proach, year am mo thkful f my . partilar, my other hn and my steelizabh. evenh ey live texas and i ve here issour we'vseen eh otr a lot isar. maratns to lf iromans to mneirthda, ere's beenomecl momes. theye bothreat pents, dedited ofessials and lovi spous. weheer eacother,e celeate ea other, and neveetsay a prer and raise a glass atamily nners. so i athankf to ca the aming humasiblin. all rit,harles pay will bebe back in tomorrow. liz claman, take a it away, madam. liz: i feel the same way. who needs friends when you have family? if you're lucky, it's great. thanks, cheryl. fox market alert, yes, the dow

jones industrials is down 59 points, but what a way it has come from the earlier floor which was a loss of 314 points. still a day of struggle for the bulls, certainly. we've got the s&p losing 21 points, the nasdaq down 63. the russell 2000 lower by 20. so cisco is keeping the dow from even bigger losses at the moment. you can see on the dow heat map it is climbed $-- climbing $2.27, a gain of about 4 to $46.67. the networking giant is at the top of the blue chips buoyed by a flurry of price target hikes in the wake of its quoter quarterly beat on revenue, citing easing supply chain constraints that allowed the maker of the internet and i.t. equipment maker to meet demand. cisco is pushing tech to the top of the s&p sector leaderboard. but you stretch it out and look at this year to date chart, cisco is still down 26%. we are also seeing a strong pulse in retail at this hour.

look at macy's, macy's actually gets to say, told you so, like the little brother who's annoying. i didn't mean you, brook, my little brother. no, i swear. just yesterday the department store chain was plummeting 7% but right now a gain of 13%. and then you've got kohl's at the beat on the top and bottom line even though it withdrew its full-year outlook. kohl's is up 3.7%. so why the red on the screen? well, we've got this, we thought this was important, investors are heeding a warning from goldman sachs' global financing group about u.s. banks' balance sheets, and that is yanking financial stocks down. all this ties to recent wild moves in treasury yields. take a look at the bank etfs, baskets of stocks that are chock full of financials both big and small. kbw, nasdaq banking index, down about 1.5%.

i shares down 1.6% and the most bullish, 3x is down 5.1%. goldman's beth hammock, who also hairs the treasury borrowing advisory -- chairs the treasury borrowing advisory committee saying treasury yield volatility has started to strain quite acutely, those are her words, on bank balance sheets, noting that this year there have been 51 days where yield withs moved more than 10 basis points. okay, you guys, by comparison back in 2018 there were none, zero. yields moving higher right now, the 10-year at 4.45 -- sorry, that's the 2-year, 4.45%. 10-year yield, 3.77%. the yield curve inversion gap between the two has touched today a stun ising 70 basis points, the widest in 32 years -- 22 years, and that might be the a mod to the fed hawks -- nod to the fed if hawks

who -- st. fed president james bullard who is currently a voting member of the fomc telling the greater louisville chamber of commerce, quote, the six rate hikes so far this year have, quote, only limited impact so far on inflation, barely a dent. and that its benchmark fed funds rate might have to go as high as 7%. right now it's at 3.75-4% at the moment. and minneapolis fed president neel kashkari, who is not a voter but will be next year, is saying in the last hour the u.s. economy is sending wildly mixed signals and that there is a lot of tightening in the pipeline. as he is not seeing much evidence of cooling. so that kind of ec ecos what bullard said -- echoes what bullard said. let's get to the floor show, teddy weisberg and john pa tree d.c. john, i will start with you. it is hard, isn't it, depending on which fedheads are out and about talking the or you've got some pretty good earnings

numbers prosecute likes of cisco and macy's. >> yeah, i think the fed wants to continue to throw cold water on the market rally that we've seen last week off the cpi number. there's the still more work to be done, and i was at a conference yesterday and ben bernanke said the fed's policies, slow down the process which it's going to be another 50 basis points in december, pause -- so this has to marinat. and it's he's thinking that the fed, that inflation is going to be at 3% by this time next year. there's time has to work through the system, and clearly the economy's going to slow and the attention's going to move to recession and off of inflation, and that's the adjustment we're moving to today. liz: okay. so they're looking at the economy and the rate hikes as a piece of brisket, you've got to marinate it and soften it up a little bit. teddy, you have said over and over in the past couple of months cash is king. now, it was just yesterday that

we had rick reither who is the fixed -- rick reider over at blackrock making some very strong comments echoing that. i want you to hear how energized he is about investment that teddy's been talking about as well. >> cash is, i mean, you can -- you get beautiful yield. i mean, the 2-year treasury you get almost 2-- 4.5%. even if the fed, let's say we're wrong and the fed's got to be the more aggressive, if they're going to be more aggressive, other financial assets are going to have a really tough time, and you're not going to lose any price return. if in investment grade, these companies, their free cash flow generation is good, they deleveredded their balance sheets, it is basically risk-free. but this is nirvana, having so much fun. you can now, all of a sudden, buy 5, 6, 7%. think about what most people's return target, if i can hit 7 using equities as well, if you can get there with a 6 in fixed income, you've hit your -- without taking any risk.

liz: there you go, teddy. cash is king. and what he means is there's so many opportunities in fixed income including treasuries. but when you say risk-free, is that really true in. >> oh, yes. i think buying treasuries is as virtually risk-free as you're going to get other than of stuffing money in the mattress, and even in this environment using the mattress is not a bad with policy because no return is better than being at risk of moving 20% on an equity portfolio. liz: so are you bullish at some point on equities, and what point will that be? what will you need to see? >> i need to see the fed change their stance. the whole inflation issue, nobody knows. everybody questions. and one of the disturbing things about the fed is that i remember when bernanke and greenspan, you go back as far as you want with fed chairmen, and they were the spokesperson for the fed. today we have all these people speaking about interest rates, voting member, non-voting members -- liz: that's called transparency,

don't you you know? >> welsh it's very confusing for investors. my message for them would be why don't they let one person speak, anding make it a lot easier for all of us. it's going to be a longer game in terms of inflation. so until there is some clarity in terms of what the fed's position is, i think cash is still king, and the treasury market is a great place to be. liz: john's a little bit more of a whippersnapper when it comes to investing, i bet. surely you have some sectors that you like this very minute. >> i think gold is an interesting play here. there's an inflation play there. we're coming off the top a little bit on inflation which seems to have peaked, and if you have black swan events out there like the debt ceiling next year, clearly all the geopolitical risk, gold has been an underperformer over the past six months or so, and i think there's a play there -- liz: just the physical goldening or are you talking about some of the my -- miners? >> actually, i'd say both because they're clearly

relateed. you have less operational risk, obviously, by owning the physical gold. and i think long duration thematic on the equity side has been cast aside here. i think that it plays on artificial intelligence and robotics and in that sector where you have an onshoring happening, and you have this degloballization movement taking form. i think there's a lot of value there. liz: i can't believe nobody's talking about the auto sector. we have some breaking news coming out of general motors. here are the headlines that we are seeing at this very moment. gm says it is going to see profitability in its electric vehicle division by 2025, okay? so they feel that this is really going to happen. heir confident enough that they can -- they're confident enough that they can put a point on the calendar. revenue from 50 billion -- you guys are choosing these too quickly on me. at least at the moment they see

building 400,000 electric vehicles in north america from now through the first half of 2024. so they're believing that this is going to be the next big thing, and they believe that maybe by amping up the assembly line numbers here, the prices will come down and they'll be in the winning position. >> i'd still be long energy stocks. i'd buy insurance stocks, and i'd buy big pharma. i mean, that's a big projection, but a lot of projections, there's a long road between now and then. liz: okay. look at energy today, it is plummeting. we've got light sweet crude that almost went below $81. i mean, we're at 81 and change at the moment in the aftermarket for for a loss of 4.5%. so, john, where do you stand? if you want gold, something tells me you're warming up to energy maybe? >> yeah. i think there's a lot of shortage. you clearly have more demand and supply on the energy if side. the u.s. has bled through its

strategic reserve policy. you have the geopolitical risk out there. the large energy companies are not spending in terms of more drilling, so the capacity is very tight. and the energy space, listen, they were beaten down by oversupplying over the past decade, and they have found religion in returning cash to shareholders and paying down debt, buying back stock and paying out the dividend, and that trifecta's getting carried away. one sector that has visibility in earnings right now, it's the energy sector. liz: larry fink said it'll take at least five decades before the final transition is done. teddy -- [laughter] always a pleasure to have you. john, great to see you right here in studio. thank you both so much. all right, bullard, he is right, the st. louis fed president says there's been no dent in inflation. he's right at least when you look at one of the biggest holiday spends of the year. we are about to tell you how much your thanksgiving turkey plus 11 of the must-have items has risen and the one -- and i'm

talking only one -- where the price is actually palling. it's a fox business exclusive with the butterball ceo and, yes, we will check the grocery stokes as well. butterball has the answers when we come back. closing bell ringing in about 49 minutes, the dow down about 94 points. "the claman countdown" is marinating and now ready to turn on the oven. we're coming right back. ♪ ♪ kevin, where are you?! kevin?!?!?.... hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. you know i can't believe you lost another kevin. it's a holiday tradition! earn big time with chase freedom unlimited. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. liz: i always think of henry viii holding the turkey leg? that might cost you an arm and and a leg this thanksgiving. the more than farm bureau federation -- american farm bureau federation saying prices

are up 20 the % compared to last year. a feast for 10 with 12 classic menu items including turkey, stuffing, pumpkin pie, that will cost on average $64.05. i think that's lowballing it. but of the 12 items the survey tracks, look at stuffing, that's the highest, up 69% year-over-year. of these items just one went down many price this year, the one that i don't eat, cranberries. they're down 14%, and the big ticket item, the turkey, it's up 21% compared to last year. here to talk turkey and the business of poultry in a fox business exclusive is the president and ceo of butterball. jay, first, how's demand? even with rising prices. >> sure. demand has been great. we've seen a lot of folks looking to have turkey at the center of their table again this year, and the consumers that we've talked to earlier prior to

the holiday over 90% intend to celebrate the holiday, and turkey will be the centerpiece for their meal, which is great news for our business. liz: can you give me a read on supply? because, of course, depending on which year of the lockdown, supply was tight, hard to find turkeys that were big enough or the right size. tell me how the supply chain is looking for you. >> supply looks to be great. we actually expect to sell more product this year than we did last year, and we expect that everyone will find a you are key who's looking to have one on their table -- turkey. while there the has been some impact year from avian influenza, consumers will get all the product hay need. liz: well, let's talk about bird flu because it is absolutely part of the reason we are seeing prices move hire. we have the avian flu, one strain killing at least, what, 3.6% of nation's turkeys. that equals 7 million birds. how much of the price do you, are you able to peg as far as a

avian flu problem? >> well, we're not actually able to really split it up a little bit and attribute it to different areas, but we've seen inflation like other industries have as a well. that's one small piece of it. everything that we use today, the the packaging, the labor, certainly, and the feed cost. the the corn and soybean meal that goes into the feed has gone up considerably over the last year, and that's driving a lot of what we're seeing in the pricing. liz: we have had such swings in all grains, corn but particularly wheat because of the russia/ukraine situation and, in fact, now that the grain deal between the two nations is back up and running -- who knows for how long -- we are seeing a pall many wheat prices, but that's got to have been a major part of the overhang. >> it's tremendous. it's the biggest single cost that we have. and, you know, those markets all work hand in hand. there is some flexibility many what we feed our turkeys as well

as what other animals are fed. so whether it's wheat or corn, if one of them are impacted, it often impacts the other commodities, and we certainly feel that in the costs that we pay to feed those animals. liz: neel kashkari, the head of the minneapolis fed, he was tackling the issue of inflation and specifically said inflation is, quote, not wage-driven. it's from demand and constraint -- constrained supply. but, to me, let's say demand and constrained supply is part of the reason we're seeing increased wages. isn't higher -- aren't higher wages part of the inflation problem, at least one of the drivers? >> well, sure, that's part of the demand. that goes into everything that we do, right in. liz: right. >> so our costs go up, we'd love to be able to absorb up those costs and find efficiencies to offset all of those. that's not always possible. especially with what we've seen with the supply chain crisis this past year with everything going up. unfortunately,st there's just no

way to absorb all of those, and we do have to pass some of those price on. but a lot of it has to do with those input costs whether it's labor, the corn/soybean meal and the ore components to get our product to market. liz: they say that necessity is the motherhood of invention, and when there was a shortage of turkeys, it's no surprise to me that there were a bunch of different operations that were trying out how to deal with the shortage. the the fda has just green lit lab-grown meat, and in fact, this is for human consumption, they've been able to grow meat from cultures of chicken cells. do you look far down the road and model for that eventuality? what do you think about that? >> not yet. right now we're just focused on making sure that we satisfy everybody's needs for the holiday and for our business for the coming year, just finishing up our plans for next year. that's something we certainly have an eye on, but it's not

anything that's imminent or will have significant impact real soon, but it's something that we'll -- liz: yeah, i would think. before you go, you're running your very, very much-dependent-upon butterball hotline for the people who have panic attacks in the kitchen. that would never be me. [laughter] i have only one question about turkeys, how do you get the skin to be crispy? because i'm the person that peels off the crispy skin, but it never comes out crispy -- >> i tell you what, you call the hotline, and they'll tell you how to do it, that's for sure. liz: you're not going to reveal it. jay will be watching. i hope it is not too frantic of a holiday season, but when it's busy, it means big revenue, so thanks. >> thank you very much. liz: we have a shocker from the halls of congress at this hour. house speaker nancy pelosi will give up the gavel. now that the balance of power has shifted in the halls of

congress, we're going to take it live to capitol hill to tackle the question everyone inside the beltway is asking, who will wield the power on democrat side once pelosi leaves it behind in. and the soap opera swirling around the ftx crypto exchange collapse, just a new level of scandal at this hour. there is now talk of a sex tape and possible extradition for former billionaire founder sam bankman-fried. new details on the crypto implosion straight ahead. closing bell 38 minutes away. look at the s&p, it's down nearly 1% at the moment, same with the nasdaq. russell 2000 down 1.5%. dow jones industrials down 157 points or half a percent. we are coming right back with much more. ♪ ♪

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liz: fox business alert, we do continue to see some losses in the markets. the downie now down 148 points, the s&p down 34. the nasdaq weakening, down about 109 points. commotion brewing at starbucks at this hour on the company's annual red cup day. one of the chain's busiest days of the year which officially kicks off the holiday season. customers who order a holiday or fall if hand-crafted beverage today receive a free, limited edition, reusable red cup. but the holiday spirit not being embraced by all. in fact, workers, more than 100 unionized starbucks locations,

are going on strike in what they're calling the red cup rebellion. in fact, they're distributing their own red cups that feature the grinch's hand holding an ornament with the logo of starbucks workers united. union members protesting, quote, illegal retaliation against their union organization. starbucks down about three-quarters of a percent. of meanwhile, more union efforts underway at apple. yesterday a group of store employees in st. louis, missouri, filed for a union election. if that a vote goes through, the st. louis location would be the third unionized apple store in the u.s. apple, though, working opposite of starbucks here, it's up three-quarters of a percent. look at bath and bodyworks, hitting a 2-month high. what a gain, 24%. that is the largest percentage increase since july of 2020. this after the company reported a top and bottom line beat and raised its full-year profit forecast. and, by the way, the recent

regulatory filing disclosed, 13 f filings where the big money guys, dan loeb's third point has built a $265 million stake in the retailer. at the end of the quarter -- third quarter, rather, bath and body works was sixth largest holding, and it's getting a 24% move today. dish taking a stand against 40-year-high inflation and unveiling a 3-year tv price guarantee. so here's what the pay tv is doing, pay tv provider is doing, they're hoping to alleviate the stress and pressure of rising grocery, utility and housing costs for everyday americans. dish has been ranked number one in customer satisfaction by j.d. power for five consecutive years. it's not number up one with investors at this hour, they're selling it off by 2.25%. and speaking of spending, alibaba reporting that quarterly revenue fell short of expect asians because consumers --

expectations because consumers have cut back on specking. but profits topped expectations, so investors choose to focus on that share of it, shares up 725%. breaking news, it is the -- 7.25. it is the end of an era in washington d.c. house speaker nancy pelosi announcing that after nearly 20 years of holding house democratic leadership positions, she will put down her gavel and will not pursue the minority leader role. the california democrat said she will continue to serve district 12 when the new congress returns after the holidays, but this comes as the gop took control of the house last night officially when it won its 218th seat in the midterm elections. chad pergram, fox news' brilliant guy on congress, is live on capitol hill on this power shift and the few guessing game, chad -- new guessing game on who's going to take the mantel. >> reporter: that's right. with the house officially calling for the gop, today marked a change on capitol hill. incoming house gop chairman

unveiled a slate of investigations they would undertake next year. the g to op wants the to probe the business dealings of president biden and his a family. >> this is an investigation of joe biden. the president of the united states and why he lied to the american people about his knowledge and e participation in his family's international business schemes. national security interests require the committee conduct investigation, and we will pursue all avenues, avenues that have long been ignored. >> reporter: comber says he wants to know if the president is compromised or if mr. biden poses a threat to national security. dedededeunununererererererernor. eleleleleln'n'n'n'thththe e e e. cococococod d d d d ed w w w w n

you might not have heard, i'm 83ment. >> reporter: both pelosi and hoyer will remain in congress. hakim jeffries of new york is the favorite to succeed pelosi as democratic a leader. liz? liz: chad chad pergram, thank you very much. as we continue, forget all that holiday traffic on the roads. archer aviation is aiming to get you from newark airport to man hat tan in 10 minutes flat in a new electric the, vertical takeoff and landing aircraft. imagine sailing over all of that traffic. the ceo of around a cher joins us paris on fox business to show off its new midnight production aircraft. and he'll tell us when, when, when it'll be ready. plus, he was a korean orphan when at 3 years old he boarded a plane to america to meet his adoptive parents. crefn cider couldn't have known that he'd become a member of the

netflix series cast of bling empire. but it's because he needed to find his birth parents that he's now the breakout star. kevin went on a public hunt for his korean records, and after beating alcoholism he believes was triggered by holes in his identity, he started his own alcohol-free beverage company. here it all on the everyone talks to liz podcast. get it on apple, google, spotify, wherever you download your podcasts. closing bell 27 minutes away, we are coming right back. ♪ ♪ week of telling people how liberty mutual customizes your car insurance so you only pay for what you need! (limu squawks) he's a natural. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪

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liz: we have a fox business alert. this one's a stunner. the ty lahr swift is -- taylor swift is canceling her eras tour ticket sale, canceling hem, millions of them. the sale to the general public is planned for tomorrow, but the presale for the pop star's first tour in five years overwhelmed

ticketing systems and left few available seeds -- seats. swift's 52-date stadium run sold more than 2 million tickets on tuesday, more than any other avertist in a single day in history. now, in a statement ticketmaster, parent is livenation, livenation is falling more than 3% right now, 3.5%, ticketmaster said the cancellation was due to high demand and, quote, insufficient remaining ticket inventory to meet that demand. so livenation, as we said, is the parent of ticketmaster. it is falling at the moment. it is getting -- well, it just did hit session lows here of about $70 -- yeah, about that, $71 and change. we're watching the story, but this is a pretty big development. taylor swift, of course, has been known to be very democratic and faith offul to her fans. and not to the ticket resellers. so it kind of smells like she smelled a rat with all of this and said these people were buying up all of the early

tickets and, therefore, would be really kind of, you know, hitting her fans in the wallet. so she's canceling it. we'll see what happens tomorrow if there's more news. well, to the batmobile could fly, it might look like something called the midnight. archer air yates -- aviation's vertical takeoff and landing aircraft, it's called the midnight, can hold four passengers plus one pilot and make back to back 20-mile trips with a charging time of 10 minutes. when will it be getting ready to get traffic-stressed travelers up in the air, and how much will a ticket to ride cost? archer went public via spac if or reverse merger a year ago september, shares haved had a very rough ride since then, down 58% year-over-year. but let's get more from the cofounder and ceo, adam goldstein. okay, tell us about the midnight and, most importantly, when you feel someone like me is going to be able to get in and -- in it and go from newark to manhattan or vice versa.

>> so electric vertical takeoff and landing aircraft is an exciting new session halt's coming to market. we are building midnight to be certified here in the u.s. with the faa by the edge of 2024, so we can start operations really quickly after, the beginning of 2025. liz: and what will it take between then and now to make that happen many on time? i mean, i would imagine the federal aviation administration has to be involved and more money will be needed. >> yeah. so archer's been very fortunate to have raised a substantial amount of capital when we went public on the new york stock exchange last year, and that's really enabled us to hire and bring on a world class team that's really going and building this technology. i'm wail out at flight test right now. we're frying -- flying the aircraft on almost an everyday basis. but what we're also doing is setting up the rules which will certify these vehicles with the faa. so we are going through that process now. we're deep into it, and we've

seen a lot of great traction and a lot of support from the faa to certify these vehicle toes. liz: we are looking at animation, but you're saying you've been on it? tell me what that's like. what does it sound like, what does it feel like? >> so that vehicle you're looking at is not animation, that's live footage out this many northern california. of that's on our demonstrator aircraft called maker: maker is what we use to really kind of prove out all our technology, our propeller system, flight controls, but we also used it as our certification test bed to create the rules. so it uses the same technology, and midnight will be the production version. liz: i know united airlines has partnered with you least when it comes off to the takeoff and landing aircrafts that, i believe, will go from lower manhattan tow newark liberty airport. tell me what you hope that

experience will be like. they say 10 minutes s. that true? and what other partners do you need to get involved? other big carriers, i would imagine? >> yeah. so the good news about these vehicles is you can take off and land vertically, so that means you can pick them up relatively near where, you know, you're heaving from and where you want to go. but that dramatically reduces the trip time. number two, we fly 150 miles over the traffic and in a relatively straight line, so we can dramatically reduce the time it takes to get anywhere. the challenge going from downtown manhattan to liberty airport, often times it can take 15 minutes, but you have to plan for 90 minutes. liz: i mean, as the crow flies from my house on the jersey side to laguardia can sometimes really only be just a couple miles, 25 minutes at its fastest, but i've missedded flights because i didn't give

more than two hours of time. you never know9 with the traffic here. where would be the first expansion beyond new york? pleasure. >> we're looking at cities that have reallying you know, problems with congestion, cities that are tech-forward, that want these vehicles and also with our partner, united, where he was lots of locations. so some other, i think, pretty typical places where you can see us will be places like spo in san francisco -- spo or ord in chicago or houston. there's a lot of great united hubs that are really starting to establish these services. and that's where these services start. but the reality is we're hopeful to grow this business beyond airport routes, to actually start to enable other routes where people could save an amazing amount of time and get to where hay want to go. liz: well, they're small, only four paying attentions. so i'm guessing the ticket cost, can you project what it might be? might be pretty high.

>> yeah. well, the good news about electric aircraft is that they're actually relatively simple. so an electric motor will typically only have about season moving parts versus your combustion engine which can have around 160. so they're so much more simple vehicles which means you have a lot less maintenance. and if you look at a helicopter, for example, there's almost 300 single points versus electric claims will have zero single points of failure which ultimately leads to reduced ticket costs. so we're targeting in our prices that are comparable to ride share. liz: i know that batteries have lithium in them. there is a shortage of lithium, and it's hard to find it. there are some lithium mines that are being dug at the moment here stateside. i know you're building these aircraft and you're expecting to do a really big buildout in georgia, so made in the usa, i get it, but what about that lithium shortage, adam? >> so we actually have a big

manufacturing partner that we've been working with on sourcing side which is a company called stellantis. the recent merger between fiat chrysler and -- liz: we know. >> they have big brands like jeep and ram, so that's a company that builds almost 9 million cars a year, so it's a great company to be partners with to help us from a sourcing perspective, but it certainly is one of the risks, and we are planning very heavily to make sure we have the -- liz: i'll do a test flight. [laughter] i really want to try that. adam, thank you. come back when you're got the next development. >> thanks so much, i appreciate it. liz: you got it. adam goldstein of archer. breaking news on the ftx collapse, few details on that suspicious transfer of billions of dollars, $400 million of which was during or just before the dramatic bankruptcy filing. charlie gasparino has the scoop on potential new charges for sam bankman-frieded and company. closing bell, 13 minutes away. here we go, the dow is off the

low of the session is here but still down 76 points to 33,480. stay tuned, we're coming right back. ♪ ♪ leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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♪. liz: fast breaking developments

in the coraps of crypto exchange ftx and its trading firm alameda research. at least $8 billion in customer funds missing tuesday, dave ripley, the ceo of crypto wallet leader cracken, told us here on the "countdown" that he and his team identified midst the chaos of bankruptcy, cracken discovered half a billion dollars had been transfer from ftx to a cracken account. watch? can i cut to the chase? is it an executive from ftx? >> well they had, there is several accounts that we tweeted about. we have now locked, that were kind of original ftx and other alameda. we don't of course know the exact individual within the group of companies that you know used that account and accessed to that account at the time. liz: okay. that makes me question the whole transparency thing. you know if i go to a bank and i

say, what about these accounts, they know, every account and every dollar. >> yeah. right, right. so sorry, entirely agree. a little bit unclear. they're referring to it as a hack, right? so to extent their credentials were stolen, well then, you know that would be something that we need to investigate further of course. but you know, of course we're their credentials full stop. liz: sources close to the situation that ftx had super sophisticated firewalls to prevent hacks. that the $400 million in missing funds was, quote internal theft. these sources are telling fox business it is likely of the 8 billion in missing funds. it is not 400 million, possibly 2 to 3 billion of the 8 billion may have been outright stolen from inside of ftx.

soon though the manhattan u.s. attorney could more involved. charlie gasparino breaking details. >> from what i understand they're readying a case. they're trying to get it done before the end of the year. i should point out almost the end of the year. next week is dead week, people coming to work in terms of law enforcement. it's a holiday. you never know. they're under a ton of pressure. the u.s. attorney's office is moving forward from what i understand. it would take a fairly big miracle for the, for foxfeedback@foxnews.com's attorneys, at paul weiss, very good firm, deal with criminal matters all the time. from what i understand to convince the u.s. attorney not to bring a case. obviously you're not charged until you're charged. be that as it may. here is where they're honing in on. some of the stuff you're saying. it is like there were no, there may have been firewalls for hacks but there was no firewalls between these various entities. and you know, there were certain

disclosures made to investors about the fact that your money is safe inside of this. we're not using it for anything untoward and then there was money sloshing around between ftx, possibly his other business entities. >> without customers knowing. >> by the way not just customers. i'm telling you, there is a lot of weird stuff here. for example, skybridge capital, anthony scaramucci, a friend of ours, got $30 billion worth, got $10 million of ftt, the crypto worth almost nothing now. liz: the token. >> and $30 million of cash. where did that money come from? it is possible that came from, like, an account. liz: customer accounts. >> it is very possible. if that happens, think about how crazy it is. if that happens the bankruptcy trustee could go in theoretically, more than theoretically, that was may have had dove, claw back stuff. fed wilpon, a hundred million

from the mets. reason he had to say the new york mets to steve cohen this is really bad. when you start pilfering at this level customer accounts where you make sort of, disclosures that you didn't, that you didn't do it, also when you you have no controls this starts getting into that criminal thing. here is my one caveat, liz. you remember mf global used customer money for their trading. it is called rehypothecation. it is not totally illegal to do that. they got caught when everything went bankrupt, immediately and everything got froze. people got their money back ultimately. the question is the money anywhere to be found? did he bro it? did he use it to make margin calls on other loans? liz: or did they move it amidst the chaos? >> venezuela or something? liz: the cracken wallet, they have frozen the accounts, what

dave ripley told fox business on tuesday. the question was it a bizarre age or insiders and our sources insider thieves. >> i want to say this i think we all as journalists have to preface this. liz: of course. >> this guy has not been charged yet. criminal fraud cases are incredibly difficult to prove. i know someone saying got to go, saving you a lot of trouble by saying this. if you have to reach that bar. liz: to show intent. >> if you don't show intent, guess what? nobody at mf global was charged criminally. remember that. everybody walked. so just it is my caveat. i always say that with everyone much these cases. you know until you see the charge, the guy is not a criminal. liz: yeah. ex crypto wall street is looking at, thank you, charlie, a three-act play according to our "countdown" closer. here we go. the three act play is more dramatic than anything possibly involving broadway, right? here is what we're talking about. joining me with 1 1/2 billion

under management, waddle management, ceo dave waddle. the first act is a bit of a market implosion. where are we? is that the second back and where would that be? >> the first act asset prices had to fall. valuations went down 30%. we're finished with that act. i believe we're now in act two which is recession. doesn't have to be a hard recession. i imagine a soft one or even a growth slow down but in that act you seed to see unemployment to go up. that is the fed is all about. they want your house value to go down and you lose your job. that is where we're in now. act three is inflation comes down, we have a big recovery. market can go higher based on expansion in multiples and expansion in earnings. i think we're in act 2 right now. i'm not quite sure whether it's a tragedy but it is definitely going to be a drama. liz: it is not a comedy at the

moment. you like fedex, walmart, sanofi as it pertains what you should do in this drama. why? >> well i think for act two if you go into recession you need excellent bunker stocks. number one walmart is a great bunker stock. you saw that 56% of revenue from groceries. sanofi, flu season. i had it. it is terrible. nine vaccines. three are made by sanofi. it you want to make money next five years you want to own fedex. liz: there you go, dave waddle. of wad fell associates. if you look at numbers not huge percent ann drops. [closing bell rings] liz: s&p down a quart of a percent. who knows what friday will bring. we'll be here for you. "kudlow" is next. ♪. larry: hello, folks, welcome t