when it comes to doing what they do. i think it could be the next microsoft. charles: your convention has been phenomenonal, and people listened to you the last couple of times, they are already up but if it goes to 50 forget about it. keith, always a pleasure to have you on i appreciate it. all right i'm going to head over to lauren simonetti, in for liz claman, and we've got upside momentum this hour. lauren: i know, i know, i don't want to jinx it but yeah, stocks just turned charles thank you very much. cutting losses at this hour, take a look. the nasdaq turning positive, it's up 12 points in just these final few moments. the dow down as many as 274 points earlier in the trading session. it's still down by 18, but the swing that we saw today, over 400 points, the s&p 500 hugging the flat line down just 3 points our floor show traders are going to explain what we're calling indecision on wall street. all this coming as president joe biden makes his case for

trillions in new spending just moments ago the president accusing corporations of losing their sense of responsibility to workers in the community, and demanding they pony up and pay up. we're going straight to the white house for the headlines and a full recap. meanwhile, amc, the theatre company, they're going crypto. latest major business to accept digital currencies we've got the ceo of the kracken bank here to mark the moment he sees crypto gaining full acceptance, plus, the cybersecurity company that actually wants you to forget your passport? the ceo is here to explain as his company makes his very public debut, and call it the most expensive joyride in history. spacex sending a billionaire and three other amateur astronauts, well they did get six months training, into outer space we're going straight to cape canaveral for an update on their historic sight seeing journey into the great beyond, and we have breaking news right now. president biden speaking just

moments ago at the white house laying out his vision to build a post-pandemic economy that gives working people a fair shot. he plans to do it by pushing through trillions of dollars in new spending, the so-called human infrastructure plan, with a pretty hefty price tag he's calling for tax breaks for the middle class, and tax hikes on corporations and the wealthy. edward lawrence joins us live at the white house with a full recap. edward? reporter: lauren this was a speech about justifying the president's policies going forward, why we need to tax wealthy americans why we need to tax big corporations, why there needs to be vaccine mandate, now the president making the case that we can't revert to the way it was before the pandemic. he says he wants to include everyone in the economy going forward. he says if this is an inflection point, we need to push through his $3.5 trillion spending package, to keep the economic engine going, for the years to come. listen. >> corporations super wealthy have to start paying their fair share of taxes.

it's long overdue. i'm not out to punish anyone, i'm a capitalist. if you can make a million or a billion dollars that's great. god bless you. all i'm asking is you pay your fair share. reporter: however he did not mention this study by the federal reserve, which showed under the previous administration, minority wages and median wealth grew faster than white americans, the federal reserve data shows that median wealth for black families rose 33% and hispanic families 65% from 2016-2019 while white families the median wealth grew at 3% in that same timeframe. there's still a wealth gap but it narrowed so covid changed all that. today the president was making the case that we can't go back to those policies that created that welfare that shrunk that, he says we need to move forward instead saying we need bigger government, we need to be able to provide a safety net and programs to have lower child care costs, to lower healthcare costs. he says this is not about

inflation, it's about lowering the cost of living. one interesting point, lauren, the skies opened up literally in washington does c, right after speech was finished. i don't know what that means, but it is really raining. lauren: edward they say if it rains on your wedding day it means a happy marriage and it helps the stock market because we did see the major averages turn positive. let me get you "of here, go stay dry, edward lawrence, thank you very much for that recap. meanwhile investors waiting on an appetite for pop stocks doordash hitting a seven month high after bank of america upgrades them to buy from neutral and raises the price target to a straight high of $255 from 190. the brokerage expects strong growth for the food delivery firm over the next five years. doordash up 6%. beyond meat hitting a four month low after piper sandler downgraded the stock to under weight from neutral and slashed the price target from 95 from 120 the brokerage says plant

based meat producers current retail momentum lags expectation s with shipments exceeding retail sales, out that stock down 4%. piper sandler also raising its price target on chipotle, to $2,600 a share from $2,235 maintaining the stock at overweight, sin city staples under additional pressure, again , today, after jpmorgan downgraded u.s. casino stocks tonight all from overweight, on the prospect of heightened regulations in macau, wynn resorteds, las vegas sands all down between, well, three-quarters of 1% and about 2 % after macau kicked off a regulatory overhaul. what a week for these stocks. time for an ipo update, dutch brothers, right now, they are up 36%, $50 a share they debuted just yesterday at 23. they closed up 60% yesterday, and today, this is the franchise

of those drive-thru coffee shops , i've yet to see them though. they are doubling more than doubling their ipo price, not falling a behind in the ipo race is on holding which burst out of the ipo blog this is the roger federer backed swiss sneaker company, it popped 50% on its debut day, which was yesterday. got an $11 billion valuation, beyond holdings founders were on the show yesterday with liz, and the stock is trading sharply higher, once again today, up 9.5 %. well, you'll soon be able to whip out your crypto wallet to buy popcorn, soda, and a movie at amc theaters. the ceo of kracken bank is here to tell us what that means for adoption of cryptocurrency and how he plans to open the world's first crypto bank, he'll explain. let's check the big board for you, we do have the dow down just 6 points will it go positive? like it did at the open today? about 50 minutes left of the trading die, "clayman countdown" is coming right back.

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lauren: pulling back today along with declines in other metals as

the u.s. dollar rallied on news that retail sales, unexpectedly rose in august by .7 of 1% copper miners sitting at the bottom of the s&p 500 today tracking the price weakness in the industrial metal , freeport mcmoran, barratt gold all sharply lower freeport is down 5.9%. let's do a check on the markets because this really is a turnaround thursday, the dow up .1%, and the s&p 500 and the nasdaq up a quarter of 1%, once again we're seeing strength come back to those tech names, those big tech names are about a quarter of the s&p 500 a quarter of the overall market so they pack a big punch and it seems to be doing that at this hour. the closing bell rings in 49 minutes, and we'll be back right after this.

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lauren: amc entertainment expanding crypto acceptance, ceo adam aaron tweeting this. cryptocurrency enthusiasts, you likely know amc theaters has announced we will accept bitcoin for online ticket and concession payments by year-end 2021. i can confirm today that when we do so, we also expect that we will similarly accept ethererum, litecoin and bitcoin cash. well as amc and other corporations hop on to the crypto bandwagon. crypto firms are jumping into mainstream banking. digital asset exchange, launch ing by the end of this year, the operation was granted a wyoming bank charter and hopes to take retail deput ies soon. got a lot of questions about this as i'm sure you do too, the ceo of kracken bank is here, david, welcome. >> yeah, thank you for having me. lauren: you develop flagship product which is the bitcoin

investment trust so you know a thing or two about cryptocurrencies, bitcoin in particular. okay, so just explain to me in the viewer right now, kraken is a digital asset exchange, right? 8 million users on the exchange. you now have a bank license from the state of wyoming. what exactly does that mean? >> yeah, so we're going to use kraken bank to bring the existing u.s. business under clearer regulatory licensing. there's a lot of issues around grey areas and kind of square hole licensing in the u.s. that doesn't really fit our business model so we'll bring the existing business under kraken bank in this regulatory framework, we'll have better, cheaper, faster rails to the existing traditional financial system and they are able to offer more products and serve more customer markets and have them traditional and crypto side by side within one experience. lauren: so if you have a good chunk of your paycheck, of your savings invested in kracken bank and then you can make trades on

the exchange for cryptocurrency, what have you, what protections do you have for investors that they won't be wiped out? >> yeah, well look, when you invest and you put your money into an investable product, whether it's bitcoin, whether it's equity, you are taking that risk. it's all about in our view customer choice and customer disclosures and understanding those risks, but yes, it's true. when you invest in any financial product, you are assuming the risk but also the rewards. lauren: you think it's that easy and you can just tell your millions of users just hook up with us obviously investing is a risk and you might lose all your money, it's that easy? >> well i think it is that easy in terms of disclosure and customer choice but you're correct that yes, from a mainstream main street user perspective, there's a lot more explanation and disclosures that will be required. lauren: do you want to be regulated like a traditional bank? >> yeah, that's why we pursued and achieved the first crypto company to get a banking charter we just want certainty and even

application of regulation. you just tell us what the rules are and businesses can design around that. what kills us is uncertainty. lauren: just tell us what the rules are! please, regulate us we've heard that from so many people operating in the crypto space but let's face it the regulators don't know how to regulate you so what do you want to hear from the sec, from you named the three, you know, regulator that you want to hear from. what do you want them to say? >> it's a challenge. they are figuring this out just like the rest of us and there's a lot to figure out but first i'd take a do no harm approach or if you have clear things you don't want us to do, start there yeah, you can't maybe spell out everything and every possible scenario that happens in the future but start with clear rules with boundaries, what you don't want us to do, start there just start somewhere, rather than kind of a be quiet and don't kind of provide any guidance until enforcement. that's the worst, and what we're seeing is crypto businesses in the industry moving offshore as a result. lauren: ray dalio says that

regulation when it comes and it comes down really fast he says that's going to kill the crypto industry. would you agree, yes or no? >> no, no. it's not going to kill the industry. worst case what will happen is it will harm the american side of the industry and be worse off for the american business segment and american consumers. lauren: last question for you, amc says yup, we're going to accept bitcoin and cryptocurrencies when you go to buy movie tickets and popcorn. okay that's fine and great, but do you think people really want to own cryptocurrencies to use as legal tender or is it more of a investment or something that you trade to make money because prices are so volatile you can really capture nice gains or losses? >> i think there's a lot of use cases and corporations are using as a signaling mechanism, for customer acquisition or retention on marketing, gimmick in some cases but there are real users who are using it for its utility purposes even corporations are seen putting bitcoin as their treasury reserve as a settlement mechanism and it's certainly

more digitally nash native you're starting to see them take advantage of the actual utility of cryptocurrency and amc, maybe it enters into ar kind of gaming play, that does take advantage of these kind of digitally native internet-first assets but as of right now that's it. lauren: it gets investors excited because i like to say there's three markets your traditional stock market, there's your digital asset, your cryptocurrency market, and then, you know, there's a big fang momentum stocks, and well you know you got to play all of them some time, david, thanks for explaining that to all of us and good luck to you. >> thank you very much. lauren: well spacex made one giant leap for mankind last night blasting off four amateur astronauts, because they're going to be in space for three days, it's a mission around planet planet earth for private citizens are now more than 300 miles above the earth in the spacex dragon capsule, i

hear it's the size of a minivan, taking in the most sought after window seat in the world. let's come back down to earth now and go live to the space in cape canaveral, florida where phil keating is very much grounded in florida. good to see you, phil. so what's the latest on this spacex mission? >> very clever wording there, lauren. very good to see you too. you know, we also learned after the launch of a stow away snuck on board. right now, we're in day one of the three-day historic space mission evolving for the first time ever, four private civilian at are natural immunities who are right now orbiting earth 36g those amazing views, which include 15 sunrises and sunsets every single day. just as soon as last night's launch window opened at 8:02, ignition and the spacex inspiration four blasted off into the night sky above cape canaveral. inside the dragon capsule, no

astronauts just four everyday people taking the ride of their lives and one of the most exciting features of this trip is the big nose of the capsule, allowing each of the civilian astronauts to be mesmerized with the sweeping 36h gazing like they've never had before, or will again. the crew, a tech billionaire and pilot who paid for the whole trip, a childhood cancer survivor and physician assistant , a geoscience professor and 2009 nasa astronaut finalist and an air force and iraq veteran who works in the aerospace industry. and low and behold, back to that stow away. this is it, revealed as this flight's zero gravity indicator. jude, the adorable stuffed puppy, floating around near weight lessness, who works at st. jude children's research hospital, brought it up for her patients to connect with this

mission, these patients very young and all battling horrible things such as cancer and trying to stay alive down there at st. jude. in fact this mission is trying to raise $200 million for st. jude. arseno, for example, that's where she was treated for her bone cancer, when she was just 10 years old. she now works there as a physician assistants, but st. jude saved her leg, and her life and now she's floating up above us in space, looking down. back to you. lauren: what a story she has to tell and what i love about the space race because that's what we're in right now is you have billionaires and in this case it's for charity, but at what point does the price tag come down so maybe you just need to be a millionaire to go to space and not a billionaire? >> well i think you could be tens of millionaire and afford it, $70 million is what we were paying the russians to fly each astronaut up and i believe there was a private accident that

through on the rocket who paid something like 20-$25 million. this one was paid for for an undisclosed amount by jarod izaacman, the tech billionaire and he invited the other three strangers and now they are all friends riding and flying for free. lauren: he's only 38 phil what did we do wrong? phil keating. >> i know, so sad. lauren: thank you very much. well, forget the password, forget the user id, hoping to do away with those old school security measures its ceo is here to tell us how on the day it begins trading for the very first time. let's take a look at your money. about 40 minutes until the opening bell, dow up 4 points, s&p down just a fraction , nasdaq up 22 so this is really make or break. it's going to be a nail biter into the close we're coming right back, after this.

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lauren: we're at the half way point, 3:30 half an hour to the closing bell, and well, still hugging the flat line, the strength right now is coming from the nasdaq, it's up 15 points, the dow and the s&p 500 fractionally lower. we're returning to earlier gains when investors reacted when we got this morning we had the dow at the high of the session was up 129 points, you got that much stronger than expected retail sales report, a surprise increase in august, a gain of seven-tenths of 1 is% from july, however the initial estimate for july was revised down, down sharply to a drop of 1.8%. we also got a report on those weekly initial jobless benefits they were higher-than-expected but of course, we had hurricane ida to deal with. let's get straight to the floor show right now. hey guys we have larry and tom thanks for joining us. retail sales as i just mentioned coming in pretty strong today. you know, and then you hear from president biden and he's talking about okay, everyone has to pay

their fair share, let's tax the rich, let's tax corporations can you keep retail sales? can you keep the consumer strong and the engine of the economy running when urls creating more inflation for these people through more spending? tim, you have the question first >> well, lauren, i am as much as it was a nice bump in retail sales today, i am intensely focused on the consumer confidence report tomorrow because last month, when the august report came out, we had a historic drop from just above 81 to just a hair above 70 that brought us down in consumer confidence to the lowest level since 2011, and in addition to that, that 11 point drop was the third largest drop in consumer confidence in 15 years. now clearly consumer confidence

and retail sales are linked if people are feeling confident about their income and confident about their current employment maybe potential future employment prospects, they are going to be spending a little bit more, so if we can't get this consumer confidence number out of the basement going into the fourth quarter, it's going to be a challenging holiday shopping season. lauren: exactly. let me bring larry in here, because the consumer in many ways is the economy so how do you keep the consumer feeling good, feeling healthy, feeling positive, when you're looking at the inflation everywhere. when you look at the state of the stock market, larry, a lot of people are saying if you look at the calendar, september- october it's probably time to sell just because that's what the calendar says. do you think there's more room for markets to run right now without a near term catalyst? what's the next catalyst to get the next leg up in the market or are we just sailing? >> yeah, you know, i think is

the stock market overpriced on relative basis, no. on an absolute basis, absolutely yes, but it's all relative right now, with rates as low as they are, with inflation expectations going down, although they are still at elevated levels and the inflation narrative is still alive and well. the market definitely still has room to go higher. there's that old saying about sell in may and buyback in labor day. if you'd done that you would have lost or missed out on, you know, a big move in the market, so i think the timing is just being diversified is better. but with regards to the consumer , that's one of the hardest things and data points to figure out, because as was mentioned, consumer confidence in the last month has been really down and yet the consumer bounced back, albeit last month, we were down

by seven-tenths of a percentage point but i just think that's one of the hardest things to do. lauren: do you think that the average consumer, tim, the average american, is really at these big corporations right now so let's just say, say the corporate tax rate goes to 26.5%, the capital gains tax goes to 25%, corporate profits are squeezed, inflation higher, taxes higher. are they less inclined to pay the average worker more money? >> it's possible, depending on each individual corporation's internal situation. i think that that raise in corporate taxes be a drag, but not a huge negative. larger tax rates from a number of different directions including capital gains rates and just other tax rates, other fees, et cetera et cetera. that would certainly be a little

bit of a piling on effect and it would create a drag on the economy just make no mistake about it. lauren: larry what the are your picks right now? i see you like some luxury stock s, lvmh? >> yeah, i think where ben's shopping is the place to be and for me, like names like lvmh makes so much sense. the french company, really diverse product mix including christian dior, recent acquisition of tiffany's louis vuitton, they have have a lot of pricing power , they can offset that, if prices go up they can pass that on to consumers so that's a good thing. they aren't as disrupted by supply chains as most and they are very diverse and they have a very good in with most of asia. lauren: isn't that also on the consumer and the consumer being confident, larry, if they continue to buy expensive handbags and the like? >> well it seems like there's

pent-up demand for that sort of thing. i know that's faded in the spring and early summer but it bounced back. a lot of it was due to shortages and rise in prices and the delta variant, was a big monkey wrench but i think if you're into retailing sector, i think the luxury sector right now is the least vulnerable compared to the larger consumer discretionary stocks. lauren: i'll ask really quickly if we can do short answers here tim what is the one negative you see in the market aside from consumer confidence. >> look it's a challenging time of the year until we get much further into the fourth quarter and where the ipo calendar has picked up quite a bit, sometimes , a lot of ipo issues, high volume and high share ipo issues, can take some liquidity away from the secondary trading market, meaning that a lot of

institutions might sell a lot of stocks they have to be able to buy the next ipo, so, you've had funds flows into equity mutual funds, still strong, but any slippage there could cause a challenge for the market going into the fourth quarter. lauren: tim anderson, thank you, larry i have to give you a chance but please short answer what's the one negative you see for the market right now? larry? >> yeah. lauren: do you see a negative? >> oh, there's negatives all around us. lauren: oh, boy. >> the market continues to climb a wall of worry so after 35 years of being in the business i've just stopped looking at the worries but i do think debt levels is something we really have to be concerned with, and carrying over how that's going to compromise our gdp between the next three, four years, it's something to be concerned about for sure. lauren: yeah, i was just asking, because some people are saying

there's lack of a real negative, so stocks just continue to climb the wall of worry i guess. larry, tim, thank you so much. we move on. personal identity protection company forge rock now publicly trading under the ticker forg after raising $275 million in its public debut today. shares were priced above their range at 25, the stock opened for trading this morning at 35, and it's currently, well at 36.68 for a gain of 46%. look, the work-from-home movement certainly helped bolster forge rock over 3 billion accounts but it also spiked cybersecurity concerns, and personal identity attacks but forgerock says the solution lies in the elimination of your user name and your password to demand celebrating the big ipo today and at the new york stock exchange, the ceo of forgerock, fran roche. thanks for coming on. >> thanks for having me, thank you very much it's a great day for us here. lauren: it really is and it be a great day if we didn't have to

remember user names and password s anymore. okay we get rid of them what do we replace them with? >> well we think there's many more ways to more intelligently recognize a user and i consider names and passwords like lose, lose, bad experience and bad security so we think there are really two combinations that help us accelerate their elimination and one is around really leveraging a lot of biometrics being built into devices, like apple, whose doing great things around face id an touch. all of the other providers are using open standards to be able to do tax i think second is that we believe that by bringing ai to the solution, we're going to recognize user and device behavior to quickly recognize a legitimate user and giving them frictionless access is really the future of identity lauren: is that easy to do? is that something you currently do or something you're working on for the future? >> it's absolutely something we

currently do today. we have the capability to be able to throughout our entire identity to be able to recognize that user and provide great security and convenience, but moving to user names and passwords, moving away from them is complicatedded because it's not only about technology. it's about change management, it's about moving people away from something they are really comfortable with even though they don't like them it's still a big move for the industry over the next couple of years. lauren: your own research finds there was a 450% increase in the number of breaches to 1.5 billion, and those were for breaches that contained log- in credentials. aside from the log-in credential what is another popular or successful way that thieves can get in? >> yeah, we think about ransomware, which is in the news today and it's a huge problem for our economy and our country, and i think we see 65% of these ransomware attacks begin with somebody's compromised identity, somebody managed to steal someone's user name and password

, break into the enterprise, and plant that ransomware, so we think by leveraging our technology we can keep those bad guys out, so they never get into plant the ransomware and we can bring that down dramatically. identity is the root of a lot of these breaches. lauren: have you been speaking to anybody in the white house about using your technology and software to help fend off these ransomware attacks that have really increased in a big way? >> absolutely. we've had some interesting dialogues with the people in the white house and i think their recommendations around kind of the basics, deploy multi -factor authentication. if everybody did that the banks and brokerage and healthcare company, if everyone deployed mf a, that would really help reduce the risk of these kind of ransomware, and that comes native out of the box capability in our platform, and we work with some of the largest customers around the world like bmw, the bbc, weight watch ers, turner bank, to implement mfa. it's a great foundation. lauren: are there certain

industries that do it better than others? >> you know i think financial services has always sort of been the pioneer when it comes to both user experience and security. they are the most at risk, under the most regulation and so i think they have done the most to advance security protection for consumers, but i think it's expanding out to everywhere. our healthcare data is more and more on line, it needs to be protected. our credit card information, everything really is moving digital. lauren: and it's interesting, because you said the banks might have the most to lose, right? so they are putting all that money that investment upfront because the cost of a ransomware attack or data breach is tremendous. what is the cost for a breach to a company on average? >> i think the cost is massive. it's not only to the company, but it's millions of dollars of loss in both revenue and brand reputation but it's also lost to all of us, as consumers. those costs get carried on to us in the form of fees, and if you're a victim of this it can

take months or years to restore your credit and get that information back, so we really got to solve this problem, earlier in the cycle. lauren: and by some metrics, the cost per breach, $8.6 million, fran, thank you so much and congratulations once again. >> thank you, lauren thanks for having me on. lauren: of course. coming up, warren vs. wfc, senator elizabeth warren hopes to breakup wells fargo and now bankers tell charlie gasparino if they think she will be able to stop what she thinks is a run away, and charlie breaks it next and let's check the big board hardest part of doing the show is the number of minutes left to the closing bell and i'm pretty sure the number right now is 17, 17 minutes to go the dow is down just 3 points it's going to be a nail biter to the end, the swing on the dow today from high to low 403 points, the "clayman countdown" is coming right back. before we talk about tax-smart investing, what's new? -audrey's expecting... -twins!

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lauren: welcome, or welcome back, elizabeth warren is on the war path with wells fargo, firmly in her sights so the senator is urging the federal reserve to breakup the bank citing years of corruption and scandal continuing to put its customers at risk but wall street thinks she's got an alterior motive. joining us now with what that is , charlie gasparino. hey, charlie. charlie: is there any business that she likes? that's what i want to know. you know what business she likes i bet? the business of critical race consulting business. i think the critical race theory consulting business is something that i think elizabeth warren would like to promote. lauren: no comment here. charlie: i'm not going there but in any event, she obviously hates the banks, that's at the top of her hate list, in terms

of businesses she would like to control. her chance of breaking up wells fargo is next to zero. we should point out that wells fargo, we should show a one year chart, the stock is up something like 80% over the past year it's the best performing bank of all the major banks, if you take jpmorgan, you take them all, is that a one year chart i can't tell, but if it is you see -- lauren: it is. nice chart. charlie: so what i'm saying is this thing is up higher than any other bank, even jpmorgan, and the reason why is that the currency ceo charlie scharf has done a good job streaming lining operations, they are out of the scandal, he's firmed up the operations, investors are betting big on wells fargo. they think it's cleaned up its act. the last thing you need to do right now is breakup a major bank and she knows that. it would just be, it be destabilizing to the banking industry. she knows that so what is her end game? she's obviously not stupid she's really smart and she has an end game. it comes down to two things.

number one lauren it's a great talking point for the dems in 2022, as the mid-terms approach, banks are generally not loved, following the financial crisis even though people keep their money in banks, the democrats are good at that and so are the republicans, they have anti- bank stuff all the time so that's one thing. the other thing is i think she's worried about banks getting bigger and stronger and buying stuff. i mean, that's kind of where i think, there's someone whispering in her ear because i hear the same wispers from banking sources and investment bankers that do deal, that all these banks want to do deals. wells fargo, there's been talk about wells fargo buying goldman and doing a mega deal and other banks. i think this is where she wants to come in and say, i'm going to put enough pressure on you where these sort of mergers of getting bigger just stop because i think she is theoretically opposed to

banks becoming more powerful so i think that's kind of where she's going. it's a political thing, and it's also the thing about i don't want these things to get anymore powerful because she knows you can't breakup. lauren: charlie riddle me this and follow my logic. so senator cotton joe biden mansion is the most important man in washington right now, right? the democrats want that, the progressives want that $3.5 trillion spending package and manchin says no, 1.5 trillion. let's say the moderates win and say manchin wins and the way they win is they have to give the progressives something that they want. well you know what the progressives want, especially the squad on the house side. they don't want jay powell to be chairman of the federal reserve again. let's just say, that's what happens, and you have a more progressive fed chair, can elizabeth warren breakup the big banks easier? charlie: no. no. i mean, listen. banks have lobbyists. they are in every state, is

krysten sinema going for a big bank breakup? how does congress pass a law to breakup the banks? you can do another glass stegel, it's a depression era law, we're not in the depression and not coming out of a financial crisis you'll have to get tremendous buy-in from all sorts of people including moderate dems in the house, and i bet you nancy pelosi wouldn't even support that. she doesn't strike me as someone that wants to start breaking up all the banks. she as other agendas and to regulate them is to keep them in your corner and squeeze them for campaign contributions and do all this woke stuff for them. why are you wrapping me when i'm being asked a question? this person keeps yelling in my ear. lauren: on a much different level i like the banks for one other reason, charlie because now when we walk around the building we actually see bankers in suits, they are back in the office i love it. charlie: it is good. new york is am coming back. lauren: inflation maybe slowing

but will it be enough for the fed to put a hold on its taper plans? today's countdown closer gives us his taper timeline and what the fed really should be doing right now let's check the big board. seven minutes before the closing bell dow down 35 points, coming back in just a moment. . . he's really on his game. once-weekly trulicity lowers your a1c by helping your body release the insulin it's already making. most people reached an a1c under 7%. plus, trulicity can lower your risk of cardiovascular events. it can also help you lose up to 10 pounds. trulicity is for type 2 diabetes.

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[music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops] ♪. lauren: all right the closing bell ringing in four minutes and we have a split decision. all the major averages are moving barely a 10th of one% in both directions. the federal reserve can change all of this. they are set to hold their september meeting tuesday and wednesday. he has a play for your portfolio based on what he thinks the man will do. that man is jack mcintyre. 6 billion dollars in assets

under management. thanks for coming on. >> my pleasure. lauren: we'll talk about when the fed is going to talk about doing something. when do you think the fed will announce the taper? >> i don't think it will be next week. i think this fed likes its flexibility, optionality. they don't want to be backed into a corner to taper. i think november. you will get the september many employment the early october. so we'll have more information to do that. but i suspect next week with the.plot you will see -- the dot plot will see regional fed could from two rate hikes to three. i don't think we'll get to four. powell will be more dovish and de-emphasize the dot plot. lauren: the stock market is the data point they need. do you think that is the most important data point to them or would you argue it could be inflation too? >> i think based on what they

told us, they told us the journey they're on substantial further progress, many times they told us we're there on inflation but they want to get more information on employment. so that is it why i kind of think the wait until november. they will not move in november. they will move in decent. that, powell told us they move end of this year. they will do that -- lauren: so well-telegraphed. so, how off of a headwind will be cutting back on that $80 billion a month actually be for the stock market? >> well you know, it is, that is buy design. they have told us they don't want a taper tantrum. what bernanke did in 2013. every moment they get they told us we're going to do it, we're going to do it. to me, i wish, it is probably more important when the entaperring, when they started the meeting, accelerate it. might go slow. they will be data dependent.

i don't think that in of itself will be big news for financial markets. what they have to do is manage, when do they start to tighten rates. that will be a big deal. >> jack, how do you play that. where are you putting your money right now? >> we're positioned for global growth. china is ramping up. maybe delta may not be as quite as big of a deal. bonds, we're light on duration. we're long commodity currencies globally. we're positioned for global growth to do well. lauren: do you like emerging markets? >> i do. from a value standpoint they have lagged there is disconnect between the commodities and commodity producers and i get the issues but i think they will be resolved. part of broader theme value lagging growth. i think we're getting closer to a turning point. ems will do well when vast you

you -- value assets do better than growth. lauren: jack mcintyre, thanks very much. thank everyone for watching "countdown" to the closing bell. [closing bell rings] lauren: liz claman is back tomorrow. "kudlow" is next. larry: hello, everyone, welcome back to "kudlow," i'm larry kudlow. joe biden out there trying to sell class warfare, tax hikes on hard-working americans and small businesses, repeating the democratic pat phrase, pay fair share seven times, pay your fair share. somebody who pays her fair share, hillary vaughn on capitol hill with much more on joe biden. good evening, hillary. re