transfer of wealth of all time. baby boomers are sitting on $78 trillion, the silent generation, $18 trillion. so over the next 10, 20 the years, you're looking at millennials and gen-y, just financial. now, thi yolo world with living for today, it can be tough. and and, by the way, it should be honored because it was worked for, it was earned. the government's going to try to get their hand in the till, no caught about it, because you can't have a utopian world where everyone gets more money if you don't take it from someone else. we need to teach citizens as early as possible the value of money, how to earn it, how to keep it, how to invest it, otherwise it's a curse, not a blessing. right, liz? liz: yeah, and we've seen that come to roost, haven't we? wharton the economist jeremy siegel is about to join us live, he's got a major warning about

who the freight trains he sees heading toward the economy, delayed reaction to the credit squeeze from the march banking crisis and to the federal reserve's ten interest rate hikes in a row. when will both finally reveal their faces, and how will sock thes react? professor siegel is coming up in a fox business exclusive. in the meantime, let's take a look at stocks. yes, we see green on the screen, but you want to talk a right the trading range? the dow has crossed the unchanged line 100 times this session alone. and it may happen again, like, 12 more times, who even knows? [laughter] uncertainty in the market stemming in great part ahead of tomorrow's debt ceiling talks. and if you flip it over to the s&p, in fact, the 1-month chart here, is the s&p at the moment is up about 7 points and has been in a very tight trading range for most of the month. if you take out may 4th, that's the big gap there, that was the day that pacwest spooked the markets by admitting it was the explore employering strategic

options, that was -- exploring strategic options. if you ache out mayth, the broader index has been bouncing around in the 4125-41 is 35 range, we're at 4132 the right now. and it doesn't even matter that the regionals are populating the s&p leaderboard at this hour. we've got comerica up 7.75%, key corp. jumping about 6. look at zions, up 7%. again, that's all very nice, but until the debt ceiling chess game between president biden, the democrats and republicans is over, jitters and fears will have stocks banging off the same walls with no breakout. while june 1st is the so-called x date, meaning when the u.s. runs out of borrowing capacity followed by default on debt obligations, let's get right to ken thu poll carry -- kenny polcari. last friday's big meeting scheduled for origin. the sources are telling edward

lawrence house and senate leadership staffers are negotiating, we could maybe know more about a possible agreement by end of business day today, but until then what else, kenny, can the markets move off, or are we stuck this trading range with no breakout? >> if we're a talking about debt ceiling, we're stuck in this trading range, and there's going to be a default, right? a government shutdown or furloughing workers is one thing, but a straight-up default, not happening in my mind. i think it's going to be the an 11th hour deal that happens. but when it happens, then i think the market will be released from this very tight trading range that you've identified not only today, but really if you look at it over the last week or so so, it's been very, very tight, unable to move up or down of being held hostage by that as well as a range of other issues. the fed, interest rates, what are we doing, what are we not ding. and by your way, you saw the story about michael murray who went out when stocks were getting clobbered, and he took

big, significant positions because he recognized that maybe the hysteria created a community, and those stocks are much higher, and they're having a great day today, i think, on the back of that story. liz: okay. everybody should watch the markets because this is hitting the tape, kenny. congressional republican leadership has rejected a list of proposals sent by the white house. i'm just reading this right now asst happening. this according to washington post. to reduce the deficit by closing tax loopholes. okay. you know what? they're going to the argue, there's nothing you and i can do about that except help investor viewers right now. so where's the break without? i mean, mr. big short, he made a ton of money by shorting subprime mortgages, and now he's buying, is that what you're saying? >> yeah. he bought all those regional banks when they were creating hysteria over regional banks were going to blow up, blah, blah, blah. he bought western ea alliance, pacwest, new york community

bank, a lot of those stocks are rallied back. some of them are still struggling, but the other ones are doing very well. so i think there was opportunity there. i also think there's a lot of angst around this whole debt ceiling debacle. i'm, you know, putting it on the back burner because i don't think there's going to be a do debacle. we know they're going to the raise the ceiling, it's just a matter of what agreement do they come to to try to pull back on some of the spending. that's that what everyone's -- liz: okay, so what is the trade? i don't want to cover the same ground twice. we just said that the debt ceiling will be raised eventually. kenny, give it to me, the trade. >> is so, listen, i think the trade -- again, i'm in the broad kind of dethe fencive play. so i'm into still the consumer staples, i'm in energy because i think energy's overdone on the downside. i'm in financials and i'm in artificial intelligence, certainly look at c3.ai, it's up

20% just today alone as we talk about the role of tech and the role of artificial technology, and if they clear up this debt ceiling thing, i think the market does have room to go to the upside. i think it's getting ready to spring forward once there's news out. so those are the sectors i'm in, those are some of the names that i'm in -- liz: i'm not hearing tech de. what about tech? >> a.i., listen, well, i own the other tech, apple, amazon, all that stuff, i already own it. it's doing better, so i'm not chasing it. but c3.ai is a name that i like. liz: yeah, you like it. >> but i own the other ones, ibm, microsoft, amazon, google, i'm not selling think of them. liz: okay. all right, so you picked up stuff well before michael burry did. i love to hear it. [laughter] thank you so much, kenny polcari. okay, everybody, think you're only one getting turned down for a loan? look at this, this is a brand new bank survey, a lending survey by the federal reserve

bank of dallas saying that 48% of bankers say they have tightened credit standards for and terms over the past six weeks. has that is the highest share since survey began six years ago. if banks are lending less just as the economy starts to see the effects of the federal reserves 14 -- reserve's 14 months of rate hikes, what are we in for? we're joined by author of the best selling book "stocks for the long run," jeremy siegel. professor, first to the news. the dallas fed collected this data from 67 financial institutions who responded to the survey, and the timing's important, from may 2nd-may 10th. so nearly two months after regional bank crisis began. what should this tell us beyond, you know, it's harder to get a loan right now? >> this tells us that the fed better be very careful. this confirms what's called the sluice survey which is the

senior loan officer survey that also showed an increase in tightening. i actually believe that the tightening caused by this crisis is equivalent to three or four 25 basis point hikes of the fed. and so they are, they're in dangerous territory precipitating a recession. i was not in favor of the last 25 basis points. i was very pleased to see that they are likely to pause, but there's still a lot of hawks there on the committee that just want to keep on raising it until they smash the economy. liz: what is the one piece of data -- or it could be a development because, of course, in march we had quite the development with the bank crisis. what is the one piece that you're looking for that should say to the fed not only stop now, but start cutting? >> well, when i look at the

weekly jobless claims, and they jumped up last thursday. they report it every thursday morning at 8:30 on a weekly basis. it is the most sensitive and timely survey of the condition of the labor market. it is a volatile indicator, so i want to see whether this thursday confirms the jump on that survey. but if that number continues to rise, we are not only going to see a further softening of the payroll increase, we're going to see a rise in unemployment and very likely negative payroll increase numbers. if in other words, layoff numbers the coming months. liz: this is also just hitting the tape. folks, we're getting a lot of breaking news here. the richmond fed's tom barkin, professor, is saying he sees, quote, no barrier to higher rates -- meaning tightening more rates again -- if inflation

persists. i mean, this to me means they're going all in. they will continue to tighten rates. >> well, i think, i think they're going to pause in june unless we get super hot labor market report. remember, last week's inflation reports both on consumer and producer were fairly good. in fact, slightly below expectations. the labor -- liz: yeah, but that cpi core, but, professor, that cpi core number was really hot. and when you're looking at the core, that's important. i know you have your own data that you have comprised where your core includes the prices of housing, rent -- which you have said have been an indicator that's coming down. but when you hear bar quinn i saying -- bar kin saying, i'm, no barrier to higher rates if inflation persists, he didn't even say gets hotter, he said per if cysts. >> i think that would be a big

mistake, and you're certainly right and the fed e and jay powell has acknowledged that they're using stale data in their housing series, and housing is 40% of that core inflation. home prices are coming down. rentals are coming down. now, i don't mean they're certainly lower than a year ago, but they are certainly lower than the jumps that we saw six months ago. and i use very current data from the case-shiller index, from the apartment -- from the zillow index. and i actually show that core inflation using current data has actually slowed to 2% -- liz: okay. >> -- which is their goal. so, you know, quoting their data, i think, is stale data, and i think that they're likely to cause a much more severe slowdown and recession if they continue hiking.

liz: well, minneapolis fed president neel kashkari thinks you're with the crowd that's being fooled, and those are his words. he said this morning specifically, because we've seen a few months of cooling inflation doesn't mean we should not be fooled by that. the fed has more work to do. >> i certainly realize there's some like austan goolsbee of the chicago fed that wants to be cautious. remember, monetary policy works with a lag. if they wait until the labor market really comes down, unemployment really rises, they've waited too long. i mean, steering the economy is not like driving a car do -- [laughter] you know, when you have your hands on the steering wheel and you can instantly move it right or left. they should have learned that lesson when inflation started and picked up and then, you know, they started tightening 14 months ago knowing that it

wouldn't really start having an effect until 6 months, 8 months later. if you wait and see real declining labor market, my research says you've waited too long. i hope that they pause. yes, we might have -- we're going to have some wage increases, and don't forget workers have fallen behind inflation over the last three years since the pandemic began. liz: true. >> you know, i think this idea of suppressing wages further does not do service to all the americans that have fallen behind inflation. liz: and i do want to say this, in 3-4 months, professor, tell me right now where will we be in the jobs market? do you think that we will see the jobs market convert to negative, meaning contraction? >> very likely. i see very likely by the middle -- well, certainly the third quarter this year we're going to get some prints of

negative job growth. and that's going to open people's eyes, because as we all know we're entering big political season. i don't think the incumbent president wants to see unemployment rise and negative payroll going into 2024. liz: wow. all right, well, you say they're in very dangerous territory and that they really need to stop looking at stale data. thank you so much, professor, we appreciate it. professor jeremy siegel of the what areon school of business. openai head honcho sam altman is set to testify before congress tomorrow as the u.s. scrutinizes the risk and rewards of art official intelligence. insurance firm lemonade only sees rewards, informs, it's already -- in fact, it's already squeezing everything it can from the disruptive tech, and it shows. lemonade's see owe is next on whether a.i. will speed up its path to profitability now.

closing bell, 46 minutes away. and, again, we are in a very, very -- i don't want to the sound like i'm repeating myself -- tight trading range. the dow has crossed the unchanged line 100 times. it's up 27 points right now. we are coming right back. ♪ ♪ your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel to defend against erosion and cavities. i think that this product is a gamechanger for my patients- it really works. >> right now, a child is being diagnosed with cancer. >> [ voice breaking ] being a

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so boost your bottom line by switching today. comcast business. powering possibilities™. liz: artificial intelligence, that debate takes center stage on capitol hill tomorrow. sam altman, the ceo of openai, the company behind chatgpt, is going to testify before the senate judiciary committee answering questions about a.i. oversight and what risks the

technology poses. lawmakers, of course, you know this is coming, they will question altman for the first time since openai's chat bot took the world by storm late last year, so you know they're going to use it as a platform to the hear their own voices. within hours of launching, it saw mass adoption by everyone from college students to business leaders. so you're not putting that genie back in the bottle. insurance provider lemonade saw the benefits of a.i. years before chatgpt came on the scene. the app uses a home grown a.i. chat bot to help customers find and bundle insurance options. it also uses machine learning to predict catastrophes and claims and uses that data to price its policies. joining me now, the company's ceo, daniel schreiber, here in a fox business exclusive. boy, what do you think they're going to hit sam altman on? >> oh, wow. it's like an alien intelligence has come to to either, and the congress has to come together and say what do we do with this?

you're absolutely right. i really to to do think we're going to the look back at the end of november 2022 as an event that transformed humanity in so many ways, and i wish congress good luck in getting their arms around that. liz: when congress sees something, they want to to slap their regulatory pause right on it, right? so what do you hope doesn't happen? >> i don't know, i really don't envy them. i don't know what they're able to do. so we think of chatgpt as being a unique product if offered by openai, then by bing, microsoft, now google, it's becoming an open source powerhouse, these technologies are available to the masses, i don't know this genie's going anywhere anytime soon regardless of what congress wishes. liz: you can't unscramble that egg. >> there you go. liz: we just had the parent of office depoe and office max sitting in that chair, and can and he's already struck a deal with moth to use chat-- with microsoft to use chatgpt for awe all kind of things. you launched in to 2016 on your

own home grown artificial intelligence platform. to do what? what does it allow you at lemm maid to do? >> you're absolutely right. if you do the kind of thought experiment, which we did when we founded the company, and said which industry is most able to the harness which kind of product would best be able to leverage art official intelligence, you wouldn't go the manufacturiing mining or any business that moves things from one place to the ott oh, what is a.i. supremely good at? suggesting data and making predictions. guess what? that is exactly what insurance is. it's about monetizing probability theory. ingesting data and making predictions. so from the get go we took that thought experiment and turned it into lemonade. and from day one we've been using chat bots, this is not a new thing for lemonade. three months after launching when we played a claim in three seconds, and about half of our claims are paid with no human intervention within seconds. liz: which is what allows you

that to keep rates so low. i saw that you have home insurance as low as -- or renter's insurance as low as $5 a month in. >> that's right. liz: how is that possiblesome. >> it's exactly what you just said, when you've got bots instead of brokers, you are collapsing costs not at the expense of the customer experience, but actually to the delight of consumers. if if you get paid in three seconds, you're not going to complain. you're going to be thrilled to bits. and, indeed, the customer satisfaction score that lemonade sees usually seen by the likes of tesla, apple, not by insurance companies. are. liz: how do you work off evidencesome don'toff to show up to see that -- somebody's basement is flooded? >> if it's a basement, you can take photos. all of our claims are made with a video from the phone with the app. there's a whole load of information that the app can upload and analyze. liz: you just reported a loss in q1, but you beat on revenue. so when will a.i. push you, when

will jim the chat bot push you to profitability? i know people are dying to know. >> we're well on our way. look at our q1 results. we reported 115% increase in revenue, 115%, and only a 4% increase in operating expenses. is not only did we beaten top and bottom liker but you're starting to see the leverage that comes fromming having these kinds of systems. what we need to do is continue to grow because the expense will stay pretty static, and that is the secret to profitability. liz: and you are, last time you were here, we talk about pet insurance, and you've got lemonade maid car. you just launched in texas. i know it's the huge, i would imagine, but when do you take over the geicos of the worldsome. [laughter] >> geico's been around for a while, but they have their challenges. i really don't envy them. at the latest -- they spoke about difficulty, they called it monumental challenge of bringing technology to a company like

geico. these are not easy things for incumbents to do. they are incouple men, and that is the opportunity that lemm 2345eud has. are. liz: and, yes, i would believe that i've seen a couple berkshire hathaway meetings where warren buffett said we were behind the curve, behind progressive on certain things like marketing and now maybe behind you guys. it's good to see you. >> wonderful to be with you. liz: after u.k. regulators said no, microsoft's bid to the take over video game king activision blizzard just got a yes. who green lit the deal and will the u.s. poll? what moves in the stock right now say about that next. closing bell, 36 minutes away. we've got the dow up 33 points, the s&p better by is 11, the nasdaq up 74. we are coming right back with so much more including mike tyson? yes. the heavyweight boxing champ, mike tyson is coming back with us. stay tuned. ♪ ♪

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baby food industry with the world's first whole plant, dairy, and soy free baby formula line. their patented products are available in over 11,000 stores and growing rapidly. else nutrition. liz: you know, this is where we are. we've got the dow up about 30 points, high of the session 99. low of the session, a loss of 138. now we're just kind of middle around. with about 31 minutes left to trade. hey, if you're a bull, you'll take it. just days after sofi reported a smaller than expected quarter loss and a beat on revenue,s investors are cashing out of the

stock. the move comes after web bush downgraded from neutral to underperform and cut the price target from $5 to $250. off the -- 2. 50 a share. still down about 4.5% to $4.79. so here's web bush's issue, they're warning that the online banking and loan provider could soon see significant declines in the fee income that it recognizes from loan applications and sales. i mean, what did we tell you at the top of the show, that banks are lending less. i'm not saying sofi is, but the whole atmosphere is starting to squeeze in. let's look at shake shack, shares cooling -- cooking up a feast, rather, at this hour after reports a proxy night is imminent at the burger chain. it too is off the highs of the is session here, up about 8.25% though. according to "the wall street journal," activist investor engaged capital, which has a 6.6% stake in shake hack, is planning to fight for three

board seats to advocate for changes at the company. the hedge fund has been in talks with shake shack for six month toss no avail. okay -- to no avail. probably because the chain is doing just fine without activist board members maybe. year to date, shack is up 71%, and over the six months of talks the stock has climbed 38%. the oil patch ripe for consolidation. oil pipeline operator 1 oak has agreed to the buy magellan had had midstream partners in a cash and stock deal valued just under $19 billion. it would be the biggest u.s. energy deal this year and would form the second largest u.s.-based pipeline company by market value. oak would pay $25 and provide two-thirds shares of its common stock for each outsanding magellan unit. magellan is popping. speaking of deals, the i

european union's watchdog has approved microsoft's $75 billion, $95 a share acquisition of activision blizzard. ceo bobby kotick releasing this statement saying the e.u. signed off after, quote, requiring strong are remedies to insure robust competition in the gaming industry. now while this decision is a step in the right direction, just weeks ago the gaming deal was reject by u.k. regulators on basis of anti-competitiveness. a decision in the u.s., well, that one's still pending. the u.s. federal trade commission has a hearing scheduled for august after it i sued to block the deal back in december. now, microsoft's flat to slightly higher. activision's up 1.25%, but is it anywhere near $95 a share? no. s the at $78.32. we have a one-two pun if of. coming up on "the claman countdown." world famous heavyweight boxing champ mike tyson and former

israeli prime minister ehud barak teaming up in a fox business exclusive. barak is chairman of medical cannabis country intercure which has partnered with tyson 2.0. the two are here live to talk about their colab and the medical marijuana business. plus, how mike tyson recovered from a financial knockout, got back up off the bankruptcy floor and is now winning the money management game. there he is, hi, mike. closing bell ringing in 27 minutes. we are coming right back. ♪ ♪

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and you know what's in it has absolutely helped him. taking care of him is really important... because even if sam lives to 20, it won't be long enough. liz: heavyweight boxing champ mike tyson has been on the financial ropes many time it is. even though he commanded as much as $30 million in payouts for each fight, he accumulated millions of dollars in debt before filing for bankruptcy two decades ago. well, he may have been knocked out and down, but he is back up and punching his weight in the business world. mike tyson is now in the cannabis business with with his brand, tyson the 2.0, and here's the news, he has inked a deal with an israeli med if call marijuana company, intercure, which will exclusively cultivate, manufacture and distribute to overseas markets including the u.k. and germany for medicinal use.

what else could th bring? joining us now in a fox business exclusive is mike ty, the cofounded chief brand officer of tyson 2.0. great to see you, mike -- >> hey, how you doing? liz: i am great. >> awesome to the see you as well. liz: yep, it's great to see you. you're some businessman right now. my goodness, tell me about this deal with intercure. >> hey, listen, it's something i just never in a million years knew this can happen. i have the the great team assembled in the world, ask and i'm very lucky to be in this position. liz: and when you talk about this position, you started your company a while back, and you went straight for edibles. and yet this is a company that deals with medicinal marijuana. it is basically sort of pharmaceutical grade, correct? so they must have looked and vetted the quality of your cannabis and said works. tell me -- said, this works. tell me about how closely you

observe and make sure that the purity of what you coat tyson 2.0 is at e as good -- as good as it is. >> well, i'll do that. of course, you know i'm dealing with the best growers, the best specific people that have been doing the for years and years, and so i get the greatest growers in the world. and i have them join my team, and and we've become business partners. and i can pretty much capitalize and manipulate the cannabis industry. and that -- liz: yeah, absolutely. and what's interesting about intercure, a aside from the fact that it is extraordinarily successful outside the u.s. , is, of course, it is an israeli company, and the chairman of this company is the former prime minister of israel, err hide what rack. -- ehud barak. i know you didn't get to meet him in striking this deal, but guess what? we have him on the phone. prime minister, are you there? >> yeah, i am here.

liz: okay. you've got mike tyson -- >> how are you doing, mr. prime minister? it's a pleasure. >> i'm okay. i'm sorry i couldn't make it on video, so i we're happy and glad to work with tyson, with mike tyson and the brand tyson 2.0 is well known for the top quality of the flowers, the concentrate, the edibles and both the genetics and the product. and we are going to take it to germany, to the u.k., to europe, and we happy to be intercure which is -- [inaudible] under the symbol inco. we are the one successful one out of the united states, and we are determined to push this very product into the medical arena. we are in medical cannabis, and

you're going after us into medical cannabis. liz: one of the things that i find interesting, prime minister, is mike's names of some of his products; the toad, west coast toad the, tiger mints, lemon pie, knockout o.g., gelato. i mean, we've got these names up on the screen. tadpoles -- >> [inaudible] liz: yeah, yeah. >> the names, some of the names -- but they're projecting a readiness to fight. liz: yeah. >> that's what we share in intercure. liz: and, mike, i also want to point out that you have the edibles that you did a collaboration with evander holyfield -- [laughter] >> yes, yes. liz: i mean, this is true proof that former rivals, vicious and violent rivals, can come together, correct? i mean, you have put this together -- >> yes, yes. we have to look at -- this is

enterprise. enterprise is all friends and make a lot of money as well. i was telling evander, i was explaining to evander, we are the only two fighters that are still getting paid for a fight that's 30 years old. [laughter] liz: you know what? that's amazing, because you at one point had been on the ropes, bankrupt. you know, you've really come back here. what is the one thing that you've learned and that you would pass down to other sports heroes and people who don't really think enough about managing their money and starting businesses while they have the great brand? >> first of all, i was only financially are bankrupt, i wasn't spiritually bankrupt. and that allowed me to understand that if i did it once, i could do it again. and i could continue to do it over and over again. and that's what bankruptcy taught me. liz: good for you. and i'll tell you something, it

is not lost on me, prime minister, that you are the most decorated -- mike, i don't know if you know this, but ehud barak is the most decorated solingier in the history of the israeli defense forces. and on this 75th anniversary of israel becoming a state, we are very impressed with you. and i know mike feels the same way. >> absolutely. that's only rightful that we should be partner partners because, listen, we're in the cannabis business, but it's also the healing business, the trauma business. and we should all know that israel has a lot of trauma in the past and very little presently. is and i'm thinking probably the way the prime minister's thinking, this will make people feel different about being tyrannical, agent active about doing something that's really selfish like concern. >> elizabeth -- liz: yes. >> i think your audience does not know that in the rest of the world cabbies is used for medical -- cannabis is used for

medical purposes. liz: of course. >> not just to enjoy it. it's really, it treats both soldiers in post-trauma and the youngsters with epilepsy and many kind of conditions. could be taken, 22 pharmacies and doctors are writing with it down for their patients. we see that the tyson 2.0 can help, together we'll promote an, and it will work, i'm sure. liz: well, iz like both of you to come visit in new york, and we are continue to follow the business story of intercure. it's both to see you both, mike tyson -- >> thank you. i look forward to seeing you, mr. approximate. thank you -- mr. prime minister. >> be worried, i'm coming

without -- liz: you guys have to the meet in person so you can seal the deal with a handshake. thank you so much. we are coming right back, dow jones industrials up about 22 points. ♪ ♪ ss premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the ink business premier card from chase for business. make more of what's yours. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

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♪. liz: the issue of regulation in the crypto space starting to cause a clear divide in washington. our next guest testified at the house financial services committee last week about the regulatory gaps plaguing the crypto industry. we have marco san tory and our own charlie gasparino. marco, thank you so much. did they get what you're trying to say? >> thank you for having me. i think they did. both democrats, republicans, witnesses alike were talking after the hearing. it didn't make it on camera. there was clear consensus we moved the needle, i think members of congress heard what they needed to hear, what they wanted to hear in tomorrows of the terms what technical regulations and policy goals and how to achieve them. >> let me produce back on that. my producer ellie, had a pretty

good scoop, what she received democratic lawmakers that were on the committee, they're talking points. they were giving a set talking points. each democratic member of the committee what to say, they were all aligned against crypto. they were all aligned in terms of gary gensler in favor of regulation by enforcement agenda. that all cryptos are securities. really looks like the democratic party aligned against the crypto industry. don't you agree with that? >> i think there is, there is a clear contingent of democrats, frankly aco contingent of republicans as well don't want to see legislation passed today but i don't -- >> who is on the republican side? i see democratic talking points specific taking aim at the crypto industry. i don't see republican talking

points. republicans are this is innovation let the free market work here. you really think this is equal democrats and republicans? i guess that is political correct thing to say. give me evidence republicans are doing what democrats are doing particularly with anti-crypto talking points? >> no, i won't say it is equal by any stretch. i will say so far the message seems to have resonated with more republicans than democrats but there are plenty of democrats that see the transformative future of this technology, see that it is worth saving and frankly, see the consumers could be better protected. >> why are they so silent though? liz: they're not that silent. kirstin gillibrand, new york senator, banded together with cynthia lummis, republican senator. they came up with what a lot of people thought was very fair plan and crypto regulation. >> but did chuck schumer sport

it? , no, the democratic leadership doesn't support this. nancy pelosi doesn't. maxine waters doesn't. chuck schumer doesn't, prove me wrong, marco. >> maxine waters met with the crypto exchange ceo a little while back. i believe quite a few democrats were onboard what is called the dccpa. one of the early attempts to regulate digital asset exchanges. i don't think there is any anything inherently republican about this i don't think there is anything inherently anti-democrat. this is a nonpartisan issue. it is right both sides of the aisle taking it up. >> if it is non-partisan, where are the talking points being -- what is the non-partisan part? >> democrats ritchie torres sustaining up for the future of this. this is not a republican story. it is not a monolithically

anti-democrat story. there are democrats at the hearing just last week who spoke up in support of change and supportive of the transformative future cryptocurrency can bring. this is not a republican oasis. there are smart people on both sides looking at this. can understand what it can do for america. liz: as we get closer to the regulation, we love to have you back. >> thank you so much. i would love to be back. liz: he was right there in the thick of it. >> i still don't see where it is equal. i don't know. i'm just looking where is it equal? where is it equal? where is it equal? democrats have talking points. democrats have talking points crypto is bad, bad, bad. liz: you don't think republicans have talking points too? >> no. they don't say, bad, bad. liz: lovely. >> doesn't make sense. >> respect to being married with charlie. can't imagine arguments you have. >> the sense of it.

liz: the dow on pace to snap a five day losing streak after crossing the one changed line more than one times. we have the stride group ceo. he is the, you like gold and silver just because of the debt debacle? >> i like gold and sieve very for number per of reasons. they want produce nine announces of gold, sorry, nine ounces for everyone ounce the gold. they kang produce 83 ounces of silver as opposed to one ounce the gold. that is awesome opportunity f we hit the debt crisis, china an russia rear their head, if we, you know, have major challenges here with the banking industry i blow gold and silver will be a important play for a lot of people to be looking at right now. liz: trader kenny polcari was at the top of the show saying this is all just heater.

it is going to be resolved, the debt debacle, right? yet it has created a surge in demand for code default swaps. these of course are insurance products that insure against default of u.s. treasurys and those have jumped 101% in the last month alone. they were at 74 in april. now at 150. so clearly the fear of a debt default is there but, is the reality really going to come to that? >> well i don't know. we have a president right now who is talking about enacting the 14th amendment which has never been done. everyone else comes to the table, figures out how to negotiate. but yeah, you got the debt ceiling information up there, we knew we were hitting 31.4 trillion in january of 2023. we had 14 months to figure this out. now since january 19th, 23

here, four months have upon by with very little movement. if this is theater, they're playing games with a very, very important subject here that could ultimately lead to the united states in downgraded situation. so just like you mentioned, those credit default swaps are at record highs right now, again, like 2011. that is not good for our nation. i mean even moody's here recently priced in a 10% probability they would not get something done. so 90% chance of it will. still one in 10 chance there is probability it will not. liz: oh, joy. love what goes in d.c. as always. good to see you, david. thank you so much. here comes the closing bell on this monday. [closing bell rings] the dow, the s&p and nasdaq all in the green to start the week. tomorrow is the debt ceiling meeting between the house and senate leadership and president biden. we'll be all over it. we'll see you tomorrow. ♪. larry: hello