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economic conference in phoenix right now. these are important headlines, need you to listen here, monetary policy can and must be used aggressively to reduce inflation. and while he did say, quote, the voting committee will watch data between now and december before deciding on the next policy step, he said moderation in the cpi -- of course, that was last week's consumer price index number -- is welcome, quote, but i will not be head faked by one report. we still have a ways to go on rates, and perhaps the most definitive statement he said behind -- besides the head fake one, we will need rate increases into next year. his words hold a bit more heft in the markets because he is a voting member. the do27s,d cainen tss i es,ofcd

coga a very grim holiday forecast and revealed that shoplifting has amped up. cornell described the situation saying target seeing a significant increase in, quote, organized crime. but this is also this, food represents 20% of target's retail mix whereas walmart generates more than half of its sales if from groceries. walmart is up today by about three-quarter withs of a %, up 14% quarter to date while targe s .up., s l ocasmmdabyfler alhe brertanoge ngt anic o mae w p t

, ce d nes bad news, retail sales for october came in stronger than expected. month oh month not only did they pop 1.3% which was better than the 1% estimates, but x autos it was a mega-beat. expectations were for a four-tenths of a percent gain, but the number came in up 1.3%. year-over-year x autos, 9 percent. that worries some investors who think jay powell if company will look at that and say, you know what? the economy's not cooling could be enough, we better keep hiking rah rates. maybe the fed should look at the line item, department store sales stumbled 2.1% month over month in october, year-over-year 1.6%. in this final hour, investors are emptying out cash registers at macy's and nordstrom. both of them falling, nordstrom down 8%, macy's down 7.5

president. the interpretation. being customers at the higher end are navigating rising interest rates while making tough spending choices. 10-year treasury yield right now around 3.69% versus a month ago when it was at the 4% mark. so joining me now in a fox business exclusive the cio of global fixed income rick reider. that's a moving number, i think it's $2.4 trillion depending on the minute you look at it. [laughter] right off the bat what do you think knowing how retail sales came in, cpi as well, but other numbers that are a little bit weaker, what is the fed going to do in december, what should the fed do in december? >> yeah, it's a great question. so, first of all, the data is mixed. and so those waller comments, the economy in some ways is operating at a pretty good level. the service sector of the

economy -- leisure, has by hospitality, really, health care operating at strong levels. you've got a mixed economies that is moderating. so what does the fed do? hay go 50 basis points in questions, then i think 25 basis points in the next meeting, and then it's a question going another 25 the or so. will be or, it's been an interesting with waller are versus what lael brainard said. the economy -- you'll see some things slow down. you're seeing housing slow down, auto sales starting to slow down. so what should the fed do? i think you've got to get lu this level and then see what the impact is going to be. i mean, we've raised rates, think about where we were in march, 0% interest rates, and qe. now you moved a historic amount of interest rate, we've got to -- liz: you're saying let the medicine work its way through the patient. >> 100%.

the comment about it was an encouraging inflation report, but it's a marathon. we've got to see inflation come down, and you're seeing it in parts of the economy, i.e., housing, but it doesn't happen in a today or week. it takes a period of three months, six months, nine months when you start to see the effect. liz: okay. so this is important because as we watch what the fed may do, fed funds futures now showing there is definitely a much bigger weighting to the side of a 50 basis point hike. 80.6%. 75 basis point hike is just at 19%. are you worried the fed is going to cause an economic accident? >> listen, i think the whole concept when the chair said, think about it, remember when jay powell did the press conference and the markets were sanguine and all of a sudden he said we could overtighten -- liz: yeah, he's willing to to overtighteningen. >> right. i think it's the wrong approach. after they waited too long to start moving, now you've got to see the impact. it's very hard once the system,

you, once you disrupt financial conditions, there's leverage in the broader economy particularly in real estate, commercial real estate, residential real estate. you've got to see what that impact is. so, listen, by the way, now i think it's something that's really important for markets. the fed moved 75 basis points four times. the volatility of that, those moves much less impactful. so while they're still moving, it's not near -- they had to get to this level, to the 4.75 a, they got there quickly, and now we're talking about smaller moves. liz las vegas well, we always go back to treasuries, and i think our viewers have gotten really educated on why and when the yields move. now right at this moment we have, once again, the biggest yield curve inversion gap between the 2-year and the 10-year in 32 years. normally that's a screaming are recession signal. do you think, a, we will hit a recession?

how deep might it be, or can we negotiate through the fed a soft landing? >> so, liz, i don't really see many describe this as you've got to rand the plane -- land the plane. when you put it in the context. we still have an unemployment rate well under 4%, you've got a financial system that is delev leveredded relative to the past, soft landing is not that hard a dynamic. by the way, 80% of hiring in the country is in the service sector. service sector's doing great. i don't think soft landing is that extreme. listen, are weed moderating and could you have a moderate recession? i think so. but, boy, i think people underestimate, and you're seeing it through some of the numbers, the economy. yes, some slowing. this u.s. economy is unbelievably flexible, adaptive and resilient. >> completely different from where we were in 2008. >> think about it, almost the exact opposite around you think

about household was overlevered, financials overlevered, corporate somewhat overleveredded certainly in some pockets of it, and now it is literally the exact opposite. so the buffer that you have is so much deeper and so, yes, i think you can hit a soft landing. and this is, again, part of why inflation will come down and come down with a lower level of growth, but it'll take some time. liz: okay. so you are calling for a real possibility of a soft landing especially considering where we stand with labor, etc. but we know that the housing market is starting definitely to slow. >> 100%. liz: the 30-year fixed rate mortgage 15 basis points higher than it was just a week or so ago. do you foresee a recession in the housing market? >> so if you said to me the reason this concept of overtightening is dangerous, i think people underestimate how important -- by the way, go back to '08. people said housing market subprime not that big a deal,

and then all of a sudden a it becomes a really big deal. by the way, give you one number that's unbelievable. 2.4 million people attached to real estate unemployment today. however, if you take people that are tangentially related, accountant, tax brokers, it's 21.5 million. that's a huge portion of the working population. you've got to be careful that you don't overtighten in housing specifically. auto, the same, because it's interest rate sensitive. commercial real estate as well, you've just got to be really careful because you have to roll over that debt, and it becomes really difficult. liz: rick, hen where do people invest? when you talk about credit rating, so aaa, you obviously are in fed income. do you like a certain point on the yield curve for treasuries and if so, which one, and then i'm interested in your corporate bonn outlook. >> it depends who you are. but in terms of what you invest in, i'll give you one crazy stat. for 10 years if you take the 1 and 3 portion of the ag which is

our benchmark, the average yield was 1.2%. for the last three years, it's been 1.1%. i bought six month commercial paper from a big domestic auto e company at 5.60. six month commercial paper, you can buy 2-year notes, 5.5-6. you can i buy aaa assets -- liz: so you are saying it's okay to bo into at least investment grade corporate bonds. >> absolutely. liz: you get a great yield. is in any if danger at all there? >> the nice thing, you're not taking a lot of interest rate risk, and and these companies, their free cash flow lever is good, it is virtual hi risk-prix. but for fixed income, this is why i'm having so much fun. you can now, all of a sudden, buy 5, 6, 7% without -- think about what most people's return target is. if i can hit 7, if you can get there with a 6 in fixed income,

boy, or you've taken a turn. do you do more high yield? that's where the recession you could have pressure -- liz: well, you have the blackrock strategic income opportunities portfolio, 79% in bonds, 47% of the holdings are aaa. would you recommend staying wite can go in. >> so if you're buying, by the way, i think triple bbb, generally we should be careful about more cyclical sectors. but i think if you're in investment grade in this economy, i think it's okay. the beauty of being almost 50% ark aa is you're not giving up much yield. it used to be like sitting in cash. what was the term? >> there is no alternative. >> right. cash is, a 2-year treasury you get almost 4.5%. on if the fed, let's say we're wrong and the ped's going to be more ayes, sir e, if they're going to be the more aggressive,

other financial asset are going to have a really tough time, and you're not going to lose any price return -- liz: with that treasury. 2-year treasury is up 1.7 basis points right now. final question, is there anything that really worries you beyond fed if right now that you see on the horizon? >> oh, a lot of things. first of all, you know, inflation, part of what's created inflation, you've got degloballization on the back side of it, u.s./china relationship, you know, concern. global growth is certainly something that a you've got to keep your eye on. if you had an energy shock because weather is more abhorrent than it's ever been. so there's a whole series of things. and, by the way, maybe growth does slow more than we thinkment. i think it's going to be better. but it's part of why i think if you can get 4.5, 5, 5.5, and, gosh, i want to see where we are 3- 6 months hence, it's a pretty good way. normally you don't get paid for being conservative.

liz: rick reider saying he's in nirvana -- [laughter] >> more fun than 1%. liz: it's great to have you, thank you very much. blackrock's rick reider. thank you so much. a whole different part of blackrock's business there have been accusations flying that asset managers have pushed investors to shun things like fossil fuel stocks. but when the world's largest offshore drilling company decides on its own to take on a new name and a new mission, maybe there's more to the shift. slumber say, now moan if as slb, is out decarbonize the world's energy. many a fox business exclusive, slb's new energy president is up next to explain how he and the company plan to do it. closing bell 46 minutes away. we've got the dow down about 35 points, so it is joining the s&p, nasdaq, russell, transports, bit soin -- bitcoin, the vix all in the red. "the claman countdown" just getting started.

stay tuned, we're coming right back.

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liz: fox business exclusive, slb, the company formerly known as a schlumberger, has just announced a pickup with o ma -- a partnership with oman's ministry of -- and developing geomemorial resources in the country. -- geothermal. slb says it's one of the most promising clean energy resources and could play a crucial role in helping the world reach net zero carbon targets. here to explain the process in depth and how this will help slb in its transformation from if

fossil fuels to energy innovator is president of new energy, gavin rememberric. gavin, what is the number one reason the company is making what i would call a major shift? >> look, i think, liz, we're at a really pivotal time in the company's history. we've always been a technology company, and, you know, with our rebranding we talk about being a global technology company, driving energy innovation for a balanced planet. and i think that speaks to where we are and what we want to achieve, you know? there's a huge challenge out are there in the world being able to meet the current and future needs for clean, affordable, reliable energy, you know? and getting that out there to everyone and also decarbonizing and reducing emissions around the world. and the only way you can do that is through technology and lots of technologies and those technologies go everywhere.

there's a global challenge. so for us as a technology company, this is fantastic, and we're excited about it. to man project that we -- the oman project that we just announced is a good example of that happening in a unique and interesting way. liz: what is the safe -- significance of working with oman on this? i understand as you look at how to hunt down these less reservoirs of geomemorial emergency, that you can do it -- geothermal energy, that you can do it by the thousands of wells that have already been drilled? >> this is really exciting, right? here's a country in the middle east that's obviously got a variety of energy sources from its oil and gas to renewable, solar, wind and so on and so forth looking at geothermal because, as you know, it provides an excellent base load source of power and that's renewable energy that doesn't go down like the sun and wind does.

also from water wells there, and, you know, we've been working with hem because we have a consult ising geothermal business that's actually been in the business for over 50 years. and as you look at all of the geothermal power and project out there, we've somehow touched about 8 # % of them. so you get these great experts and a bunch of them are actually in california, and you apply them to a problem in the middle east, if help you couple that with a lot of the technology that we are known for, digital technology that works on geologyology and has been in the past applied to oil and gas. and you're able to, you know, you use some a.i. technologies in there to gather all this today and get the information -- data and get the information out of it. and that's whoo we're doing, and it's exciting, and now we're going and, again, working for and with the ministry of energy and their investment authority in the next stage and looking at, okay, what will it take to

develop this resource and provide diversified energy supply for oman? that's something that's super exciting for us. liz: well, i find it really interesting too that in the past month since you made the name change announcement and the focus shift, this stock is up 45%. so i fine it very interesting. for our investment audience whether you are for or against or believe in climate change or not, it is certainly good business sense so far for what was schlumberger and now slb. gavin, thank you so much. >> thank you. liz: more layoff headlines coming out of the tech world at this hour. what amazon has now confirmed regarding job cuts. and elon musk defending his super-sized pay package in court today as he threatens the pay of his twitter staff, imploring hem to go, quote, hard core or go home. details on the trial and twitter 2.0 straight ahead.

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liz: let's take a look at tesla shares. they've been under pressure today, now down 4%. pretty much the lows of the session right now.

ceo elon musk appearing in court today. you can see him getting back into his car here. yes, that was a teslas la -- tesla. a lawsuit brought by one of his shareholders to say musk's $50n" rts s s arararararhifififififiw, haisisisisisulululm m m m gogogo g g g g gininin ne e e eu susan: and that a really interesting cross-examination. elon musk, of course, on the stand testifying in that shareholder lawsuit which is challenging the $56 billion pay package, most lucrative in ceo history. of he was taking shots, as he does the sec, saying they were more focused on him instead of putting their attention on, say, ftx, for example.

and, in fact, he was 100% teh habeceis tla and not artces tap e nnonhistksf course, elon k setting out -- serving out that company-wide e-mail at mid might san francisco time -- midnight san francisco time. saying we will need to be extremely hard core, and this will mean working long hours at high spencety. only exceptional performance will constitute a passing grade. anyone who does not agree by 5 p.m. eastern time, which is 90 minutes away here, liz, receive three months' severance meaning you can leave if you want.

it's elon musk also delaying that $8 a month blue check mark program, punting the launch until november 29th to make sure that it's rock solid. you wonder how much bandwidth that elon musk has. we did see reports from some of these twitter departments saying they might be resigning, you know, this is midday today that we got word of that. we're not talking about a lot of people here in the 3,000 that are still left at the company, liz. liz: yeah. i'm telling you, there are a lot of headlines here. of you just encapsulated them very welling, susan, thank you so much. we've got this fox business alert. take a look at the markets, red on the careen. the dow has been unable to hold on to its gains, but at the moment down just # 1 points -- # 1 points. we've got pink slips raining town on amazon. the e-commerce giant confirming it has now notified employees in its devices group that they have been laid off.

shares down 2 the.25% right now. amazon, apparently, is targeting some 0,000 job cuts -- 10,000 job cuts after announced it had launched a cost-cutting review in the wake of weaker consumer sales. carnival cruise line taking a plunge, down 14% after a pricing its planned $1 billion convertible debt offering. the cruise operator seeking to raise cash again, this time as part of its 2024 refinancing plan. the initial concessioner rate of the notes equivalent to a hair price of $13.39. it's at $9.51 right now. and approximately 40% premium to where it is trade thing at the moment. norwegian down with it, down if 3.8%, and royal caribbean by about #.5%. advance auto part shares looking like a three-car pile-up at this hour down 5 is %, on pace for its large percentage decline

since march of 2020. this after the company reported weaker than expected quarterly numbers and lowered its full-year guidance. rbc calling severity of the earnings misquote -- miss, quote, surprising. consumers opting for cheaper in-house brands as opposed to the more expensive national brands. craft heinz getting a lift at this hour as the packaged food giant tries to brew up some excitement for its household brands which include oscar mayer, velveeta, philadelphia cream cheese and runs lunchables. today the company's kraft peanut butter brand has launched the kraft cafe barista coffee line in canada, the first expansion ats s s s s s s l l l l l heheht yoyoyod d d d d d ctctct.....

ststststststststststts a a a a a ononon..... e lelelelelelele t e t iv of pecan pie or chooseo between pecan and pumpkin, because i am doing both. of and i know you are too too. and you should. we've got tom and gisele, they may be divorced, but now they are wound together in a new lawsuit -- bound together in a new lawsuit. contagion now spreading as top celebrities get pulled into the fray. and yet another company makes moves to stop the bleeding. hester possessor is the sec commissioner, otherwise nobody as crypto mom p. she is here live next to sell us if sam

bankman-fried's crypto collapse could be the impetus for true digital asset regular legs. ask and he was born in korea, adopted by two white parents in philadelphia. kevin cider, do you know this name? human, breakout star of netflix's hit series, bling empire. he takes us on his personal journey, yes, through the sunroof of a limo but also from battling years of alcoholism and going to great lengths in an effort to find his birth parents in e korea. kevin on how he overcame these challenges to eventually start his own business. very successful right now. alcohol-free beverage called sans. here it all on weak's edition of everyone talks to liz podcast. get it on apple, google, spotify. closing bell, let's call it 25 minutes away. the dow at 33,550. much more ahead. don't move. ♪ ♪

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number on your screen, or visit coventrydirect.com. liz: contagion from ftx, the crypto exchange that has collapsed, has spread wallet a-- all the way from the bahamas to hollywood's a-listers. crypto investors have slapped the former team of celebrity endorsers with a lawsuit for promoting platform, and the names included in the suit tom brady, gisele bundchen, larry david, steph curry, shah shaquille o'neil and naomi osac a ca. the contamination has also spread to genesis global capital as it announced it has suspended redemptions and loans as a result of, quote, unprecedented market turmoil created by the fall of ftx. genesis could reportedly snag a lifeline from the founder and ceo of the world's largest

crypto exchange, that according to blockworks. cz is interested in awe quiring its loan assets which include 2.8 billion active credit. and in the latest episode of this soap opera with the former ftx ceo bankman-fried, a report by reuters reveals the former king of crypto has been belling for a -- begging for a bailout of $7 billion from sequoia with, apollo global management and tpg. ft, and's corruption cascading across cryptos at this hour. about a week and a half ago bitcoin was above 20,000, right now it's at 16,549. you can see the other big names whether it's xrp or etherium are red on the screen, could be about 3% apiece. joining me now the woman known as the crypto mom because she has worked tirelessly to bring legitimacy, securities and exchange commissioner hester

peirce. commissioner, welcome. s what is your take knowing what you mow and having done whatever research you are able to do, what is your take on the ftx implosion and what happened? >> thanks for having me. without speaking specific i about -- specifically about the incident or just to say generally, you know, when you see problems happen at centralized intermediator -- intermediaries, it is what makes some people say there must be a better way, and they look for a peer-to-peer kind of arrangement where there aren't centralized intermediaries. but when you do have this, i think a lot of people also ask should there be a regulatory framework around those, and i think that's the conversation e we'll be having in war mt. coming months. liz: well, months or should it be weeks? while we do know that ftx was domiciled in the bahamas, and there are all kinds of questions about that because maybe they

were more lax, certainly, about guardrails they should have been putting in. you know, people are looking at what's happening here whether with genesis or with the fall of cryptocurrency at the moment, and you can see the big dropoff over the past month right when ftx collapsed. bitcoin also lost several thousand dollars. 9 to you feel this is really urgent now? >> well, i don't think that regulatory policy should be driven by prices in crypto, or you know? i think already really important questions that we have to wrestle with, and we don't want to do that in a way that's panicked. we want to do it in a way that brings in all the knowledgeable people so that we can have the conversation and we can come up with a system that a works and that doesn't favor one competitor over another. so that's really what we want to do. we don't want to regulate in haste and hen reget later. liz: well, of course not. but what should the first part of this legislation really look like now?

>> well, i think there are a couple of areas we could tackle. one, at the sec we could provide some is greater clarity around when manager is a security, and then based on that, what the regulatory framework for entities involved with that, with crypto should be. and hen on the legislative side, i think that they can be thinking about how they want pieces of the system to be regular lated enclouding potential regulation of crypto trading platform if that's what hay choose. we could think about laying the ground work for further regulatory action and legislative action. so those are some immediately doable things. liz: doesn't it all really come down to making a decision as to whether cryptocurrency is a currency or a security. securities are held to a different regulatory standard,

and there are a lot of very smart people who are looking at finishing tx and saying, they had a tokennen that that they assigned value to. what is the underbuying having to many of these puck e to pokennens that are out will. >> well, that's a question, certainly, for the market to sort through. is so i think we have to to, we have to let hose forces play out. the question of whether or not something ooh's a security or not is something that a we really could repeat providing clarity average. i think the approach has been one that hasn't been focused properly, i ooh i'm hopeful that this will make us think more clearly about that. but again, this is a moment for people who are interested in crypto to remember that crypto is not one thing. you have to look at each asset on it own merits, and that's a determination that people really need to think carefully about. these lessons that becan apply

here are the same lessons that we should apply elsewhere when we consider buying assets. think about what the risk are, think about whether we can afford to lose the money that you put in, and ask questions. and if you don't get answers, then don't worry about missing out. liz: like any investment. >> exactly. liz: one last question here. because that has been the warning and flashing light signs that sec chair gary gensler has put out. he was the one that originally call many of the cryptocurrencies out there the wild west. charlie gasparino here at fox business had reports that chair a gensler had a 45-minute zoom call with the former ftx ceo sam bankman fried just several antis ago a before he filed for bankruptcy. how much of discussion is going on at the sec about why that happened? do you have any sight at all on that? >> i can't speak to meets a that

chair gensler has, but it is important puts to make these decisionses about regulatory structure in as open and transparent method as, possible. typing pardon, i men we can. >> everyone.com many puck and tack to us at a round table where people are interact with each other. liz: transparency and quality hiking. let's hope that that comes to what is a nascent, nascent stage of what could be something, certainly, has useful down the line, digital currency. commissioner, thank you very much for joining us. >> thanks for having me. liz: while crypto mom, as she's known, positions on future of crypto and what regulations should be looking at, the aforementioned gaspo has been digging into the details about how one big sovereign wealth

fund looked at everything that was going on at finish tx and walk away prosecute multibillion dollar empire. charlie breaks it next. we do have the dow down 14 points. you know, i'm looking at it, it's going up, could be, positive, negative, who knows how that will will end? stay stay tunes, we're coming right back. ♪ ♪ (vo) businesses nationwide are switching to verizon business internet. (wilder) it's a perfect fit for my small business. (vo) verizon has business-grade internet solutions nationwide. (wayne) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from the network america relies on.

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that's 1-800-217-3217. ♪. liz: well justing a we said with hester peirce, this is constantly morphing. headlines are hits we have breaking news. collapsed crypto exchange voyager digital put out this tweet, in light of recent events regarding ftx u.s., the customer vote will be canceled and proposed sale of voyager to ftx will not move forward. we're in active discussions with several alternative bidders. meanwhile findings show saudi arabia's sovereign wealth fund increased it stake in alphabet during the third quarter but they turned down one investment, charlie? >> from what i understand therm being introduced, sam bankman-fried was being introduced by people in his

rolodex. in becomes embarrassing for top wall street players and finance. he used his rolodex to try to get money before this thing blow up. he was trying to get to the saudi, middle east wealth funds to get investments from them. from what we understand, as of now from what i hear, it is very difficult to get in touch with them to confirm this but my sources are telling me involved that pretty much first-hand knowledge of the interactions -- liz: didn't bite. >> they didn't bite. here is something interesting, you mentioned voyager before and here is when it gets really complicated. when a company is about to do a deal with ftx and ftx declares bankruptcy, a mac, material adverse event clause kicks in. you don't have to do the deal. the problem all the people that had deals with them.

iex, exchange by brad, scaramucci skybridge, they did the deals already. they got money and in mooch's case he got some of that ftt crypto coin. liz: useless. >> useless. 10 million of that, 30 million of money. they got money and you know ftt, ftx, blank man freed got stock. so that stock is literally in abeyance, hard to get it out. they want it out. they want to sell it to someone else without diluting shareholders even more. liz: don't they have to wait until the bankruptcy proceedings? >> the number of years, given complexity could take five years. fortune has an amazing diagram of all the stuff he did. it is bizarre web of invests, microblogging site stock twits. >> yeah, sure. >> that was on the list i

noticed. mooch's firm, skybridge. we're talking about three dozen companies he was invested in. here is where it becomes really interesting, liz. we do know that he used some of the alameda capital funds -- liz: trading platform. >> trading platform essentially a family office. excuse me used ftx customer funds to fund a lot of trades in alameda. a lot involved ftt. liz: that is why binance pulled out all of their ftt. >> think about that. he used that money for that. did he use any of that money, those customer monies before this thing got locked down and blown up to invest in these side invests, side hustles like the voyager, whoever? that is where obviously voyager doesn't have to go through with it, say he used customer money inappropriately to buy into skybridge? i don't know the answer to this. i'm raising it as a hypothetical. does that mean the bankruptcy

trustee claws back money from scaramucci? that does happen. liz: it could. anybody can happen in bankruptcy. >> i don't know if that could happen here but it's a legitimate question to ask. liz: okay. charlie, thank you very much. all right, closing bell. we are now three minutes away. the dow crossed the unchanged line. i knew it. 172 times. i didn't guess that exact number but it has been just very jittery up and down across that unchanged line. joining me now bubba trading chief strategist todd bubba horowitz. that is quite the moving target, isn't it? how do you even begin to buy and sell when things are going up, down, all around? tell us. >> how are you doing, liz? these markets are really in trouble with liquidity and volume which is why we're seeing a lot of crossover back and forth and if we look at the other markets which are much more important than the dow, the nasdaq is getting clobbered, down 180, the s&p is down quite

a bit and the russell is down. the dow still more of a safe haven index with, a lot of dividend players in there. overall it looks pretty bad. it is not surprise dow is holding on but attracting new money based on what is going on in the overall economy and the overall world. liz: in that atmosphere you are actually going old school. you say gold and silver are good investments right now? >> i think so. i think that you know, you want to look for some asset classes that are going to probably thrive if these conditions get much worse because i think one of the things we're not really talking about is that gold and silver may once again be needed as a currency. that we're seeing the currency world collapse because of the central banking system and high inflation as they continue to print more money t makes a big deal and it could be something that we may need at some time down the road if this continues to get the trouble that we're seeing and we have a lot of

weakness and extremely high inflation which we haven't even seen i don't think the peak yet. liz: you weren't picking crypto a while back. do i have that wrong? >> i was a crypto go i'm a crip to guy. internet in the '90s was same as crypto in the 2020s. i think crypto is libertarian and crypto is a fry market. yes, there is a lot of issues. but we saw a lot of issues in the internet bubble in the '90s as well. look at nasdaq today. liz: yeah. nasdaq right now is falling 1 1/2%. >> being clobbered. liz: looking quickly -- [closing bell rings] liz: bitcoin down 300 bucks at the moment to 16,568. dow, s&p, nasdaq closing down a second down day out of three. that will do it for us. "kudlow" is next. ♪ larry: hello, folks, welcome to "kudlow."