equity prices before the new year day here. charles: ryan always a privilege to tap into your knowledge of the market thank you very much we'll talk to you again real soon. meanwhile, folks, you know, we're just sort of grinding it right here, just grinding and grinding, there's a lot of things in the air i think some of it might be resolved over the next hour of trading don't worry liz claman has you covered right, liz? liz: you just put it all on me. charles forget knowledge of the markets, knowledge of shakespeare, i'm liking it, i'm liking it. charles: oh, thank you. you know, you're my person when it comes to that kind of sophisticated stuff so i'm glad that i impress you. liz: my horse and kingdom for a horse, thank you, charles, the push me pull you fight between the omicron variant and fed tapering, playing out on wall street as we kickoff this final hour of trade. the dow is looking at four straight days of gains but the nasdaq is kind of nose div ing right now. nasdaq and s&p look to snap their three day winning streak at the moment jpmorgan chase chief global strategist david kelly is on hand to play referee

between the bulls and the bears. the crypto verse had its eyes glued to testimony of some of the top leaders in the digital currency world yesterday, as congress quizzed them about how their coins and tokens and nft's should be regulated the bit fury ceo is here to give us his firsthand account of fending off the arrows aimed by members of congress and restaurant business is stuck in hell's kitchen with vaccine mandate, high prices, supply chain issues and worker shortages, the owner of one of the nations top restaurant companies is here to tell us how his restaurants are battling the devil in the details, cameron mitchell of cameron mitchell restaurants, yes, ocean prime and others joins us live in a fox business exclusive, plus all that luxury loot landed in smash-and-grab attacks on retailers is now ending up for sale online. we are going to take a look at what is being done to crackdown on the nation's hottest criminal

enterprise. but first, we begin with a fox business alert. we open the final hour of trade with what started as a mild sell-off in the nasdaq. that has now worsened in the last hour and a half, the tech-heavy index is losing 206 points, just about one 1/3% but it was barely down earlier. the dow is moving higher by 46 points a fraction of a percent. the biggest percentage gain or prize has to go to the dow transports right now it's the nasdaq combination transport s as we look at the dow transports, the index, is chalk full of airlines which are struggling at this hour but the strength in trucking stocks, you can thank leaders like land star and of course jb hunt, dominion, and we've got kirby, of course is not a trucking company but a tank-barge company but these three names are hoisting up the transports which at the moment are up 76 points, or about a half a percent. now, while oil is down at the moment, crude, hovering at the moment, around $70, just above

it, central banks around the world have been busy doing what the u.s. federal reserve yet to do and that is hike interest rates to tamp down ris ing inflation. last night, in an effort to wage a fierce battle against rising prices, brazil central bank went ahead and tightened by 150 basis points to 9.25% and said, you know what? another ones coming, like that in february. the bank of mexico raised its benchmark interest rate last month by 25 basis points and russia has raised its key rate 325 basis points so far this year, as inflation runs hot throughout the country. investors now await a flashing signal that's coming tomorrow for the united states. the u.s. consumer inflation data or cpi, that's out tomorrow and depending on the number, fed chief jay powell & company will no doubt use that data at their interest rate setting policy meeting next week. while no move on rates is expected at that meeting the traders who bet on when the fed might move, have ramped

up the action and the cme's fed funds futures right now the cme fed watch tool now shows a 7% probability for a january hike. that's really small, but that jumps to a 39% probability in march, and then 50% by may. data also show weekly jobless claims hit their lowest level in more than 52 years so let's get right to the chief global strategist at jpmorgan, david kelly. david, welcome, the economies of brazil, russia, mexico are a far cry from the u.s.. we know that, but what is the risk of the fed not raising by march, that you see? >> well, i think the fed needs to be careful here. you know, those are the countries, they have to protect their currency also, and i don't think that's raised as much of an issue here in the united states. i think the fed should have raised rates a long time ago but not because of inflation but asset prices, home prices, stock prices, bond prices all gone way hyatt this stage and that's the

real trick of the economy, and i know it's not popular to say but i think most of this inflation will roll over because i think a lot of the supply chain issues are short-term issues. there's going to be wage growth which i think will stick around but i think the fed, you know, the fed should be tightening monetary policy but it's really because of asset inflation more than inflation of goods and services. liz: okay but we know that wages are up. we know that inflation is at something like 40 year highs. do you feel that the fed needs to somewhat tune out the omicron variant news, which quite frankly, is not the worst in the world considering that if you've been vaccinated the symptoms are rather mild, and simply look at what's happening at the grocery store, at the commodities futures pits and certainly in the gas tank regions. >> well, and particularly in the labor market. i mean, this economy is basically healthy, again. obviously, you've got this horrendous pandemic which is still going on but the point is the economy has adapted to it

, and each wave of covid is having less and less of a drag effect on the economy so you know, the fed needs to focus on the economy rather than the medical situation and the economic situation is strong i think we get strong cpi numbers but we're looking at over 6% gdp growth for the fourth quarter, something similar in the first quarter so with that kind of growth, the fed also is tightening monetary policy. liz: there is your headline, i certainly agree knowing all of that and assuming that's going to happen, where are you advis ing jpmorgan clients to invest? >> well i think we've seen a big disbursion in valuations, you know, mega cap stocks got very expensive, value stocks cyclical stocks have gotten pretty cheap so i think that's one area you look at. if interest rates go up if you've got a cyclical rebound, i think financials, energy, industrials ought to do better, and then also, international equities. they are still cheap and paying good dividends. i think one of the problems here is people look at bonds getting 150 on a 10 year treasury but if rates go up i lose money.

why not put money into international equities where you can get a dividend yield of about 3% which gives you income but also much more potential up side in a recovering global economy. liz: well i've heard let's call it decade afterdeck aid that the nike is coming back and japan is coming back and yet we haven't quite seen the out performance lately that one might expect. are you simply saying get ahead of that? >> yes, yeah, because what's been going on is we've had a lot of momentum trading and i think this pandemic has sort of increased uncertainty, and when things are really uncertain you just double up on whatever you were doing recently and then of course interest rates have been too low. this is the point i'm trying to make. there's a lot of nefarious things about low interest rate apart from inflation and one is the carrying cost of crazy is zero. no matter how stupid that is, there's a cost of financing and it's zero so of course all these stupid bets are being financed. what that means is you've got a buts dispersion valuation so look at the stuff generally cheap because as interest rates go up people have to look at

valuations and there are good values within the u.s. equity market but also good values around the world in equities in markets which just happen to got sort often thousand amygdala that the u.s. market has seen. liz: i am protective of our viewers, david. we know that herds move very fast in one direction and they can turn on a dime and they can stampede and people will get crushed. is there anything that you anticipate where that may happen , particularly as you say the cost of crazy is zero so let's take a lot of people are jumping in and taking advantage of that for the past several years. what happens when the music stops? >> well, it's person by person, and what you have to have is you have to have the discipline to be diversified. i think you know back off the crazy. if you don't understand why an asset is priced where it's priced, if it's just i know, you know, sort of the people say i'll buy bitcoin because people buy it from me and i admit there's no shortage in america but eventually the supply will give out if interest rates go up , so be careful on these very

speculative bets, be diversified because you don't know where the next problem is coming from. that's why you have to be diversified because you hedge against a known risk, diversify against unknown risks and the history of this century says there's a lot of unknown risks out there. liz: yeah, i know. its just been a while as we wait for them not that we hope for them but people who have sat and hid under a rock really missed out on quite the rally, david kelly of jpmorgan. >> fox business alert, we mentioned the airline sectors hitting some turbulence at this hour, jefferies downgraded southwest airlines to a hold from a buy, saying that persistence, inflation, yes that word again, will weigh on profitability. it also cut its price target to $45 a share, it is at 43.70 at the moment, morgan stanley cut its southwest price target to 65 a share, a little bit more optimistic there. right now, love is down 3.5%. american airlines is pulling

back its international flights during the key summer season, and it is not because of covid. american blaming boeing's delays in delivering new 787 dreamliner s which have been plagued with production problems american says without boeing's wide body jet, capacity is limit ed, forcing it to cut flights to asian and european regions. we've got american flat, we've got boeing down 2%. and from airlines to autos, ford motor has closed its reservation list for the upcoming f 150 light link all electric pick-up capping orders at 200,000, ceo jim farley telling cnbc the producti on capacity is limited for now but plans are to expand that over the next two years to avoid having tesla's production issues it's not helping ford, down 1%. general motors announced at an investor conference it'll begin building a new chevy silverado e-electric pick-up in

early 2023 but it plans to unveil the ev in january, at the consumer electronic show and yes , team "clayman countdown" will be there to bring it to you , up close and personal. the auto maker also said that the electric silverado will be followed by the gmc sierra-e. and rent the runway is having a fashion faux pas. the high end clothing rental platform stock is plummeting four and a third percent after reporting widening third quarter losses well off the lows of the session, third quarter losses and its first financial report since its object ipo. active subscriber count also has not recovered to pre-pandemic levels costs related to the rent debut, is the ticker symbol and the repayment of debt shot up blanking out successful sales which did increase 66% year-over-year. congressman brad sherman did you see this , goes all yesterday's capitol hill crypto hearing. he throughout an imaginary hypothetical coin to make a

point. wait until you see what happened , next, one of the crypto ceo's who was on that panel and witnessed the whole thing, joins us live to tell us how he feels the house hearings went and how he anticipates regulation will come down plus we'll ask him if mongoose money might be the exact reason why the crypto verse needs a bit moreover site. closing bell ringing in 49 minutes, the dow is up 18 point, can it hold in the green? "clayman countdown" coming right back. ♪ ♪ ♪ ♪ ♪ ♪

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liz: in a house financial services hearing on capitol hill that was yesterday, members of congress interrogated crypto industry leaders about digital currencies and what future oversight and regulation might or should look like. during the hearing though, one representative from california unknowingly created a new meme coin. >> the number one threat to cryptocurrency is crypto. bitcoin could be displaced by et her, which could be displaced by doge, which could be displaced by hamster coin and then there's cobra coin and what

could mongoose coin do to crypto coin? liz: okay, representative brad sherman of california was only joking about a mongoose coin but the crypto bulls ran and made one. multiple ones, actually. the newborn token, mong, has surged more than 4 million percent according to coin alpha but there are several other versions on binance and a few other platforms, but let's get to one of crypto's ceo's who is part of that capitol hill hearing, bit fury ceo brian brooks. okay, brian aside from the fact he mispronounced doge, doesn't what happened after congressman sherman used a made up coin support his case? i mean, somebody went and created a mongoose coin about which investors know very little and now they're piling in and it could be a complete fake. >> well, you know, mongoose coin might be a complete fake, liz, but my guess is that the crypto community was not being by congressman sherman. my guess is they were trying to

make a point to him which is listen. we're actually building real value and if you think you can scare people away from this with that kind of talk you're probably wrong about that so i think this may have been an on purpose thing not a head thing. liz: but how is mongoose coin real money? and real value? >> well, you know, look. there are meme stocks and there are meme tokens and oftentimes things start out that way and turn into something more so you take dogecoin as an example, in its early days, is kind of like crypto if you member such thing from our childhood, but in fact, now there are developers building on top of the dogecoin network so who knows what's going to happen with mongoose but the point is making fun of an asset class that has a $3 trillion market cap that has millions of users and fundamental development happening on it the same way the internet did 25 years ago is probably short sided. liz: well at bit fury you have created large-scale digital asset platform and infrastructure for products and services, along with microchips that help in the mining process.

tell me what struck you most about yesterday's hearing, what encouraged you and what discouraged you. >> well, you know, i've been testifying before this committee for a while now and what surprised me was by and large, there was sort of a bipartisan consensus that crypto is here to stay and that the network effect s of financial services and other create or economy-type of things is a real benefit to society. there was outliers on both sides of the aisle but there did seem to be a bipartisan consensus to that this is here and it's probably a good thing. i was expecting more partisan ship to be honest and instead we have five hours of fairly deep questioning on both sides so that was the positive takeaway. liz: committee chair maxine waters did say that she wanted members of congress and members of the financial services committee to become more educated about it, but the point is, what will regulation look like? there is already existing regulation but there isn't sort of one overarching regulatory body that can look at crypto

very intently because it is complicated and it's shifting under our feet and changing as we speak. would you be opposed to some type of individual beyond the sec whose specifically knowledgeable about it watching it, understanding it and regulating it? >> well, liz, this is going to be a funny comment coming from me but the answer is i really be opposed to that, partly because i fear all-powerful government planners and we don't have that anywhere else in our financial system so for example, there is not one banking regulator, there are three banking regulators and that's for a whole bunch of historical reasons but what worries me about that for crypto is there is no one thing called crypto. you know it's very hard to think about gaming tokens and nft's and tokenized financial assets and bitcoin as all being representative of the same thing , so the way i think about it is, if you're a crypto project engaged in lending, you should probably be regulated like a bank that makes loans is regulated but if you're a crypto

project engaged in something totally different let's say derivatives or , you know, some other collateralized product, there's different regime so having a giant overarching all-powerful regulator that's not the american way typically. liz: that does surprise me that you say you'd be against it, because you were the acting controller of the currency, which basically ensures the stability of the banking and currency world. we know that bitcoin is pretty much acting like a currency, but what about the others? there's this argument about xrp and some of the names out there, where they say we are a currency , but they're being looked at in a way different fashion. >> yeah, liz. that is a great question, and i think it speaks to one of the most misguided questions yesterday, which is another question from congressman sherman predicated on the idea that all cryptocurrencies are trying to replace money. the truth is only a few cryptocurrency are trying to do that the others are doing different things so you mention

xrp. yeah, xrp looks a little bit like a currency that represents a cross border exchange of value typically for example immigrants are end ising money home, xrp is the one to use but most of these cryptocurrencies are built for other things like the ether token is not meant to be a currency. the token powers a network that people use to build decentralized -- liz: ethererum. brian fascinating to hear from you, an adult, a grown-up who really understands both sides of this and is fully supportive of what's going on in the crypto world. please come back, thank you. >> thank you, liz. liz: make a corgy coin. if we have a mongoose coin i want a corgy coin. good to see you, thanks very much. all right, a very serious story here, criminals finding that the smash-and-grab technique is really quite a profitable way of scoring luxury items that can be moved quickly online for sale, but we are headed to california

to see what online retailers are now doing to stop stolen booties from ending up on the web. closing bell ringing in 38 minutes and now the dow has turned negative and nearly every member of the nasdaq 100 is also in the red, stay tuned we're coming right back. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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liz: the shocking pictures tell the story. take a look at this. thieves ransacking an upscale department store, these smash-and-grab robberies are happening all over the country during the holiday season, as retailers struggle to get back on their feet after the pandemic and supply chain issues plague inventories, shop owners are squarely pointing the finger at resale e-commerce sites, as part of the problem. i mean, they're using hammers and smashing these things, sometimes even in broad daylight kelly o'grady is outside the

walnut creek nordstrom. that store was the victim of a smash-and-grab robbery on november 21. what are they doing to fight this? reporter: yeah, those are some horrible images, liz, right? this was one of the most destructive instances of smash-and-grab retail organized crime that we've seen this year in this country. i want to show you what it looks like right now so nordstrom is back in action but this whole street is barricaded off. you don't have any cars coming through here, normally what you'd see is this be filled with parked cars and holiday shopping chaos but that vehicle access is what made the nordstrom attack possible. you had the vehicles come in here roughly 80 looters made off with about 100,000 worth of merchandise in just under a minute, they walked right out the front door and they got in those cars. you know, this is not only happening in major cities but it's in small towns and suburbs across the country like walnut creek. >> very dishartened by the behavior, also too because of the quantity of people that descended very quickly on our

downtown, and then, the surround ing businesses were upset and we were all in shock. i think their concern number one be for their employees and to make sure their employees feel safe. reporter: now organized retail crime now costs retailers an average of 700,000 per 1 billion of sales according to the national retail federation and many brick-and-mortar products are ending up on these online marketplace platforms and today 20 ceo's including nordstrom ceo actually wrote a letter to congress seeking them to pass the informed consumers act which will combat that. they said "deterring these crimes start with making it harder for thieves to sell stolen goods online. we urge congress to seize this opportunity to help protect communities, families and consumers." now retailers say sites like ebay and etsy are turning a blind eye to criminals selling luxury goods on their platform but the online companies are saying hey, we're investing in security infrastructure to police their platforms and

remove stolen goods, but liz, you know, businesses, big, small , they are fending for themselves. i talked with a bunch of shops here expressing frustration but they wanted to remain anonymous for fear of inviting thieves into their stores this holiday season. it's just heartbreaking. liz: well that's fascinating to see that barricade but hey, they do what they have to do so these cars can't pull up, smash and then of course grab. unbelievable. kelly o'grady thank you very much. vaccine mandates, labor shortages, high food prices, the supply chain crisis, all of it slamming the restaurant industry. cameron mitchell restaurants owns ocean prime in new york and beverly hills, he's got restaurants all over the nation. we will speak to him, cameron mitchell himself, about all the challenges his industry is facing, and what he's doing about it. do you know what he's doing? he's opening more restaurants, this is a fox business exclusive , with the closing bell ringing in just under 30 minutes , the dow scratching back into the green up 18 points but the nasdaq falling further into

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liz: let's eat. the advisor shares restaurants etf also known as eatz, holdings like outback, chewy's, texas roadhouse, it's up 11% week-to-date, despite news out on monday that new york city is tweaking its vaccine mandate starting december 27, people over the age of 12 will need to be fully vaccinated if they want to eat in side a restaurant in the new york city area, and children ages 5-12 will need at least one dose of the vaccine to eat in doors. this mandate is just one of the latest issues piling on what restaurants have had to battle this entire year and a half, from rising delta variant and omicron case rates, supply chain shortages, worker shortages,

food inflation, speaking prices and more but cameron mitchell restaurants with more than 40 locations across the united states with plans to expand to four more spots in the next year has a strategy that has pushed his 2021 sales above pre- pandemic levels. to cameron mitchell himself, owner of cameron mitchell restaurants, good to have you back here in a fox business exclusive, cameron. how are you doing that? >> well thanks, liz. it's a pleasure to be with you as always. well, we're working awful hard i can tell you tax first let me say 2020 was the worst year we've ever dealt within my 41 years in the restaurant business 2021 though is right behind it as number two so we had category five winds, hurricane force winds in 2020, we weren't sure we would survive. here we are in 2021 closing out 2021 and we're doing pretty good even with all the challenges like you just mentioned, we had a lousy first quarter this year,

with covid raging here in the u.s. , but we passed over 2018, or 2019 pre-pandemic sales here a couple of months ago and are continuing to go strong, so we're going to end up the year in pretty good shape all things considering, so i'm very grateful for that. liz: well to what do you attribute that? let's say there's a restauranteu r watching right now saying how did cameron do that? was it similarly that the reopening had thrilled people so much, they said i just have to go to ocean prime or one of your other chain restaurants? >> well people, there's no doubt, people are anxious to get out and be with others, and enjoy other's company and be out dining, so and i think you really have two camps of people out there right now, the ones that are vaccinated and have their boosters and are feeling pretty safe and want to get out and those that choose not to get vaccinated are taking their chances also and want to be out so right now, sales were holding

fairly strong, we are starting to see with the rise in cases these past few weeks, in omicron coming out, we are starting to see some corporate dining business cancel their parties, et cetera, but we also have independent people that want to come in and be out, so it's kind of a mixed bag, but still, ultimately ended up above 19 so i'm real pleased with that. you know, we've got obviously other lots of other major issues we're dealing with today, so it's fortunately the sales are holding up okay. liz: can i drill down a little bit on the omicron cancellations , because yesterday , we led our show with the fact that jefferies, a wall street firm, has canceled all entertainment and holiday parties things like that, wells fargo appeared to be sort of following there. what kind of degredation are you seeing in bookings and cancellations? >> well, this is a fast-moving target, liz.

it's happening realtime as we speak so it's just starting this past week or so and people are getting skiddish so we're starting to see cancellations, but right now, i'm holding my breath for the remainder of 202r holiday, as you know, december is the best month of the year for restaurants and after all that's happened this year, and last year, we need this month to come in strong, so we'll see. i'm anxiously holding my breath but yes we've started to see some cancellations, particularly at corporate dining business. liz: can i just ask you about your worker shortage at the moment? david kelly of jpmorgan was on at the top of the show saying that labor shortages and wage hikes have certainly affected many industries but the restaurant industry in particular is really grappling with this , so how are you handling that and what are you seeing what kind of incentives are you offering to attract workers? >> well, first of all, things

have gotten a little bit better since the low watermark in september i think, and august, this summer, once the stimulus wore off we started to see a little bit of pick-up and so i'd like to kind of characterize it as gone from completely unbearable to just in bearable and not so good, but we're about 85% staffed, we still have roughly 5% of our business volume, we're still trying to get back online, not being open for brunch on weekends, you know , labor shortages, we just opened up for lunch in detroit, our restaurant in detroit after being closed for lunch for 21 months, so we're getting, we still have a little bit left to go. we're about 85% staffed. those that are working are working hard. we are a tremendous amount of overtime out there which is adding to burnout, so it's kind of a cyclical thing, but those also, folks, are making a

lot more money now because of the overtime and the wage pressure we've seen wage increases like we've never seen before, this year, so that's been one of the silver lines. i think the restaurant industry itself, we've worked on better quality of life for our people, we've certainly raised our wages across the spectrum, so i think that's been a good thing. those will be here to stay going forward. liz: we are pulling for you and everybody trying to run their restaurants under such difficult conditions. thank you so much, cameron. >> uh-huh. sure, liz, pleasure. liz: hope it's a great holiday for you guys. >> thank you. liz: a plan maybe to save the president's nominee to lead the federal communications commission? charlie gasparino has exclusive details on gigi song's candidacy charlie breaks it next and we talk a lot about cryptocurrency and a lot of our viewers say i

don't get it, i sort of get it, this guy on your screen, carl ru nefelt, he is a bitcoin bull and top crypto youtuber joins me on my everyone talks to liz podcast. three years ago carl was a high school dropout and grocery store clerk but he envisioned success. a life on private jets and yacht s et cetera and what he ended up doing was educating himself and then millions of people on his crypto success and why bitcoin, he says, is king and will always be king. hear his powerful story and how he spent, oh, yes, the other day , $1 million on buying a crypto nft. listen to it on spotify, google, wherever you get your podcast closing bell ringing in 18 minutes the dow is now a little bit more comfortably in the green up 60 points we are coming right back with charlie gasparino. as i observe investors balance risk and reward, i see one element securing portfolios, time after time.

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liz: well even the meme stock crowd can't save gamestop at this hour, the stock near session lows after the video game retailer reported losses that did widen in the fiscal third quarter. okay you need to hear the number s though, to $105 million from 18 million a year earlier, revenue did jump 29% year-over-year, but the company also disclosed it was issued a subpoena in august by securities regulators for documents on an investigation into its share trading activity. while down 10.6% today, if you bought it at the start of the year and i'm talking the very beginning of the year, you're up 737%. charlie: are you surprised by this? liz: listen, gamestop fluctuates charlie: they all fluctuate. it's losing money, right? liz: be quiet for a minute. charlie: [laughter] liz: the fate

of fcc nominee gigi sonh remains to be determined after a recent vote moving her nomination until next year and while congressional division was thought to be the main factor in what appears to be imploding nomination, it looks like big media might actually be -- charlie: so who is big media? abc, owned by -- liz: they don't like her? charlie: cbs, owned by view o come cbs, nbc owned by comcast, you can throw us in there, why don't we like all these people dislike, someone like gigi sohn? it involves two major issues. copyright clauses and re transmission fees. she's against both of them. she's against strict interpretation of those. she wants, she thinks it's bad for the consumer. therefore, she got on the bad side of big media and they let schumer & company know and hence you have a real problem in the

democratic party right now. progressives love her, for those reasons, because these issues cost essentially consumer s more. if you have to pay re transmission fees guess what? so you run, you're fox, right? and you sell, you cable operator has to pay you to run the local fox affiliates what are they called o &o? liz: yes, owned and operated. charlie: in the old day they didn't have to pay, it was free. it was the signal. now you have to pay. it's big bucks for abc, for nbc, for us, for all of them, okay? she's against that. she thinks that's bad. she thinks the cable operators have way too much power and it's costing the consumer probably more money in the long run, then this copyright stuff. i mean, we say we own our property, right? abc when it produces a movie it owns its property. she's saying not so fast, you know? there's ways you can get that to people cheaper where you don't totally own it. its been out there, its been maybe out there for a while, why can't it be out there for all

consumers? because of those things, she's gotten opposition from the national association of broadcasters, and that's what's going on inside the democratic party. people think it's left and right it's not. it's not totally an ideological thing where she's such a liberal that conservatives hate her. they do, okay don't get me wrong there is that issue, but this issue, which these players are not liberals. you know, they are hardly liberals over at nbc and comcast , but this gets to their bottom line, both those issues retransmission fees, copyright infringements and they've let schumer & company know and by the way they are huge donors to the democratic party, you have to realize that. in the old days, tech would be the lead in terms of donations to democrats. they've been there and now the big donations are hollywood and media. liz: how do we know though that big media is not for gigi sohn? charlie: well i know because my sources tell me but also there's

a little thing called a press release that nab issued and brought up these issues that no one really paid attention to. they actually put out a press release of this sort of stuff and the national association of broadcasters is it. liz: we're all in there, fox, abc. charlie: we're all in there and it's a huge thing and they are powerful. those companies, they can pick-up the call, the phone, david zazlov can call up chuck schumer, like that, and from what i understand, i'm not saying david did it, but from what i understand, they voiced, they made that call through their lobby groups. i should point out that the white house has no comment at this point because gigi sent, i kind of want her to get through, in a sort of perverse way. liz: [laughter] what? charlie: i do. i mean here's way. she's like really smart and she's really like in your face and it be like, boring fcc hear ings will turn into like cage matches with her, so that's

, i kind of want it, i mean, and by the way, she's a formidable, smart, ideologically -driven person who i have butted heads with on twitter in the past. she was against the time-warner sprint merger, she thought maybe we were taking sides, we weren't , sorry. liz: you mean at&t? charlie: no, time-warner. excuse me, time-warner, um, -- liz: t-mobile. charlie: i'm getting my media companies mixed up here. liz: charlie thank you very much charlie gasparino, rising prices , we've been talking about this very big concern for shoppers and stock buyers. today's $241 billion countdown closer has his picks for what he says is an inflation resistant portfolio. closing bell ringing in eight minutes, the dow up 63 points but is pretty much the only green on the screen, along with the transports, s&p, nasdaq, and russel are all lower.

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who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com ♪. liz: closing bell, four minutes away. we do have the dow up 44. let's get your final number on the s&p, down 28. nasdaq down 251. that pretty much means that neither of those two is going to get to continue any kind of win streak. all right, s&p -- turned tail after three gains days of gains. consumer price index hit a high of 6.2% in october and investors are on the edge of their seats what happens tomorrow, the november reading. here is the expectation. it is estimated to rise 6.8%. this is of course consumer prices in what we all pay but

our countdown closer as 241 billion in management he has the portfolio to combat rising prices. american investment ed rosenberg. ed, what are your picks to help tamp down rising inflation because the fed is not ready to raise rates to do so so we can't wait on them? >> when you get inflation there are certain things people still need to buy, right? liz: right. >> you still need to go get toilet paper and shampoo and those things are not going to change. things that fall under consumer staples, you still need health care. the first thing you need to look at what types of investments own those? they tend to be something on the value side of the equation. you look at valq on those sectors. you want to separate what is in a good company, right? you don't want companies

overleveraged, eventually inflation asset picks up more and more you are going to have those rising rates. what stays away rising rates better than companies that are not leveraged. good quality companies with positive free cash flow that are bringing in money and not trying to borrow money to make their payments. liz: what worried me about some etfs it's a basket of stocks. you could have some drek with high quality names. are you saying american century, valq, some other ones you have in there, you specifically hand pick some of these names, cherry-pick the ones that have all of those metrics checking boxes for you? >> yeah. so actually, so the one i mentioned, it is a systemic approach or an index product but what it does it systematically screens out any securities that don't fit the criteria and to be fair, there are a lot of criteria that goes into it. it is roughly 48 different

metrics they will look at to screen for quality and actually screen for things like value and income. so in a rising rate environment you're getting companies that aren't leveraged and in addition to that you're getting good quality companies that you yourself would want to own as an individual. liz: ed, we've got about 40 seconds left. what areas of the market, if you like consumer staples, do you recommend staying away from? i would assume consumer discretionary or some other region where people don't need to buy these things? >> i would say consumer discretionary is definitely one. some of these tech names are writ i'd end up without any valuation or earnings behind them. you want to pull back with more quality tech that you know people has earnings. that will not stop. speculative ones people will run away from. liz: ed, great to have you. i know some of the etf and

consumer discretionary have done really well but you make the case as we watch the dow jones industrials losing some of these gains. could we in the next 20 seconds go negative? we're up eight points for the dow. [closing bell rings] nasdaq closing down 1.7%. a mixed finish, but the best week so far for the s&p since february. that will do it for us, you'd "kudlow" is next ♪ larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. there wasn't really much in today's papers about the russian ukraine grab in the putin-biden meeting but late in the day come as jaw-dropping news story from the associated press, that administration officials that the u.s. will press ukraine to formally cede a measure of autonomy to eastern you drain can lands controlled by