cotton, and angela landsbury. i like both versions a lot, of course the u.s. version was a little bit slicker. now, for those who are interest ed, psychology today says the opposite of gaslighting is critical thinking, not validation or deferring or codelling. that might be a tall order for society but you know, let's face it. i know we're taking sides on everything. we don't look at the facts and if it goes against how we feel, and we defend the indefensible, but, something has got to happen we gotta figure this out and some people are looking at me saying oh, man, you just gas lighting. i'm not. liz claman, i'm trying to make make a legitimate point here. over to you. liz: don't gaslight near me or i will! flowed. charles, thank you very much. it's 4:00 a.m. right now in shanghai, china. we are getting word at this hour that the crackdown on nationwide protests has begun. this video that you're looking at shows government officials,

regional officials, wailing down on some of the protests. these demonstrations erupted over the past 72 hours and are directly correlated to china's zero-covid policy. citizens are fed up with the onerous restrictions and in a highly-unusual move have begun to call for xi-jinping to step down. now, the retreat in stocks began almost immediately at the opening bell and this morning you can see that that is still carrying through this afternoon. dow jones industrials lower by 491 points, low of the session, well we're there. okay? so we're looking very ugly at the moment. we do have the nasdaq, also down 169 points the s&p dropping 61, the russel 2,000 down 34. i'm looking now, okay, so as we see we've got the dow, the s&p, and barely the nasdaq positive for the month of november. no gains for the russel which is now in negative territory. we've got to look at apple in the crosshairs at this hour shares are down 2.8% and falling

at this hour as fresh worker protests at the foxconn facility in zhengho ., the world's biggest iphone factually have broken out. quarantine workers are engaged by a reported delay in their bonus pay, plus the living conditions under which they have been working. thousands have fled or quit the demonstrations have not only delayed production of the iphone 14 pro and pro max, but have led to questions about apple partnering with a company accused of human rights violations. the stock has lost more than 15% this year. now, in light of the growing protests and fears that china has no intention of lifting severe covid restrictions, crude oil plummeted to as low as $73 and change overnight. then it poked its head slightly higher around noon. we have it in the after market up about 1%. it stands at $76.99. not all stocks with exposure to china are hurting.

we want to make that clear. on the contrary, casino stocks, these are giants with operations in china's gambling month could you, at least most of them are moving higher, this is after six including wynn, las vegas sands, mgm and regional player m elk ox, based out of hong kong, new 10 year licenses to continue running their macau casinos but that hardly erases the immediate questions of these very unusual and widespread protests heat up, connell mc shane covered business in china with the latest from the newsroom. connell: hi, liz. there's an unprecedented nature to all of this that makes it hard to gauge quickly and xi-jinping, since he's been in power for a decade he's never been forced to react to something as widespread. people calling for him to step down and to your point, police maybe starting to crackdown now, but it's still not 100% clear how aggress aggressive the chinese president is with this , whether he maybe will

make some changes to the zero covid policy that seems to have sparked so much of this. we just don't know yet, and we do know in places where those workers at the foxconn plant known as iphone city had clashed with police over living conditions and payment packages. this began in some ways, but in other ways you can actually trace it back even further to the anger from the hong kong protest. i covered those protests from hong kong in june of 2019 and they were building some momentum at first, but then it was really the pandemic that in many ways silenced those protesters, but ironically is now created this whole new movement, and a slow response to a fire was blamed by residents on covid restrictions and the protests really took off this weekend, all around the country. now of course from our point of view we are still trying to gauge the impact this is having and may have on american companies. wedbush analysts did predict that apple's iphone could take a 10% production hit this quarter

which is a big deal. they are watching the next few weeks and also, apple's latest software update, funny enough, has reportedly limited the use of the air drop feature used in many cases to bypass chinese sensors so people are watching that. another one is tesla. tesla as you see is actually trading higher today, but some investors who seem to think maybe these protesters will have some impact, they will have an effect, and they might lead to a faster reopening if anything in china. again, we'll see. and, some chinese stocks that are also holding their own today come from top one on the list, from the e-commerce arena had very strong earnings, and revenue, so that helps that stock. baid was lower but the adrs traded, so i would say early days, liz, in a story that stakes sometime to unfold, the overall market reaction been negative but look at the examples we both have given here you could tell people don't know what to make of this yet, and

we're also seeing somewhat mixed reaction in other ways to these protests in china. liz: but i'm sure you would agree. apple has to make good on something here, because the conditions under which these people are working are very onerous and it seems like they are going to be in the crosshairs over this. >> there's a lot of pressure on apple and i'd think we'll hear more from the company in the coming days, and we'll see how they handle this , but it has not gone well so far, and again, that's been reflected today and for the last few days in the stock price. liz: apple shares down more than 2%, connell thank you very much. well the worker uproar in china is really driving much of the price action you see especially on the lower ticker here. comments made this afternoon by federal reserve members are also further pushing stocks into the red. new york fed president john williams, he is a voting february, told the economic club of new york today, "more interest rate hikes are needed and will help restore balance in the economy." st. louis fed president james bullard, has been the most hawk

ish fed voice saying the inflation situation calls for much higher interest rates than "what we have been used to" so let's get to kenny polcari and scott redler. guys, i mean, no wonder it's so hard to find green on the screen unless of course you're looking at the volatility index up 8.5% but 22 and change i'm not even worried about that one. scott? which do you see having a bigger effect here, because the markets were down heavily in this china news. >> well i think both things you just stated are putting a little bit of pressure on the market . listen, over the course of the past three, four weeks the s&p went from 3,500 to 4,033 last week. we had a strong week, so you needed things to be kind of perfect for this to continue, so the story out of china actually started on friday if you remember the story broke friday. that's when apple got kind of hit so this is almost the same story just a little bit more intense, but the question was would it also impact apple again and it did so you have to pay a bit more attention to it . as

far as the real narrative with the market, it's yields, and the market could only go up on negative data, so much and we just went up a lot so at this point it's how we threading the needle here. like you said, bullard said 5-7% if this market if they take rates to five as a minimum and higher towards six, most guys are saying the s&p will make new lows, meaning the low 3,500 in 2023 and the question is traders like me and kenny probably is could we see one more move into santa claus rally prior to this? so we're looking at the levels right now on the s&p. if it broke 3,980 so the next real level that is the line in the sand on whether we can continue to the upside at all is 3,906 in the sessions ahead. liz: we're at 3,963 and you just saw the 10-year yield at 3.70%, two-year around 4.46%. the split, the yield curve inversion is the steepest now in

22 years, kenny, and i don't want to get too wonky here but when you have a 76 basis point gap between the two, that is a screaming signal of recession. bullard though specifically said it is not a sure thing, that we will have a recession and granted, our employee, employment picture looks very strong, but i do have to bring it back to china here, kenny, because normally, these protests overseas have a one or two-day effect, but it sounds like you believe the angst is definitely wreaking havoc here. >> i think the angst is absolutely wreaking havoc and i'm shocked its taken this long. did you see some of those videos over the weekend on twitter where they were actually welding doors shut? putting bars across doors to keep people, couldn't even get out of their own apartment. that's how difficult it's getting so to me, it seems like it's really the boiling point. now what happens? is xi going to resign? absolutely not. we know that's not happening but the question we have to ask is how difficult is this going to

get? how much of an issue or what are they going to do in china to stop these protests because that's going to be the conversation about human rights and all that other stuff that goes on but yeah, i don't think this is anywhere near over yet at all. i think the people in china are absolutely fed up. liz: and xi, we know xi. he's the dictator for life now. i'm sure that's not the term he would use, but he's got to crackdown here. >> right, but he's listening, he's now dictator for life so he's really not going anywhere. liz: go ahead, scott. >> kenny did you hear i think some more protest erupted because you know the world cup is not censored so i think a lot of people in china tuned in and saw the entire stadium not wearing masks so they were like what are we doing here wearing masks in covid lockdown when, you know, the whole world is walking around conducting business and we're sitting like this. liz: exactly, guys, so what's the trade? because you've got oil now, energy is not currently the trade, although we could

immediately go back to 120 a barrel depending on anything that happens in ukraine and russia which is not over we remind everybody, not to mention corporate profits. kenny? >> so, listen. i'm still very much because i think the market will turn here and we'll get that santa claus rally just at the end of the year putting us between 4,000 and 4,100 is what i think. then we're in for another tough time in 2023 so i tend to continue to be overweight to stuff people need, so it's the staples. it's financials, it's healthcare , it's utilities, all big dividend payers but all very boring, but in an environment like this tend to be beautiful so while i still own tech that's now become an under weighted position in my total portfolio because new money is going towards the stuff i just mentioned and so i'm going to remain in that camp until i see something significantly change on the horizon which i don't see at the moment because to bullard's point and to powell 's point rates are going to continue to go higher whether it's 5.25%, 5.5% or 6% they are going higher and how high they

go depends on how fast inflation is going to respond. liz: all you have to do is look at the nasdaq laggards they are pretty much except for biogen all tech including qualcomm and nxp semi, micron, as we continue zoom as well is on that list, and so on. great to see you both. we got to rap here, kenny, scott , good stuff here. there's a new low for the session on the dow jones industrials a loss of about 502 points keep an eye on that. i'm telling you guys "the situation" is very fluid in china just as kenny and scott pointed out. as we continue to watch one eye overseas we've got the code that may have just been cracked on tesla's mysterious model make over. a new report blowing the lid off the secret of changes about to be made to one of its electric vehicle models making it more appealing and yes, cheaper. but where are all these ev's going to charge? we're about to show you look at that jetson style solar powered

off-grid charger which has millions of dollars in u.s. government contracts already flowing its way. will it be the charging game changer? with the closing bell ringing in 48 minutes, the "clayman countdown" is going to show you the ev ark and ask the ceo how is this going to work even on a cloudy day. don't move we're back in a minute dow is down about 499 points.

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to receive 50% off installation of your kohler walk-in bath. and take advantage of our special low monthly payment financing. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. charles: so, earlier this is interesting tesla was moving higher you could see the pop there intraday around noon. it's a little difficult to gauge why that happened. tesla is flat now but why this big move here? well, especially considering that its shanghai gigafactory is vulnerable to the china drama we

just discussed but there's also a new report from reuters revealing a face lift is in the works for the ev makers model 3. the retooling is code named " highland" and aims to cut costs while upgrading the driver's screen in order to attract new buyers to its most affordable ev and as tesla revamps its sedan, beam global is disrupting the ev charging place. take a look at this it's called the ev ark. you've heard of walking on sunshine, okay, try driving on sunshine. it's a patented electric vehicle charger that uses solar panels to deliver 100% clean and renewable energy to power cars and trucks. and get this , the u.s. military getting its shoulder behind it in a big way. the navy, army and marines all placed millions of dollars in orders for beams solar powered ev ark, and beams corporate customers got those to include some of the top names, google,

gm, j & j and pfizer and kohl's, a lot of people haven't heard of he's the ceo of beam global in a fox business exclusive. i've got to hear about the ark, desmond. it's off grid, transportable, let's put it up on the screen, the looks very futuristic, like the jetsons, but tell me exactly how it works. >> as you said it's transport able and i do like to use the term transportable rather than mobile. you aren't moving these things around easily, but if you have the right piece of equipment we can move them around so it's converting sunlight into electricity and storing that electricity into our own proprietary on dashboard batteries and you want to charge electric vehicle daytime or nighttime or during periods of inclement weather and then making that electricity available to charge cars anywhere. liz: and these can charge six scars at a time? >> as many as six cars at the same time and reach as many as 12 parking spaces so it's a very very effective way of converting a single parking space into a sort of multi-

fueling bay. liz: and it has no connection to anything, because when you go to a tesla charger, out there on the streets or the roads its got to be connected to something >> we're not connected to anything at all. we're not even connected to the ground except by gravity. that's part of our, not bolted down or glued down, rapid deployment and that's required. we need an awful lot of these things in the next couple decade s so our ability to drop these things off and have them active in less than a hour is basically streets ahead of anybody else in the industry. liz: and here comes the big question. desmond, eye been waiting for solar to really work, but if the solar lights that you stick in your front lawn, still don't really work. tell me how this is going to work if it's pouring rain for four days on end. let's say you're in santa cruz, california in december. >> yeah, look. it is a solar powered product so it's going to work better when it has direct sunlight but if you engineer these things properly, even without direct sunlight, and the same way you can get a sun burn on a cloudy day we can convert light into

electricity even in pretty poor weather conditions. so the key thing here is not name plate perfection. the key thing is to provide enough infrastructure to get cars down the road and what we're really focused on is what we refer to as daily range replenishment or drr. this is not full empty, full empty, which is the habit we learned at the gas station. this is topping off your ev more like you charge your cell phone while doing something else so in the united states, if we look at what the statistics tell us, average sedan drives 30.4 miles per day, commuters require less less than 24 miles for a round trip commute and most are driving less than 24 miles a day so we get enough sun and light to power those vehicles even in inclement weather conditions. liz: but to be clear the storage ability of the ev -- >> crucial. liz: how much, how many hours for how many cars can it store? >> absolutely crucial and we make our own batteries so it's very important. it's actually quite complex to get batteries in the working

conditions. we're in the hottest deserts in nevada and deployed in new york city charging police cars in the winter so that's a broad variety of batteries are like don't like things too hot or cold so having that storage is just right is very important and the key thing is again, having that balance between generation and storage to make sure you produce enough miles each day to power the customer's requirements. liz: the marines. >> yes. liz: give me an example of what the marines in the united states or bases around the world are using them for? >> first of all, we're a proud employer of veterans and actually right next to the marine corps air station miramar , we're recruiting directly there. liz: bless you guys thank you. >> very proud to have them as a customer and magnificent people. so, at the moment they are using it chiefly for non-tactical uses so this is for fleet vehicles and the white fleet basically not the green stuff. having said that we have done a couple future war fighting exercises with them and our ability to put a source of fuel in a forward operating environment that doesn't have a heat signature, doesn't make any noise, and doesn't require

liquid fuels, is frankly, it's an essential thing for the future of war fighting and it's a great way to keep our people safe and also give them a leading edge. liz: well i think about the infrastructure that was needed in kuwait during dessert storm. >> exactly. liz: or afghanistan, just to get the troops on the ground and to your corporate clients general motors, cadillac, the gm lyric, obviously, you have deals with them. what specifically are you doing is this a battery deal? >> look, what's fantastic is that over the next couple of decades, all the major auto manufactures are going to move to electric vehicles and i say that's fantastic because although there are a lot of government tailwinds between ev and charting infrastructure, if you drive one, when you hit that pedal, you're going to know first of all you're never going to go back to an internal combustion engine vehicle and this will end up being a secure- led revolution so our ability to support the auto manufactures with rapidly deployed highly scalable charging infrastructure immune to blackouts you never get a

utility bill and you can deploy it anywhere without going through rigorous construction and electrical work it's essential to the expansion of the industry. liz: i would love to continue to follow this company and by the way, so you guys are already up about 50% month-to-date. you were down today, since you've been talking we have a very motivated investor audience and the stock has reverted and now gone up about 1% so we'll continue to watch this thank you >> thanks for your attention and being involved. liz: good to see you thank you, des mond. just as new old disney ceo bob iger takes the reigns disney is giving thanks for the holiday weekend performance by "black panther" cacanned afore ever, like its third weekend but the box office marvel has to share a very harsh limelight with another disney release that turned out to be an epic turkey. what was this disney disaster? and what does bob iger have to say as he takes the reigns at the mouse house? closing bell 36 minutes away. now the dow is making another

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liz: fox market alert and yet another new low for the dow jones industrials now we have the blue chips rather down about 539 points, turn your attention

to the s&p at 39.56. it is very close to that level that scott redler was talking about, getting lower and lower. it's down about 1.7% or 69 points and the nasdaq taking it on the chin, now lower by 203 points. well, we've got former disney ceo bob iger's first town hall since the dramatic ouster of bob chapek, not having its intended effect on shares, which are down 3.28%. we are looking at the low of the session for disney. disney's latest release "strange world" was quite the turkey, raking in just 18.6 million since it was released five days ago. this latest flick, which wasn't even promoted. austin, did you hear about this? you've got little kids. no, he doesn't even know the name. okay, it cost 180 million to produce, sources estimate the film will lose at least 100 million. but, "black panther" wakanda forever is the gift that keeps

on giving it added another 64 million to its domestic tally during the five daytime frame and the news comes as former ceo bob iger returns to the helm of the company, replacing the man he had picked to take over, bob chapek. right? so there was this company-wide town hall today. iger told employees, you know what? forget about growing sub-numbers for disney plus. we don't need more subscribers we need more profitability. so streaming is in the spotlight here, he also said creativity is the most important thing. okay but what about profits some which one? choose. in the meantime, netflix at this hour, let's take a look at that stock, is down 1.6% despite getting good news at the holiday weekend box office, it's glass, onion, knives out must are raked in 13.3 million during its limit ed release. this is the best theatrical launch ever for netflix pre- streaming movie. the who done it flick was shown on roughly 600 screens

translating to $19,000 per- theatre average. shares of biogen, well they are sinking we already showed you that because they were the low on nasdaq 100 after a report that a woman receiving biogen's experimental alzheimers drug died from a brain hemorrhage. it is unclear whether the death was caused by the drug. biogen and its partner eisai are set to present detailed data on the drug tomorrow. we will keep our eye on that but in the meantime biogen is falling 4.5%. look at this one shooting higher by 39% and that's not even the high of the session after the software company announced a 30-year long deal with yahoo to power native advertising on all yahoo platforms. as part of the deal, yahoo is going to take a 25% stake in the ai advertising agency. stock is still just $2.56. please note. and not a good time to bet on draft king stock after jpmorgan

downgraded the shares from neutral to under weight. they are falling 5% to $14.37. the investment bank says that other companies offer a clearer path to online sports betting. draftkings has fallen nearly 50% buy now pay later company " affirm" down 88% year-to-date, but will a record breaking cyber monday lead to investors buying a firm and other buy now pay later stocks? now instead of later. we are going to breakdown the buy now pay later effect as the biggest shopping period of the year gets underway with our panel of experts. closing bell 28 minutes away, and yes, how many times have i said this? yet another new session low for the dow. we're now down 541 points. stay tuned.

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liz: are you shopping right now? you got one ear and one eye on me and then cyber monday, right? well a lot of you guys out there are deep in cyber space at this hour, and expected record day of online shopping currently underway, with adobe estimating $11.2 billion in cyber monday spending when all is said and done. this comes after online black friday sales clocked a record 9.2 billion. so you maybe wondering, how do these numbers square with sky high inflation and recession worries? well, what's striking is the dramatic up-tick in buy now pay later services this year. according to adobe, bnpl orders were up 78% from the previous week and the services used 50% at the time on online purchases, so what does this really mean for the state of the consumer? joining me now, tigress financial partner and jmp securities equity

research analyst nick jones. ivan, what does this say to you that buy now pay later is definitely clearly a force? >> well it's being used like we said over 50% of the time. it's been increasingly offered as an in-store at a point of purchase terminal option as well as online, and consumers once they use it, they become more comfortable and will use it again and again, so it is a growing area. there are some credit concerns that like any kind of consumer credit could be out of control, and cause problems later, but it's becoming mostly a convenience option and a budget ing option, and it is being widely used and accepted by consumers. liz: i find that really interesting that now, you said the point of sale even at stores you're about to put in your credit card and say oh, maybe i can buy now and pay later in installments some people are more comfortable with that but nick talk to me about how you view buy now pay later as the

new cyber monday entrance i guess. >> yeah, i think it's here to stay. you know, we've seen credit card data show consumers are spending more on credit cards and looking for ways to get more leverage and get their spend to go further buy now pay later provides that and when you go into cyber monday with great deals available, they are elevated a little higher than last year. we think it'll be a big impact to keep demand high, heading into the holiday season. liz: the affirms of the world get a lot of attention, and we know from the ceo who comes on the show often, that they do a business, we just saw there's a jump of 75% certainly of using buy now pay later and yet the stocks are not coming along for that ride. why do you think that is? >> i think there's still a big mac rosenstein overhang. them are concerned about demand into next year, while things are looking better into 4q, than people thought after 3q, and there's still quite a bit of concerns of consumer demand into next year and that could be impacting the price reactions.

liz: ivan do you like any of the buy now pay later stocks or any of the i guess ancillary stocks out there, because you've got mastercard, which is very much involved, you've got a lot of fintech companies that are delving into this. >> well, i mean, my number one payment provider stock is mastercard followed by fi-serve. so we just have the overall growth in credit card use because of the convenience, because of points and other benefits that you get , and just cash is just not being used as much and electronic purchases are being preferred whether it's tap-to-pay, chip, swipe, or even some type of near field technology transfer, so it's just a convenience factor for both the consumer and the merchant and so we're just going to see this ongoing transition to this huge secular shift to electronic payments that i think two of the best ways to play are mastercard and fi-serve.

liz: well the 800-pound gordon chang ill rail entitlement is amazon when it comes to cyber monday. do you think amazon in its heft and scale will basically figure out a way to put all of these buy now pay later guys out of business because they've got partners in the space don't they? >> yes, but they do offer a lot of the , they do accept almost every other, every form of payment and they do have partnerships with the buy now pay later providers, but to me, amazon strength is in their fulfillment capabilities. that's where they really went. liz: nick, etsy, amazon, do you like any of these e-commerce names in particular and what do you see is the big hot purchase on cyber monday these days? >> so i like both stocks. i think etsy is really unique platform whose done a great job throughout the pandemic and providing consumers really unique products. amazon is behemoth they are kind of the top e-com platform everybody wants their stuff in a

day or two in some cases same day. liz: i mean, do you like the stock here? its been hammered. >> i do. i think the stock, i think amazon looks really compelling here. aws will continue to be a growth driver and investors aren't paying enough attention to how big advertising could be overtime. i still like amazon and i like it here a lot. liz: ivan? what won't you touch? what don't you like in this retail atmosphere? >> well, there's just a lot of smaller retailers, a lot of apparel retailers that are struggling. you look at one of the biggest disappointments to me is bed, bath and beyond. they really had a great business and really just in almost every way have destroyed it from the shift to private label to the push to online, so companies we're still going to get this retail shakeout that buy companies that don't offer a unique value proposition, a unique shopping experience or connect well with their customers. those are the three key ingredients for success.

liz: can bed, bath and beyond survive, ivan? >> i don't think so. i think it's going to be hard. i still think jc penny is going to struggle. they are just a lot of better capitalized, better-positioned retailers that offer a much- better shopping experience, a much-better value proposition and connect better with their customers. liz: you know you look at this and they close the one in my town and i miss it. i really miss bed bath bed, bath and beyond. anything you avoid, nick? >> you know, i think anything exposed to furniture, so bed, bath and beyond that type of those categories are a little difficult now. liz: furniture, okay. that's an interesting one because the housing market is definitely slow due to high mortgage rates, so ethan allen, there are a lot of companies out there that also have seen no movement in their stock and there was the case of i think it's called united furniture they laid off every single employee over the weekend.

very upsetting. >> it's a very difficult environment, you know, home goods, furniture those things are bought in a frenzy and a lot of people moved throughout the pandemic and that's not everyone is kind of settled in now so that's a difficult category. liz: yeah, as we continue to watch this , we do see i don't care how good some of these retailers are. it is a tough atmosphere right now, ivan, for all stocks at the moment. don't you see that and what turns it around? >> well, i think one is that we may not get this recession as bad or as deep as being predicted, as being predicted by the inversion of the yield curve , or even the fear of higher rates. i think that's one thing we're starting to see in the slight pullback in the feds rhetoric that they may not have to go as far, because the fear is that the fed is going to go too far, so i think once we get into next year, and we see q 4 results that weren't as bad as feared

because one of the things consistently we have seen is they have not been in many cases as bad as feared. the problem is that the fear of a recession can become as self- fulfilling prophecy as consumers pullback on their spending but if we don't get the level of layoffs that are being talked about and we don't get the slowdown in the economy, or rates as high as the high end of the let's say 5.25 in the feds terminal rate i think that we will see a significant re-acceleration in the economy in the beginning of next year which will also manifest itself in the stock market. liz: people are awaiting the famed snackback. the big snapback. as we wait for that thank you, ivan, nick, good to see you both on this cyber monday and it was goatsgiving this weekend, as a 12,000-pound sculpture of an elon musk-headed goat atop a rocket, was delivered to tesla headquarters in austin, texas.

the crypto-related stunt turning heads because yes, he loves his doge coin, but it's not enough to prevent yet another bankruptcy in the crypto space. charlie gasparino joins us with the latest fallout from the ftx mess. closing bell, 13 minutes away. dow is still struggling here down 514 points. we're coming right back.

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serious allergic reactions may occur. watch me. ♪. liz: well another domino has fallen in the ftx saga as embattled crypto lender blockfi this morning announced it is filing for bankruptcy and conducting major staff layoffs. charlie gasparino as the latest on the sec involvement in the crypto -- >> what is interesting about this, what is taking place in the crypto industry about this, the backlash it is getting. there is an interesting sort of confluence of factors that led up to here. blockfi bass dinged by the sec. i think they paid a 100 million-dollar fine a couple months ago right before it received a 200 million-dollar or so bailout from ftx. so follow this. they had to pay the fine to the sec not being a registered exchange from what i understand. they reached out to ftx for the

money and then they got entangled with ftx and filed for bankruptcy. now you know, you should be able to walk and chew gum at the same time. not everything, things are not binary but stuart adderly who is the general counsel for ripple had an interesting comment on this. this is not an insignificant player. obviously someone with, that is at loggerheads with the sec. we should put his comment up there. there it is, liz. it is pretty interesting. this basically says, here is it says after the 100 million-dollar blockfi sec deal, blockfi went to get a loan from ftx and then you know what hit the fan. he is essentially laying this on the sec. liz: regulation by enforcement. what they did with kim kardashian. >> i'm trying to be fair with gensler. he is not well-liked in the

crypto industry but put yourself in his shoes. he is literally sitting there watching an industry that has no rules, he is saying how do i protect investors from losing all their money here. liz: when the sec has not yet been granted oversight. i get that. >> on top, but on top of that, on top of that, you know, you better pick your targets right, you know what i'm saying? did it make sense to spend so much time on the ripple case? did the blockfi matter, did that necessitate this much scrutiny by the sec? did the kardashian thing merit that much publicity when you had ftx imploding under your nose? obviously he met with sam bankman-fried. liz: kim kardashian was fined a million dollars for promoting not showing she was promoting a crypto. >> she said ad. didn't put how much she was

paid, which violated the rules. that is what we have here. that is interesting, there will be hearings on all of this. they will unpack this. they will unpack gary gensler's thinking on this. there should be hearings on this but this is a very complicated story but if you can draw the line between blockfi's bankruptcy and that $100 million, whether that was necessary, well, you know, he is going to have some answering to do in congress because republicans control the house financial services committee in a few weeks. they're going to bring it up. >> charlie, thank you. >> anytime. not the end of this story for sure. the closing bell ringing in about four minutes. we're looking at a market that really struggled on this monday. so much of this we talked about, was china and obviously the protests which have completely erupted and everybody is pretty much expecting some type of a government crack down. meantime we have the dow down 512 points. that is off the lows of the session. you can see the nasdaq down 1.6%. russell 2000 down 39 points, 2%.

s&p not looking good either, down 64 points, 1.2%. we were talking about crypto. as bitcoin got very close to going below 16,000 today, dogecoin has been on a tear, jumping more than 22% in the past week on speculation the meme coin may be used in plans for twitter to incorporate crypto payments. that is just a musing by elon musk in a conversation with jack dorsey a while back. but dogecoin is very close to 10 cents a coin. this sculpture we referenced elon musk on top of a body after goat, riding a rocket, wearing a dogecoin necklace placed in front of the tesla factory. the creators of token, elon goat, totally separate token commissioned the shows musk wearing a dogecoin necklace

which doesn't make sense. our next guest says stunts like this do nothing to save the sector. joining me with 210 billion with management, peter mal u.k. you don't think that statue gives credibility to the crypto world? >> not a little bit. dogecoin is certainly going to zero. they make more of it on every day. it is on a path to zero. what kind of a weird path it will take to get there. liz: that is unfortunate. i see a world where digital currency is the next thing. we'll always send documents by mail. nobody believed in fax machines. nobody believed in commuters. these things evolved certainly but, peter, if not anything in crypto, what do you feel is a sure thing in a very questionable time? >> well first, i do think digital currencies will prevail. i think they will be mainly backed by governments. i think there will be some

alternative digital currencies that work out. 99.1% of the once out there today, if not 100% will go to zero. if you look at top 10, if one of them survives that would be fantastic. most of those are going to zero. a very, very dangerous sector as people starting to figure out today. we talked about your program a year ago there was going to be, more blood would come as interest rates went up and free money dried up. if you have free money, you can buy meme stocks and spaces and cryptocurrencies. when money gets expensives, it is big, strong, quality that survives. you have to have future earnings to survive a market like this because people can't borrow for free to ride things out. so i think the path here is stick with quality, stick with bigger names. large caps, stay as much in the u.s. and developed countries as possible with big companies. you will get through everything just fine. in the short run all the things you've been talking about today matter a ton. interest rates, ukraine, russia, what is going on in china, i

would put in a very, very big deal category. the fed can raise rates to control inflation but they can't do anything about energy. that is up to ukraine and russia. they can't do anything about the supply chain. that will have a lot to do with what is going on in china. so these have become very, very big issues in the short run. in the long run earnings are what win the game and the big companies will be there with their earnings. liz: yeah. you know, it is old school but for now it moo be the safe way to go. peter malln the screen. [closing bell rings] china protests with demonstrations and citizens fed up with the draconian onerous restrictions a few hawk irk words from fed heads. we'll see you tomorrow. ♪ >> hello, everyone, welcome to "kudlow." i'm sean duffy in for larr