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before the closing bell rings, and we begin with breaking news. we are just now getting reports that american soldiers at iraq's air base are under attack at this hour by drones and rockets and missiles at this hour. according to security sources, multiple blasts have been heard inside the base. this coincides with a sudden dip in the markets where we fell to session lows for the dow jones industrials which were down 216. we're still down about 206 points. this fresh attack -- and, again, it's in iraq -- comes after a u.s. navy warship near yemen intercepted projectiles headed toward it. this according to reuters. we should switch right now to cvoe soling tilt index, at its highest since may, it is above 20. that's kind of a level that lately, or it's not that historically high, but lately that has been the level to punch above it means there is much

more volatility. the vix spiking about 8% at the moment. you can see that in this intraday picture. these are concerning developments under even the best of circumstances but, of course, this is the middle east. starting to churn and many of america's greatest fears could be coming true. the attacks on israel could spread and become a wider conflict with, again, now we're about 59 minutes left to trade. let's take a look at the markets. we've got the dow jones industrials lower by 190 points, so moderating just a bit, coming up slightly off the floor. the s&p losing 31 points, about three-quarters of a percent drop and the nasdaq down 114. russell 2000 down 21, the percentage loss leader, small and mid caps. we are five hours away now from a prime time oval office address by president biden, only the second since his inauguration. the president just returned from a whirlwind trip to israel where the horror of the gaza war

continues. with casualties on both sides mounting, tonight the president is expected to request from congress that they approve if a multibillion dollar military support package for israel as it battles against terror group hamas. we're going to take you live in one minute to fox news' greg palkot live in israel near the lebanon border. in the meantime, we need to show you how the markets are absorbing so muching both that news -- absorbing both that news and a speech jay powell gave at the economic club of new york. powell began speaking shortly after noon, and that's when you started to see the dow gyrate. at its low -- and that was just a few minutes ago, but earlier, the previous low had hit around 12:38 p.m. right now the dow, we have it at a lot of about 186 points -- a loss of about 186 points, so it has gotten worse as we've gotten this news about action in iraq are.

but it was powell's comment that, quote, evidence does not yet show that interest rate policy is too tight. that had treasury yields spasming with the 30-year spiking 12 basis points over just 60 seconds to 5.1%. we're still almost there at the moment. it has since barely moderated to 5.093%. let's look at the the yield on the 2-year bond because it is most sensitive to fed policy. it responded the same way here. it jumped to 5.259% before pulling back just a bit, we stand at 5.174%. powell stated that inflation is still too high. the resilient economy still shows growth above trend but that the fed is proceeding with caution regarding further rate hikes especially in the wake of the hamas terrorist attack on israel which he called horrifying. if to that point in israel, it is 10:04 p.m. where that horror continues. an 80-year-old u.s.-israeli

woman and her 13-year-old daughter -- granddaughter, rather, taken hostage when hamas launched a bloody attack 12 days ago have been found dead. so they join the 1300 slaughtered by the militants who are now being blamed for the rocket explosion yesterday that killed hundreds many a gaza hospital. intel groups around the world now say analysis of video evidence shows the mise style was launched from inside gaza. fox news' greg pal cot has been working the story, he joins us live near the remember nice -- lebanese border. we've got soldiers being told to be prepared to launch a ground offensive, and now this action in iraq where u.s. soldiers are defending themselves against missiles and drone attacks. what are you hearing, what can you tell us in. >> reporter: i think it's safe to say, liz, that this entire region is on edge. and in some ways, we've been seeing outbursts and skirmishes

certainly where we are right now. we are right up existence the border between israel and -- against the border, and the last few days we have been watching firsthand israel duke it out with iran-backed hezbollah militants. just recapping, there have been clashes across process the border at the u.s. embassy in beirut and at u.s. and israeli consulates throughout the mideast. the arab spring is dismissing israeli evidence it did not hit that hospital, and they're cup set about the -- upset about the soaring death toll as israel pounds hamas for its carnage and hostage-taking. meanwhile, along the border we have witnessed a steady stream of strikes and skirmishes this week involving hezbollah and the israeli military. there was a fresh hezbollah hit today. it was aiming for the army but landed in a civilian area, and there were injuries. militants are using rockets, antitank missiles, mortars, whatever they can get their hands on. as for israel, they have built up a major presence here.

with we were with an artillery unit today that arrived just a day after the massacre down south. they're also using tanks, airstrikes, drones and flares. we call them skirmishes, liz, but they are deadly. in the past week, there have been five israeli soldiers killed here, eighteen hezbollah and other militants can killed as well. we've been reporting, it doesn't hurt to repeat it, hezbollah claims 100,000 fighters, 150,000 rockets, has fought with israel in the past and they and their benefactor, iran are, have made it clear day after day after day here if israel pushes further against ally hamas in the south, they are ready to go big here. but the way i look at it right now, liz, it's kind of like two global prize fighters going back and forth trying to draw first blood ors but it's -- blood, but it's getting more and more dangerous. back to you. liz: yes, indeed. and and you've been covering it from that very northern part of

israel, and us suddenly that action appears to be heating up along with what's going on in iraq, the breaking news we just brought with our viewers. greg, thank you. you and the crew stay safe. we've got president biden's presidential address tonight, 8 p.m. eastern. he will discuss the funding that he would like to see congress approve for israel and for the war in ukraine, dual wars here. fox business will have complete coverage live beginning 8 p.m. eastern. the markets, obviously, pretty much reflecting the uncertainty in both the middle east and at the federal reserve. not a surprise that investors having a bit of trouble digesting fed chair jerome powell's earlier comments that spanned from how surprised he is by the resilience of the u.s. economy to the dangers of overtightening interest rates to cool inflation. a 400-point swing for the dow jones industrials, that's what we're looking at. at the trough we saw a 216-point loss. at the peak, the blue chips spiked 187 points.

right now we're back down nearly 200 points. by the way, the dow jones industrials have crossed the unchanged line 85 times today alone. let's look at the s&p, and the same type of reflection in this intraday chart that you can see. we're at 4,284, that's a loss of about 29 points at the moment. flip it over to the nasdaq. it has had a 200-point intraday swing and right now is falling about 100 points. we are specifically monitoring the 10-year yield very closely here as it approaches 5%. it did hit 4.996% on powell's comments earlier, we're at 4.9 8% right this moment. you've got to watch all of this because that 5% threshold, that would be a level that the benchmark treasury has not closed at since 2007. could it do it in this final hour of trade? we're watching it minute by minute. and now despite weekly jobless

claims, and this is morally very good news -- normally very good news, falling below 200,000, the lowest number of people joining the unemployment lines since january, it's an evidence of a strong labor market, the fed funds futures now reflect a smaller chance of another rate hike. okay, so let me just explain that. the stronger the jobs picture and the economy, you should sort of see that we would see a rate hike to cool down all of this. that's what the9 fed would like to see. but right now november fed funds futures show a 99% chance of a pause. the fomc meets november 1st: this is the market getting -- betting on that. december, the last meeting of the year, you're looking at a 30% chance of a quarter basis point hike, but that's actually down from 40% or odds yesterday. and then for january of 2024 we're looking at about a 34% chance of a quarter with point hike from where we are now. and it's not even worth with it to show, but i watch this kind

of stuff, a 3% odds of a 75 basis point tightening. who knows what's going to happen between now and then. powell also emphasized during his comments today that the banks are in stable condition, and he noted particularly the regionals. he said they're strong and well capitalized. and we got some evidence of that from truest and key corp. earnings. they came in with earnings today, and shares are mixed at the moment. key corp. unchanged, fifth third the up nearly 2%, truest down 2%. let's get to our floor show is. joining me now, phil blancato and trader teddy weisberg. teddy, the market interpreting or having trouble interpreting exactly what the fed is trying to say especially as he spoke to, you know, the economic club of new york. how did you interpret it, and why are markets down at the moment? >> well, i think my interpretation, liz, is i think

we're going to see interest rates move higher. i, quite frankly, didn't understand the message. i thought it was, you know, we've heard fed speak from a lot of different fed chairmen over the years. i've been doing this for over 60 years, and today's speech was the most confusing i think i've ever heard. so i'm not quite sure what his position is, but but if i read between the lines, it sounds to me like the economy mains strong, employment remains strong, and they're not doing a good job dealing with inflation, so interest rates are probably going to move higher. liz: phil was at that event today. [laughter] phil, when you were watching this, what was the key point that you brought out? i'm glad teddy agrees with me, i was a little confused -- well, it's not even confused, it's fence sitting. powell has a very difficult job. he is trying to thread a needle, not to panic the markets. i would not call this panic right now, but what jumped out at you? >> pause. that he was very comfortable where we're at. he thought the bulk of the work had been done. he quoted milton friedman as

patience is important as a lag component, and most importantly, rates higher right now are more about a supply-demand issue as well as a stronger than expected economy. even he said it caught him by surprise. but but the labor market, in his opinion, is showing significant signs of weakening, you're not having this real draconian issue around wages. even though we got a great retail sales number, in the end, he think -- sees that moderate slowing down. it's why he's on pause. liz: okayment and you noted two different parts of the treasury, of the yields' curve, and you said look at the 1-year and hook at the 10-year. why? what is that telling you? >> what you're seeing, the 1-year's staying relatively -- liz: 5.149% for the 1-year. >> the inverted yield curve is beginning to go away, and right now you have an opportunity to

do two wonderful things in your portfolio, put 75% in that 1-year position, it's a great way to earn income, be paid to wait around. if i'm right, the interest rates are going to grind, you'll get price appreciation on that long bond, but you get safety in the short. it's the best thing you've had in a portfolio in decades. liz: teddy has been talking about investing in t-bonds and treasury i want to say going act back about eight months, but is there anything interesting in equities because things are a little bit cheaper right now? >> i think, you know, if you twisted my arm, i'd still go with insurance stocks and energy stocks, particularly insurance stocks because they have a wonderful -- they're in kind of a sweet spot here -- liz: they're cheaper today. i'm looking at a bunch of them that are dropping pretty dramatically. >> well, you know, i think today is, today's a little difficult for anything. liz: yeah. >> is and, i mean, a i'm not sure if it's a trade i'm going

to make for everybody, but i thought that the fact that united airlines reported yesterday and they the beat it up pretty good, down about 99 % -- 9%, was in the 50s, now saidinging in the mid 30s, i think it's a great way the play oil, quite frankly. we're long energy, and i think being long in an airline, particularly united airlines, is a great hedge here. it's a great hedge against energy. energy is up now. you know, if we get lucky and hinges calm down in the middle east and things start to reverse, anyway, i think it's an interesting trade to be kind of buy an airline here and stay long energy, and it's a pretty good hedge. liz: phil likes exxonmobil -- sorry, likes chef. ron. chevron up about 3% this year but down 5.5% year to date, pe of # 11. >> paying almost a3.5% dividends and a -- dividend and a company that is diversified and is going

to win on not just manufacturing, but development of new resources. i think the company's got a real upside here. liz: by the way, you also saw on phil's list, xerox, that has a dividend of nearly 7. i want to thank you both. we are now hitting fresh new session lows for the dow jones industrials. we're coming right back with much more on that breaking news as it happens. plus, we got some housing data out. the company that has its finger on the pulse or should we say on the plumbing of the housing market, and there is a lot happening. you're looking at home builders falling at the moment, but year to date all of these are up double-digit percentages. stay with "the claman countdown," we're coming right back. ♪ ♪

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liz: the dichotomy of the housing market's health on full display today. okay, existing home sales in september dropped to their lowest level since the foreclosure crisis. if that was a long time ago, october of 2010. as the current average interest rate for a 30-year fixed mortgage hits 8%, up 20 basis points week over week. despite the bearish housing outlook, you know, mortgage rates so high, who's going to buy a house in one plumbing supplier stock looking rather flush. ferguson is up 54% over the past year. we do have the wholesale distributer as the largest plumbing and hvac supplier in the u.s. its customers are mainly contractors and maintenance professionals, but they also have a very broad business overall that gives us a sense of how the market is doing. join me now, ferguson ceo kevin murphy. kevin, give me a sense of what you are seeing. it feels like the real dichotomy

is that sales are down due not just to the high mortgage rates now at 8%, but because there aren't enough houses to buy. >> yeah. thank you for having me, liz, great to be with you again. if you look, the fed's done their job in slowing down the pace of new residential construction, and we've certainly seen pressure on that side of the world. but if you look at where or we are today and we really have a structural shortage of housing in the u.s., we're down about 4 million units from where we need to be. and soyou look at where that structural tension is together with high rates can and high home prices, it actually puts us in a place where we're starting to see signs of stabilization. and you saw about a 1.4 million permit number a couple of days ago, and we're starting to see that level off for us as we go through time. liz: interesting. i always like to dig down and try and find out which part of the market is the healthiest. what are you seeing? more activity and more requestses and purchases from

your contractor business or if from your diy business? >> yes. if you rook at our company overall, the $30 billion revenue number, just over half of that is in the residential space. the bulk of that sits in the repair, replace, remodel side of the world. and we have a mix of, albeit majority contractor-driven, bedo have a diy base. that diy base has seen pressure for quite some time asiers either have -- consumers either have stretch balance sheets or spend on experiences. but we have seen the trade base with, the contractor base remodel side be a bit more durable especially on that high end, larger project base. they're running through backlogs right now, but they also have some continuing green shoots as they look at customers who may be staying in homes for longer as they hesitate to turn over that existing home stock and want to make sure that that space is a livable space for them for years to come. liz: you're a big company. i mean, $32 billion market cap.

and when the the elon musk and tesla talking about margins, everybody's talking about margins. and i do want to ask you that. in your recent earnings report, you've got an outlook for operating margin of 9.2%-93798%, to -- 9.8%, a 60 basis point range there. what do you think will get you up to the higher end of that range? >> yeah, as we look, again, just over half of our business is in the residential space. we hoe that's going to be pressure -- we know that's going to be pressuredded. and then the nonresidential side is going to be a bit better than that. and so as we look to go throughout the year, really if that revenue range starts to play in and we start to see the commodity-based products that we sell -- steel pipe, duck till iron pipe, pvc pipe, copper tube levels we're seeing right now, because they're in deflationary territory and is they maintain that that level that we're seeing, we believe that that

9.2-9.8 starts to settle in toward the middle portion of the range. liz: it's good to see you, kevin. good to talk about a segment of the market that is certainly -- [laughter] in focus especially considering 8% 30-year fixed mortgage rates. we'll see you again soon, thank you. investors in american airlines looking forward to happier holidays as the major u.s. carrier says end of the year travel could be as rosy as santa's cheeks. details straight ahead. we're going to check american airlines' stock in just a moment, but here's a look at alaska air, delta, jetblue, southwest and ual. only jetblue in the green right now. they're struggling, you know? a lot of them are saying be careful what's going on in the middle east may clip where they're able to fly. market session lows at the moment. we're coming right back. ♪ ♪

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liz: fox business alert, the little guys throwing in the towel. the russell 2000 right now is at session lows. you see this percentage drop about 1.5%, down 25 points. and a lot of times what you have here are smaller and mid-cap companies worried about the cost of borrowing. they borrow a lot to grow, with we know that rates are rising. in the meantime, let's look at american airlines. we told you before the break we wanted to hoe this to you, it is up. 25% but off -- 1.25% but off

earlier highs. they beat on third quarter adjusted profit estimates, bookings for the holiday season are stronger than they were last year. the texas-based carrier has ordered four e-175ss from emrair used by envoy air, and they've signed an agreement with alaska airlines to purchase 10 airbus a-321 neoplanes. investors dialing up at&t after the end company reported third quarter revenue that beat analyst estimates. the telecom giant ad -- added 468,000 connections for the quarter, also higher than analysts had expected. the stock up 6.7%. that's a big gain on any given today for a, the and, the, let alone any other company. the ceo added that the release of the new model iphones last month helped boost upgrade rate. the stock has gained three of

the last four sessions. flip it over to best buy, giving up earlier gain requests after goldman sachs raised its rating from neutral to a buy, raising the price target from $79 to $85. right now shares are at $69 and change, down 1%. the investment bank believes the demand for consumer electronics is on a path to recovery particularly for two of best buy's products, tvs and laptops. canada goose flying south after td cowan downgraded the stock from outperform to market perform. well wells fargo also downgraded the winter clothing maker from overweight to equal weight. boy, this one's under severe weight here. [laughter] price target from $25 to $20. it's a at $12 and change at the moment. basically or, they're fearing a weak holiday market due to economic wrotes in china as well as a potentially warmer, drier winter in the u.s. these coats run around $900-1200

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liz: all right. on a day where the markets are down, look at a netflix. it is having a binge-think performance, up 16.8%. that's not even the high. it topped $408 at the high, we're at 404 right now after the

streaming giant's password-sharing crackdown continues to pay off. they had 9 million subscribers, the highest quarter since the pandemic boom. investors cheering the announcement it will hike prices again for basic and premium mans in the united states by $3 per month to $11.99 and $22.99. so what does this mean for9 not just net flick, but the exit if to haves out there -- netflix? joining me now, michael pachter, he's got a $525 1-year price target on the stock. michael, i look at this and i think who's shaking in their shoes the most? i mean, you've got warner brothers-discovery, paramount, disney+, amazon. who's putting in $13 billion this year and $17 billion next year many content like netflix is? >> nobody's spending that much on streaming only content. i mean, disney certainly spends

a lot producing motion pictures, and each of the studios that owns the streamer, so hbo, you know, max now, is owned by warner brothers-discovery, they probably spend about that much as well, it's just that netflix doesn't have the theatrical window, so they're competing on a different plane. to be honest, i think the biggest signal that they sent was they didn't raise the 15.49 praise point. so they kind of capped out how -- price point. they kind of capped out how high disney and max can go. i think that tells you a lot. i think as a consumer, we're pretty happy we can get good content and a lot of it for $15 a month. liz: michael, how long is the trail, the vapor trail that we see from the crackdown on password sharing which has forced many people to actually legit start their own accounts? >> yeah. this is, you know, a page out of steve jobs' textbook. you kind of remember way back when in 2001 when the ipod

was invented, they cracked down on stealing music, and apple came up with itunes. and they made it cheap enough that those of us who have a shred of honor thought it was before to pay for songs than steal them. you know, i think netflix now is doing the same thing with password sharing. i have two daughters, both college grads, both at home, is and they're going to move out one of these days, i hope pretty soon -- [laughter] and i'm going to add them ask pay $7.99 each because it's the right thing to do. they've used my account since they were, you know, since they were able to use accounts, since they were 4. but, i mean, i'm going to pay because it's right. so i think it's really smart, and if somebody doesn't want to pay for the pirated account, then the new person who was stealing the password has to decide if they want to pay or not. doesn't cost netflix anything to boot that guy off the platform. for my kids, it costs them nothing to deliver the service

because they were already using it, it's all profit, and that's e really pretty important. liz: you're going to be that guy who's still paying for their new york times subscription and their phone, the phone bill chen they're 30. [laughter] michael -- when they're 30. >> the phone companies figured this out a long time ago. liz: exactly. >> we all made fun of poor steven miller, but i'm going to pay for my kids' phone as long as they live, it's a better deal. liz: what a nice dad. adopt me. michael, let me talk about what netflix is going to do in sports. they are about to launch live this event called the netflix cup. a very creative idea because they've had so much success with their formula one documentary, drive to survive, and what they're going to do is have sports people, the golf tournament that pits the race car drivers against the golfers from a similar effort or called full swing. very creative, is it not? and what kind of addition do you see that adding to the bottom

line? >> you know, i think it's, there is no original thought. i think it's like battle of the network stars from the 1970s. so you're taking people out of context that are famous for another reason and putting them in a competition. "dancing with the stars" is the same idea. so, great. i think the concept is really smart. i think arranging it as live broadcast is dumb. so i'm hopeful that this ends up just becoming on demand the way everything else is on netflix. we don't think of netflix as a place to go for an appointment, you know? we don't want to tune in at 9:0- liz: when we're forced to, right. >> we'll tune into you because you give us something topical that we can't get otherwise. i have to get my "claman countdown." [laughter] but i wouldn't watch the show archived two years later because i don't care what happened then. liz: of course. yes. thank you, i love that. let's dovetail, since we're talking sports, to espn. we're getting a first look from

disney ceo bob iger about actual numbers, and it looks like the company announced they will be restructuring. first nine months of fiscal year, we're looking at revenue declining 1.3% to $13.2 billion. he said he doesn't want to sell the network. you've got amazon joining a list of supposed suiters many talks with disney for an espn streaming partnership. what happens with espn? >> you know, i think that the linear broadcast guys, you know, fox business included, i think that they really misjudged how badly streaming was going to hurt them. and i think that, you know, the guys who create, you know, dramatic original content, dramatic and comedy shows, were really dumb to license that stuff to netflix because what that did is it created a whole generation of people, my daughters among them, who will probably -- [audio difficulty] so e espn is wearing the brunt of iger's decision to license

this content9 to netflix for the last decade. and i don't know how that reverses. we've got to train consumers that there's real value to a cable subscription, and that's why it's so important to keep sports and news only on cable tv, only on broadcast. it will pay for that value. liz: well, the ratings at fox news, fox business, cnn are jumping exponentially during this war. maybe it's when you really need live, on the ground, reliable information. and i think in the end you're going to be looking at viable cable networks -- listen, i'm whistling past the graveyard maybe, i don't think so. but let me just quickly ask you about disney because we're still waiting on their earnings and, again, the right, the writers' strike is over, but the actors strike, sag-aftra, still going on. there is a development today. george clooney has confirmed that he and some of the top

hollywood rainmakers are make -- putting together a $150 million package to try and end the strike. at some point the big names and the little ones are going to run out of content. do you think that the writers' guild was a good example of time to settle on something that's pretty good, or what do you expect if the actors' strike? -- from the actors' strike? >> i think that you creative people deserve to be paid for your creation. and i think it's totally reasonable for the actors to ask for streaming residuals. that's really the sticking point. the writers got them, and they did it very -- the only productions that are 30 million or more and only productions that have 20% of the subscription service's viewers. the actors can do something similar, and i think that they will win. the thing that sticks in my craw, as they say, is amtp said this is to going to cost $800 million a year.

there are 500 million streaming subscribe isers, so we're talking about $1.80 per subscriber per year. raise prices 15 cents and be done with it. this is driving everybody crazy. finish and the guys who get hurt the most are the broadcast guys because with they don't have any fall content. september already happened, and this was no new tv season. is so heir going to continue to get hurt -- they're going to continue to get hurt: the guy who wins? netflix. because they can produce overseas, and they have enough catalog content that nobody's going to notice. so again, the networks are really blowing it, giving subscribers a reason to cut their cable cord. liz: right now netflix holding on to gains of 16.6%. michael, good to see you, we thank you. by the way, we are looking at fresh session lows. just a minute ago we were down 296 points, right now down 265 for the dow. day 12 of the sam bankman flied trial is over -- sam

bankman-fried trial is over of. we've got an update on the crypto exchange fraud trial coming up. and let's check cryptocurrencies. everybody is higher here. and you looked at bitcoin, yesterday it was around $28,2000, it's now at $28,743. that's a gain of 1.5%. litecoin up two-thirds of a percent, etherium up half a percent. we're coming right back. 12 minutes to go before we hear the bell ring. ♪ ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. ♪

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♪. liz: here we go. we're getting breaking news out of the pentagon. you're looking at a live pentagon presser. officials say a u.s. warship shot down three missiles, several drones in the northern red sea, adding that they were potentially heading towards targets in israel. the pentagon said they were fired from iranian-backed houthi militants. we have cboe volatility index up 8%, close to the session highs here above 20 to 20.74. the pentagon also says that the uss carney intercepted multiple missiles fired near the coast of yemen. that was greed.

it is a very hot region right now. not to mention all going on in israel and gaza. we're watching it all for you and watching the markets too. breaking news here the fraud trial for ftx sam bankman-fried wrapping for the day as we get news that sam bankman-fried has gotten the medication that may lead to him taking the stand. kelly o'grady is here to explain this cryptocurrency fraud trial and what does that mean about the medication? let's let our viewers know. >> reporter: liz, that means he could very well take the stand. we'll know actually very soon, liz, because the prosecution, they're very close to wrapping up their case. they have a couple of witnesses when court is back in session next week. i want to give you what kind of came out of the trial today. we heard from ftx's former general counsel. he testified he was completely unaware customer funds were ever used to finance investments in the real estate at ftx. he also shared he helped build the terms of service digital

assets, they would remain in customer wallets. they would not be loaned out. he relayed a disturbing conversation, a important moment for the jury where sbf asked if there was legal justification ftx could use customer funds. he didn't share what he meant by that at time. a big barrier had been the access to adhd medications. his counsel said he had trouble focusing during court. i confirmed with sbf's team he received a timed release pill this morning as well as yesterday. they feel like he is able to focus in court. if he does testify this could be a necessary hail mary there is no smoking gun from the prosecution. this would give him the chance to tell his own narrative. the risks are obvious. beyond alienating the jury anything he said could be used in number of upcoming civil trials. ftc is going after minimum,

cfpb, he has class action civil suits against him. if he gets off the trial he could still face monstrous fines. >> if he said i made a mistake. larry: i messed up we should have more safeguards. now taking about safe guards in sec standard of civil liability. that is different standard than the recognize ray yaw intent. >> reporter: we're own break for a week. the defense may start next thursday with the defense and closing arguments and it would be in the jury's hands. liz: thank you, kelly, very much. the united states retirement system, this matters to all of you earning a c plus in the mercer 2023 global pension index. blackrock unveiling what it thinks is an answer to the retirement problem. joining me blackrock's global head of retirement sco solutions. nick what is blackrock offering especially we're 22 out of 47? that is not good. >> blackrock is offering access. one of the things we found last

several years people with access to 401(k) plans do better than people without access to 401(k) plans. we want to look at what is working in 401(k) plans, deliver it to the individual investor. liz: via etf. >> which is a investment that most people are using. >> this is an investment, not everybody has an employer who offers 401(k), correct? >> 57 million americans don't. they don't have access to a 401(k) plan. liz: on your screen here's how it works. can you explain this? the i-shares life path target date etf. >> simple as i can make this grow, protect spend. when you're young we want to maximize growth. a lot of equities in the portfolio. as you're poaching retirement, mid career, approaching retirement, adding more inflation protection, high quality fixed income. in retirement it is about spending. what we're doing professionally managing the portfolios. these are simple to use and very locos. liz: let's talk about the low cost. i always ask because i'm of the

warren buffett crew says why i am paying people just to do what an actual index fund could do. how low is the cost? does that fluctuate as the years go by? >> it does. starts 11 basis points. in the retirement vintage it is down to 8 basis points. liz: that is low. i take that. i swallow that. 99% in stocks in early part of somebody's lifetime, correct? >> correct. liz: then it shift. >> it shifts down 40% inn stocks in retirement. what we do spend from there if somebody wanted to spend from that portfolio. liz: this are some other etfs out there but the problem is, i think of 529s but those are very limited certainly, that is not an etf but it is a college savings plan but it also shifts and rotates as the child gets closer to graduation time. plaque rock says the industry only suite of target date etfs. how does this differ from other offerings on the market? >> the simple one is it is the only offering on the market help people designed to get to a

retirement in an etf wrapper. >> social security is not good at the moment. we did get a bump for inflation but it is not keeping pace with inflation, correct? >> so this are different ways of looking at social security but i think the point i would make we have to do more than just social security. liz: absolutely. >> if you take the individuals, majority of individual investors are investing in cash as the primary vehicle. we have to move them out of cash and consider this a longer term problem. liz: ticker symbols. >> there are 10 ticker symbols. liz: we put those up on our website and facebook page. tin of them. they're all different but we'll be watching it closely. >> correct. liz: nick, thank you for inveiling that on "the claman countdown." tomorrow pennsylvania congressman dan meuser discusses his legislation to freeze the 6 billion in iran. [closing bell rings] latest in the house speaker race. so much going on. we'll be back tomorrow. ♪. larry: hello, folks, welcome t