machine in history, even though its been pretty volatile of late but you know what here is the thing looking pretty god as we head into the final hour of trading and that's new and you got the best to guide you through it, liz claman is back. liz? liz: i'm right here and yes, they're on business because that's really at least good business is going to bring you riches if you invest wisely. thank you, charles. we have breaking news, in this final hour as we kick it up look at raytheon shares this is important they are popping 3.5% on the pentagon's announcement just a few hours ago that it is sending two patriot missile systems to poland, the long range air defense systems which you may remember gained fame during the persian gulf war, missiles reigning down on israel are being sent as a defensive move to protect nato countries near ukraine. markets following the path, major indices and join an epic

rally, in fact the nasdaq is the biggest beneficiary, take a look at one point up 466 points earlier in the session, we are still up more than 3% as the bull come out buying after the tech-heavy index fell into bear territory monday. how quickly things are changing under investor feet. with tech on fire, the oil market is getting absolutely crushed as the russian invasion of ukraine turns two weeks old. we've got wall street's $10 trillion man live in studio with us today, larry fink, the chairman and ceo of blackrock, the world's largest asset manager is here in a fox business exclusive, on what he makes of the war in ukraine. the corner, the federal reserve is now boxed into when it cops to hiking interest rates, the american economy and how to invest in these volatile markets no one better than larry especially on a day like this plus president biden signs the long-awaited crypto executive order, i know, finally , right? the ceo of crypto firm wave financial one of the few

registered crypto advisors granted sec approval on what he says the eo really means for the future of digital money. we begin with this fox market alert, should investors trust the tape and what you see on this ticker here, as we kickoff the final hour of trade because there's a lot of green on the screen. remember last thursday, the dow closed down 96 points, friday, it lost 179 points, monday it was landed into correction territory and then yesterday, you remember this , in this hour , after jumping as much as 585 points the dow closed 184 points lower. right now the blue chip index is in full rally mode we have it up 677 points or a gain of about 2 %, s&p up 109 the nasdaq better by 451 points. the tailwind for the bulls so far this entire session has been plummeting crude oil prices. take a look right now, and when you look in the after market with this loss of about 11.7% to

109.23 a barrel, it went as low as $103 and change per barrel just a few hours ago, and wholesale gasoline down 10% this has got to be a relief to consumers certainly. we've got $3.31 a gallon just yesterday it hit a record high of $4.17 a gallon. the stunning turnaround comes via the united arab emirate this afternoon as russia's war on ukraine rages. the uae's ambassador to the united states suddenly saying in an interview now, that the uae is in favor, now, this is a 180 here, of ramping up oil production and will recommend opec consider higher output, but even at current prices, inflation is still raging and has spilled over into countless other areas of the market so should investors trust the bulls rampaging down wall street or will the russian bears get their clues back in, let's get to kenny polcari and

teddy weisberg, kenny, do you trust it? >> yeah, well i don't trust it long term at the moment, well long term, yes, but like in the short-term, no, because i think it's a whip saw rally off really oversold condition and the market is responding to daily headlines, the headlines are not necessarily getting any better so i expect it's going to run into resistance at 4,466 which is a trend line resistance , but until then, you know, let it ride, but i be cautious that i still think before this is over there we're going to test lower before this really settles out. liz: well yeah and teddy we've got the raytheon missiles heading to poland and that of course their missile defense system let's be clear, they shoot down incoming missiles. this thing is far from over. we've seen horrific pictures out of ukraine in just the last 17 hours. hospitals hit, preemie babies trying to be rescued it's a horrific situation, no surprise

the defense stocks as you see on your screen all moving higher. yes, it is a green day here, and we've got the s&p bouncing off nine month lows, but is this the kind of take where you see okay, the bad news is behind us. >> well no, i think that's a bit premature. you know, the issues haven't gone away. it's hard to know what's more important, but certainly we had to put ukraine right at the top of the list but there's interest rates, there's the fed, there's inflation which is out of control. it's hard to know what to get nervous about and worry about but when you look at them all, liz, it just creates a lot of huge unknowns and markets get oversold and markets get overbought and you get reversals which are usually short, steep, and in this case, positive because at least we're getting, you know, the whole market seems to be doing well today, but i think you have to view it at least until we know otherwise that this is a

short-term in nature. clearly, there are things you can do in these kind of markets but i think today is probably a better, perhaps a better selling opportunity for those folks that are a little nervous than it is a buying opportunity. liz: what about that, kenny and by the way the 10 year yield at 1.948%, commodities all over the place, but nickel has, well, got a little bit -- just hold off. do you chase energy here, do you chase some of the commodities that have really run up in some maybe pulling back? >> well actually, oil is now starting to pullback. i mean, yesterday were were talking about 126 or $130 a barrel now it's trading at 109 probably going to settle in here i can't imagine oil goes below 100 so if you have it, missed energy or you want to add energy and oil is now down, you're going to see some of these energy stocks down now they are going to be still long term holdings for an

inflationary environment which i think we're still going to get so energy is one of those names that i like, that i own, that i would continue if it gets a little bit weaker i would certainly be back. i wasn't buying it yesterday when it was 125 but when it's 109 or 105 it's starting to look good again. liz: teddy our trader scott redl er, he had said paypal and p alontier had pulled back so dramatically today both are up 5 % apiece. these opportunities sort of force people into being more of a trader mindset versus a long term investor mindset but maybe that's not so bad. people need to be taking control of their portfolio at a time like this. >> well, yes, listen. the volatility, liz, does create opportunities. certainly for somebody who is a short-term trader. it also creates opportunities for the longer term investor, because in the kind of markets we experience now, where there's so much computer trading, program trading, you know,

there's very few places to hide when the programs kick in, they are agnostic when it comes to fundamentals, so everything tends to get miss priced so in that process, stocks with good fundamentals that perhaps you want to buy either short-term or long term will get misspriced and there-in will lie some opportunities, but i also have to think, you know, the inflation trade is not going away. the commodity trade is not going away. there are things to do to take advantage of the environment that perhaps we are in and we'll stay in for a number of months if not years to come. i think the game has changed. i mean, i don't know anything about paypal. you know perhaps it's an opportunity the stocks been beat up pretty good but to me, bottom fishing is like trying to catch a falling knife, and the only thing that usually happens is you end up bleeding. liz: oh! teddy, yeah, and queue kenny on the laughing. you traders have all of your

little sayings. thank you so much, and yeah, i mean, we are looking at paypal just so people know down 60% over the past year, so it's cheaper now. take a look at sony at the moment, we need to look at sony for the minute we have all kinds of companies that are pulling out of russia. literally minute-by-minute. this is just breaking right now. sony is announcing it is out, is that correct, brad? okay it is suspending software and hardware shipments, so yeah, no more playstations for them, and by the way, this is coming literally minute-by-minute. hilton hotel coming out just about an hour ago, and papa john 's saying no more russia business. they follow general electric, john deere, john deere halting heavy equipment shipments, amazon suspending access to prime video, and they of course are added to these companies that are punishing russia for the two week old invasion that was unprompted. it's a who's who look at how

crowded this graphic has gotten. we have our graphics department running on empty because they keep having to add to this. it's a who's who of american multi-nationals walking away, apple, coke, walt disney, mcdonald's, starbucks, gm and ford among the american brands, but all these moves could put additional pressure on the global supply chain. the president meeting with ceo's moments ago who are intimately involved in that at the white house to discuss solutions. edward lawrence is live right there, with the latest on the meeting what happened? reporter: yeah, they were talking about supply chains in that meeting and some of the biggest ceo's we're talking about whirlpool, samsung, micron , were all in that meeting there and now the president we know today, the latest information about the worries is actually helping to fortify nato members while saying that getting jets to the ukrainians is unworkable in the current plan. now it seems we're seeing negotiations happening in public poland saying it can get those 29 jets to a u.s. air base in germany in exchange for new u.s. planes to backfill in poland.

then the u.s. could give the mi gs to ukrainian pilots so in meantime the u.s. is giving poo patriot missile batteries to poland and in this hour the vice president kamala harris is expected to land in warwaw, poland to see the situation for herself firsthand. now the house minority leader kevin mccarthy says that sit discouraging and he says you shouldn't say that you can't get those migs into ukrainian hands. listen. >> i think they're wrong, the longer they take the more people will die. i don't understand if you can survive with a javelin and poland wants to give them migs, why don't you allow them? especially when they believe in freedom. reporter: and a new video in today showing the unthinkable at least 17 people injured in a bombing by the russians of a maternity hospital. some of the injured were mothers in labor. now as this is happening president joe biden as you said meeting right now with ceo's of companies like whirlpool, hp,

micron, as i mentioned, to talk about how to work out supply chain issues and bring down inflation. tomorrow, liz, as you know we're going to get a cpi inflation number expected to be far more than the 7-point abby: 5% we'll see what the plan is out of that meeting and what the president says about that inflation number coming tomorrow back to you. liz: by the way we have a lot more inflation coming up edward lawrence thank you very much. president biden not just working on the war in ukraine and the u.s. supply chain. today he has ordered research on the future of money. he signed an executive order to find out the role cryptocurrenc ies will play in our world. is he acknowledging that it is definitely here to stay, the ceo of crypto asset manager wave financial group is here to tell us how the cryptoverse used the white house's latest moves, and coming up, the big interview , blackrock chairman and ceo larry fink. he runs the world's largest asset manager with $10 trillion in assets.

we are going to pick his brain on everything from yes, inflation to the ukraine war, the global energy conflicts, to esg investing and what the fed should and should not do next wednesday, this is a fox business exclusive you've got to hear what larry fink has to say closing bell ringing in 47 minutes the dow now charging higher by look at this , folks, 749 points. the nasdaq up 3 points, so much more ahead, don't go away. you can't buy love. happiness. or confidence.

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liz: well how about this? take a look at bitcoin it is jumping 9%, and it is bringing all the other names with it in the cryptoverse. it's the moment that crypto bulls have been waiting for , president biden finally taking a first step toward regulating digital assets today. he signed that long-awaited executive order giving federal agencies 180 days to review and make policy recommendations. in essence saying the united states must maintain technological leadership in this rapidly-growing space. it must play a leading role in international engagements and

global governance of digital assets consistent with democratic values and u.s. global competitiveness. not so scary. crypto markets soaring on the news let's check it we've got bitcoin at 42, 083 so still very far from its 68,000 or 69,000 high we saw last november but the rest of them are looking good. we should look at teracoin as well jumping pretty significantly i believe last check was 7% and so as we look at all of these names, oh, sorry, 17%, wave financial group is an sec registered digital asset wealth management and fund provider with more than 1.5 billion in assets under management, and his name, the ceo, is david semert. david give me your cut reaction, was it scary? did you embrace it? is it worse or better-than-expected? >> it's better-than-expected and it's also very light on details, so it could get worse, i guess, but the way it's framed right now, it really goes to the heart of what regulation could

be needed in this country, which we do need regulation around digital assets, hopefully good regulation, but yeah, it's incredibly positive industry, you're seeing this reaction today, and there's a lot of fears it be a lot worse. liz: i was amazed in the executive order by this phrase. technical frontier. that, to me, is a very positive connotation, so when you said we need, in this executive order, the president said we need to look at all of this opportunity, the rise in digital assets, to reinforce american leadership in the global financial system and the technological frontier it's almost as if they are acknowledging that crypto is here to stay, and even better, they talked about creating a digital dollar, at least looking into that. how big could this be? >> yeah, on the first part of this is it is big. the lack of competition in crypto is kind of systemic because of this all the grey area and non-regulation. the oldest trueism in this asset class is you go back to the early days is the more

regulations you violated the more sec full you were if you look at the early major crypto exchanges, great user experience first there was no am l too easy to get an account, lots of exchanges and did it work the right way the highly regulated way virtually all of which fail and to this day there's a lack of competition because of regulatory uncertainty, they could compete great with coinbase and the fees they charge are, you know, less than 1,000 to what coinbase charges, but they don't enter the states because of the uncertainty, which is obviously bad for consumers. liz: yeah, well, and i look at this sort of sense that it feels like the administration is throwing in the okay boomer towel and really, realizing that these are opportunities you see coinbase, the crypto exchange up 11%, gladstone commercial corp. up 1% , so i'm inclined to believe that this is a positive for the crypto world.

that said, under the best of circumstances, one government agency has trouble sort of calling and putting together ideas for regulation. it's almost as if the biden administration threw a piece of red meat to all of the financial regulators out there. these dogs out there, and i use that in the nicest term saying okay, do with it what you will and let's see what you come back with. do you have any hope this will be some type of coincidental and sort of perspective that is more positive for the world of crypto >> yeah, absolutely. i mean, i think our hope, for a lot of the insiders in this asset class is that they will maybe create a new agency. the hope right now is especially with the comments that it will not fall under under the sec be the most punitive way to look at this and the challenge is if it goes under the sec everything becomes a security and you wind up in a credit investor world and you can basically lock out huge swath of a population that

participate in what you think is the most exciting financial market ever, and that be a huge negative for the space so this is very positive, we would love to see the cftc or different agency be more proper for our asset class. liz: one quick note i saw, noticeably absent any mention of stablecoins, the stablecoins are the ones tied to the u.s. dollar i believe there's 80 billion moving around in the stablecoin world, tether is one of the biggest names do you infer anything from that? >> well the private sector you mentioned the government-backed digital currency which the private sector is basically started to do without them so it's actually about 160 billion in stable coins trading around the world in crypto right now. big overall finance terms a pretty big number and that's because the hole government has left there. so i don't think that hole is going to get filled by the government anytime soon. the speed and pace of innovation

, from that sector, it is very very slow. i don't think we'll see a proper coin that is a better version of stablecoin come out, it's certainly not in the next five or 10 years and then it'll be way too late. liz: okay, we want you back, because this is a story that is in progress, david siemer, we appreciate you being here. >> thank you so much. liz: a couple of the biggest names in the entertainment industry may have answered the call of duty before activision deals with microsoft was actually announced to the public. there is an investigation, the latest on the probe is straight ahead, and how are employers adapting to new work environments as offices open backup, this week, i sat down with kelly services ceo peter qu igley to talk about how his personal experiences impacted his career and how successful employers are now looking beyond fair wages, when they look to hire candidates. down led this weeks everyone talks to liz podcast, his story is one worth listening to, kelly

is one of the biggest job placement firms, you really want to hear what he says these employers are looking for now, available on apple, google, spotify and more closing bell 37 minutes away. we do have a new nasdaq high of 496, we're just off it right now we're coming right back with much more, and at 3:30 p.m. in just a few minutes larry fink of blackrock. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care.

liz: we are just getting this breaking news in the wall street journal reports former cnn president jeff zucker reached an exit deal with the networks parent entitl ing him to a payment of just over $5 million. that was compensation he was owed from his 2021 bonus. according to the journal sources zucker did not receive any severance package as part of his exit from the company citing a failure to disclose a consensual relationship with a female colleague. a pact between cnn parent warner

media and zucker also included a non-disclosure agreement and warner media a unit of at&t is in the process of merging with discovery a deal that is expected to close in the second quarter and at&t up 1.5% discovery is up two-thirds of a percent. we got this fox business alert it's kind of been the star stock of the day, and it is a match between investors and bumble the dating app stock is on track for look at this a gain of 40% that be its single-biggest single-day jump after beating fourth quarter profit and revenue estimates bumble also said it has banned russian and belarus user access to its dating app. bmo by the way raising its rating on bumble after the company expects strong growth this year. bmo also pumping up fellow dating platform match group which outperformed the stock is surging up 13% clocking its largest percentage increase on record.

separately, barry diller, the chairman is in the news along with his step-son, and media mogul david geffe nfl were the wall street journal reported federal regulators are investigating their options trading ahead of the $68 billion microsoft activision deal. the report says the three men purchased call options four days before the deal went down, resulting in unrealized profits of around $60 million. diller denied there was insider trading telling the journal "it was simply a lucky bet." stich fix shares off earlier lows but still ripping at the seems, down 6.5% the online personal styling service slashed its full year guidance citing softness in the number of active clients and issues related to the rolfe of its newer free- style service. and we got a little david versus goliath thing going on with lulu lemon stepping up shoe game by taking on industry giant nike. revealing its first running shoe which will launch later this

month at $148 a pair, the bliss feel as it's called will be available in select locations in the u.s. , uk and mainland china, lulu is up 3% nike is i believe topping the dow or it was earlier up 4.8%. russians lining up for one last big mac, as mcdonald's closes all its stores in protest of vladimir putin's bloody ukraine invasion. the conflict turning business and investment world on its head , there is perhaps no one better to talk about how you should navigate your investments through this treacherous and unpredictable time than the chairman and ceo of the world's largest asset manager, blackrock larry fink. he joins us next in a fox business exclusive. don't go away.

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liz: breaking news. we are just off session highs, a second ago the dow hit a high of

a gain of 824 points. look at the nasdaq, the nasdaq up 498, we hit a high of a gain of 505 points, even though it is the best day for the nasdaq since april of 2020 uncertainty and you guys know this , abounds markets reflecting mass investor confusion. there is arguably no one better to tackle this investment climate than the ceo of the world's largest asset manager, joining us now in a fox business exclusive, larry fink ceo of blackrock along with charlie gasparino. larry, this is a perfect day for you to be here thanks for coming. >> listen, the markets up today and that's great. we love seeing green, but we're at very treacherous territory, i think you'd agree. you know, people know a lot about you but you've been through 40 years of market ups, downs, crisis, you're a bond trader, you created block rock from zero, it's 9 trillion, you've seen it all in the middle

of the financial crisis. how would you like rate what's going on now with russia, with inflation, with all the stuff going on in europe with i guess 2008 or any of the other ones? >> this is potentially much broader and bigger for the global world. since 1990, with the dismember ment of the soviet union, the world benefited from this incredible piece dividend. this credit opportunities for american firms worldwide, we expanded globally, we were able to expand and build and do amazing things and as did other countries were able to do that but also importantly, we raised the standard of living for the entire world. that piece dividend is now over, and this is a big seismic change we now have to be much more thoughtful about geopolitical issues. i think the biggest implication for the russia invasion to

ukraine and the response is we're all waking up to all these dependencies. europe was too dependent on russia oil & gas, and every company i'm talking to right now are asking themselves, where are other dependencies, so this is not just, obviously we have the horrificness of what's going on in ukraine, we see the mass destruction, we see life being destroyed, but the implications of this is going to mean that every company is going to re evaluate where they're building things, where they are manufacturing things. it really means it's going to be , and we witness even before the war, we witnessed supply chain problems worldwide, and i actually believe it's going to change how we think about supply chains and it's going to be highly inflationary, and it really can lead to ultimately great outcomes in the next three

to four year period of time. it's going to lead to big issues charlie: i think this is a headline and it's interesting because larry fink has seen, you've seen it all. you think what's the unraveling of the relationship between the west and russia and maybe even china going forward could be is more treacherous than what happened during the financial crisis. >> yeah, because the financial crisis destroyed banks and a lot of people's livelihood who had leverage but keep in mind when you see the increase of wheat to the extent it is and what it's going to mean to food prices for everybody, when you see the increases of gasoline and what it means for everybody in heating, this is not just a segment of the economy or a segment. this is the entire world. this is going to be impacting everybody. this is so regressive for so many people who are in need, who can't afford the rise in gas or rise of food. this is much more impactful than somebody with leveraged in mortgages, and, you know, so that was a segment of society

that were destroyed. this is more troublesome that it affects everybody. charlie: how long did it last? >> well, let's see what the ultimate outcome in ukraine is. we are going to find new supplies of oil elsewhere, maybe opec will begin to raise their production, the u.s. will begin to invest again back into our energy fields, high energy prices is going to accelerate, decarbonization, people more and more people say i can't afford gas, i'm going to buy an ev, so we're going to see behavior changes and over the time the next three or four years we'll see less dependency which is really good for the world, we'll have a better mix of energy between hydrocarbons and renewables, and so it's about a two to three-year possible uncertainty but i actually love where we're going but it's going

to be treacherous in between. liz: you're making a bet that that will be the response. i would agree with you, but i don't think other people agree. i would say people are looking and saying i can't go to the gas station any more it's too expensive i'm buying an ev. we are seeing some of that but on the other side you're hearing people say start drilling here. do you agree with that? >> liz, we are drilling. let's be clear, so let's talk about what has happened in the energy sector in the united states. from 2013 to 2017, we invested 40% higher than any other time. we over-invested and we saw a lot of losses in a lot of the startup companies the shell companies and then as a reaction to the over-investment the last four years, we underinvested by 40% and so much of it has to do with these cycles that people have missed. in my ceo letters i've always said if we're going to have an energy transition it has to be fair and just. this is not fair and just, and i

said you should never divest of energy companies. we have to be working with them. i have meetings at least once a week from one or two different ceo's from the energy industry. how they could decarbonize but at the same time, how can we invest with them, so we have a fair and just transition, so we could have the amount of energy that we need so we could have independence. liz: but in the short-term is it 175 a barrel, is it 180? >> i think that it's going to be elevated for a long time until we have these corrections, and so we are going to have to be living with higher energy prices like we did in the early 80s. i mean, energy got as high as 149. i don't expect that to be the case, but could we see energy between 90 and $110 with maybe occasional spikes? certainly, but i do believe overtime we're going to find that substitution and maybe there's going to have to be some type in europe right now there is fiscal stimulus to helping

the consumers in higher energy and heating cost. that's already happening in the transition. charlie: people forget you are for transition. you get beat up by the left and right. how does that not get through? >> they didn't read my letters. charlie: [laughter] i did. liz: larry stay right here. we've got much more ahead, and i do want to point this out. your employees and your company and you have donated about $1.8 million over blackrock to the situation in ukraine to help in the humanitarian crisis. the red cross is working 24/7 to support and comfort those affect ed by the crisis. will you join fox in supporting? red cross relief efforts, you can donate now by going to red cross.org/foxforward. more with our exclusive interview with larry fink after the break. the mad dash running into bear market territory on monday. what about investing in tech is it cheaper, and we'll have much more on larry's thoughts about

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liz: holding on to gains galore here with the markets welcome back we're continuing our fox business exclusive interview with blackrock chairman and ceo larry fink. larry, just last monday, just two days ago, the nasdaq closed in a bear market, down 20% or more from its recent highs. tech many people say, is over sold. do you agree with that? do you think that tech is sort of oversold or do you like something else? what else is oversold where you say it's cheap enough now? >> i would say the overall

market for a long term investor is a good entry level to get in right now. on tech specifically, people are buying growth stocks in discriminately and there were some heavily overvalued it would have taken years to meet that, their revenue projections and i think they just have been a reassessment. you see companies like apple that hasn't really moved in a really good position and then you see other tech companies, some of them as much as 75% and that's just a reevaluation of is that growth real or not real? lviv what happens when the fed raises rates? they are supposed to raise rates next wednesday, they say that they will be on a trajectory, a longer term multi-rate hike movement here. what happens to those companies that are still a little frothy? >> so i think in those cases they are going to continue to fall but i think much of the feds rate projections is probably in the market but i would argue today, two, three

weeks ago, before the ukrainian war, i would have said, you know , the fed was poised to raise seven or eight times. charlie: i don't think that's going to be the case now. can i just say something i was walking around manhattan and something unsettling happened to me and i'm walking and i see this billboard. can you show this thing? >> okay. charlie: i mean this literally, we have the billboard, because this freaked me out. i don't think i recovered from this. >> nor have i, because -- charlie: who is larry fink. >> i would like them to use a nicer picture of me. charlie: it looked like dr. evil and oh, god it was horrible and it's pretty stupid when you go through the organizations literature, because i know you, and you are, have been a guy that's a piss off let's say it elizabeth warren and there is an issue with esg.

you guys do it, everybody does it. >> yes. charlie: one of the things that i think this whole ukraine russian conflict exposes is theres a lot of holes in esg, it stops our domestic oil production, it could make us dependent on electric vehicles where the batteries and you and i have this , the batteries are essentially they come from china >> well they come from africa. charlie: i think manufactured in china. but does esg have to change? the parameters at least? >> i think there's a role for everything, esg is not responsible for all of the successes. i actually believe and i'm very proud of american capitalism in the last week, and this is part of it. charlie: environmental socialism >> when you see how many american companies who have walked away from their business

in russia, they did it because their employees were talking to them, their clients were talking to them, that's a great example of how we modify our behaviors and this is the adaptability of american capitalism. ten years ago that would not have happened and look at the success. we have an economic war against russia, right now, and it's much more complete than just governmental sanctions. governments did not call people up and say stop doing business in russia. it was corporations doing it on behalf of their employee, on behalf of their -- charlie: let me press this point a little bit and for example, mcdonald's under esg, this is when putin was still killing people, they could open up whatever they wanted to. they opened up a lot of mcdonald's in russia. esg did not prevent mcdonald's investment in russia. but should it recognize that, you know, i mean for example, when i went to the nasdaq, they had these investment, these listing portfolios which is kind

of modeled after esg investing. they said u.s. companies should have diversity on their board which is fine it's a great thing but how come and i said well are the chinese going to put wegers on the board of their companies and of course we won't , they're not and of course we won't mandate that. isn't that a hole in esg? >> well i think you're building it into more than what it is. it's just a framework of valuation of companies and every company must do what is right for them. it's not for us or anybody to tell you what to do, but every board and management team should design a strategy, how they connect with their employees, how they connect with their clients and importantly, how do they connect with all their communities, and that's what i believe what esg is, how to be working with all your stakeholders and you build more durable, more successful profitability for your shareholders. charlie: is it formalized with the proxy firms? >> oh, look we don't follow the

proxy firms is why we built up our own corporate stewardship team but i really believe the whole essence of what american companies are doing in the last two weeks really highlights this. i'm proud to say i'm an american capitalist about what is going on and how companies are navigating this. look, i believe where we are in the energy cycle, we got the energy cycle, we were too bullish on the cycle in 2015 and 2016. we were too bearish on the energy cycle then, and that's just -- liz: larry obviously you love electrification. do you believe a tesla? >> i don't. liz: what do you drive? >> i intend to buy one or two electric cars in the next two years as gm and ford and other companies are rolling them out so i drive a 10-year-old car. i have not bought a new car in 10 years. charlie: sound like me, wow.

liz: president biden acknowledged elon musk. he tends not to bring him up when he's talking about -- >> i'm not going to talk about what anybody should say or not say but i think elon musk is a visionary. he transformed the auto industry and now we have all the incumbents moving. charlie: how do you get out of the chinese trap with this , with the cobalt and all the minerals? >> well, glenn corp., a swiss company, owns 45% of the cobalt. we have to make sure they called it, by the way that's a great company to be investing in because they are the largest minor in the congo. charlie: should we be mining there? >> i'm not here to tell what mining companies should do. we don't do it as a government. it's a private sector. i believe in the role of the private sector trying to find these. liz: in the last segment you

said that everybody is reassess ing where we are too dependent on unfriendly nations like russia. where else do you see , we are too dependent because the inflation spiraled that we are seeing right now. we're getting cpi tomorrow, consumer price index. >> seven to eight. >> not nine? >> i would not be surprised? >> i called. i gave a speech in july to the g20 on my fears we're mismanaging the energy transition. liz: july? >> july. charlie, you had the speech. >> great speech. >> i said inflation is out of control in july. that we have to be thoughtful about this. one of the reasons inflation is high in america, there are two reasons we don't spend enough time talking about. over the last 10 years we moved our economic policy, when we were all young kids economic

policy in america was consumerism. world war ii, it was designed americans could get more things and which had the cheapest prices. the last 10 years it evolved from consumerism and focused on jobs. that is inflationary definitionly if we're not trying, if our number one policy is not cheap prices anymore. that is a very significant change in our global policies and, and i think that is a major component what is happening right now. and, it is, it is fine. because i think we needed to focus on jobs and american jobs so i'm not trying to suggest that was a bad change, what i'm trying to say, there comes with, you know, with that change comes different actions and it was very certain to us that we were going to see more elevated inflation. >> you meet with oil companies all the time. >> i talk to oil companies all

the time. i meet them personally. one of top five companies in the world in my office last week. >> tell us what is on their mind? what are they worried about? are they going to drill more? where are they looking? >> they're all trying to navigate how to become, how to produce more oil that is not a 30-year investment or 40-year investment but drill where successful for the next five or 10. because keep in mind it is pretty clear we'll have new technologies. if you won't have a break even in 50 years in a well, you will lose money. so it is all dependent what is the time frame for this transition. we're going to need hydrocarbons for the next 50 years, okay? we are still going to have technologies where hydrocarbons will still be heavily used but how do we create new technologies that will substitute you know, hydrocarbons obviously solar

wind. hydrogen will play a significant, significant role. >> how about nuclear? >> if have a country that believes in like france it play as huge role. backdrop for other countries it is much more difficult to adapt. much more of a regulatory issue than anything else. i was in abu dhabi. they built two nuclear plants. bill willed two more. very small ones. they want to be the first country in the world, extracting oil, producing gas green. liz: we have 30 seconds. >> lastly how happy are you you didn't get the ceo job of merrill back in 2007? how happy? tell us. >> i'm thrilled, charlie. liz: we have 15 seconds, who wins the economic war between the allies, the u.s. and russia? >> oh, we're going to win. 100% confident. this economic war is so

powerful. we underestimate what capitalism can do when we listen to all the stakeholders. american companies and european companies, not as much as american companies are listening to our stakeholders and responding. [closing bell rings] liz: thank you, larry fink from blackrock, charlie. rally on the screen. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so, president biden keeps telling us that the oil and gas industry has all the leases and permits they need to produce more. madam psaki today asked if they needed an embroad erred invitation to produce more. i never seen an embroiders invadetation. but i will take their word for it. if they make a buck the