but they also doubled their losses, they lost 75 million it did not matter went public almost 9 billion-dollar evaluation. this is on a $75 million loss $1.3 billion, that was average a lot of echoes to advertising. this morning the stock is down 62% to 15 cents a share. by the way jack london's poem ends with this where others have hearts he carries a tumor of wrong principles, those folks with the severely overpriced new offerings on us have wrong principles. i don't care what anybody says, capitalist and a businessman and i believe in wall street in particular out of silicon valley's crushing african american. i do to lose. >> in looking at smile directed club i am stunned by this, 2019 this is an 18-dollar stock. it is 15 cents right now.

there are some other amazing things happen, so much for the hope of a rally after the averted government shutdown witnessing spasms in the bond market as we kick off the final hour of trade stocks are responding in a jerky fashion of the first dating tray dow jones industrial down 200 reports, s&p losing 22. the nasdaq has been toggling a below the flat line right now below seven points, treasury yields that have investors head spinning right now not only is a ten year treasury yield resuming the spike to a 16 year high of 4.68% the two year treasury yield is near 17 year highs, 5.1 a 6%, look at the long blonde. this is the thirty-year hitting 4.778 earlier and earlier 4.81,

that was the highest since 2010. why are yields skyrocketing, a couple of reasons, fresh data shows u.s. manufacturing activity in september slowed less than expected. while it remained a contraction for the 11th straight month it hit the highest level in a year. his employment index benefit, that jump back to expansion today michelle bowman urged multiple rate hikes to subdue inflation, she cited high energy prices and could start to reversible the progress of the fed has made in fighting inflation and down 2.5% aftermarket, in the past three months crude has gushed higher by 28% and sizzling energy prices are not the only thing that has what are the top global strategist out there modeling for less than smooth economic landing, let's get to him and the floor show, david kelly asset management chief global strategist. you were nodding at you looked at the treasury yields, does this look a little dislocated at

the moment, what is going on here. >> would you look at the threat of the government shutdown code away. what is going on it looks like washington can find a way of getting things done we didn't have a debt where government shutdown the extremists are getting pushed out and compromises being made were the only way to get anything done is republic at the democrats passing a bill. >> that much is good the typically way to do the is decorate both sides of the christmas tree, they both without on whatever they want to add on. over the course of the century we had to massive tax cuts, two wars, pandemic and a global financial crisis and we did not pay for any of this report all of this and without making the american people deal with cut spending or increase taxes or

both, we have not done that. elizabeth: you point out to refresher issues among them exhausted excess savings, were barreling toward that end barreling toward the student loan payment resumption, correct not to mention coolie labor markets, what happens if you're morphine or reshaping a portfolio to fit the reality. >> i think the thing to realize, growth was pretty strong in the third quarter. we don't have all the numbers but it's pretty strong, things will be slowing down there is a squeeze in lower and middle incomes consumers where you have the issue of the student loan repayments, all the federal subsidies for child care going away that will make that more expensive, higher gasoline. this will slow consumer spending but it does not cause a recession immediately but vulnerable. sooner or later we get a step in the reform to recession. i think that is a portfolio that needs to be prepared for the fact that we will have a recession so don't overweight

the overhyped speed when your boss jb dive in reiterating, he said it last week, today he's telling bloomberg once again prepare for 7% interest rate. >> what i presume you saying i did not read the actual code but be prepared for that, i don't think, i think jamie doesn't think either that were to get 7% in the short-term. that's how we run our organization. first of all think of those assets by 7% interest rate. as a financial institution we want to make sure that we are okay and that kind of environment. if you have a long-duration asset were higher interest rates really hurt the long-term cash flow, that is an issue. if you have companies that need to fund the shore. frequently and actually making losses. it's one thing when the carrying cost of crazy is 0, everybody can party but we don't have that

anymore, the carrying cost of crazy is higher and that separates out how bad companies from those who have endurance. you have to look at the evaluation companies and you have to look at their ability to generate cash flow in this kind of environment. elizabeth: you have to go back to the old school way of assessing whether or not you should've accompanying your stock portfolio. >> absolutely. elizabeth: as you look at what's going on let me go back to averted a government shutdown there are still real issues of mackie to florida now says that he will move, who knows if he will but he says today he will move to oust speaker mccarthy. do you see any of that gyrating the stock market in the short term? >> i don't think so i think this year we had the debt ceiling which could be an issue and then the government shutdown which marsh looked like the government shutdown. this is cried wolf. it'd don't want to get into the politics of this too much.

and whether speaker mccarthy or anybody else was speaker the truth is congress divided in new cannot appease the extremes on either party and push something to congress passed by the se senate, ultimately you're going to have to have a compromise between republicans and democrats whether it speaker mccarthy or future speaker, i think markets are figuring that one out. i think the danger of government shutdown has receded because just as a compromise because the narrow majority. >> how with energy when is down 2% or more as aftermarket as we showed has definitely bubbled higher some would say gushed higher over the past three months, carnival cruise last week mentioned that the fourth-quarter earnings would be hurt by high fee will cost even though there is great demand to go on cruises they said watch out, this is a problem, do you take that as a longer-term

opportunity. >> there is clear opportunity but recognize how much the energy situation has changed in america. back in 2008 we were spending three and half of our gdp third quarter 2008 importing for oil. and over the last three years as opec's cutback in russia has cut back over the last five years opec's cutback in russia cutback, the suit could be record year next year will be even stronger. i'm not that worried about crude oil releasing in the u.s. economy in the desert lowering consumers and their sensitive gasoline prices but because we are making a lot of money from higher energy is less of an economic drag. >> they become to a very strong labor market were getting the jolt job labor turnovers tomorrow thursday at the adp private jobs report and then the biggie the september jobs report

by the u.s. labor department on friday, are you concerned that were starting to see a move to the downside were slowing of a job creation. >> certainly a job creation, if you go back to march of last year we had 12 million job openings which is unprecedented. that gives us immunity to a recession. if you told me in job openings it's hard to follow recession with hundreds of thousands of people every month to partially meet the demand. that demand is sinking, we will see that in the payroll report at the end of the week and will see a moody that the strong labor market is giving us will wear off and that makes us a little bit more vulnerable to recession, the fed seems to be overly focused on the issue which i don't think is a big threat i'm more worried about tripping into recession next year. >> david kelly the one thing that i want to remember about i hope our viewers do, when you

are picking stocks looks for one that don't have to go to the short-term debt markets to borrow a lot of money. rates are higher for the 30 year, tenure, five-year, two-year et cetera, good to see you. no matter what the economy looks like, brad jacobs says it's always the right time to start a business, he should know, he started five companies from scratch each one of them became a billion-dollar company he's about to hand over his recipe for how to make a few billion dollars next first on fox business hear his advice on how to do it in the age of a.i. here's a look at the a.i. stocks and how their trading today c3 a.i. the robotics in a ietf alphabet, microsoft and nvidia we are coming right back we have often alphabet, microsoft and nvidia in the green.

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elizabeth: we are talking a.i. next time you see a famous actor promoted a product you may have to double check to make sure you're not looking at an a.i. generated image, tom hanks posted this picture to his instagram warning fans there is a video promoting dental plan with an a.i. version of me, i have nothing to do with it. you can sort of tell, you can believe it, a.i. deep fixer getting creepier than that one, the imitate stars who have passed away robin williams zelda is speaking out against people using a.i. to imitate her father's voice in a statement on

instagram the stars daughter wrote i heard a.i. used to get his voice to say whatever people want and while i find personally disturbing the ramifications go far beyond my own feelings the re-creations are at best assembly of greater people but at worst a horrendous frankenstein monster but a.i. is the momentum came. my next guest said it all figure into every investment that you make, first on fox business, the author of the new book how to make a few billion dollars which hit stores this coming january brad jacobs is the founder of five businesses of multibillion-dollar successes including ex-po who stock has climbed more than a thousand% said they went public in 2012. great to have you. you talk about a.i. as a mothership of the future. you have to take that into consideration with every

business that people are thinking of investing in, buying or starting. >> in the book we have a 2 million your history. you see the trend is becoming faster and faster, now with a.i. everything's going to change, that machine is going to be smarter, better, were getting use them for sensory, cognitive and you have to look at every business is a good thing or a bad thing for some businesses this could be really bad. >> if you look at education i spent a fair amount of time looking at for-profit education opportunities and i got very interested in and i thought a.i. could do this for free. pricing is compressed, all the tutoring and teaching and college kids in the training and coding read the computers can do all of that. i categories were a.i. is your friend and going to take out cost and improve productivity. is going to enhance the business.

elizabeth: what about the financial services. jamie dimon i quoted him on the 7%, get ready, he also said today that a.i. will be part of every single process and this is what is unbelievable. it's already doing all of her equity hedging. people are going to lose their jobs. it's evolution. >> some people lose their jobs other people will get jobs. as a totality we will have more free time. elizabeth: let's talk about the businesses that you started i need our investor audience to understand why they should be listening to you and why the book comes out reading it, you found it and grew and ran five different businesses starting at the age of 23, no mba no law degree, he went to bennington college, here they are and they all became multibillion-dollar business and publicly traded in many cases. an oil brokerage, hamilton oil, united waste systems, united

rentals which rents construction equipment, that is a 30 billion-dollar market cap and what you call a 100 bagger, explain what that means. >> when i started in 1997 we started at $3.50 a share today i haven't checked recently but is $450 a share. elizabeth: 435. it's up more than 100 times and we started. it's durable and many years since i left there and it's continued to grow very well. elizabeth: what amazes me, you did not have to call a particular expertise in any of this. let's talk about how you put a recipe together when deciding to create a business when it says everybody can do as long as they follow certain rules and you start with trend spotting, when she spotted trend, you have to figure out is a scalable candidate expand or grow, you also discuss all kinds of other things for example overpay your talent, really good people, i

think we have a full screen. thank huge to earn huge. spot the trend, trends, and go, dante. >> i've had many fantastic business mentors in my life. the most influential who died in the '90s, he once told me with his thick german accent, you can mess up a lot of things if you get the major trend right and if you get the major trend wrong, you can do a lot of things right you just will not make a lot of money. getting the major trend right is really important, the biggest of all is tech making sure tech is going to be offended any business. elizabeth: if you decide to start a tech business, you did not have expertise and waste disposal, solid waste disposal or anything else that you tackled, would you say people

need experience to start a tech company. >> i'm daca to start a tech company i looked at a lot of tech companies it's not my thing, the evaluations and multiples of revenue i'm used to reasonable multiples so i gravitate toward industrial services that is my bailiwick. i'll use technology. elizabeth: the book is amazing. i have to ask you can you take her expertise and how you lose perfectionism to washington, d.c. right now, we almost had a government shutdown, now we extended until november 17, the continuing resolution. working have this fight all over again. what would you advise to help washington get over that we hate the republicans and the democrats. >> i love the two-party system among global traveler and one party is far inferior to the two-party system. in business you don't want to have these beating each other up all the time you were not collegial collaboration and teamwork and people working together and respecting each other. elizabeth: in the end the youth

think america still the best place to start a company. >> 100%. elizabeth: what your next company. >> i have not told yet. the book comes out in january, thank you so much for coming here to talk about it. how to make a few billion dollars. this guy knows five separate times and is not done. 29 days until halloween. it's never too early to put together your christmas list. lauren simonetti at the international toy fair with the very first look at some of this year's most wanted toys and the companies that make them she's going to tell us if it looks like the consumer is going to pony up or play scrooge, the closing bell 39 minutes away the dow down 163 points but off the lows of the session. don't go away.

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elizabeth: of fox market alert. we have the same picture that we started with 26 minutes ago. the dow down 140, s&p done 14. the nasdaq is increased its gains up seven points at the top of the show. our up 29. better stop calling the las vegas fear a money pit. severe entertainment reaching to the heavens after the company's futuristic venue opened on friday in las vegas with a breathtaking show from you to.

we have severe entertainment off the highs of the session of 12%. the concert kicked off the bands 25 show residency at this fear. look at this it was not look at the audience in the ceiling. at 360-foot tall immersive entertainment venue. it is at the venetian resort, the largest spherical structure, j.p. morgan raised the price target on sphere entertainment from 25 - $28, the way behind it is at $41.58. keeping with the music theme beyoncé ripping a page from taylor's playbook. amc confirming reports the movie theater chain will distribute a film based on beyoncé's renaissance world tour directly through the theaters. the film is targeting a decembed to earn $558 million in ticket sales. the announcement comes on the heels of taylor swift steel to release the arrows to her, both

are key for theaters as they fill the movie calendars due to the hollywood labor strike that brought production to a standstill. on a side note the actors union and studio are resuming talks, hopefully docket worked out, amc entertainment reported how%. where is the cyber truck, the new numbers show tesla missed estimates for third-quarter production the deliveries of all its vehicles. in the production and delivery the ev maker said and planned upgrades at the factory to rollout a newer version of the model three were to blame here, analysts believe the upgrade will help boost fourth-quarter deliveries, tesla says it still on target to deliver 1.8 million vehicles this year and the number remains unchanged, tesla barely getting it down a fraction of 8% earlier it was in the green, right now to a $49

and change. target hitting a three year low after bank of america lowered the price target from $135 to $120. right now $106 down 4% at the moment. last month three other brokerage firms reduce their target on the retailer. the company said on wednesday it would close nine stores across for u.s. states as theft and organized retail crime which is threatening the security of the employees and customers still grappling and trying to come up with ideas on how to tackle the major issue, brokerage firms are trimming the price target on retail giants. toy makers are sharing their concerns ahead of the holiday season despite the blockbuster success of the barbie movie. hasbro is down 11% over the last month. hasbro does not make barbie, mattel does. you will get hasbro down 2.8% it

could be in for a tough couple of months. toy sales solve massive jobs in 2020 and 2021 but inflation pushing up prices and student loan pavements resuming toy companies are bracing for significant slowdown this holiday season. i know you want to know the hot toys coming in who makes them lauren simonetti in the toy for jacob javits center in new york city. >> taken for not being a debbie downer, there has to be toys for the kids in the adult this holiday season and the multiple floors eight football fields of toys this is the first toy fair since 2020 in person. this is pent-up demand over three years, every merge and every retailer and everybody ordering today understands what's going on in the industry and 32% growth during the pandemic and now a little bit of a standstill teenage mutant

ninja turtles are expected to be hot toy bar remove even taylor swift, rainbow bracelets helping to create some of the buzz but retailers are being cautious with their orders and the broadening price points, there is a toy and a price point for everybody, i'm going to bring in jennifer, toy expert of the 3 billion toys that sold last year you will never guess the average price point, i would've said 20 and the answer is $13. >> i thought that was affordable what can you get for $13. >> toymakers are pointing out the idea of being future rich in a figure go to a higher price point but you can get something like the scribble scrubby crayola and their sets can come as low as $5. you can get sets at that price point in the value in them and you can want to expand and get

something larger like this guy. >> over here lincoln logs, this is a classic from basic funds, classic brand, grandparents, parents playing together classic ways that is something that we see trending right now. what about kids adults toys for grown-ups like us. >> over here we have a fun game like family game it is a little bit like ski ball. >> you drink every time i get it in. >> essentially you keep trying to hit it in and go to the top end and that's it. >> what about educational toys. >> a great line hands on circuitry their building their hands and no screen free play which is a great component of it. the four of these are around

$20. the issue is we are still dealing with the effects of covid and supply chain issues. this is likely not going to be available this year. >> what we say if you have a toy on your kids wishlist you want to shop early for the product. if you see something early by it now. >> i kind of always do that i was very disappointed as a mom that slime is still popular. >> i love it this one is sticky, it's not sticky and has really great themes to it. >> if you buy my kids slime for their birthday on never be invited again. elizabeth: have you seen the slime influencers my kids learn how to make slime and i was looking at my freezer why are there ziploc bags of fuchsia and green blobs.

>> did you find glue or shaving cream anywhere in your house. >> i did not but a lot of duct tape wallets made out of duct tape that was another thing. thank you. slime is still the trend. investor emotions nothing to be toyed with the regional banking crisis in march but city is extending love to select names in the sector former barclays ceo bob diamond is here best known as the man who swooped in and snapped up the bankrupt lehman brothers in 2008 crisis he's next to the fox business exclusive on where he is fighting select winners and what sectors. it was two months after lehman's collapse the ponzi scheme burning made off was arrested, the attorney who defended him and wall jordan belfort everyone talks to liz podcast i want you to hear the back story is better

than a courtroom drama, prepare to be captivated by his riveting journey from the prosecutor's bench to be the renowned criminal defense lawyers in the world. i asked them why did you defend some of the most hated people in the world, you have to hear what is behind this theory and why he does what he does, amazon, apple, spotify, iheartradio they all have my podcast everyone talks to liz. we not only have nine names in the green at the moment led by united health group at microsoft at the very bottom 3m, boeing and mcdonald's are the big diamond. i was a bit nervous at first but then i figured it's just walking, right? [dog barks] oh. no it's just a bunny! calm down taco. sit duchess. stop! sesame no no. archie! walter don't, no, ahhhh.

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goldman sachs up to retentive 8%, others ended down to retentive reset from j.p. morgan to john more than 4% from wells fargo but city the end of the quarter flat to slightly lower says bank of the bank especially the regionals because now is a good entry point city has initiated outright by ratings for both huntington bank and zion while reaffirming key core with the former ceo of one of the biggest banks who scoops up the entire businesses in the world agree, joining me know in a fox business exclusive former barclays ceo bob diamond. and what do you think of the overall picture of investing to the regional, it seems a long time ago with the silicon valley bank crisis. >> were very positive over time. i think there are some things that need to be looked at. evaluations are quite low as a

result of svb, greater regulatory intrusion, technology cost, adjusting to the higher interest rates, commercial real estate, you go through it, i think the regional banks, the specialist banks are going to be a better investment over time how much they miss the incredible service that came from spv and first republic small businesses in particular. i think one of the great strengths of our financial industry in the country is the diversity and having community banks and specialist banks and regional banks not just the top four or five institutions, the very large megabanks. it is a real positive, were looking at the sector very closely it needs private capital to be invested and were keeping a close eye i agree with cityview. elizabeth: you helms barclays

bank during the financial crisis all what not having enough capital on a balance sheet havoc that it can wreak, you say is not so much that the bank should be sitting there piling up their own in the private investment is going to be very helpful in these cases. >> i think we will see consolidation if you looking for, for a half thousand banks in this country i think we will see some consolidation that ends up in 3045 institutions, the value of the community banks and specialist banks in the small businesses is very, very clear. as they adjust and as they adjust they frankly 5.5% interest rates are good for financial services. the adjustment period that is necessary. and for the smaller banks is way

overstated and des moines, iowa with los angeles and san francisco. to the point i'm glad you brought up commercial real estate. people have been calling for massive crashes in commercial real estate. we have not really seen it in the aggregate and a big way. we had weak field ceo bruce, on the show a big property company, they run and owned the building the fox business is in, i love him but he talks his book, who does it. he says not to worry and the best is yet to come. he says people are coming back to the office and this will eventually improve, do you agree? >> i think two things i think people are beginning to come back to the office i think some

weakening and the economy in the labor market will accelerate that. i think anyone who told you with some selected businesses are different but most businesses to say that they haven't got lower productivity and stay at home are not telling the truth. i do think will help more people but i think the second issue is differentiating between downtown areas and rural areas versus the big cities intend to throw commercial real estate over all business real estate in the small specialist banks investing in the community is very different and frankly not as big of a worry. elizabeth: i would be remiss with silicon valley, a solid commercial obviously they were acquired and they said were still in business depended on what part of the business. i have to ask you this, coming up on october 5, the seven big banks that elon musk's investment in twitter are

looking at $13 billion in debt that is losing value. barclays is one of them you don't run barclays anymore put on your big institutional banking hat. if that were brought to your desk to fund elon musk's buyout of twitter/ask would you have said yes? >> it's very easy with 2020 hindsight to say that was a bad decision by the banks that were part of the bridge but 2020 hindsight is awfully easy. what i would say most of the banks would look for an opportunity to exit and free up capital because their extraordinary opportunities and the leveraged finance business as you look forward over the next couple of years. obviously with hindsight i'm sure all of them would've preferred to not been a part of it. elizabeth: it is not looking good at the moment. although we have seen elon musk

pull a rabbit out of his hat. it's great to have you we would love to see you on the show. >> it's great being here, see you soon. >> social media is lit up speaking about twitter ask the ex-ceo linda's performance at the silicon valley conference was disastrous last week, what does this mean for the thursday meeting with the seven banks in the bank rolled elon musk's bid to buy twitter. charlie gasparino to break it next, 13 minutes away we are coming right back, the dow is down 129 points.

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and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. liz: it is the talk of the town protech world c-suites to big bank boardrooms. many are calling x ceo, linda yaccarino stage appearance at last week's code conference bizarre, rambling, disasterous. it raises questions, 13 banks that hold twitter's massive debt are looking for writedowns. this is the appearance. clarification for what x owner elon musk tweeted about turning x into entirely paid sun

description model followed by a question about falling numbers. >> moving exclusively, thinking about it. >> what sources were they? with over 540 million global users i would love to sift through, you know, the data points that you picked out. i would argue pretty aggressively no matter if you want to, i don't know the stat -- did you say tell gram? i would have to scrub your numbers. yeah, i started in june. it is all a blur. i was supposed to put a x on it but i was watching the interview and i didn't have time. liz: some in the audience perceived that yaccarino didn't have the x app on her own phone. that is not what has bankers worried. to charlie gasparino. >> bankers are wore remembered about debt, who is getting paid. who was consortium, every major bank, led by morgan stanley put it together.

you had bob diamond on he said he wouldn't have done it. i feel badly for her. there are two stories here. there is that story, i feel badly for her, she works for a lunatic. the guy is not a normal ceo. i know this from dealing with bankers that deal with him. he is not a guy that reads balance sheets and stuff. it is all shoot from the hip. she is getting attacked but she didn't know, flubbed the question whether he wants to do twitter as a subscription model. that sort of stuff passes through elon musk's head three times a day. he goes back and forth, back and forth, back and forth. he was musing with one of my sources, you know the guy's name, more than musing, talking making paypal into some sort of credit card company, excuse me, twitter into a credit card company along the lines of paypal. he has all these things. it is one big entire sort of mind dump every day and she is in the middle of it. cut her some break for not being totally in on what is in that

guy's brain. liz: you're being so generous. not like you. >> because i know that people deal request him, he is another level. liz: she took on the job as ceo. she has to face the bankers october 5th and they're, according to bob dimon, i would imagine, he ran barclays, that is one of the banks, i would imagine looking or already exited or tried to exit. >> i'm sure they tried to syndicate the loan, sell it, not on the balance sheet. they're smart not to keep debt like this on the balance sheet. the question are they defaulting? i don't think they are, not even close and can they default? i get it, twitter is not making any money. they, elon paid $4 billion -- liz: $44 billion. >> something worth about four. liz: today. >> worth about four today, maybe not much more. on top of that, you know, he has to figure out a way to make money but he has got his tesla

stock. where is tesla trading today? is it doing okay? liz: it is actually. really, really well. >> there you go. there you go. bingo. liz: it turned positive. >> so that is what you have as his currency. in terms of the banks themselves, i don't hear that they're like, basically doing what they have did to carl icahn recently and forced him to restructure the debt and everything. i do that people are worried about the future of this business and he's, it is a million different ideas. i feel badly for her. i didn't think julie borson did a great job. liz: she had her facts solid. i thought she was pretty good. we have a guest to talk about some stuff. i can't wait to hear what our sewerses say after that bank meeting. >> when is it? liz: octoberth. you taking a page out of linda's book. >> meetings are smeeting.

is packing his portfolio with travel and hospitality picks, dan ahrens. you still believe the descrier to get out to travel is still really hot? >> it seems to be. people are still traveling and in this inflationary period people seem willing to pay up. now that we're heading into the fall we're seeing a bigger return to business travel. maybe the most robust business travel we've had in a few years. liz: business but not not leisu. looking at morning consult's picture. fewer people want to go to canada, some of these other countries. it was so superhot. you're not believing these numbers, but you say you have to go with marriott, carol restaurant group and mpg ingredients. >> we have a few things happening there.

mpgi ingredients, alcohol company, big distiller. we think it is one of our steady performers we have in our vice etf but getting back to travel we do like marriott an awful lot. in these markets though we think stock selection is still very important. we're bullish on travel and restaurants overall but we think actively managed stock selection, picking right stocks at the top of the portfolio is very important. liz: yeah. and i think, a lot of this depends on the economy plays out and how the consumer feels. we know today that interest rates are once again hitting 17 year highs, 14 year highs depending whether you're looking at the 10-year or two year. that is an interesting dislocation although the markets appear to be coming way off the lows. the dow is down just 84 points. what do you think the fed is

going to do? one more rate hike, do you think? >> i wouldn't be surprised to see another rate hike, but we see inflationary periods but again strong demand still for restaurants and travel in my opinion. we think people are willing to pay up. yes, would you think that interest rates hitting people in the pocketbook but we're not seeing it in a drop-off in demand yet. liz: yet is the key here. dan, always a pleasure to have you, thank you very much. dan ahrens. the september slump spilling a bit over into october. [closing bell rings] dow down on the first trading day of month. s&p just and nasdaq. tomorrow super analyst dan niles. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right, right at the top, a