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tv   The Claman Countdown  FOX Business  June 2, 2023 3:00pm-4:00pm EDT

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earlier this week i talked about china which was on course to surpass the u.s. economy many just a couple of years. now, at best, they'll reach 90% of our gdp, and hen they'll start to fade. the main reason, that one-child policy sabotaged their population, and they just don't have enough people to power their economy higher. we have seen other nations try to bribe husbands and wives into having children. listen, i would go so far to say it's a patriotic duty to have children in america. of course, there's a lack of patriotism, so that won't be a motivator, but procreation is universal to the everything on everett and more so for -- earth and more so for humankindful we want to remain an advanced economy. just my two cents, folks, but it's something we should be paying attention to. and, plus, it's a great blessing anyway. liz claman, over to you. liz: yeah. a lot of people can't afford kids right now. that's part of the problem, this economy. charles, thank you. we have to show you the s&p right this second because,
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folks, it is within arm's reach of the exit doors from bear market territory. that brings it to the a gain of 19% right now as we look at what's going on. hit a bear market low on october 12th, entered the bear cave back on june 13th of 2022. right now the s&p 500 is up 66 points. now, to officially enter a new bull market, it needs to close session up 71 or more points. we had this discussion, wait, is it within spitting distance or striking denies? we went with arm's reach, okay? that's a little bit further than spitting distance. [laughter] all right, big rally with 59 minutes left to trade for the week. you've got to stay until the end of this movie. the bulls are getting top billing at this hour after the may jobs report came in with a wild beat on one end but then a miss on the other making for one of those not too hot, not too cold goldilocks reports. the blue chips blasted out of the gate and with this gain of
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733 points, they are eni joying their best -- enjoying their best day since early january with. now, if we look at the dow components of all of this, there are only two right now that are in the red, verizon and salesforce. the rest are in the green. charging ahead. folks, we are at a session high, just off it, actually, at the moment. dow up 730 points but, yes, 3m, caterpillar down. nike, american express and boeing are the top five big movers here. 3m is also helping propel the s&p 500. look at the s&p for the moment, you can see at the very top for the leaders check out dish. shares of the satellite and wireless telecom company up 16% on reports that have now since in the last couple of hours been pushed away by amazon. but the word was that amazon was considering maybe partnering with kish to provide mobile -- dish to provide mobile phone service. amazon say, no, no, no, we're not doing that. but with, look, dish investors were piling in even more. now, the real market driver,
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this huge build in jobs last month. u.s. employers adding 339,000 jobs, blowing away the 190,000 estimate. now, look down the next line here. the unemployment rate was also a surprise but in a different way. it jumped to 3.7% from the 3.4% just the month before. so there's your balance to the big hiring gain. now, it all comes after the senate last night fell right into line behind president biden and house speaker kevin mccarthy by, yes, voting to to pass the debt ceiling deal, hence, avoiding a default. the president will address the nation tonight at 7 p.m. on exactly how this went down and what's going forward here. now, with that weight lifted off investors' shoulders or, you've got individual names helping to shove markets deep into the green. top of the nasdaq, lululemon which turned that negative narrative that we've been hearing from from many retailers, turned it right on its head. shares powering higher by 12
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the.5%, that's the largest percentage increase since you'd have to go back to march of 2019. lulu raising its annual sales and profit forecast, and check out zscaleer. it's number two best performer on the nasdaq. it is clocking a 5.8% gain. off the highs of the is session but still a pretty decent jump propelled by with earnings that show that the securities software company swung to a profit during the quarter and also raised its revenue forecast. but now zscaleer's really got its work cut out for it standing sentry against the new hackers, using a.i. to create deep fake identities designed to worm their way into your company's systems and those that have your personal information. zscaleer ceo jay caught merry coming up. not all the clouds have dispainted over the broader market here -- dispainted. fitch said despite the debt deal passage, it will keep the u.s. credit rating on negative watch, so are we or are we not in a
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goldilocks scenario? let's get to the floor show, keith fitz-gerald and lindsey piegza. this market is taking off. now, manufacturing payrolls declined by 2,000 in may, but 25 the 7,000 of the 339,000 jobs created during the month were in the private sector the of the business world, service business. interpret what the fed is thinking right now. is it, you know, we have to raise interest with rates again at the next meeting? >> you're right, we did see some underlying weakness in manufacturing, in information services, but broadly speaking this was a very solid report. as you mentioned on the onset, well surpassing expectations and putting pressure on the fed now to continue to act. the fed did indicate a willingness to move to the sideline, at least temporarily, later this month and they still may do so. but any decision to the implement a temporary stay in
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terms of further rate increases will be made in spite of the data, not because of the data. when we look at the still-elevated level of inflation, when we look at this morning's very robust labor report becoming a tight labor market is becoming increasingly more tight, it's going to be difficult the for the fed ecoof justify a pause, let alone ending any further policy action. liz: you know, you broaden the discussion out to what is going on right on our screen, keith. the russell 2000, small and mid caps, up 3.75%. then you've got the nasdaq up about 1%. s&p hitting a brand new high just a few seconds ago, up 68 points. 9 and the dow jones industrials up the -- 2.25%, high of the session 736 points. what do you think is the real driver do here? >> well, two things. first, people are saying, hey, how cool is that? and second thing -- liz: wait, wait, what's coolsome the jobs number? >> well, the jobs number, the fact that the fed may finally
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gets its act together, the fact that we've got a debt ceiling agreement, people are realizing the light at the end of the tunnel is not an oncoming train. i mean, the list is long. this kind of upswell is consistent with a market that wants to go higher. i think being onboard is pretty cool. liz: okay. when you're onboard, i want to remind our viewers keith was the guy who, i don't know, i think it was last summer when some of these names were hitting 52-week lows, you were piling into apple, you were steady, constantly picking up shares of nvidia. have you sold my of -- any of hose? i know you like microsoft. those are hitting 52-week highs right now. >> well, i tell you what, you're very kind for remembering that, thank you. this is a tough business. st the always nice to hit one out of the park or even a couple. no, i haven't sold a single share except for nvidia, i've taken a little bit off the top and redeployed into apple. i brought some abve, other large
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caps because i think this market wants to run, and i want to be ahead of that. liz: yeah. you're not even breaking a sweat, still going there. lindsey, which sectors do you think have real opportunity here? i was coarsing through all of my sector stocks, and i looked at hospitals. they're moving higher. airlines, big financials, european banks, insurance names, most of the metals, health care, drillers, brokerages. it's a big day here. but does it last considering fitch, for example, is not lifting that credit watch negative on on the? we got extraordinarily close to the june 5th deadline for this debt ceiling deal. >> well, aside from the credit watch, i think we have to look at the longer-term sustainability of the economy. right now with the fed continuing to raise rates presumably many in its fight against inflation, the economy is likely to slow. now, most economists, ourselves included, have pushed out that recession call to the end of this year or early 2024, but the weakness is already very much in
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play. so when we talk about deploying capital the, looking for those areas of opportunity, we have to put it against the context of a slowing or weakening economy. so we're looking at areas like staples, utilities, consumer discretionary, areas that are likely to maintain at least some level of momentum even as that top-line gdp picture begins to deteriorate into the second half of the year or, as i mentioned, early 2024. liz: there's always a belief, keith, that the markets are ahead of the economy by a few steps. i do want to the keep our eye very closely on the s&p 500. just a second ago it hit a fresh high. folks, 69 points to the upside. i believe at the momentst the up just about 68 points, so it's 69 points, 2 points away, just a bit over 2 points away if from exiting bear market territory. why not sell more? i mean, you say you're continuing, you haven't sold a single share of apple. i know it has its worldwide developers' conference on monday, it could be unveiling
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its vr headset, that may be a big catalyst. is that why you're not selling any apple? >> no, it's actually something that lindsey mentioned just here a minute ago, very, very sharp point. you've got to be very careful which names you stick with. if the economy's going to enter a recession, i want to focus on companies that are going to grow anyway, the companies that we just talked about, apple many in particular. it's going to grow practically no matter what the economy does, breakically no matter what the fed does next. those are the kinds of things that are very attractive to me because of of the source of stability if there is a recession. i think we've been in one and we're exiting one, frankly. liz: keith, thank you. lindsey, great to to have you. keith says exiting a recession, i think that's interesting. we've been waiting. mine, everybody said, oh, 2023 there's going to be a recession. we have not yet seen it. could happen maybe second half, we're almost at second half, and everybody's talked about how artificial intelligence will be what keeps the boom market going because tech is definitely
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lifted. but a.i.-generated deep fakes, they're funny, right? until they become you stealing money or your private information. hackers now harnessing the power of a. i'm sorry to to steal your and your company's scents as the cybersecurity company zscaleer already unmasking the rise of deep fake hackers. up next, ceo -- the by the way, his stock is on a tear right nos fighting a.i. fire with a.i. fire. closing bell, folks, we're about 49 minutes away. we are mulling whether to cut out some of the commercial breaks here because this is a pretty significant rally we're seeing, and we, as we say, are very close to the s&p exiting bear market territory. we don't want you to miss a moment. we're not quite there yet. we'll keep you posted. "claman countdown" coming right back. don't go away. ♪ muck
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liz: yes, we have a hawk eye on this. s&p is up 67 points. again, it needs to close up 71 to exit bear marketer the our. we've got this, it is a tale of two cybersecurity stocks at this hour. sentinel one getting slap -- slammed down 36.5 after the company missed revenue estimates and slashed its annual guidance and announced some layoffs. but it is the opposite story at zscaler which beat on the top and bottom line, raised its forecast as well. the stock is charging higher at the moment, and we do have it up about 5.3% as leaders made a big emphasis on, you guessed it, artificial intelligence in its systems. but when it comes to a.i. and cybersecurity beating the bad guys who are using a.i., who's going to be able to harness it
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faster, the companies protecting us or hackers trying to deceive the world? jay. [applause] ed -- chaudhary, congratulations on the report. your improve numbers were driven by how you're using artificial intelligence to battle the artificial intelligence-generated hacks. first, what are the freshest signs you have seen that hackers are using a.i. to worm their way into systems? >> liz, thank you for having me back on the show. you know, cybersecurity there's never a dull moment. it's a race with the bad guys. liz: right. [laughter] >> we can see it, we can touch it. about two months ago one of our salespersons in india got a phobe call pretending to be me, jay. and the phone call said this is jay chaudhary, and they cut i off. and then the salesperson got a educate the, sorry, i was in bad signal, please, buy these ten gift certificates for our
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customers, and sales salesperson goes and buy them. then the second text comes, please buy ten more. hen the person got suspicious and texted me, jay, are you really asking me to buy more certificates? obviously, no. this was an example of where they actually simulated my voice, my sound and really went after this. more and more impersonation of sound is happening, but you'll see more and more impersonation of looks and feels. this gets a little bit scary. but we as cyber companies need to accept the up to make sure we can be -- step up to make sure we can be ahead of the bad guys. any new technologies brings good things and bad things, and bad things are going to happen. it's going to become easier and easier to find information about people. for example, business e-mail compromise. before they had to research to create a custom e-mail to send
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to the ceo of a company. now they can say chatgp, t, why don't you create a custom e-mail for this ceo. that's why it's important for us like zscaler to accept the up providing better protection. liz: that, to me, that example is so chilling. i mean, of all a companies, here you are as the cybersecurity company, but the must have been so incredibly real. but the fact that they used the a.i. voice to then cut off and say, oh, sorry, i'm in a bad wi-fi area -- >> yes. liz: concern i mean, that seems so realistic. you could get almost anybody to do anything. so what do you do now at zscaler? did that trigger you to say we have to create a new product or we need to tweak certain things to be able to catch this kind of stuff? >> so security is no single one thing. you have to do the combination of things. in most common cases with cyber
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they -- then they steal your credentials, then they try to do something to transfer money or log into your account and the like. so we end up coming up with a multistage or a multistep approach. for example, say you get phish, people will get phished. they will end up stealing your credentials. you end up having a second factor, so what we're looking at is behavior or communication. for example, while people are trying to do a transaction by stealing your credentials, we are sitting in line at the switchboard, we're expecting to see who is coming from where. a person who has never come to do a certain task from vietnam or from, or even a u.s. state, we've never seen this behavior. we can compute score and assign risk to the it so we can start communication of that. so looking at multiple factors before you connect the bad person to the application. so we play that important role knowing that some of the phishing will happen, but even
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if they stole your credential, we want to the stop that thing from happening. liz: to me, it looks like the kind of industry right now where you need to ramp up your hiring. sentinel one just announced layoffs. are you feeling that you have to get to that point where you need to trim or build up your staff? >> so we are hiring. we never stopped hiring especially in r&d and our go-to the market teams because with we need to step up. but we have been doing aiml for quite some time. we bought a start-up five years ago that did nothing but aiml. we've played a big role in that area. aiml also needs to be built into what's known as data loss preventing. when hackers want to sale your data the, they try to send those files out. we are like an international airport inspecting everything that goes in and out so we can look at the documents, say aiml, look at the document, this is
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proprietary stuff, it shouldn't go out. so it gets stopped. liz: right. >> so a combination of things. plus you want to stop them from from coming in. if they got in, you want to make sure they don't move laterally to find important servers, and if they found servers, you want to the make sure data can't be sent out. so multistep approach is what we do to keep our customers safe. liz: well, and keep your own employees safe. to me, i'm sorry, i'm really stuck the on the pact that you just detail thed this unbelievable story the of somebody using a.i. as a deep fake. that really does scare me. there is cybersecurity or cooperation between u.s. and the abraham accord nations. it's a new bill that aims to boost that. jay, how do you, how do you protect very secretive information when it's moving across borders and across broadband that maybe could be hacked? how do you ring fence that? >> yeah. so the first and the most
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important thing that the nation and everyone in security is talking about zero trust architecture, in the old world you connected the the network to other networks like connecting highway systems. if once you're on the highway on, say, interstate 80 in san francisco, you can reach new york, miami or dallas without hitting a single light. so can bad guys. the same thing happens when they get on the government network or a company's network. the zero trust architecture says i don't trust you, you're not on my network. you come to my switchboard, i'm going to say who are you, where are you going to go, are you allowed to go there, then be connected with the right parties. so the same thing needs to be done by state governments. liz: got it. >> it's good to see that our federal government's embracing zero trust ark ec church during my earnings announcement, we talk thed about a number of federal agencies who are embracing zero trust which is good -- liz: zero trust. jay, it is the wonderful to have you.
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thank you very much. we're looking at zscaler right now, shares moving higher by about 5.33%. we appreciate it. please come back with. by the way, folks, i did feature jay on my everyone talks to liz podcast, i want to say about a year ago. he grew up the son of farmers in a tiny village in the himalayas. no running water until he was 10 years old, now he's a self-made billionaire. and this week i'm profiling another native of india. his lab tzar is aiming to make a quantum leap in early cancer deex-. he and his team have discovered how to the find the deeply-hidden signs in wood that identify cancerous cells well before a tumor begins to the form. you've got to hear his story and where the medical trials for this potential breakthrough stand now. it's my latest episode of my everyone talks to liz podcast. download it wherever you get your podcasts. dow jones industrials soaring 725 the points, the s&p up 66. the nasdaq up 148.
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and, sure, percentage wise the russell 2000, the star of the day, up 3.33% or 58 pointings. we are coming right back. ♪ ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones
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the sprinting higher at the moment by 11.7% after the at leisure retailer raised guidance due to strong sales many china and lower freight costs. l are ulu's planning to open 30-35 stores this year, most of hem in china. lower air freight is boosting the product margins specifically. now, lulu's results set off a race in the at leisure section, many stocks running higher. nike, under armour hour, they're all up, dick's sporting goods having a decent day, up 1.5%. under armour better by 5%. amazon now officially saying a bloomberg report about possible wireless plan offerings in the prime store not true. the report sent a, the and, the, verizon and mobile shares diving, but now an amazon spokesperson told fox business, quote, while we were always looking and exploring to add more benefits for prime members, we do not have plans to add
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wireless at this time. no wonder all of these sell you lahr carriers started to drop. they get nest when a big behemoth like amazon might enter their space. look at the intraday of dish. it was up at its high point up $7.86, that's about that -- 25% gain. it's pulled back a little, still up 16%. rumblings started last week after the partnership between dish and amazon that would have also helped the telecom roll out its a 5g network. after spiking so high, you can see right now it's moderated to $730. and e -- 7.30. and ev makers revving engines as china set to the extend tax incentives for electric vehicle purchases. tesla on track for its longest winning streak in four months. tesla's gaining 3.5% right now, it is now very comfort write above $210 a share at 214 and
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change. chinese-based manufacturers nio and li awe eau aricking higher -- auto are tickic thing higher -- ticking higher. li just reported its car deliveries more than doubled in may. evs, no doubt, part of the traffic jam heading down to the jersey shore for a hot summer beach, but it is the shore that we ask, is it ready for the influx of tourists? in a bid to alleviate a worker shortage, new jersey is actually changing its child labor laws to allow 16 and 17-year-olds to to work longer hours per week during the summer. lydia hu is at one of the hottest summer destinations, it's called seaside heights. i'm all ears on this. tell us what it enables teens to do. >> reporter: yeah. hey there, liz. new jersey is bracing for a very busy year when it comes to tourism. they're expecting numbers this year to surpass what they even saw in 2019, so that's great news for the state. but that puts businesses,
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especially businesses we're talking to along the jersey shore, in kind of a tight spot because they tell us they don't quite have the workers that they need still, in particular the teenage workers. new jersey, take a look at this, it's one of a handful of states that's changing the labor laws, and now 16 and 17-year-olds can now work up to 50 hours in a single week. you know, some local businesses like casino pier, they say it is the starting to help. listen to this. >> we need people to work long hours, so it definitely helps us. but we kind of still need the 14, 15-year-olds to be able to work longer hours as well. however, the 16 plus, it's fantastic that they can work even longer. >> reporter: now, there are concerns from critics that say, you know, changing these labor laws, you know, they were put in place to protect minors, so they're worried about exploitation or endangering young people. but the proponents of these changes say, hey, businesses need the work, and it gives
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young people the opportunity to earn some cash, and that's not a bad thing so give them a shot. another interesting trend the, liz, is that since 2019 more and more 16 and 17-year-olds are getting back into the work force. about a quarter of them are working since last year, and that means they've got some cash to burn at places like the jersey shore and some arcade games like this one. i'm going to tell you, i had some good luck just a moment ago on a practice run. i nearly got one of these big stuff thed animals. i'm going for this gray one. [laughter] come on, fingers crossed. i'm feeling good. that looks like a good two pick to me. here we go. oh, gosh! so close. but, hey, you know, if you're going to get a job for the summer, i always thought the beach was a great place to work. it was like a teenage dream job to me but, i don't know, we're hearing businesses are still struggling here, so we'll see how -- liz: you got sucked into that. that's happened to me too. like, i'm getting it. i'm going to be the one.
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no, you're not. lydia, thank you. [laughter] bring me back some fried dough from the boardwalk there. much appreciated. >> reporter: you got it. liz: when barbara corcoran warned on this very show two days ago that a bloodbath is coming in commercial real estate, it sent richter scale-level shudders through the sector the, got tons of media pick-up. what does billionaire real estate investor e jeff green, who made his fortune buying distressed assets that include commercial property, what because the he think? the always-opinion may noted jeff green joining us live next from palm beach, florida. closing bell, 26 minutes away. folks, we have decided we are going to go commercial-free after this break. we are tracking a significant friday rally here, and we are watching the s&p closely to seeif it exit exits bear territory. ♪ i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets
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>> a lot of the different funds have come out now, and they're late on their mortgage payment to lenders, and that's not a good sign. i think it's going to be a bit of a bloodbath before it gets better. liz: you heard it right here, alarming words. well, when you say bloodbath, that's pretty alarming. barbara corcoran on commercial real estate, she was right here saying that, and here are some numbers to prove it. this chart shows office vacancy rates hitting an all-time the high. yeah, you have to go back to the about 202010, and then the it just -- 2010, and then it just nudged right above it. this news does not point to this chart reversing course anytime soon. in addition to job cuts, meta just announcing it wants employees to return to the office but only for three days a week, right? is just like amazon, which means not as much office space will be needed. adding the resetting of loans building owners took out when rates were much lower, and the picture is looking worrisome. but where some see cast --
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disaster, others see at least the start of opportunity? let's get to the man who earned green doing just that. self-made real estate billionaire jeff green joining us in a fox business exclusive of. jeff, you have made your fortune waiting for the right moment where things look concern well, to use barbara's words, the bloodiest. are we there yet in commercial real estate? >> not even close. i mean, when you think about it, liz, look, we had the most aggressive fiscal and monetary stimulus in history, and we're still living off of that. people have rented office space because they were getting extra trillions and trillions and trillions of dollars in the economy that were pumped in the last few years. that is still in there. that's going to trickle down now. like i'm a builder, so i'm building two 30-story towers here in west palm beach. there are 400 people working there today to. when hose the buildings are done, there won't be work for those people. that's going to the translate to the a big economic slowdown. so what's happening in office
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space today, this is before the slowdown. wait until we have the recession. liz: we are showing some video of what i believe -- do we have that video of his palm beach -- you've got two 30-story ours in west palm beach, is it? these will be the highest buildings in that area right now. when is it supposed to be done? because when you say -- >> oh, there you go. yeah, that's the gym with the indoor pool. isn't that beautiful? liz: you're calling it the greene house. >> yes, look at that, that's the indoor tennis courts. liz: of course you would have that because you've to got to have those features. are you worried you won't be able to fill these spaces? >> that's the game room. look at that with the bowling alley. liz, that building, these two towers are going to be the best buildings in the market, so they're going to be a category killer. we have only 200,000 feet of the best office space with big ocean views and, you know, there's millions of feet of office space, so when you build the
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best, newest one, you'll get the tenants. the problem is the other buildings are going to lose them, and people are going to be space now, companies are going to be cutting back. they're going to be the reducing space. how about when a.i. starts to kick in? we're in the early stageses of that, that's going to be a sledgehammer to white collar jobs. liz: okay, sledgehammer to white collar jobs but, again, you're the guy who has been able to scoop up great properties when they were down in the dumps, down in the dredges of, oh, this is never going to come back. i mean, you were many los angeles. you kid that exact same thing back in the day. what sign will you be looking for that tells you now i'm going to the invest? >> well, i think when, you know, when everybody agrees that it's hopeless and it's the never coming back and that there'll never be anyone in an office building again because people just don't use offices anymore and there's no hope whatsoever, that's the time you have to go in. you know, when everyone else is greedy, you've got to be -- it's
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not right now. we're not in a time of distress now. people having issues, but you don't have foreclosures, you don't have people not making their payments in a big way. we're just in the early stages, but i think if this economy slows, you're going to start to see some real problems with people being able to, you know, pay their loan payments and to refinance their loans. liz: you're already seeing that, jeff. certainly, when the loans are resetting, brookfield, for example, has several buildings that have either been brushing up against foreclosure, are in it right now, have had to be sent back to the bank because they're defaulting, and you look at some of the other situations where, you know, the 10-year yield, for example, 30-year, 10 is-year has been so much lower, much higher now. so when those loans start to reset, is that going to be the trigger for a very ugly domino effect? and you don't, by the way, let's
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clarify, you don't have debt. you don't borrow money to build these buildings, right? >> i don't have any part of investors or loan on my properties. that gives me -- that's the reason i can keep smiling. at this point in my life, i don't want that kind of pressure, so i just do what i can handle out of my cash flow. i can tell you that most people in the market today have not been in the market, have not been around that long. and since we had dot.com bust in 2002, we've had artificially-depressed interest rates, so people have never had this experience of rates going up. and i can tell you i've seen people all the time who are pannished because -- panicked because they're thinking how am i going to pay off my construction loan when my apartment building is done when rates are going up and rents are dropping? i think you're going to have not just office buildings, people aren't going to be able to pay off their home loans or a apartment building loans. we are heading into a frightening time in the entire real estate industry.
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liz: that said, tell me what you're seeing down many palm beach. obviously, florida has been the gift that just keeps on giving for anybody who is a seller in this market. it looks to some bubblish. i asked barbara corcoran, she said that's not a bubble, not in florida, not right now. >> i think we're getting very overbuilt in a lot of categories here, no question about it. the people who came here were going to come here. basically, the feeder cities to south florida -- new york and philadelphia and boston the, chicago -- when you have a pandemic, you had to shut those cities down because subways and high-rise buildings. they shut down and at the same time you invent zoom and teams, and people that were going to come here in 2023, '24, '25, '6 the you know what? they all came at once in 20 the 21 and '22. so then what does that do? it creates an enormous am of activity the, it creates tremendous demand in a
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supply-constrain thed market. prices go through the roof, and a lot of very naive people think that's the new normal. in fact, not only is it not, a lot of people that would have been coming next year have already come here. so i think we're going to have inward migration's going to slow down a lot. the other thing we have you never had before is a lot of the people that were coming here before, remember, they were coming in 20121, '22, they could sell their house in connecticut at a nice price and then buy a cheaper house here with a 2.5 loan. now he was to sell the house in greenwich that has a 2.5% loan and buy one here that's much more expensive with a 6% loan. so we're going to have a little bit of a slowdown in demand, and i think we've created an enormous amount of supply. i love florida. bullish as anybody. but, you know, we're going on the hitting a bump in thed road now. liz: as a businessman, you've got two floridians running for president, donald trump and ron desantis.
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[laughter] ron desantis certainly pulled away the welcome mat from disney. he's been attacking them. if you were forced to pick between these two -- well, i guess you could allow many in president biden because he's definitely the democratic nominee, not nominee, but he's the one who's obviously said in and he's going to run, is there one better than the other at this point from where you stand as a businessman? >> well, again, i would stay the with president biden because, you know, i think we've already -- look, i'm a democrat. i'm a moderate democrat, but i believe in taking care of people who are struggle, and i think that's what the democratic party is better at doing. ron desantis', i don't understand what he's done with disney. everyone who's watching your show, what are they thinking about when you often the disney, mickey mouse, going to the theme park. he's talking about putting a prison next to mickey mouse? what is he trying to do? and it is destroying jobs. they were going to bring 2,000 jobs here. he wants to be president, he should resign from being governor because he's croixing
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our state. this crazy concern destroying our state. this crazy abortion law, the most restrictive in the country mt. state of florida now where you can't get an abortion before you even know you're pregnant. i mean, i think he's just gone a little too far with everything, and, you know, the sad thing is he's doing it to get to run for president, but we're going the to have to live with the consequences of his actions here in florida for a long time. liz: jeff greene, billionaire real estate investor and floridian. i'll tell you something, we're looking at a really big rally. i know jeff has invested in meta and google and done very well with those. >> yeah. liz: good to see you. thank you very much, jeff. >> liz, all the best. liz: anytime. jpmorgan ceo jamie dimon, you know he's come up in the past couple of days week alone in reference to a possible run for president? independent group no labels is eyeing dimon as a potential candidate on the independent ticket. charlie, will dimon do it? what are you hearingsome. >> maybe. by the way, florida's such a
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horrible place, everybody's moving down there, you know? liz: he loves it. he's been there forever. >> i know, it's like ron desantis is torching the place so bad that people can't wait to move back to new york city and is state -- and state. i digress. no labels, it's an independent group, it's theoretically supposed to be both republican and democrats. they are looking for candidates, already names bandied about. now, we should point out, they need to get on ballots in every state, they need delegates. they're working on that. they're looking for candidates to basically round out the field. larry hogan, the former governor from maryland, is one. joe manchin, apparently, is one. what we're hearing now is that among key fundraisers there's two names that came up recently, and the one of them you'll mow is jamie dimon, the head of jpmorgan chase, the ceo. the other name that's coming up is the former ceo of pepsico. liz: oh, sure. >> i've heard her name bounced
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around. now, i don't know if she's the vice president or he's the vice president, but those are the names that are starting to percolate for potential tickets. so i did run this by dimon's people. here's what they tell me, he wants to be president. there's no doubt -- liz: they said that? >> yes. he thinks he could do the job. liz: i'm sorry, they said, the jpmorgan people said jamie dimon wants on president? >> yes. liz: that's unbelievable. >> he doesn't want to run for it. liz: well, you said that yesterday -- >> i know. he wants to be president. here's where there's a little nuance to what, how he sees his potential path to victory be very limited. he says, you know, it's a two-party system, you know, mainly. okay, if no labels gets on the ballots, that's an if, he might be interested in that. but even then it's hard to break through, you know? i don't think ross perot got a single vote, and he was the most popular third party candidate ever when he ran against -- not
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a single vote, single delegate when he ran against george h.w. bush the first time and again clinton the second time. not one delegate. remember, this is easier said than done, and i think that's what diamond is weighing. he is definitely interesting. i could tell you i don't think they have approached either formally, because this is stuff key fundraisers are coming up with. no labels did give us a statement which they basically said no labels has not decided whether we will ultimately nominate a ticket the, so they're not deciding yet, much less who will be on the incompetent. we're focused on -- ticket. we're focused on getting ballot access in states across the country, and we won't make a final determination whether to nominate a ticket before next year before our april 2024 convention in dallas. interesting place. dallas is the heart of republican country, many texas, that they're having -- in texas, that they're having this convention. any names floated around as potentially being part of a no
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labels ticket are based on speculation by others. by the way, the others, we should point -- can others outside no labels, that is false. these are people that are involved in the fundraising of no labels. liz: what do you make of this rally right now? a 700-plus point rally, no more debt ceiling, you know, arguing finish. >> well, i think it's a relief rally. do you think the fed's going to raise rates? liz: how can they not when you just saw more than 330,000 jobs in the month of may? >> and they have room to raise rates, and we have to see what the unemployment -- what the inflation numbers are. but if you think inflation is going up, if you think that it's not cone, that there's going to be several more rate increases, you know, this is a relief rally. and, you know, you might not want to be lured into it, you know what i'm saying? we still have a pretty strong -- liz: agreed. but, you know, timing the market, charlie are, can be a real fool's game -- >> you've got 5% no risk on a money market fund.
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think about that. liz: make sure you read the fine print whether it's your bank or whatever -- >> vanguard is different than silicon valley bank, trust me. i mean, they invest in short-term securities, aaa. you get 5% on risk-free money right now, if you want to, like, bet on dow 35 million, go for it. or 35,000, go for it. remember, rate increases could keep going on, and a that could erase the 700-point rally in a minute. liz: i am looking right now at fed funds futures for next -- well, june 14th is the meeting. 70% chance that we see a a pause. 29.9% chance that we will see a slight uptick of -- >> you know, knowing powell being the sort of, like, milk toast dudes that he is, you've got to bet that he's going to pause. but it's not going to be -- don't expect it, expect it to be a pause. liz: okay. >> we're still not done with inflation. i heard something in the my ear --
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liz: yes. it's called w-r-a-p -- >> when does that mean? liz: 72 2-point gain. >> what does we gotta go mean? liz: that means you've exhausted your welcome. [laughter] no, i already said that yesterday. >> we gotta do -- go -- liz: get the cane. all right, here we go. look at dow jones industrials up 715 points. the bulls are out in full force. your eye should be toward the 63-point gain on the s&p 500, off session highs. we came within 2 points of going up 71 points. that would force an exit of the s&p from the bear market finally are. we are up about 19.7% since the recent low which brought us down to a bear market. here we go, dory wily has got over $1 billion in assets under management, or phil flynn, senior market analyst at the price futures group. phil, talk right now about what
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you are seeing, the rally, and do we see a follow-through on monday? >> i wanted to say i'm going to fly now, you know, from rocky? if. liz: yeah, yeah. >> because that's what we're seeing here. all the greatest fears that this market had for the last couple months, we're who going to default on the debt or whether we're going to the, you knowing raise interest rates to oblivion, it looks like that's not going to happen. the jobs report even though the jobs growth was very, very strong, if you really look at numbers, the wages are cooling off a little bit which justifies a pause. so those mixed signals in the jobs report really crypts a situation where -- creates a situation where the market's really going to take off. liz: right. >> the odds of a pause are there, and that's what's happening today, so it's off to the races. liz: corey, one of the overhangs has been the regional banks and the problems there. today they are in the green, the other day they were looking very shaky. you have said it's time to buy certain banks, but you have very strict programmerses. what are they, and what are the
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names that fit into that at the moment --? parameters. >> well, sure, thank you. banks in general have been a fear trade since 2008, so there was a nice bounce. i like buying on fear, so we'll wait for a bad day, not today, to buy the banks. having said that, they're about 25 the-30% cheaper than they were in 2008, '9 and 10. pretty amazing. and the banks are way stronger than they were then. it doesn't mean you don't have to be picky, you do. you have to looked at things. i look for things like, one, they've got to have a high capital ratio. it's less leverage, less risk. there are banks out there with 8, 9, 10 president holding -- 10% holding rate -- [inaudible] compare that to someone like jpmorgan running at 6, i'm in pretty good shape. and that works in banking because when there's a downturn and things get ugly, deposits, loans, acquisitions all go to --
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[audio difficulty] liz: but, dory, let me just jump in here, you like connect one bank corp., that's down 41%. year-over-year, sorry. year to date, rather. key pac gladstone financial corp. down 28% year to date. texas capital bank shares down 21%. you say they fit into your programmers. you think that -- parameters, you think they're been unfairly sold off? >> yeah, i think so. take the two new jersey/new york banks which would be p-pac, gladstone and -- both of them are run running 8-9% capital ratios. boast of them -- both of them are very clean, i know how they underwrite their loans, they're doing a good job, and they're picking up this fallout from first republic, etc., and they're growing very rapidly and have the capital to do so. and yet you can get them at a 6.5, a 7 72 forward pe ratio -- 7.2 and right at tangible book value below. that is a bargain, and we
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couldn't get banks that close. liz: dory, we've got to -- hold on, i just want to interrupt you because we've got about 30 seconds left. phil,ing you get the last word. we have a very strong jobs report, a debt deal do. what do you think? >> you know, i think dory is saying all the banks aren't going to fail, which is a good thing. another reason to be bullish. listen, we got through all the hurdles today, that's a big, big thing. a lot of the fears are against us. stocks look like they're breaking out. they're going to run here a little bit. a lot of short covering. with the big show this weekend with opec, you were the watch that, you know?? -- you better watch that. if you get a production cut, it may temper the enthusiasm. liz: well, we'll keep an eye on to it, there you go. it's a friday and the bulls trample over the strong jobs report today. the dow finishes just under 700 points higher, that's going to do it for us, "kudlow" -

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