could you live within the cryptocurrency world, brock? >> well one comment on the wild west. the wild west became california, and so the wild west is important and we need to be mindful of the future potential of it. yeah, regulation, at its core, is not a bad thing. regulation is there to protect the people, but it's important that we have sensible regulation that nurtures and fosters the growth of the industry and it's important that those that are regulating are lawmakers

actually understand the industry that they're regulating, and most of them have not done their research, they have not had ample time, this decision was made in haste, and that's what gives me cause for concern. liz: i need your sort of at 30,000 feet picture of where you see bitcoin right now. at the moment it finally over the past couple of days broke through the 200 day moving average back above 46,000 i think it's around 45,000 at the moment, yeah, 45, 512. you just had adam aron, the ceo of amc, one of the so-called meme stocks on charles payne's show in the last hour talking about why he says the company, the movie theatre chain, will soon consider accepting bitcoin, let's listen in and i want your response to that. >> we figured out a way to put the technology in place. we'll do so by year-end, so we will be taking bitcoin as one of

the many forms of payment, but you can use, if you do it online , to buy movie tickets and /or concessions at amc theaters all across the united states. liz: brock it sounds like he's done the leg work and the so-called infrastructure there. what does a move like that mean to the growth of cryptocurrency? >> well, i mean, amc by itself doesn't move the needle much. i think this is actually better for amc than it is the call it the bitcoin industry. remember amc was one of the those businesses that was saved effectively by the reddit rebellion, the retail market of buyers and so i think it's a wonderful thing. the same sort of people that were buying the amc stock in that short squeeze are the same sorts of people that have been buying bitcoin at a larger scale i think it's worth talking about what el salvador has done, so the country of el salvador has made bitcoin legal tender.

that law takes effect on september 7 and on september 7 when that law goes into effect every merchant in the country of el salvador is obligated by law to except bitcoin for all of its products and services. we're going to see complete peter strzok into that market and why that matters is that 70% of the population of el salvador is on bank. it's a cash economy. four to 4.5 billion people on the planet are on or under banked. this technology is creating an open banking system to create financial inclusion, ubiquitous financial inclusion, for everyone on earth, and i think that's a wonderful thing. i believe we're going to bring a billion-plus people out of poverty with this technology and it's important to me that america, the united states of america, sits at the center of this fourth industrial revolution and stays on top of innovation and that we, the american people, and the american businesses are the beneficiaries of that change as much as we can be. liz: brock pierce, holding the bitcoin flag, for bitcoin nation and crypto world, thank you very much, please come back again, brock pierce we're coming

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liz: disgraced new york governor andrew cuomo resigning from his position today, amid fallout over sexual harassment allegations and now new york business leaders are weighing in on what this means for the state 's economy, the home of wall street as well, joining us now charlie gasparino what's the business community telling you, charlie? charlie: liz this is a significant business story because this is the home of new yorkers the home of wall street, and most of the major banks are located here, so, yeah, i know you did, i'm just saying it's a

good point and that's why we reached out to them, kind of interesting what i'm hearing. you would think the business community be in line with sort of saddened by this , cuomo was known as a supporter of the business community. he built himself as a guy that told the progressives that increasingly control albany through the democratic party, stop, no more taxes, we can't do that, we can't do the minimum wage increase. we can't have a transaction tax on stock trading, that would really hurt the new york stock exchange and nasdaq. i'm getting a 180 on that, what they're telling me is this , that most of them, and i spoke with leaders of business trade groups and ceo's, most of the feeling is more that the last term of andrew cuomo is one of the betrayal that he cav ed into the left, the last over the last couple years, that he wasn't forceful enough in helping businesses maintain a stable environment, so they could keep employing people,

here in new york state and that he allowed the left wing of the party basically especially in the last budget go-around to raise taxes and to do other things, so they say he's a huge disappointment in his last couple years, so it's a degree of good riddance here. they believe the new governor could possibly be better. she comes with no baggage, kathy hochul, i believe her name is, a political unknown, and she's going to have a little bit of a honeymoon and let's see if she can do a better job, remember the left in this state has done some really, you know, some people would say outrageous stuff. bail reform, which has led to massive increases in crime in new york, is something that the left and governor cuomo agreed on and in new york city if you have these policies that allow people who can make crime essentially to be free on the street and others so here is

what they are telling me. they expect hochul to be better. they expect a flurry of left wing economic legislation and other issues to come out of albany, and kathy hochul will immediately be put to the press. here is something else, say that again? liz: hochul. charlie: hochul, okay someone is yelling in my ear. i'm sorry. one other thing, liz, that i think is interesting here. liz: very slick, charlie. charlie: many of the , okay, many of the leaders i talk to say that cuomo may make a come back at some point. they don't believe he's totally finished in new york state politics. i don't know if i believe it but they point to a $20 million war chest and, you know, we live in interesting times, but i will say this , liz. what was telling about his press conference today was that he didn't defend himself in a way

that i thought was forceful. he didn't say, here is my side of the story. you know, absent of that if he's not, if he's not defending himself, most people are going to conclude that he's guilty of that outrageous behavior, and i don't know if he's got a political future if that's the case. back to you. liz: charlie, thank you. charlie gasparino, records ahead for two of the major indexes, we're coming right back. you've got to stay tuned to watch that right dow is up 145, don't go away. you packed a record 1.1 trillion transistors into this chip 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 ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪

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reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything. ♪. liz: okay. we have the closing bell ringing in fewer than three minutes. dow at new all-time highs. that will be the 31st record of the year. the s&p needs four points, up just 2.6 points at the moment. just left me short there meantime, did you hear this, it

has been revealed softbank's north star unit has dumped five billion dollars worth of shares of four tech giants during the first quarter. who? facebook, microsoft, alphabet and netflix. today's "countdown" closer disagrees with soft bank's head son. he said one name you're right on the others no way. he joins me now. which one do you agree with him on and which one do you disagree? >> well i think in that respect we've probably agree on tesla. that is from the perspective one of the strategies that we run which looks to exclude companies we think are likely to underperform. that was probably the one that garnered the most attention. but in terms of the other big names we're still favorable on the largest tech names, it is really netflix and tesla, the big ones for us.

liz: okay. so he didn't, we don't know anything about him selling tesla. we know he got rid of netflix. you don't like netflix. how can you not like netflix? what is wrong with it? >> it is one of the big beneficiaries of the pandemic. performed superbly while everybody was sitting at home watching tv but like all good things, there has been more competition coming in to the market. there is streaming wars or real things, a hypercompetitive space. so it is impacting margins. and you know, at the moment, that's negative. also another thing we look for is expectations. analyst expectations. those are for netflix and more negative than they were. so that is our view on the moment of netflix. liz: granite shares x-out. this is what you like at the moment obviously. you are with granite shares. can you give me one line as we are up against the closing bell?

>> yeah, what we're trying to do simply exclude the losers in this strategy. that is opposed to what most active managers do which is pick winners. we try to exclude names which we think are liable to be disrupted over time. [closing bell rings] liz: okay. >> large cap portfolio exclusive. liz: thank you very much, will. there is the closing bell. time for "kudlow". ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so lots of big news today. governor andrew cuomo resigns, the senate has chosen to spend like crazy people and to give us the congressional lowdown. let's go right to hillary vaughn. good evening, hillary. reporter: larry, the bipartisan infrastructure bill sailed through the senate with 19 republicans voting for it. it sits stalled in the house until the senate can pass the $3.5 trillion reconciliation packag