upside. charles: we saw pretty good permits but not single family houses that gets to that supply chain thing, i'm inclined to agree with you but i'm telling you i'm looking at the home builders and i wrote up lennar last night after they reported. they can just get supply at these levels profit margin should be pretty big. always appreciate you, thank you very much, appreciate it. so liz claman, 3:15 yesterday the market, the buyers appeared during your hours and they put una pretty good rally extended to today. do you think lightning will strike twice? liz: i don't know it feels like we have a stop and reverse parab olic move every five seconds especially since you were talking in the last couple minutes of your show. i think after having a breakfast of stocks investors kind of appear undecided about whether they want a late lunch. yes, there is green on the screen as we head into the final hour of trade, but if you look at the dow intraday, the rally disappeared about 16

minutes ago. enthusiasm evaporated and now the blue chips are still higher by 72 points they pop their head back out once again, but clearly investors are still trying to sort out the potential impact of china, evergrande's massive debt problem that triggered yesterday 's sell-off. will it default on an $83 million interest payment coming up on thursday? china's economic might front and center and president joe biden's address to the united nations general assembly just a few hours ago the president claiming he's not seeking a new cold war, and he promises relentless diplomacy but as china continues a crackdown on some of its most successful business behemoth what's going on behind the scene s in beijing? former trump undersecretary of state for economic growth energy understands china's thinking, especially after having taken on the tigers. he's here to put it in perspective. the biden administration yesterday throwing open the door s to vaccinated foreign

travelers once again. it's already giving a big boost to one major disruptor in the travel industry. airbnb ceo brian chesky is here on if her home sharing service is ready for a major influx of visitors or if american travelers have all the best vacation homes locked up and we'll show you the stock, it is on the move in a big way. breaking news investors are dip ping their toes in after the sell-off yesterday, stocks right now are higher we've got the dow up 78, the high of the session though, a gain of 343, all the major indexes have been both up and down today. now, of course we look at the s&p, it's up 14 following the worst day for that index since may, jpmorgan strategists say that the drop is an opportunity to buy, we told you that yesterday. jpmorgan's chief global market strategist marko kalenovik, saying risks are well-flagged and priced in with stock multiples back at post-pandemic

lows for many reopening recovering exposures. we see the sell-off as an opportunity to buy the dip , but, you know, all opinions matter, not so fast as market guru bob doll who was here yesterday. >> don't be in a hurry and be a hero. i don't think we go straight backup. i think we've done enough damage we're going to have to rebuild for a while before we have a shot at going back higher, so do your homework during that period liz: okay, but, some of the hottest names in tech that pulled back yesterday, apple, facebook, netflix, down 2 or more percent, amazon down 3%, what are we looking at today and was your big chance yet? is it done? so the question is, what were the most unwarranted sell-offs and is now the time to get in after it kind of rallies back together we have the two great scotts, scott fullman and scott shellady, mr. shellady what were you doing this morning or let me back it up. was this another flash dip and

that's it? >> well, not so fast. i would say i was watching the banks. i just happened to have them up, because the last six or seven days going into the fed, i wanted to get a nice history built up in my brain about the story of the stocks that says as they go into the meeting to see what they do and then that's what i was watching happen unfold in front of me all day yesterday and they sold off some of them harder than others obviously. they bounce back a lot like the market has today but not a lot so i am not willing to plow back in or at least suggest people plow back in. i'm more in bob doll's camp let's wait and see maybe we need to be a little bit more picky because this market sometimes, well not sometimes, as of late, if you make a mistake and it punishes you, it's very difficult to get that money back as quickly as you lost it, so i say i watch those stocks sell-off, some more than others, in the banking sector because i'm really interested to see what the fed will do tomorrow, but they haven't really given me the life i'd like to see coming back today, so i'm in a little bit of a hold

liz: fullman, was it yesterday, just a one off here? evergrande e, it terrified people, and now people are turning to the fed. look the fed is a huge, huge story, arguably way bigger than one of, you know, one commercial property developer in china, but you never know with this. people get spooked easily. here is the russel 2000 it had a very rough day yesterday. it is in the green right now, 10 year yield around 1.32%, never really went below 1.30% yesterday, but where are the opportunities and what was the most ridiculous sell-off that shouldn't have happened? >> well, i think that the sell-off yesterday was really part of the seasonal trend that we have. its been building up for weeks, we've been warning our customers to watch out for a pullback here , and the fact that the

market was at all new-time highs a couple of weeks ago, combined with seasonality, was sort of perfect storm. this is hurricane season, and we tend to see a lot of sell-off during hurricane season, and that's sort of coincided with what happened with hurricane ida , but here's the thing. we saw this pullback. it does create some opportunities but we don't think that everything is clear yet that we're ready to go backup to test the highs yet. we think we may see some lower lows from here, and we think the people should be watching, especially the dow jones transportation average, because that average has been diverging with the dow industrial average and the s&p 500, so it is giving some negative signals, but doesn't mean that you can't dip your toes in the water and start accumulating a few things like apple here. stocks that came down by 20%, by

25% and see what happens over the next couple of weeks. liz: yesterday apple was down about 2% it's only up three- quarters of a percent today so you're still buying it at less than it was on friday. shellady? talk to me, specifically, about the deceleration that we've seen in the small and mid caps. do you avoid them, are they just too volatile in this atmosphere? you look at the vix. the vix, which was speaking yesterday, the fear index, is now down about 9% at this hour. >> well, it goes back to markets don't like to be surprised, liz. everything that we've talked about yesterday, at least everything i talked about or if you watch the television with these news programs, we knew on friday, it wasn't, evergrande was in the vernacular before even friday. liz: of course, july. >> so the sharks were circling. that's why that sell-off felt more of a nervous investors looking for that ringing their hands waiting for a 5-10% sell-off and that's what they got out in front of; however, in

order for something to be a true black swan you can't have heard about it, its got to come out of nowhere and it has to totally surprise the market and i don't think evergrande did that but you're right. there are things still too volatile. this is a bad month of the year, that's why i said, opening up, i'm going to wait and see right now, because i don't think that the tumult is over with even though we've seen the vix come off a little bit today. there are other things to worry about. i'm not saying we're going to get surprised we'll have that black swan but evergrande was in the vernacular, but we have to wait and see what happens thursday and what the market digests that but i think that those small and mid caps are, i'm still, they are still too volatile for me, right now. liz: and what about, fullman, chinese stocks? china is a tough one. we're going to talk more about that in just a second, but to me , these are a real outlier. it's hard to really pinpoint exactly what's going on. >> well, i'll tell you there's too many changes going on over there right now.

the government is trying to make too many adjustments to things, and it's really shaking up volatility there and around the world and this is basically, it's sort of an excuse for some of the other markets to sell-off , a reason for people to pullback a bit, and that's fine, but you know, understand it for what it is. we've seen that the internal market indicators have been negative for quite some time. the transports have been down. the fact is, we've been due for a pullback. this is the reason, and that's what it is. it's the reason. liz: shellady before we go you've been in this business a long time you've seen many a federal reserve meeting. will they put a pinpoint on the calendar for tapering tomorrow? >> number one, i don't think so number two, this is jay powell's afghanistan. everybody knows we want to get out. he's just got to do it the right way. liz: scott shellady, scott full man, great to have you guys we have the dow jones industrial up 66 points. you heard me mention while hong

kong whoses index bounced back after monday's 3.3% route, did yesterday's jump scare from embattled property develop ever grande reveal way deeper cracks in the world's second biggest economy that may not be able to be repaired by its strong armed government? up next, the former u.s. diplomat and tech billionaire who got banned from entering china. he is here with his risk assessment. closing bell ringing in 50 minutes, yes, we do have the nasdaq up 85 points. not a bad move thereafter a very rough day yesterday, the "clayman countdown" is coming right back.

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liz: breaking news we want to take you live to president joe biden who is departing joint base andrews after speaking at the united nations earlier. the president is heading to the white house where he apparently is going to meet with british prime minister boris johnson in the next hour. this morning, before u.n. general assembly, of world leaders here in new york, the president laid out his vision of america's role in the global community. >> and as we close this period of relentless war, we're opening a new era of relentless

diplomacy of using the power of our development aid to invest in new ways of lifting people up, around the world. we are not seeking a new cold war or a world divided into rigid blocks. the united states is ready to work with any nation that steps up and pursues peaceful resolution to shared challenges. liz: well, president biden did not mention china by name during his first address to the united nations as commander-in-chief it was clear that that so-called new cold war likely referred to the currently kind of disfunctional relationship between beijing and washington. that relationship has widely affected hundreds of u.s. investors stock holdings. we need a window into what happens next, the former undersecretary of state for economic growth keith crock comes from a very unique position during the pandemic he led the state department's efforts to reduce dependence on the china supply chain, today

he's the chairman of the center for technology diplomacy. great to have you, china sanctioned you after you became the highest ranking diplomat in 41 years to visit taiwan so you don't scare easily but it's a holiday in mainland china. tonight is the first time that the shanghai indexes, the markets, will trade since the evergrande news hit. if you had to guess, what's going on behind closed doors right now at the government level? will they step in? >> well, of course they'll step in, liz. that's their modus operandi. as you know i've been on your show the last year and a half, talking about the risk of chinese companies. they don't follow the accounting standards, you know, they've got all kinds of help. all of that, and, you know, i was very focused on protecting the typical american investor

who invested in chinese military companies, chinese surveillance companies, companies that enabled their surveillance state , and so what's going on right now, it's just playing out that really really big risk, and this is a big one. the key thing, liz, is we do not want the american taxpayers bail ing out china's companies that are run by chinese companies. liz: okay, but how would that happen? triangulate that and explain where u.s. citizens would bail out china because of this evergrande situation, which by the way for those just getting up to speed, evergrande, this commercial property outfit, has 300-plus billion dollars on its shoulders in debt, the stock itself is falling 9% in addition to what it fell yesterday. go on, keith. >> yes, so, i mean, the united

states investors have been unknowingly invested in these bonds, and these stocks, and typically, what happens for the purpose of concealment, you know, they'll break them into an unnatural amount of subsidiaries you wouldn't find in the normal world and then whether they're on the shanghai exchange or hong kong, and even some of the new york stock exchange, these get buried into the big funds like blackrock, where they have the emerging markets and then those with company funds, and nobody really knows about, and transparency is absolutely the key. liz: yes. that is true. this sounds like they could turnaround and say well look what you guys did during the financial crisis all your banks give out subprime loans and chopped it all up and you derailed the entire global economy, but let us just simply

talk about the fact that beijing has instituted over the past couple of months, has so many different sectors we've been showing some of them what we should show is the last six months of names like tencent and alibaba and how much they've been attacked and why is china eating its own? >> well, because number one objective the chinese communist party is regime preservation, and these tech companies are knocking them down and as you recall one of the things we talked about was putting financial sanctions on tencent, alibaba and baidu, because they are strategic to the chinese's military ai. matter of fact they are the most important one, and they enable the surveillance, what's going on, so xi is kind of almost doing that a little bit on his own, but he's doing it for a

totally different reason, and that is one of power. liz: you really inserted yourself into what is a huge problem for this country. the fact that u.s. companies have supply chains that snake all through asia, but particularly through china, trying to make us less dependent on that is an awfully difficult prospect is it not? what do we need to do to make sure that we are way more widespread these days? mattel did it. they really got away from a supply chain that was very well entrenched in china, but what about other companies? >> by the way, it's absolutely critical to do that. you know, as you know, liz we did the biggest onshore in u.s. history, to secure the semiconductor supply chain. that ended up in $300 billion of united states in investment in the united states from companies like intel, tsmc and samsung, and some of these, some of our

companies over there, i mean, they've got a lot of leverage, so the key thing is to be able to pull them out and i can tell you particularly in the area of energy, because one of the things, energy securities national security, and in 2015 industry experts are saying the majority of energy is coming from solar and china owns it and they make it with slave labor and the two biggest coal fired power plants of the world we haven't done anything about it. liz: keith krach, of course we have to say you founded ariba networks and the ceo of docusign, also a diplomat great to have you here thank you so much. thank you, liz. liz: keith is betting, unlike s&p, s&p is saying the chinese government may very well not rescue evergrande but keith says it's what they do, and we shall watch and see. among the stocks, vaporizing yesterday's losses, look at this short-term home rental giant

airbnb jumping 4.7% as the u.s. takes the lead in reopening the gates to foreign travelers. coming up, airbnb ceo brian ches ky joins me in studio on how bookings are looking, and takes us inside the home shares major effort to help those displaced by the taliban's takeover in afghanistan. closing bell ringing in 38 minutes, dow is up 91 points, we're coming right back, don't go away, airbnb. we did it again. verizon has been named america's most reliable network by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row. most awarded for network quality, 27 times in a row. proving once again that nobody builds networks like verizon. that's why we're building 5g right, that's why there's only one best network.

liz: we've got to get to this fox business alert uber hitting the gas on a high octane forecast the ride hailing giant saying it could cruise to its first adjusted profit in the third quarter, months earlier than previously thought on bellicose bookings. uber is charging higher right now, by nearly 12%. let's go because it is living up to its name at this hour, the

charging network giant surging after credit suisse kicked off coverage of shares with an outperform rating on growing ev adoption trends and supportive policies in the infrastructure bill. ev go which went public via former nrg ceo david crane spac in july right now speaking 8%. and we should look at some of the competitors in that space. blink, charge point, tesla, all are in the green right now. talking about the interest in the ev sector maybe this next story, not really a surprise in a bid to meet its self-imposed goal of zero emissions energy products royal dutch shell, shell, yeah, shell, is selling its permian basin oil assets to conoco phillips for $9.5 billion , shell wearing the crown at this hour it's up more than 4% we do have conoco phillips up 4 1/3% getting the royal treatment and on the flip side over watch getting a new meaning at activision

blizzard shares slump ing back to the november 2020 low as the sec launches a probe into the video game makers alleged so-called frat boy culture including accusations of discrimination against female workers. activision blizzard the bottom worst performer on the nasdaq down nearly about 3.5% at the moment. draft kings making a play for british gambling firm, the u.s.-based sports betting giant confirming its made an offer to the parent of lab brooks which could reportedly be worth $20 billion, and the current u.s. online sports wagering partner mgm saying it gets to sign off on any deal if a deal is made. draft kings dropping 6% on the potential buy, and surging as much as 28% earlier it's up 27% at the moment, mgm down just a fraction. the biden administration putting out the welcome matt for fully

vaccinated european travelers but has it given a booking boost yet to the hottest name in home shares? i'm asking airbnb ceo right after this break, closing bell we're about 31.5 minutes away the dow, s&p, and the nasdaq are all in the green here with the dow gaining about 100 points before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password? it's buick envision. that's a really tight spot. i used to hate parallel parking. ( all together ) me too! the all-new buick envision. built around you. all of you.

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liz: breaking news, take a look at shares of international consolidated group. it's tacking on another 3% to 4% depending on the second you look at this to yesterday's 12% gain, iag, a company behind airline partnership one world alliance which includes 13 major carriers from british airways, to american, thin air, qatar airways among others on a powerful two day run after the biden administration announced yesterday that by early november, foreign travelers will be welcome back

to the u.s.. how will those foreigners pick their lodging in this new age? well, if airbnb stock is any indication, the world's original and largest short-term home rental company could be a top choice. up nearly 5% right now. to our first in-studio guest in 18 months, let's bring in brian chesky, co-founder and ceo of airbnb. i have to know between yesterday and the biden announcement that they are going to reopen the gates to foreign travelers and today, in the last hour or so, what do your bookings on your website look like? >> well, you know, i'm not able to disclose that but before the pandemic started, cross border travel was half of our business, so everything you've seen, this last year, ourq 2 results was primarily domestic travel around the world, and so this is massive. once people cross borders that's the other half of our business starting to return. liz: what do you expect as far as the break down is concerned

leisure versus business travel? >> the vast majority is leisure and we've always been a majority leisure business, and, but, i think in the future, there's going to be a major shift from business travel to leisure travel. i don't think business travel is ever quite coming back to the way it was in 2019 and the reason why is because we've learned that so much of what we used to do by business travel, one, two day trips can now be done with technology, on zoom. so it's not going to go away but it's a little bit smaller and i think that delta is going to shift to people doing more leisure travel, less travel for business the more they want to travel for fun. liz: when you talk about leisure and these foreigners jumping on the website maybe right now as we speak, americans largely chose to stay home. they traveled domestically over the past year. what kind of inventory do you have left? i tried to book one in a very popular town, and there was nothing nothing available. >> well the good news is that we do have 6 million homes all over the world, including in the united states, so we're adding host every single day.

since q 2, since may we've added 300,000 hosts. so we're adding a lot of hosts but the other thing we do is we have a new feature called i'm flexible where you can say i'm flexible about where i want to travel and when i want to travel what this means is we can now point demand to where we have supply. this is a whole paradigm shift in travel. liz: is that ai? >> definitely. liz: i wanted to go to the hamptons, it ain't happening? >> we use machine learning to peruse 100,000 different destinations to pick the best destinations for you, and yeah this is a big, big revolution in travel because it used to be that people used to know where they are going when they are going and business travel is a big dominant part of travel and now we're living in a world where you work, live and travel aren't necessarily separate places they are all the same place. they are your home, but because people have flexibility they can work from many different homes. this opens the door to travel. it means that people can travel anytime, they can travel any place, they can stay longer,

half of our business is longer than a week, the stays are longer than a week. a fifth of our business is longer than a month. that's not even travel. so a fifth of our business is not even travel. it's people living on airbnb. liz: but brian, i think about what we've learned in this past year and if we've learned anything nothing is a sure thing >> exactly. liz: the delta variant reared its head, yes the biden administration has lifted restrictions for fully vaccinatedded europeans. anything could change, and it's that particular volatility in the travel landscape that eric sheridan of goldman sachs yesterday said might be something that brings your stock down. i believe he has a call, a price target call on the stock that's 20% lower than where we are right now. why is he wrong or is he wrong? >> well one of the things, i think, really resonated when we went public was this idea that airbnb has an adaptable business model. i said i'm not necessarily able to predict the future but however the world changes we can adapt. we have nearly every type of space and every type of city and every price point, however

travel changes, we can adapt, because we didn't pour a bunch of concrete into a certain city. we have hosts that have millions of homes all over the world so we have an adaptable business model and we made over 100 upgrades to our service in the first six months of this year. there's an old saying the best way to stay on the bike is keep moving, airbnb keeps moving. liz: when you just said concrete i think that's a swipe at the hotel industry, which is fine, because they took punches at you , definitely. in fact, for a guy who had to face not only an entire industry that was trying to beat up on you as you cracked open this sector egg in 2008, august, right as the financial crisis was hitting and lehman was going under, you have had to deal with some pretty tough competitors and lobbyists but what you also did is forced them to start their own types of businesses where they are home sharing. i don't want to say copycat but they are copycatting, vrbo, everything else is out there, the big hotel chains certainly

have brand new ideas that they are trying to mimick off you. how do you stay ahead of the pack? >> well first thing i'd say is i never believe that for us to win, that hotels or anyone else had to lose and until the pandemic was pretty clear that as we grew, they had record profits. going forward, it's not going to be airbnb that's a threat to anyone. the only threat is the world's going to keep changing and whoever doesn't adapt won't be around in the future, so the way we keep adapting is by continually having adaptive culture in a very innovative culture. i went to design school where very much rooted in design and technology airbnb. we're constantly asking ourselves how can we improve the service. how can we change? where's the world going? let's move there before anyone else. that's embedded in the dna of this company. liz: okay the world is going to cryptocurrency. when will you begin beta testing people to pay for their airbnb with crypto? >> we get a lot of requests, i have nothing to announced to on it but fun fact is the founder of coinbase used to work for airbnb, so we're really proud of their success and it's

really great to see tax liz: are you closer than you were in april when you first talked about this? >> can't say anything more about that. liz: i'm taking that as a yes, everybody. okay, but i'm glad you brought up coinbase. you, obviously, started a whole new sector, and you had to deal with the lobbyists and regulators and a lot of local municipalities to beat up on you how then do you view what the sec is doing, i guess, to coinbase at the moment and to the whole crypto space, as they try and wrap their arms around this very new industry and sector. i mean, do you think that they risk ruining something that might just be the next big thing >> probably shouldn't comment too much except to say one of the things i've learned is, you know, it's really important for business and government to sit across from each other face to face. i used to think if people don't like you, you should avoid them but what i learned is that you should actually do is like meet the people, educate them about your business, learn, and i think that's the whole education

process, sometimes can be a little bit messy but i think they are just probably an educational process from both sides and i'm optimistic. liz: it make sense you've got to talk and communicate, last month you and asia nounsed that you be offering up 20,000 homes for short-term lodging for afghan refugees as the taliban invade invaded the whole country and took it over. i want to know the genesis of that idea and it's going to be funded in great part by you. who came up with the idea and why? >> ten years ago, hurricane sandy hit new york city, i think it was like nine years ago, and we had a host who said we want to house people that were temporarily displaced for free and so we started with our host nearly a decade ago, housing people for free, initially for displaced disasters. then, a few years ago, we started housing refugees. over the last decade we've housed about 100,000 people for free, so we had already been doing this for about a decade. when this occurred, it occurred

to us this might be one of the great humanitarian crisis of our time so that point we thought we can step up, we can help. so we made a big commitment to house 20,000 afghan refugees for free. liz: how many are in houses right now? >> right now around 700 but i think we'll get to that 20,000 number and it looks like there's more refugees so if we can increase that number we will. liz: you're heading right now to queens to the conference and for those of you don't know that is sort of the news website for the travel industry. what's your main message to them >> my main message is there is a travel revolution. travel as we know it is over. there's a new kind of travel emerging. it's built on flexibility. people are going to be staying longer and going to more places and it's all about leisure travel. liz: brian chesky, airbnb thank you so much for joining us. >> thank you very much. liz: right now the stock is up 5 % at this very moment or $8.11 pretty much session highs here,

for airbnb. after more spac and regulatory drama in u.s. , bill akman backed universal music group making a star stud ded market debut in the netherlands we've got all your access passes and back stage passes to the ipo action, next, plus charlie talks about how coinbase, speaking of which, is the next in the crypto space, to take on the sec. closing bell 17 minutes away, we're going to get you all the crypto news, and of course, charlie's personal spin coming right up, don't go away. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network

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comfortable in our home. and, yes, it's affordable. looking good, george! we just want to spend as much time as possible in our home, and with our grandkids. they're going to be here any minute for their weekly spa day. ooh, that bubblemassage! have fun! stay in the home and life you've built for years to come. call... to receive one-thousand dollars off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. liz: oh, yeah, investors in universal music group are singing a happy tune hitting all the right notes in the european debut the home to some of the biggest names in music is

the jonas brothers? charlie: i have no idea. liz: lady gaga. charlie: who are the jonas brothers? liz: they are fabulous. bringing the starbucks power here shares jumping more than 35 % in their first day of trade on the amsterdam today's ipo follows squash plans by bill cabbies man to obtain a 10% stake in universal via his spac. the billionaire investor blamed increased regulatory scrutiny of blank check deals fueled by the reddit rebellion by ending his pursuit. charlie: boo hoo. liz: full a roughly $4 billion stake in the music titan for his overseas debut, coinbase not going quietly into the regulatory sunset after the sectored the crypto exchange to drop its crypto product

called "lend" meanwhile crypto mom hester purse is getting involved as the industry seeks regulatory clarity. charlie gasparino has been tweet ing up a storm ahead of this hit, and this scoop. charlie: right, and we're going to make a little news here, here is what we understand from coinbase, that they're not going to go quietly, so to speak. it's nothing personal at the sec from what i understand. liz: didn't they already challenge and nudge back at the sec? charlie: from what i understand, my sources are telling me they try to put out some proposals on regulation. here is the big thing that you get. the same story from coinbase, the same story from ripple. is that the regulatory agenda, that's developed around crypto, is so uneven, that they don't know what to do, so now the crypto industry is stepping up and one way it's going to step up and i don't have timing on this , but coinbase, from what i understand, is going to start saying here's what needs to be done to get a legitimate conversation going, and they will have open ears at the sec. maybe not gary gensler, whose called crypto the wild west, and

a lot of the crypto people believe he's an enemy of the business, quite frankly. i would like to hear his side of the story, clearly, he taught crypto at m. i.t. before he tame to the sec. liz: he's a friend of the show he's been on. charlie: we should try to get him on because he needs to answer these questions because the industry believes they are under assault, that coinbase believes, for example, that similar products to the lend product are not being challenged by the sec. ripple believes that its xrp, the currency, used through its system, is really no different than the early days of ether, which helped fund the ethererum, blockchain, and why have they held to a different standard than the people at ethererum? they do have an ear with hester purse, the crypto mom, i'm sorry for mispronouncing her name and i don't mean to do that. hester is, i guess, an advocate

for the industry she believes there's a lot of innovation that could go through this is maybe the next internet and there is a lot of evidence to suggest she's right, but what she's saying is that she told us it's kind of interesting, we had my producer had a great conversation with her today and put some of our stuff on our twitter feed for a little more detail but she said that regulation by enforcement is not a good way to provide clarity, and she believes that there's a need for clarity and a lot of work to be done in terms of regulation for crypto, so i will say this. the open ear for the crypto industry is hester pierce, she wants to make things right, whether gensler goes along with that who knows but we're kind of at an inflection point because i think it's becoming kind of glaringly obvious to anybody that, you know, what's so bad about coinbase's lend program?

liz: the argument is that they are acting like a bank, and but if that's true, should be held to the same regulations and rules. charlie: are they? merely lending stuff. liz: there's an interest. charlie: but it's not exactly like, they aren't exactly holding deputies and it's not like the fdic has to cover their losses if they implode. let's be clear here. why is xrp, i still don't understand, why it's not okay to use xrp to build-out ripple, which is essentially what the sec said, so you have to register but it was why is that bad and why was it good that ethererum used ether? liz: that is the founder's entire argument. nobody ever said anything. charlie: i just don't understand it. now, maybe there's a rational reason why that should be, but i would love to see either gary gensler, who i know and i don't dislike gary, i know jay clayton very well, and i like jay.

these guys should come on and explain these things. jay clayton is the former sec chair under trump. but that could be really good. liz: brian chesky of airbnb, who kind of dodged the question about when are they beta testing cryptocurrency, but he said no comment to me, that's something that means it could be in the works. charlie: you can use like dogecoin to stay in a place? i call it doggy coins, it's like a dog? liz: charlie gasparino, pay pal and square drawing their lines on the buy now pay later battlefield. coming up, the fintech fighter, our countdown closer is betting on to win this street fight. with the closing bell ringing in six and a half minutes, see , i'm telling you, investors just are feeling a little fragile at the moment. charlie: it's slowing down, down liz: no, the dow is still up but only by 35 points.

[slow electronic notes fade in] [fast upbeat music begins] [music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops] . .

♪. liz: well now it is just a jump ball at this point. look at this with the closing bell ringing in about three minutes the dow is now negative. that was positive. now it is negative, down about 13 points at the moment. again the high of the session was a gain of 343 points. the low, down 52. it is just a very fragile, jittery market right now. we got to tell you that paypal is releasing an app. it will be a one-stop shop digital finance system for both crypto and non-crypto users needs. our "countdown" closer was here this summer, exactly july 12th, picked paypal to pick your portfolio colored green. he is still bullish on paypal today. barry james, president and ceo of james investment research joining me now. you're in love with this company, right?

talk to me about why? >> well they have over 12 billion transactions every year. not all of them are mine but hasn't done a whole lot recently but they are continually innovating. they have great margins. they have great earnings. they have got power i think behind their name and innovation is there, really i think gives them the chance to really propel themselves. something wee like. we've had it in our golden rainbow fund for long time and we think it will be -- liz: we just lost him for a second. what i was about to say to barry, yeah, you've had it for a long time but you recommended it july 12th. it is now down about 10% and i suspect that barry will say it is coming back. clearly one heck of an innovative company. barry, do we have you back? >> we do. liz: i apologize for that. it is a little bit squirrely at the moment. two minutes to go before the

colleging bell rings. we have barry back. we told you to buy it, down more than 10% but when do we start to see this thing perk up? >> well i think what we're likely to see a change in the marketplace once again, kind of an echo we saw last november when the vaccine took place. as we see covid start to pull back once again, maybe with the updated shots and so for the. i think that whole area of the market will come back with great strength and paypal i think will be one of those leading the way. i use them for venmo. i pay the kid that mows my lawn. he won't take a check. they are in tune with a digital world. i think it is a pathway that will go very, very well long into the future. liz: we got 10 seconds. what happens tomorrow at the opening bell? because it's a really tough call right now for us. the dow down 12 points? >> boys ton college. never knocked down. but the market has wobbly legs

right now. i think it will be more wobbly tomorrow. liz: more wobbly tomorrow. that from barry james. great to have you. thank you very much. the dow cannot hold its gains. [closing bell rings] nasdaq looks like a winner, up 43 points that will do it for "the claman countdown." big day tomorrow for the fed. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so in case you didn't see it this morning there's a blockbuster news article on the front page of "the wall street journal" written by ling wei. titled xi xinping aims to rein in chinese capitalism, to mao's socialist vision. in other words, xi is going mao.