and love of country, now is the moment for all americans to seize the dream and make it a reality. pick your own path and go down that road. that's how we all celebrate this crooked road that brought us to this place and how we keep moving forward to a more perfect union. liz claman, no market but i'm sure you'll get us all setup for tomorrow. can't wait. liz: you know, federal holiday doesn't matter. there is so much breaking news as you know, charles thank you very much. we've got this breaking news could a pause on the federal gasoline tax be imminent? president joe biden telling reporters on the beach in delaware that a decision could come bias soon as the end of the week. the entire energy complex hit with major headlines at this hour. is liquid natural gold natural gas? the new gold. overnight prices in europe go parabolic as conoco phillips announces a 27-year long deal with the country at the forefront of lng. and jet fuel prices plus labor

shortages triggering a crisis at the nations airports. while virgin australia and quant us airline chiefs say now is the time to spike air prices, united airlines ceo making a new declaration about the industry's biggest bottleneck, and it has nothing to do with the pilot or flight attendant shortage. we're live at the philadelphia international airport with the very latest on that story, and the crypto collapse sees another major player, freezing all withdrawals. we're bringing in the ceo of crypto trading platform live, bobby zagota is here on a fox business exclusive on what happened to bitcoin sat night. why did it spasm below 18,000 and what's ahead for the entire digital token space. plus, a pair of private equity investors were way out in front of the supply chain snafoo that appeared as the world locked down over the coronavirus. the red cart april co-ceos are here in a fox business exclusive to share their supply chain investment secrets but first,

let us begin with a fox market alert. we are live we are so glad you are here, because we have headlines gary cohen loan, st. louis federal reserve president james bullard saying within the last hour high inflation has come up "like a storm" and he also says don't blame the fed. it's difficult to know out what to do" in the middle of a storm. in a speech he made in spain, bullard, a voting member says he sees the u.s. economy expanding not contracting this year, even though we have seen so much data that show it is looking like it's about to contract for the second quarter in a row. we shall see. bullard's comments comes as the s&p now finds itself in a bear market and amid a confluence of breaking events around the globe this afternoon that have u.s. investors waiting on hooks to see how our markets might open tomorrow. we know that at 6:00 p.m. eastern, when futures start trading we'll see what happens, but, if you take a look at futures they close today, this afternoon session, higher, not bad here.

we closed up about 1% for dow future, s&p saw more than 1% gain, same with the nasdaq futures, but of course due to the juneteenth holiday they were more thinly-traded. the question at this hour is as traders get back to their desks this evening, how will the headlines developing now shift the tone? among those headlines, two federal reserve members, aside from bullard speaking within the last 36 hours at a speech in dallas, fed governor christopher waller indicated he's all for another jumbo 75 basis point rate hike to help quell raging inflation while cleveland fed president loretta mester said whatever the fed does it'll take at least two years for inflation to fully cool down and overnight i told you lots of headlines, china sending a message it will not follow the fed's lead or the four other central banks around the world which tightened their rates last week. china has left its benchmark interest rate unchanged, as its economy tries to emerge from the

smackdown of its covid lockdowns this news is developing. chinese e-commerce giant j. d. .com which year-to-date has lost 7% but climbed 16% so far this quarter, reporting bad news its annual shopping extravaganza known as 6-18 for june 18 showed slowest sales growth in company history. this is significant, folks, because it's china's second- biggest shopping event behind alibaba's singles day and while the u.s. energy markets are closed brent which trades in london and is the global benchmark for oil prices resuming its march higher and after rallying 43% last week, europe's natural gas futures jumped bias much as 9% today as russia keeps on squeezing the natural gas supplies heading to the european union. as all these headlines converge let's bring in our floor show traders from london we have chief market analyst nyem aslam, and back here, sarge, of course, sarge guilfoyle, great hill

capital's tom hayes. european markets, which were open for trade today, had to deal with the same headlines that we're going to deal with tomorrow, so they closed higher, with a backdrop of global inflation, and we've got a hawk ish fed obviously, doveish china, what the are investors seizing upon and what did did you see in trade today that'll give us an indication of what happens tomorrow? >> sure, first of all one thing which is very very clear, the markets are oversold, and bargain hunters really trying to find that opportunity, so given the fact that markets are over sold, it's to see that kind of a price action that we have seen today, however, there are a number of concerns which we believe really are going to matter for investors and traders as this particular week unfolds that's number one. disparity of central banks. as you correctly mentioned, dove ish and then a hawkish federal reserve. liz: right. >> secondly, eroding disposable

income. soaring inflation. these are the factors that investors and traders are going to pay very very close attention to, and not to mention, the noise which you earlier mentioned, meaning the federal reserve is coming up and given their interest of the market how much interest rate is really still going to be okay for the federal reserve to do that, despite the fact that we are seeing enormous amount of weakness heading to the u.s. economy. liz: well, naeem is right, sarge you look at exactly what's going on. there is so much fear. is it time to be picking up some of these names at huge discounts i find it really interesting. goldman sachs coming out and saying they have a list of stable stocks, and what they do is they bring this and i know how you just love when i quote goes because we know they've been wrong on many occasions. right on some but the high, sharp ratio names okay? this is what they call it and they say that names like dish are stable. whatever their reason, i don't

know. dish, royal caribbean, they like walmart, they feel that the ice exchange is good, dexcom, alaska air, industrials so you tell me. do you agree with anything like that and they don't even like nvidia. they didn't pick nvidia. i believe they picked micron as their big chip name. >> yeah, i think goldman has the right idea. i don't think their execution is really all right but i think they have the idea of setting up different baskets and that's pretty good. while we have a recession in place, it's already here. none of this has recession. it's the second quarter. we are in recession. liz: so bullard is wrong. bullard says we aren't going to have a recession and so does president biden. >> no, i told you five weeks ago, on this show, i guarantee you, an imminent recession, and i'm about this close to being right, okay? so i think we're right there. now, june, however, the end of june is shaping up pretty nicely we are oversold as the gentleman

in front of me said. we do have probably right now, equities are under performing, bonds although bonds are doing pretty poorly so we probably have an end of month, end of quarter, end of half year hedg ing rebalancing that will favor equities and we do have something of a twist on that. we also have the fed stress test this week don't forget that so i have one basket which is going to be my banks and my high beta revenue growers just for this next week to two weeks that's my wells fargo, bank of america, some of my semiconductors, and a few left over software names, but for the rest of the year, i think it's really going to be tough. i think the economy is going to be tough. jobs will be lost and consumers have a tough time so for the rest of the year we don't to go low beta and dividend payers so the thats staples like pepsi, and your defense contractors, because although we don't like to say it , war is good business, and lockheed, raytheon, and general dynamics are going to do good business. liz: well we're a business network and yes we know the

horrors of war and you certainly do having served but again we want to give our investors ideas and tom, to that end as you look at exactly what's happening at the moment today, which piece of all of the news we've just outlined do you think that investors should focus upon before they make their trades tomorrow. >> well, i think, liz, i think bullard is correct that we may expand more than people expect. this has been a multiple recession more than an earnings recession. if you look as of friday, consensus s&p earnings for next year are still at 251.76. they may come down but we're trading at 14.5 times next year 's earnings with 150 on the fed funds rate going to 225, still relatively low, it's below the 18.6 times, which is the five-year average which included the last tightening cycle. warren buffett says in 2009 those who invest only when commentators are upbeat, they pay a hefty price for meaningless reassurance, so you know, when you've got the market down like this , you've got to nibble. you look at some of the

high-quality businesses that are on sale, liz, you don't do it all at once but look at home depot down 35% are they generating more or less cash three to five years and meta platforms down 58%, mark zuckerberg, he always figures it out one way or another and disney is down 53.6%. are more kids going to be parks three years from now or less, more people sign up for the streaming or less and finally starbucks is down 42% because of the china overhang, but china's reopening, stimulating like crazy as naeem pointed out so there are things to do, build up overtime, but i think the mass pessimism over the weekend is slightly unwarranted. liz: now you're talking like buffett. gentlemen rate to have you on this monday. again we have so much news, we're here just because the u.s. had a federal holiday, there is a headline, every five seconds that we have discovered today that could effect trading and it's important to make sure we get that to our viewers, yet

another crypto exchange freezing up in the crypto winter, we will tell you the very latest on the now-second exchange to send its clients scrambling because they are not able to withdraw their funds, but bitstamp is the longest-running exchange in the crypto verse. the ceo is here to tell us if he sees green shoots about to spring up where he sees problems and what he thinks happens saturday night when bitcoin plummeted more than 3,000 bucks. we're coming right back. you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪

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liz: we have breaking news on bitcoin, after a jaw-dropping fall saturday night from 20,000 down to 17, 601 and then scratch ing back to the $20,000 level. bitcoin at this hour is volatile it's now down about two and one- third percent fallen once again but only slightly below the 20,000 level. ether by the way suffered a similar heart-skipping moment at 9:00 p.m. eastern half an hour after bitcoin plummeted again this is saturday night, ether

made a short-term bottom below $ 1,000 touching about $903. it too quickly recovered. it's now back above 1,000 but the past 48 hours have been a very fluid situation after yet another crypto exchange. hong kong-based who.com was swamped by investors. some of them big institutions trying to retrieve their funds to cash out. the site got overloaded forcing who.com to suspend all withdrawals for 72 hours due to the influx of demand. this just moving in the last two hours, who is in essence saying that it expects to reopen some token withdrawals today. only some. this comes just days avenue jersey-based crypto lending giant celsius halted operations after its stream market conditions intense selling led the company to halt withdrawals by its $2 million customers who park their money there and that of course scared the markets as well so how much damage has the who.com and then the celsius

situation done to the psyche of crypto investors. joining me now in a fox business exclusive the ceo of one of the very first crypto exchanges the u.s. ceo of bitstamp, bobby zagota. bobby great to have you. what were you doing saturday night, how closely were you monitoring the situation? >> yeah, well we've been monitoring the markets very closely for the last several weeks for obvious reasons, liz, and it's never a dull moment as they say in crypto. the hoo situation this is not a major player, but you know, the number one job for crypto exchange is to safeguard their customer's assets and ensure that their customers have access to those funds when and if they need them. as you mentioned we've been in this business for 11 years. this is where we have excelled. we've built industrial strength technology, process services to make sure that's never a question. liz: well it's very similar to a run on the bank, and that is what causes panic. it's one thing if people say you know what i've got to sell some of my risk assets, they see

crypto as risky at least many people do, and so they go to sell, they can't, word spreads especially in this air of social media and the saturday night sell-off cut the total crypto market cap to about 834 billion. the lowest its seen since january of 2021 and well-off the $3 trillion high in december how many bitcoin-curious people have been scared off by all of this and how does the crypto winter end when you have a lot of fear? >> yeah, this is an important question, and all of us inside the business are trying to understand and identify which segments are affected the most. one of the things that i'm always encouraged by is that crypto in contrast to some other types of risk assets, has a very very strong and growing core of investors that are mission-driven. they aren't just interested in the investment thesis. they are interested in the importance of this

technology in the world and that contributes to optimism about the investment thesis. we've seen on our exchange that people who have been in the markets for longer are more active today versus people who have joined in the last 12-18 months, which might have a bit of a short-term horizon as investors. there are some other important green shoots to think about in terms of the overall marketplace , which i'm happy to share, liz, if you'd like. liz: yeah, also we have a trader scott redler who said on saturday night he felt like he grabbed the bottom. he bought around 18,000 when bitcoin hit about 18,000, again it went below that, but he snap ped up some, and he also snapped up ether and he said it looks like a short-term bottom but where do you see this going and what indications do you have that you are just about to tell us that indicate these so-called green shoots? >> yeah, certainly i'm not qualified to give investment advice but i do believe that

many many people in the market see a bit of a disconnect today, given the current pricing versus the kind of the value and the strength of the bitcoin network in particular but a lot of crypto networks underlying them. the things i was referring to in terms of green shoots or brighter spots on the horizon are things such as regulation. so there's been a condition of uncertainty related to regulation in the u.s. and in other parts around the globe and that has always been kind of a source of downward pressure on the markets, and today, that's improving, so senators lummis and gillibrand introduced some legislation a couple weeks ago that we think is very very thoughtful and it now creates a kind of a new base for that conversation and we think will contribute to greater certainty, and then the other thing that i was referring to is just the growing acceptance of

crypto as an asset and as an investment, so we recently did a survey of over 30,000 participants, and over almost 70 % of participants both institutions and retail investors view crypto as trustworthy. if you combine that with the fact depending on which data source you're looking at there's maybe 12 to 16% of u.s. citizens who have invested. there's an incredible high ceiling with a lot of confidence in the marketplace. liz: bobby, though, you can't deny that with 19,000 tokens out there, some of them, who even knows what they're backed by, if anything at all. you do still have people like elon musk. elon musk was tweeting this weekend about dogecoin and he was saying he's buying dogecoin and will keep supporting the meme token. i will keep supporting dogecoin is what he wrote. don't you think a lot of these have been shaken out in the latest selling spasm, and is that a good thing? >> yeah, i think that 19,000

tokens, there's plenty of experiments in there that i would say are not for the long term but one of the things that i love about this marketplace is it's all about innovation, and that takes a lot of starts and stops, and tries and fails before you get to the types of assets and the types of opportunities that are lasting. we are seeing on bitstamp over the last couple of months a movement towards "more established" crypto assets such as bitcoin and ether and a few others versus some of the more speculative or the newer protocols which again not unexpected in this environment. liz: okay. well, and you need a strong stomach for it, if you're going to be upfront and that's where we are. it's still in its very nacent stages. bobby thank you for weighing in because it was an awfully worrisome weekend for a lot of people trying to get into crypto

or get out. see you soon, thank you. >> thank you, liz. liz: we've got the price of jet fuel, folks, now so high that two airlines are preparing flier s for another fare hike, but that is not the biggest problem carriers are facing. we are going to head out to the philadelphia international airport as more canceled flights cause father's day travel chaos. the "clayman countdown" has much more to come on this monday, so please, stay with us. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned.

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liz: fox business alert the summer travel season is off to a very turbulent start as demand for air travel surges, jet fuel prices are soaring with it. global jet fuel prices jumped 3% last week, to $177 a barrel. that is a 128% increase year-over-year, but rising fuel costs, not the only hurdle ahead

for the industry, with 19,000 flight canceled or delayed since just thursday due to staffing and weather issues, one u.s. airline carrier is making news at this hour, about what he says is the biggest staffing problem. to jeff flock standing by live at philadelphia international airport with the story. jeff? reporter: first, today, the cancellations and delays today which have spilled over today. yeah, 19,000 up to yesterday, but take a look at the numbers today and it's beautiful weather across much "country. that's not an excuse. 352 cancellations at this hour so far, in and out of the u.s.. delays? over 2,000 today. again, no big weather. the government wants to step in on this. pete buttigieg, the secretary of transportation, saying he wants the airlines to stress test their summer schedules and to hire more customer service represents. wants fines to be imposed perhaps if the airlines don't do a better job but he will hold

off until july 4. you mentioned scott kirby, the ceo of united airlines. yes, meeting reporters today said today that if he could fly more flights, he would. not only does he have a staffing problem along with the other airlines, but the federal government has a staffing problem with air traffic controllers, not enough air traffic controllers. he said he put more planes in the air but there are not enough controllers to fly them. just so you know how bad it got by the way over the weekend it was american and delta that were the worst hit in terms of delays and cancellations american on saturday 179 cancellations, 96 on sunday, 57 today. delta similar numbers even worse , up to 89 today so far, 200-plus, the weekend days it was not a pretty weekend out here, liz if we get more of this , i don't know. it's tough enough to drive, i'm thinking what else could we do? bike? liz: staycation.

reporter: yeah, i did that. looking pretty familiar. liz: stick a little umbrella in the drink and just say i'm pretending this is something. jeff, great to see you, thank you. very tough, tough times at the airport across the nation. we got a fox business alert. disney's latest release "light year " did not go to infinite and beyond in its first weekend in theaters. pixar's first movie since 2020 blasted off with just 51 million in box office takings that falls well-short of universal's jurassic world dominion in its second week, for perspective top gun: maverick took in 156 million during its four-day opening weekend. disney closed flat on friday but the stock is down about 39% year-to-date. ouch. we're seeing very first move to unionize an apple store. workers in towson, maryland voted in a two-to-one large into begin the unionization process.

the national labor relations board has to certify the vote before the union can negotiate contract options, apple closed up over 1% friday but shares have been smacked down 25% year-to-date. the stock does remain flat year-over-year. conoco phillips making news at this hour, penning a new deal with qatar energy as part of the world's largest liquefied natural gas project. qatar is partnering with international companies to boost its position as the world's largest lng exporter. conoco phillips which closed down 8% on friday is up about 30 % year-to-date and the first u.s. energy giant to join the northfield east expansion plan. conoco will have a 25% stake in the project. and you've got to watch out for casino stocks tomorrow morning, they could get clobber ed as the world's biggest gambling hub begins its second day of mass covid-19 testing. macau now requiring most businesses except casinos to shut their doors amid the out

break. the chinese casino hub recorded 31 cases sunday, ending an eight -month streak of zero infections. so the breakout is happening. the region relies on casinos for more than 80% of its income. casino stock, also vegas sands and mgm closed up 2.5% on friday while wynn resorts was up about eight-tenths of a percent all three were down 15% or more year to date they are the ones with the macau exposure. the supply chain crisis still impacting the american goods arriving from china, but one private equity group was far out in front of the problem. the co-ceos of red arts capital are here live to share their supply chain investment secrets. yes you're hearing negativity about the supply chain. they're making money off it. we're coming right back. stay with us, we're live on the "clayman countdown."

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liz: a u.s. ban on imports from china's region begins tomorrow, in response to the alleged use of forced labor in a muslim- minority community there. president biden signed the weeinger forced labor prevention act into law which could force the seizure of a whole range of products from the area, including clothing, solar panels, tomatoes and floor tiles. global businesses including many in the u.s. who are reliant on the region now are preparing for yet another supply chain disruption, but our next two guests have a different outlook on the future of shipping goods. joining us now in a fox business exclusive are the red arts capital founders and managing partners nicholas and chad straighter. good to have you both, gentlemen nick i'll start with you right off the bat. what do you make of the u.s. customs ban on this particular china region and

you guys are the experts when it comes to supply chain investing. how will it add to the supply chain nightmares that we've had already? >> well one, thanks very much, liz, for having us on the show here today. liz: sure. so obviously its been a difficult time in our economy with supply chain disruptions and this is in addition to things we've been seeing since the pandemic. our outlook as investors particularly since we invest in privately held businesses remain strong. there's a number of efforts going on here today as well as regional focuses on moving things around so that we have more resources at-hand to get things into homes on a day-to-day basis since e-commerce is such a big part of our economy today. liz: chris, everybody looks at it exactly as something really negative, but you have long been investing in supply chain economics and areas people

really didn't give much mind to before the dram that we were hit with two years ago when more like one and a half years ago when the demand became so hot during the lockdowns and nobody could really do anything so they just started buying stuff. they were stuck at home and then we were faced with this huge log jam that gummed up the entire system and it's not just ships. it was trucking. it was all kinds of cargo ways of moving things, railroads as well. what is it that you saw in supply chain, back in 2015, that told you there's been to be had here? >> well we, i believe, deeply in having confidence and being sector-focused. being focused allows us to say no to certain things and allows us to drill down and become experts in certain areas and so our perspective was the more time we spend on that space the better we'll become at making investments and that's our approach since we started. it just so happens people have caught up to the fact that supply chain is an important part of our economy. it's the fabric of our economy,

and it's essential services so the businesses have been running and up and running and a big part of what kept the economy going. liz: chad, tell m me what companies are currently looking at right now as it pertains to the supply chain area. what do you look for when there are opportunities to be had for investment? >> yeah, sure, thank you for having us. liz: of course. >> so we're very focused on businesses that have durable competitive advantage, values that align with ours, in a great culture. so today we're investing behind a couple key things, like e-commerce. so we're seeing acceleration of e-commerce, resuring and global trade so further focused on warehousing and logistics and ground freight and lostly we have a very big focus on just labor in general so we continued to have the average american working within the supply chain sector. liz: well, i get that, chad, and you guys do a lot of private

companies. you're scooping them up, but how can viewers who are investing in public companies translate your knowledge into the public market investment world? >> sure, so i think that investors in the public space can focus on a couple of key themes. one is the outsourcing of logistics. so fortune 1,000 companies continue to have a focus on outsourcing their logistics from packaging, distribution, warehousing, and then i think also having a focus on return on invested capital so you'll see throughout our space there's asset-light, as well as businesses that do have assets as well as capital expenditures so having to focus on return on invested capital as well. liz: you guys at red arts capital, nicholas, have pretty heavy investors, mario gabelli, john canning, madison dearborn, these are big, big names. how do you get them to pay attention to what you're doing and what was it that you think

attracted them? >> well, again, going back to when we started the firm, the goal was to build a brand and a focus on supply chain logistics, and our belief, quoting warren buffett and my former mentor john rogers and benjamin graham, they all believe in the importance of having strategy that's built on focus, so by being focused, by having expertise, that's our approach to investment and a lot of people saw value in that. liz: chad it's juneteenth. we look at minority investors. they are such a huge part that it's ridiculous to call the minority investors. they are majority now. there are some brilliant finance managers, people of color. what do you feel is a goal or a mission when it comes to what you do and expanding your knowledge to more people who perhaps up and coming people dream of being in the world of finance? >> sure. so diversity is very important to us.

it's the fabric of not just our firm, but of the country, so for us, it's how do we continue to have a focus on that, and that's in our portfolio companies as well as across red arts capital at the investment firm, so the portfolio company level, we're focused on not only whose at the line level and the workers but also whose in the option pool and the management team. then also, it's the investment firm, we believe that a focus on minority participation is very important. the last thing i would put a point to is theres three things we believe are very important. you have to have persistence because this is a relentless pursuit. there has to be a focus on having a great partner who has similar values and interests, and then lastly, a big focus as nick said earlier, on the circle of confidence where you can be the best. liz: i'm so glad you guys are succeeding. it's really exciting times for you and it's great that you were ahead of the game. you're going where the soccer

ball was not even. i mean, you just headed the supply chain well before the issue so congratulations. chad, nick, great to have you. >> great to be here, thank you. liz: folks we've already talked about the price of bitcoin see sawing over the past let's call it 72 hours. well it's kind of around the 20,000 mark once again but now come the job cuts, and how this sector is doing the job cuts. charlie breaks it, next. we're coming right back.

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liz: well this is hitting the tape at this hour. some tesla drivers in china might have to keep their cars

garaged over espionage concerns. according to a reuters report government officials who were gathering at some kind of festive party together, they're all banning all models of tesla. any of the tesla cars from entering a specific coastal region starting july 1, because of the secretive meeting of government leaders taking place. chinese officials are worried that tesla cameras all over the car could be used to spy on the meeting. this is not the first time the country has banned elon musk 's electric vehicles. last year reuters reported tesla s were banned from military complexes over similar concerns. elon musk of course has always denied the cars could be used as a spy tool. all data generate by the cars in china is store in china. that's very james bond-esque. the price of bitcoin spasming this week, down 20% over the past seven days, the fear from what we already mentioned at the top of the show about crypto lenders stopping any withdrawals, that, of course and all of the tumult leading to

major layoffs. if you take a look at how many companies, coinbase just among a few, they are cutting jobs. investors are telling charlie gasparino, now they're feeling the heat from fed tightening fears about a loss of liquidity. charlie? charlie: i don't understand why they are surprised. people in the crypto business are like, i can't believe this is happening, this is crazy this was bound to happen. the minute we knew that crypto was an inflation hedge and that's when inflation started popping, crypto didn't necessarily pop. liz: right. charlie: then you kind of know that it was an asset that's trading on other fundamentals or lack thereof. maybe a mania, so, that's what we got now, and now it's just watching various companies and how they react and i think that's where the next leg down. we should point out over the weekend down to 17,000 on bitcoin. it bounced a little below 20, five minutes ago so this is a moving average. it's a moving target going on right now. i would say this is what you look at. and this is what has a lot of people thinking that there's

going to be another leg down. the coinbase layoffs were just wacky, dramatic, and weird. just a weird thing because brian armstrong, the ceo just a couple months ago was saying we're going to grow to 10,000 not too long ago. they grew over a course of like four months from 2,500 to 5,000. liz: okay. that's just crazy. charlie: that's crazy, okay? then they had plans to go to 10,000 and you know what happened next. so and the way they did it was, that's a whole other story i wrote about that in my column and post. people knew they were getting laid off by the first sign was they got a text message. liz: and they were locked out of their laptops. charlie: then you knew once you were locked out. but a phone call sometimes or call people in the room. everybody gets laid off. liz: everybody. don't trust anybody who hasn't been laid off. charlie: there's no perfect way of doing it but there are better ways than what brian armstrong

and coinbase did so what they did there spooked the market and now you got this thing with celsius, this lending outfit, that's frozen everybody's accounts and if this thing implodes further, if it goes, you know, belly up or whatever, chapter 7, chapter 11, if this thing doesn't make it the celsius platform, i think a lot of people are talking about bitcoin as a 15,000 level or 10 , i mean it's going to take another leg down and i think that's sort of the big issue here. if you talk to people that know this business, they will tell you that we're expecting this. a lot of people though weren't expecting it. they were riding up the hype. they had no clue this thing was coming fast. even some of the insiders had no clue. brian armstrong thinking he's going to double to 10,000 in january, you know, was pretty crazy for that business knowing that something was going to happen when the fed started raising rates, so this is a market i think that is way over

bought even at these levels. people on the inside would even tell you that. liz: even at these levels 17,000 saturday night. charlie: be really careful here if you want to speculate you're gambling, because if coinbase had no clue and brian armstrong had no clue, what was coming at him, then probably 90% of the people in this market have no clue. liz: did you see bitcoin billionaire sam bankman freed sa id the crypto crash is entirely the feds fault. it's easy to blame the fed for everything. charlie: well the crypto run-up was the feds fault. he's kind of right about this. if the fed didn't print so much money, by taking interest rates down, qe, it expands the risk spectrum people were willing to take. that's why you have meme stocks. the people haven't given up the ghost there either, so this is what happens when the opposite of what the fed does, so he's right about that, but the party was fun, i don't

see him complaining about the fed while it was going up. maybe hed i don't know. was he complaining during the -- liz: i'm just thinking about how good it is to have you back. charlie: thank you. how do you like my tan? i was in charleston. i ate some good food and worked out everyday. liz: then i'm sure they said please go back to work, charlie. charlie: i have a lot of fans down there. it's so weird. liz: we're coming right back. they are cutting us off. we'll be right back don't go away stay tuned. >> tech: when you have auto glass damage, trus . .

♪. liz: well, talk about inflation. how about $19 million for a rib-eye? yep. but you get investment advice thrown in with that steak. the famous steak lunch with berkshire hathaway ceo warren buffett he auctions won for charity every year. went for record $19 million over the weekend.

the last time the investing legend lunch for charity. warren buffett will lunch with the winner. we don't know who the winner is. they department that cluent. our "countdown" closer says you don't have to pay for the "oracle of omaha"'s genius. we. 19 million. the last one was three million. the record is broken. he is still the man but you say we don't need to wait for that advice. there is a single stock to buy to get it all in won, right? >> liz, great to be with you. thanks for having me again. you're right inflation is everywhere, including lunch with warren buffett. if you look at market we've seen, worst start year-to-date since 1932 as a matter of fact, the amount of wealth on paper has been lost if you look at

look at the bond and he can commit markets including warren buffett's berkshire hathaway. we fiend value. we like warren buffett's value. it is down 25% from a 52-week high. this is the type of market where you say what would warren buffett do? in fir fighting warren buffett putbillion dollars to work. we like the story. it is a growth story on going forward basis. he doesn't pay a dividend. he keeps 39 billion-dollar cash flow. he deploys that. he like as lot of value in today's market. >> make a great point. he bought, bought. my question is macro what happens tomorrow when the market opens? we have a lot of headlines here? >> we could see a typical bear market bounce. it is not uncommon to see markets rally 10% from the lows we experienced last week.

we're not through this. so this is a bear market that we're going through and four ds we call it, be diversified, disciplined, dollar-cost-average, when you see opportunities, you also want to look at dividends, dividend-paying stocks. liz: robert, i like your advice. it is very, very sound. thank you very much, robert shine. futures trading opens in two hours. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. well, there he goes again. here's president biden complaining about oil companies not refining enough gasoline. take a listen, please. president biden: they have 9,000 leases 9,000 leases on public lands. they should be use it or lose it. they have cut back on refining, on refining. they say they don't want to be caught in the position, they don't want to be stuck. i want explanation for them as why they are not refining mor