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lo at the w jones instrial down 57d losi stm even from ther s&down 7 the ndaq is a big perctage 23% or 24pointsand the ssell, we, thatne's getti slamm the hardt, down points ke a look spifical intray, the dow ch looks tona3-daing streak- not gonna haen. huge cnk o of this loss is disney. investors and, for that matter, ceo bob they peck, watching 12% of the stock's value pull a disappearing act after the entertainment giant posted weaker than expected fourth quarter earnings mainly because costs at its disney+ streaming division exploded. while they peck says the streaming biz will achieve profitability in to 2024, he's going to nd use t . an ihageinheft

ecg.taerong w icofroft epe % an1,pl yere s t33% , but shares are stl down 69% this year. losses and and gains aren't nearly as clear after midterm the elections failed to give republicans as decisive a victory as the polls had indicated. conservatives pointing fingers at former president donald trump after the red wave was more of a ripple. fox news reports some in the gop are pointing out the one candidate trump attacked right before the election, florida governor ron desantis, came through with a blockbuster win. so the balance of power is still undecided as now three, just three senate races are too close to call. now, in the last two hours

republican ron johnson of wisconsin was able to solidify his senate seat. while democrats in pennsylvania voted in democrat john fetterman for the win. georgia senate race between democrat incumbent raphael warnock and gop candidate herschel walker, it has been decided, will head to a runoff. way too close to call. over in the house of representatives, sean patrick maloney of new york conceded to a republican, the first in four decades to lose re-election. lawler wins it there while house democrats largely dodged the midterm route they were -- rout they were expecting. the gop still poised to capture a narrow house majority. joining us from the white house with the overall tenor or how the elections played out nationwide, edward lawrence. >> reporter: yeah, liz, it wasn't really that red wave. it failed to really materialize here. you know, the president's going to be speaking at the top of the hour. he's going to field questions as well as remarks, and the feeling

here at the white house is that those democratic candidates that won those tight races, they won on the president's agenda for inflation and on the president's agenda to transition off of fossil fuels. we will likely hear the president say he has no plans to pivot. it appears republicans will get a slim majority in the house. some democrats say this will actually help stop the extremes on both sides because some democrats will cross over and vote. listen. >> mccarthy, or whoever the leader is, won't have a significant margin if they do win, and because of split government. and so i think that the possibility of government shutdowns or antics to hold up the functioning of government are less, and that's good for, good for the country. >> reporter: and you said it, liz, we could be headed for a runoff election in the senate race in georgia which could decide the fate of the senate with nevada leaning republican right now and arizona leaning democrat. a former clinton pollster i says the election was about the

candidates, not the issues. >> i think desantis was the exception because he broke through with real leadership, and also desantis and kemp were, in a sense, independent of trump. and i think that in those elections the problems that people have with biden really came through because trump was not a factor. >> reporter: so the president again at the top of the hour will have a news conference. i will be in the room with our questions ready, liz. ing back to you. liz: yeah. it wasn't as if the democrats bathed themselves in glory either. clearly, both sides are wondering what happened. edward lawrence, thank you. edward was just talking about desantiss, the cover of "the new york post" calling him de future. and if you look at stocks that are linked to donald trump, specifically the spac which is taking trump's social media company and platform under pressure, so-called red wave in the tuesday election seems to be ebbing. you do have it down nearly 20%.

let's get back to the broader markets. we've got to go back to disney, because we're not really sure you can blame today's market losses on republicans when disney's the biggest laggard on both the dow and the s&p. plus, there's a sword of cam cleese hanging over the -- cam cleese is hanging over the markets. the cpi, the read on consumer inflation, jumped six-tenths of a percent month over month in october from september's four-tenths of a percent, and year-over-year the expectation is that the it climbs 8% and, yes, that because ease back from september's 8.2% but still not where the federal reserve would like to see direction going. let's bring in our floor show pros to guide investors through this maze of headlines. joining me now, brett chutety and, of course, raymond james policy analyst ed mills. ed, are we right? the red wave from the el elevator in the shining that joe rogan predicted did not

materialize, but some ugly earnings really did; namely, disney? >> yeah. so, liz, i would argue there was a red wave, but it ended on the florida/georgia line. and, you know, for the markets, you know, we got some red today or, but the good news, the analysis we did at raymond james is that 100% of the time 12 monthses after a midterm election since 1946 the market is up. because the most important thing for the market is making sure it's in the rearview mirror. now we look at earnings, and the big debate mt. market is what will s&p 500 earnings be for 2023. is it 230, is it 200, something in between, that will determine where this market goes from here. liz: and to that point, ed, if you could just delve a little bit more deeply, is there a particular sector that since 1940s with this great gain in the s&p has done better or you expect to do better urn these circumstances? >> -- under these circumstancing? >> so i do think this is a

broader market call. there's been a lot of macro put into this market this year. when i go through the list, that's the wall of worries, inflation that you highlighted, the war in ukraine, the fed, midterms. getting this out of the way and then we look to the fed and we think they're closer to an end than to a beginning. as you lift that up, you know, there are certain sectors that will do well. i think we're focused more on u.s. domestic companies here at raymond james, but i i do think it's not necessarily one sector over another that's going to win from here. because the whole market has seen some -- so much weakness this year, it's more the market. liz: to that end, brent, the dow down 10%, s&p down 21% year to date, nasdaq down 33%, at some point you've got to figure there is a bottom. do you sense it's anywhere close by? >> i think the bottom occurs when there's evidence that cpi has definitely peaked, which i think is the football that's

been pulled away from us the past few months. we've seen different spurts back and forth in the cpi reading. and the so that's the backward-looking data. unfortunately, that's where the fed focuses. if you look at the forward data, everything suggests inflation is going to come down, it's just that it's taking long every than people imagined, and the fed keeps tightening and reacting to it even though the forward-looking data suggests it'll move lower. i think we're there, and that doesn't mean we're not going to go back and forth and have some fits and spurts along the day, but i do think there are the better days ahead on the horizon. and you kind of opened up by saying the dow is down less than the s&p, down less than the nasdaq -- liz: yep. >> look, we've wanted to be in parts of the market that were cheaper. parts of the market that a have been kind of ignored for the prior couple years because people were so interested in growth stocks that did well when interest rates were really low and you could think about way far out earnings. you want to be in things that

are cheaper, value stocks, the s&p 600, which is small cap stocks. these trade at 8-11 times earnings, and you have a margin of safety. liz: ed, if we think or project ahead as to what can get done if we have this continued split government where it's not really clear -- i mean, yes, maybe, i mean, by some chance the democrats do hold on to the senate and they've got the presidency, there's still going to be a very difficult path ahead to get much done. you could argue that maybe a very tough on china bill is something both sides of the aisle really like. ukraine support. would that mean that, for example, chinese stocks will suffer or defense stocks? and i'm talking about weaponry type of stocks, lockheed martin, etc., might be ones that could be in play or, you know, antitrust tech privacy legislation might hurt big tech. >> yeah, liz, these are all really important parts of the conversation. first up is the lame duck. the number of things that we're going to see out of d.c. over

the next two months is kind of astronomical. we have a defense bill, tax extend theres, funding the government, ian hurricane relief, we could see changes to the electoral college. but as you mentioned, for next year we do think congress will pass a tough on china piece of legislation extending out the tech the controls that have been really important to the semiconductor industry, but going into controls on clean energy technology and biopharmaceuticals. i do think one of the messages from this election is getting some middle of the road pieces of legislation done rewards you politically. can we get the energy permitting reform that senator manchin has been pushing, i think the chances for that has to be up today versus where it was pre-election. liz: brent, we still have a very strong labor picture. we have big job gains, lots of job openings. is there a play there? >> you know, i actually think the job market's a lot weaker than people are kind of pointing to. liz: really, why? >> the non-farm payrolls is up

2.5 million since april, but there's a separate report calledded the household employment report. so that 2.5 million added since the end of march, the household employment report shows a total of 1 a -- 150k added. i would err on the side of the labor market is weaker when you think about the ism employments, they're below 50 five of the last six months. you think about the labor differential in the conference board where they ask people hard to get or easy to get, that has fallen 15 points. and there has never been a period where that has fallen 15 points and you aren't losing jobs and seeing a rise in the unemployment rate. i think it's going to become evident that the labor market is not as strong, and that is going to give the fed the ability to stop raising rates. liz: well, we shall see. we're waiting on that. ed, brent, great to have you both. and, by the way, i want to promise everybody tomorrow is that big inflation report. credit agency transunion says

high prices have consumers loading up debt on their credit cards to record levels and, in surprise, delinquencies are rising. what does this mean for buy now, pay later site affirm whose stock is buckling even as the company says its customers are paying on time for the greater part? we are about to get the story and the plan to stabilize the stock from ceo max eleven chin. we will also ask max how long peloton's woes will be affirm's problem. yeah, peloton of all places. "claman countdown" is just getting started. dow jones industrials down 498. we are back in a minute. ♪ ♪ i may be close to retirement but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement. your shipping manager left to “find themself.”

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♪ liz: well, sure, it's all fun and games running twitter until tesla loses an eye. while elon musk tinkers with his new twitter toy, tesla shares are hitting fresh 52-week lows at this hour, down 5.7% to $180.14. they have been below that. the low of the session, $178.01. all right. we do have just hours after rolling out a new official label for twitter accounts, we've got musk hen tweeting, quote, you know what? i just killed it. t d hatweeting, quote,ll r g $4li pltek,k ubngtuid wivtethilro ps,tireheiadico

rimasur q be ctcos.eyanngr babriniro devcprthinanvibuto anoue teld ye ine way elon is? what's the thought process here, if you could guess. >> no one can do what elon does, and so i think high confidence that i couldn't can play elon in a movie. [laughter] look, i think he's doing, he's doing what he knows how to do best, he's injecting paces and

drive. and, you know, all of us entrepreneurs look up to people who can create that amount of energy, certainly something i aspire to have. liz: yeah. we do know one thing, he is one of a kind, and he has built spacex and tesla into massive behemoths, all right, so we're not going to count him out. affirm shares are hitting, i believe, an all-time low right now, $12 and change. you actually had a mixed picture here. you had a weaker than expected forecast, and i'd like to hear about that, but i also noted that you do have more than 85% of the transactions coming from repeat customers. so i look at that and i say, you know, your consumer base likes what you're doing. let's tackle the ugly piece first. what's going on there? >> not sure it's ugly, in fact. i'd like to quibble with that. we are guiding to a 40% growth year on year as the u.s. economy is almost surely entering a

downturn. stepping back a little bit, compare, you know, the reporting we just got done doing at our quarterly earnings relative to the last year as a private company, we tripled growth merchandise volume, tripled active consumers, doubled revenue. you know, the company has grown extraordinarily well, and we recommitted to our shareholders that we will be profitabling by the end of this fiscal year which for us ends in june. and so from where i sit, we've done a lot of things really well. we have an extraordinarily engaged user base, as you pointed out. we have continued to march towards profitability. and probably the most important thing -- by the way, i wrote this really lengthy shareholder letter which we just published yesterday, i really would love for all my shareholders to read it. it just really, really explains the business well. the most important question i felt we needed to answer in writing, which we did, what will

happen to our credit quality as u.s. consumers start stumbling a little bit which is happening now. you can see in our numbers that our credit quality held up just as it kid all through the pandemic -- did all through the pandemic. liz: i should have qualified when i said ugly, i meant ugly for shareholders. not messily what you -- necessarily what you see forward for the company. a couple things. number one, when it comes to a stumbling consumer, have you modeled for the possibility of a worst case scenario, a deeper than expected recession where they can't pay off the loans? you've got the, you know, the four interest rate payments, the pay in four, that's four payments every two weeks, or the greater part of your consumer base is people who are paying interest rates. >> exactly. and we absolutely model all kinds of scenarios. probably the most important thing to understand about affirm as a lender is that we are truly

a very short-term obligation creator, origination is just really, really short. the weighted life of our loan is 4.6 months. as consumers change, we're able to react anymore by. for the last 6-9 months, we've been managing our book with very carefully to make sure we, in fact, do continue to hit the numbers we knead on the credit side of things -- we need on the credit side of things. we will continue hitting our numbers. liz: great partners, among them, amazon. but peloton was one of your first sort of, at the time, platinum partners. this is the reason that you've lowered your guidance. can you just explain why peloton's problems are your problems? >> well, not sure peloton's problems are my problems. peloton's volume accounted for around 2 the % of my volume in the last quarter, so it's certainly no longer a highly

concentrate thed merchant. we love peloton, i think they make an exceptional product. i do think that that the my gym is my living room has dramatically changed after the pandemic began to fade and people are, apparently, liking working out next to strangers in gyms, and it puts pressures on the product. liz: max, we have to run. there's so much breaking news. i really appreciate you coming on. i know it's not easy when a stock is dumping out to an all-time low, so i appreciate that you came on. a lot of these see owes will -- ceos will say i'm not going to talk about it. i think the best thing you can do is come on our show, i think that's important, so thank you. >> thank you for having me, and the best will come to us. so i'm always happy to be here and preach the long-term value. liz: max, thanks. we've got amc blaming fewer theatrical releases for its latest flop. net losses widening in the recent quarter, but will the release of disney's black

panther: wakanda forever, stem the bleeding in the stock in the ceo says he knows. we'll tell you what adam aron is saying when we come right back. closing bell, 36 minutes away. we still have lots of red on the screen. dow is down 552 points on at the moment. -- at the moment. we've got our eye on it. ♪n in ♪ 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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good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. liz: fox business alert, and,

again, i stress disney is a huge problem here. disney at the moment is hitting a 52- well, it's at $87.37, a loss of 12.5% after it announced that costs at its disney+ arm ballooned. so we do have a lot of red on the screen here. disney's also the biggest laggard on the s&p. at the moment the s&p is down 66, dow is losing 525, the nasdaq down 223. apes on the edge of their seats after meme stock the amc reported its net loss widened to $226.9 million during the third quarter. the world's largest movie theater chain did report a 27% increases in revenue to $968 million which did come in above expectations, but ceo adam aron said on the conference call that they are not out of the woods yet, and that's his quote. he said the box office is still falling sort of pre-pandemic levels. he says the number of big movie

teat titles is still down 20-30%. but amc expects next week's u.s. release of black panther: what wakanda forever, to be one of the biggest box office performers of the year. investors not buying it. company's preferred shares sinking on the session, down 20%. and, of course, the regular stock the, amc entertainment, down 9%. that is a 5-week low. yesterday amc said it had raised $3iofr s prd essie re dckmic wn renv fof thhemc onho batigat seves bought at res are left holding a bag not filled with popcorn, unfortunately. what is hair plan to stem the losses? ceo adam aron joins me live tomorrow on "the claman

countdown." tweet me your questions @lizclaman, and stay tuned for that. another name that rode some of the meme waves, draft kings caught in a downdraft after california voters rejected propositions to allow online sports betting. more than 80% of voters voted no on prop 27 which was backed by draft kings, bet mgm and and fanduel. proposition 26, what was slated to open in-person sports betting isoracg alej drgsou lethour.nnnagaown , mgm resorts. lucent hitting a 52-week low, down 17% on track for its lowest close, actually, since january of 2021 after the luxury ev maker reported quarterly reservations for its cars fell

by 3,000. lucent attributes the decline to canceled orders and people fearing a long waiting period. how about people worried about where their next paycheck might be coming from? i don't know. the company, however, said it is on track for annual production guidance of 6,000-7,000 vehicles and may raise up to $1.5 billion through the sale of stock. and a lot of times investors pehiketta nth ft rngyes, lucid . qu--n edarsu sppog 11.5%. you've got kroger shares up 2%, and you know what? that's really climbed in the last hour, i would say. kroger shares are up after a u.s. court rejected requests to block rival albertson's $4

billion dividend payout. now, let me explain this. albertson's has said the payout would not impair its ability to compete while its proposed merger with kroger is under antitrust review. kroger agreed to acquire albertson's that would help the number one and number two stand-alone grocers compete with walmart. ever corp. upgraded the stock and raised its price target. kroger's at $48 per share right now. and speak of groceries, we are now just under 17 hours away prosecute october consumer price index report. and as we await the latest measure on inflation, one thing consumers seem to have no beef paying for, portillo's chicago style hot dog. how are they cutting the mustard in a high inflationary investment? i'm about to head outside and

discuss with the ceo. and no one understands pocketbook issues like ted oakley. he grew up dirt poor in a small town in georgia in a tiny house with no running water or indoor plumbing. just to make money in the kid was selling magazines door to door at the age of 6. after joining the army to pay for college, he realized he wanted and had the midas touch. now is the founder of a wealth management company and the author of nine investment books. he is this week's guest on my everyone talks to liz podcast. download it now apple, google, spotify, wherever you get your pod podcasts. closing bell, 26 minutes away. we are with, i believe, getting very close to session lows, down 556 points for the dow industrials but, come on, we've got hot dogs coming up. ♪ ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique.

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i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones liz: we're outside here on 48th and sixth in the center of midtown man hat tan.

you know, if the claman countdown can't go to chicago, heck, let's bring that famous hot dog to us. portillo's has brought its beef bus -- swear to god, that's what it's called -- right here to new york city. and we are looking at, okay, fries, and if you don't know and you're not from chicago, this is the goods. okay, the stock is down about 2%, but it had been up earlier by about 3 percent after reporting last week a 9.5% increase in revenue for the third quarter. so thanks to customers who are kind of ignoring the inflation cost issue because portillo's has actually raised price on its hot dogs, this country has lines around the block, and they've got these beef buses -- i'm sorry, we can't feed you guyed today, sorry about that. we've got the driver, michael, the ceo. it's great to see you here. >> great to see you again.

liz: let's talk about this beef bus. what is the hottest dog you have here in. >> i mean, this is a chicago style dog, right in it's -- i have a culinary expert who will swear that this is the finest gastromom call delight in america. [laughter] it's got no ketchup. it's got mustard, relish, onions, tomatoes, a big pickle spear and a little bit of celery salt. liz: how much is something like this? >> this is $4. liz: you have raised prices, have you not? >> we have, but we've been protecting our guest value proposition -- liz: that is weird speak. [laughter] >> i charge less than everybody else. liz: okay. >> we make sure you're getting a great deal -- meal of delicious food and not getting sticker shock. the average spend is spending $9.75. liz: okay. that's a fair ticket, under $10.

however, your costs on materials, and i'm twawb actual soft commodities, the buns, the beef -- >> right. liz: -- all of that, that's gone up. don't tell me it hasn't. >> no, it has gone up, and we've tried to still protect the guests, so we've absorbed a little bit of that pain for now. we've gotten great productivity from our team members. our folks in the restaurants work harder than ever, and we're seeing labor productivity that's offsetting some of the inflationary pressures. liz: labor. labor shortage. are you still seeing what we saw after the reopening about a year ago? >> yeah. we're blessed. right now we're staffed better than we were in 2019, and it's because we are a values-driven, culture-oriented place. so we believe that you take great care of your people. they, in turn, take great care of your guests, and your guests take great care of your investors. so we've been investing in our people. liz: okay. i want to show you the menu, you guys. come over here and take a look.

italian beef sandwich, 7, i see one of the most expensive things being a beef sausage combo, $9 there. and then you've got the drink and the fries because, i'm sorry, i cannot have a hot dog without fries. my apologies on that. but we get the consumer price index number for october tomorrow. we know that in september we saw inflation at 8.2%. >> that's right. finish. liz: at some point this is really going to crack. maybe even your customer. you ready for that? >> i think it's a question of how well you're positioned, and i'd like to think that we're better positioned than some others, right? because people are going to eat. and so you've seen prices go up many grocery stores way more than inflation. you've seen a lot of restaurant companies take the pricing above inflation. so i feel like our pricing is just below inflation right now. so as long as you continue to provide a great experience for the guest, great value and relatively good prices, your going to be a winner in the longer term. liz: okay. so here we've got the beef bus.

>> yes. liz: tell me about building out this because -- can hi, guys. hi, everybody. hey, say hi. [laughter] i think, how are you? what i like about you guys is they're grilled. i need the charred. >> oh, yeah. liz: i don't know if our cameras can see inside, but the grill is right up there -- >> that's the maxwell street. that's a delicious sausage -- liz: oh, it's a sausage now, not a hot dog. well, there you are. with all of this stuff on it. >> it's just love in a bun. [laughter] liz: oh, my god. and i will say i think it's un-american, this is just me, to put ketchup on a hot dog. i am a dijon mustard kind of gal. >> yes. liz: let's just be clear. full blown dijon mustard. so my final question is where are your buildout plans? you're mostly in the midwest. >> we are, but you know what? we now have restaurants in florida, arizona, california. we're opening our first one in texas in just a few weeks. and so a lot of our growth is coming across the sun belt,

right? a lot of population growth, great economies, great ability to hire team members. so we're going to be very aggressively building in arizona, florida and texas over next few years. liz: you know what i want to do? i want to give one of these to -- >> oh, there you go. liz: you want one? all right, you got it. it's all yours. >> thank you. liz: you're welcome. we've got some fox fans here. michael, thank you for sharing with us. we're watching the stock closely. of course, our investment audience cares about these things. >> thank you very much. liz: thanks, gang. thank you very much. "the claman countdown" team has hair or -- their orders in, so don't peel out of here. cryptocurrencies, we told you about ftx, right? and right now we are looking at bitcoin that has fallen below $17,000 per coin. the fallout sending investors fleeing from a liquidity crunch at ftx. but reports are indicating that

the balance is bailing on its finance rather which is supposed to bail out ftx is maybe going to bail on rescuing ftx. what is happening here? charlie breaks it next. stay tuned. closing bell is coming right back. ♪ ♪ when you're looking for answers, it's good to have help. because the right information, at the right style dog, right? it's -- i have difference. at humana, we know that's especially true when

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♪. liz: closing bell nine minutes away. we have just plumed to new depths. the dow session low now 681 points to the downside. we're still down about 630 at the moment but disney of course a big laggard. there is a lot more at work. we talked about the consumer price index number coming out tomorrow. we have to look at bitcoin. bitcoin is $300 above 16,000. folks, it was at 20,000 just about 36 hours ago. this after "the wall street journal" reported that binance has walked way from its deal with ftx.com, the cryptocurrency exchange. according to a company statement binance is citing due diligence as reason for abandoning of the deal. according to the memo binancys the issues are beyond our control or ability to help. this of course coming on the

heels of a liquidity crunch the tocken ftt of ftx has lost dramatic amounts. right now it is down 53%. $2.54. charlie gasparino, what do you have here? >> we'll say different tack. i'm not saying the deal will definitely happen. we're speaking to big players in the crypto business. they think there is still a chance and here's why. we're at a point we could be a lehman bear stearnsish, 2009ish, 2008ish at least moment for crypto right now in this deal doesn't happen. if ftx doesn't ultimately get bought by binance. it could be cascading effect. you're seeing that in the price of bitcoin. that is a pretty powerful fall. over the weekend i was having dinner with people invested in crypto. they were astounded how well bitcoin has been holding up lately before this we're at an

inflection point. they think the binance guy is lobbying for a better price. he knows if he doesn't do something here with this company it could be the cat chrisic effect that -- cataclysmic effect bear and lehman had. first it was bear that stabilized the situation when jpmorgan bought them. with assistance from the federal government. i think ultimately was at $10. start the off at one dollar, remember that. liz: sure. >> there was the slow burn throughout the summer of other things happening. then lehman occurred where there was no intervention by the government. no forced marriage with anything else. they just let it go. the next day the markets just went nuts. we were heading towards the sort of nuclear phase of the financial crisis. liz: statement from binance. let me read the one line. then i want to hear what you have to say. the one line again, we have decided not to pursue the potential acquisition of ftx. you're reading between the lines

thinking they want a better price maybe? >> that is what people are saying. just so you know, i remember, give you a little history, shows you how old i am i was covering the financial crisis back in 2008. i was at brand x i broke a lot of stories what was going on. at one point i asked none other than than larry fink, will they bail out lehman? larry was boeing on a trip to asia to check out his holdings there. charlie, i'm going to asia. all i know they have to. why do they have to? if they don't do it, the banking system will collapse. really? yes. he says they will do. the that night they had a meeting decided not to bail out lehman. so what seems logical at the time. that forced larry to come back to the u.s. all hell was breaking loose here. in the next three days was massive bailout of financial system. it was called tarp. they bailed out aig and one

after another. what is often logical, let's do this deal at a lesser price to save the entire system including binance itself, because it is self-preservation at that time. that was the other thing with the banks walking on a lehman bailout. the whole thing was have banks putting money together. federal government would give them relief of some type. the fed would be lowering interest rates. bailing out lehman and throwing it at that they would bail out themselves. one after another, one ceo, i think it was a uk ceo we don't want america's cancer in the uk. liz: the thing about the crypto space this is choice in much smaller picture but could damage the insipient stages of this investment. >> that is what i'm saying. you can say it makes complete logical sense for binance to do the deal at lower price. them turning around saying do we

want ftx's problems on our books now? liz: guess what? >> what? liz: we have adam aron of amc the stock is hitting a 52-week low. it's a pretty tone with us situation as you had predicted. >> right. liz: he is coming on tomorrow. what would you ask him? >> well i would say, just from an ethical standpoint do you think it was proper for you and your insiders to sell all that stock knowing probably that, you know, it wasn't worth, when it was 50 and 30, 40 and 50? i mean the amc insiders, i just with these amc apes all the time but to be honest with you the real issue with me, the stock would not hit 1000 as the conspiracy said but as they were spreading the conspiracy theory, insiders, keeping the price high, the insiders sold. liz: yeah. >> that's pretty crazy. and by the way, there were some journalists that gave fuel to

that 1000-dollar price target nonsense. they should be you should interview them as well. liz: i doubt they would come on the rival network. charlie, thank you very much, charlie gasparino. president biden set to speak own the midterm elections in just a few minutes at the state dining room at the white house as investors await unclear outcomes still in the midterm elections. well group cio jim warden who manages about three billion dollars. jim, we've got a big selloff. part of that may be the indecisiveness what was expected to be the red tsunami which did not happen, very ugly earnings from disney. concern about tomorrow's cpi number. what should an investor be doing right you in? >> thanks for having me on, liz. it is a great question. liz: sure. >> this is a challenging, challenging market. for people that are long-term

investors this will look like noise when we look back a few years from now but it is hard to be clear. the expectation i think the market was looking for a clean sweep if you will with the gop and gridlock and, kind of was welcoming that. now that it looks a lot tighter than it is, you add that component to poorer earnings a than what was expected. then looking at tomorrow's inflation number, it is just a bad mixture i think for the short term. liz: for the short term, although if there were opportunities that you saw what would they be? >> there is a lot of things we're always looking at. we're looking at macro things, certain sectors, specific names we've held for a while, that look interesting right now. our cigna, cheniere and vertex pharmaceuticals.

liz: lng. that of course cheniere, lng. i'm looking at natural gas down 3%. it has come way off the highs of the session but overall we look at energy being a big laggard as far as sectors are concerned today, what do you expect from the cpi? you have about 30 seconds? >> yeah, i think it will be a little bit softer than what maybe analysts have economists have been looking at but we'll see what the number looks like. liz: good to see you. thank you very much for coming on, jim. we appreciate it. [closing bell rings] we're close to session lows. s&p, dow, nasdaq, tumbling. in fact the s&p and nasdaq dropping more than 2% as investors weigh midterm results. tomorrow amc ceo adam aron with us live. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. president biden will be addressing last night's midterm