elegant-contoured body shape and reflects the the grace and athleticism of a ballet dancer. >> the only thing i love grace with athlete athleticism. doesn't say stick thin. >> yeah. and, look, our case is the best, make america healthy again. if we had a healthy system, you don't have to pay to have this done, you could be eating right and is have your diet help you achieve your goals without spending $30-0,000. charles: i gotta get your thought on the fed. are you happy with the move? >> i'm surprised. congrats to you, i was thinking 25, and you showed me who's boss like you always do. charles: you know what? i called up powell. [laughter] ladies, thank you very much. all right, folks, we have a rally. the big question, will liz claman fumble it? liz liz oh! [laughter] reaching through this camera to get you. [laughter] dammit. [laughter] charles: i know you won't.

liz: okay, i don't know. with the dow up 588, that would be a big, long way to fall. if there is one thing to say about the day after, it's that the fed's jumbo-sized interest rate cut is fueling a rally in just about every major stock sector. at 30,000 feetst the on your screen, the bulls are charging. if gaining 588 points or 1.5%, that's topping the 422,000 lever the first time ever. look at the percentage gain on the s&p 500. the broader index is up nearly 2, stampeding deep into the green, gain of 106 points, more than double the 48 points needed to clock a new record. but the nasdaq bulls are destroying the bears in this final hour of trade with this 484-point pop. the tech-heavy index is melting up by 32.7%. 2.7%. big pockets of strength starting with the semis. the soxes basket of chip and

chip equipment makers is overflowing with gains, about 5% here at 2228. major -- 2228. major winners, if you delved into that buck, amd, klac, applied materials. flip it over to -- asml. it should say asml and amd. taiwan semi, on, nvidia. those are all looking very, very strong. anybody remember august 35th 5 -- 5th when all of these names lost billions in market value? yeah, i didn't think so. the market has a short memory. and it makes total sense that the home builders would rally. top build up 4 president -- 4%. maritage at an all-time high. kb homes, 2.5%. that the too is a multiyear high, i believe. lower interest rates could soon trigger buyers to get off the fence as a borrowing becomes less expensive. in fact, we thought, let's see what's happened in the last 24 hours with borrowing rates.

it's already happening. yesterday the rate on a 30-year fixed mortgage stood at 6.24%. today it has fallen to the 6.17%. eloper rates -- lower rates are bumping up the big lenders. big bold bite has money center banks in the green citigroup up 5%. goldman sachs up 4% followed by wells, bank of america and morgan stanley all up anywhere from 1 to the 3%. it's not just the wall street giants, mid and smaller regional as having a party as well. m&t bank is at a 2-year peak, key bank at a 1-year high. consumer names as well like what charles was just talking about, max levchin's buy now, pay later company affirm. it is off the session highs but still gaining 1.6%, $44.98. i think the session high was $48. the company says lower rates could result in earnings per share double to triple consensus

forecasts. so coming up, max is going to join us live on why the rate chop makes affirm's business so attractive. but with so much postrate cut goodwill, fair question. how long does the bulls' happiness last? joining me now, joe persuelas and steven sutt meyer. steve, i want to go to you first because this may not be a sentiment type of thing where people will looked at this big rally and say, well, let me take some off the table and then the market reverses. it could simply be that we hit technical levels which we already kind of are. >> yeah. we noted improving rotation, improving market breadth even ahead of today's move. a broadening out of sector performance, so we think we're completing what could very is well be a technical pattern. so august low, the cup, early september the handle breaking through decisively the 50-5670

level would complete that. maybe even towards 6180, these are the counts you get on that chart. liz: whoa. in how long? >> it could happen quickly, it just depends on whether this is a true breakout. we do have some seasonal concerns over the next couple weeks that might temper this a little bit -- liz: there's your cup and handle9 from the 1-month. joe, you're more of the not technical guy, but the more emotional or or at least watching the emotions of the market move some of these names, the fundamentals as well. how long do you think this kind of rally lasts? >> well, as an economist, we can have a little bit of fun with, right? it wasn't necessarily the 50 basis point cut, it was the destination of the fed signaling more than 200basis points over the next, you know, 15-18 months. liz: cut, yeah. >> that's going to unlock cash flows across this economy. it's going to unleash pent-up

demand. that's why you're not seeing this all clusteredded in the magnificent seven like we have been for so long. this is pretty broad. now, my sense is i like what's going on in the housing sector today because i believe we're going dog -- to be building a lot of homes for a long period of time because we have such a lack of supply. once the the government and private sector engage in cohabitation collaboration, that's going to go. and you know what a? that's good because there's pent-up demand there, and we need to meet it. liz: well, it's niece to see all of these names -- nice the see all of these names in the green. and to that end, what other sectors do you find at least the movement today really interesting. >> right. sure. i think it's broadening out. we talked about earlier when you mentioned financials, the banks are breaking out, regionalbacks are breaking out. you -- regional banks are breaking out. asset management terms -- firms. it's also interesting to note several industrials coming out of big bases.

even materials, the sector doesn't look that good, but it's coming out of a pattern like a 2-year base. but the one that really caught my eye and has actually been leading, it's like stealth leadership since early august, and that's discretionary. that's actually breaking through some resistance here as well meaning that the consumer sector could actually be getting ready to have a good run, and housing is a big -- big part of that sector, obviously. i thought that was very interesting. liz: let me just flip the big rate chop on its side for a moment. we got data today that looked stronger than expected. first-time jobless claims are at 4-month lows, okay in people standing on the unemployment line, that number is at 4-month lows. the philly fed index which gives manufacturing in the mid-atlantic states, that really came in much stronger than expected. did the fed cut too much? i mean -- >> no -- liz: do we need stimulus at the moment? >> no. look, financial conditions were tight in terms of real federal

funds rate. with the inflation if slowing to around 2.5%, the current policy was clearly restrictive. if they'd kept it there, that's a recipe for end of the business cycle or recession. so this is actually fairly constructive. look, we've got an economy, 3.1% last year, 3.1% through the middle of this year, atlanta fed's sitting right at 2.9%. you know what? think about it this way, the economy's growing very fast. yet job hiring is cooling. how could that be? increased efficiency, wider margins, better profits. you know what that is, liz? that's productivity. now, i know you just graduated from beverly hills high school -- can. [laughter] the last time we had productivity boom like this, it's been a few years. no, seriously, we've got a whole generation of wall streeters who don't know what a productivity boom even looks like. we're mt. midst of it. liz: they also don't know what higher rates looked like -- >> no, they don't. liz: they have endured this.

steve, algorithms. the wall street firms that trade on purely technical levels. dow above 432 the ,000 for the -- 4 the ,000 for the first time. the s&p is in territory it hasn't seen ever before. will the algos kick in in the last 15 minutes and start selling at certain points because they see time to take some profits? >> anything's possible. i don't know what the programming does short term. i tend to just look at things more in the intermediate-term basis, and the dow probably should get somewhere to 42, 6, maybe 45,2 based on that pattern of recognition we did almost a year ago when it was breaking out. so i try not to really look too much into that because it just creates too much noise. liz: it's also second by second really. >> yeah, we don't want to do that, you know? we want to kind of look longer term as a technician. most people associate technical work short term, but it's a pretty good interneeduate to the longer-term tool --

intermediate. liz: great to have you both on this so-called day after. the dow9 and the s&p 500 are hitting all-time highs just a day after the fed cut rates by 50 basis points. and the rally is helping the blue chips and the s&p scale never before seen key levels. the dow topping 4 2,000, the s&p crossing 57000. -- 5700. again for the very first time. tech stocks are jumping as the rate cut has wall street in risk-on mode. all right, uber is driving one restaurant operator to big gains today to. we're going to tell you about the multi-year partnership that has whetted investors' appetites. and later, the early investor in then-start-up uber, this was years ago, who used smartphones to the help the ride-hailing company blast through regulatory walls gnat new york city taxi -- that the new york city taxi lobby had put up. now bradley discuss thing has a new idea -- discuss thing has a new idea on how to the the use

mobile phones that he says can save american democracy. "the claman countdown" is coming right back. dow charging higher by 5732 the points. ♪ -- 5732 the points. ♪ ♪ ♪ moving forward with node-positive breast cancer. my fear of recurrence could've held me back. but i'm staying focused. and doing more to prevent recurrence. verzenio is specifically for hr-positive, her2-negative, node-positive early breast cancer

with a high chance of returning, as determined by your doctor when added to hormone therapy. verzenio reduces the risk of recurrence versus hormone therapy alone. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm focusing on what counts. talk to your doctor about reducing your risk. ♪

♪ ♪ ♪

liz: fox business alert, yes, we've got a big rally in many sectors and now chinese stocks are joining along. the a and the i many in alibaba now have new meaning, shares gaining 4.6% after the chinese e-commerce company announced during its annual cloud event that it has now made more than 100 toof its large language models available to the global open source community. alibaba's chief technology officer called the move a significant mile zone as the company accelerates its -- milestone as the company

accelerates its push into a.i., riding the rally wave on optimism that yesterday's interest rate cut by the federal reserve here in the united states could precede a rate cut by china's central bank. so you've got nio up 6 percent, jd also up 6.33 %. pinduoduo up 2. five below is underground at this hour, shares of the discount retailer losing 2.5 after jpmorgan downgraded the staff to underweight from neutral. retail analyst matt boss pointed out that five below has seen a year-over-year sales decline for a basket of its products in nine out of the last ten quarters. give that man a raise. that's an interesting stat that he pulled up and that he figured out. forecasts, margin headwinds in 2025, he also forecasts them as a problem. jpmorgan currently has a $95 price target on the stock. it's at $97.68. door dash making a mad dash to the upside here, up 3.7%, after

btig raised its rating to buy from neutral. bt t ig says doordash has underappreciated longer term growth drives and is shifting to gap profitability. that's growth at a, whatever, you know, gap. it's the, basically, what wall street looks at. and the bulls are ordering up shares of darden restaurants after the parent of olive garden announced an exclusive 2-year food delivery partnership with uber. the program will be piloted at a limited number of olive garden locations later this year, and if all goes well, nationwide delivery could be available next may. darden's getting a nice gain here of 6.7%. perhaps the reason it's such a big deal and why maybe uber's moving up 2.5% is that darden has until now refused to allow third party delivery companies to handle its food at a large scale. and it's important that we bring up uber here, because coming up,

it's a big story here. while uber strikes the delivery deal with darden, are port strikes going to hamper holiday deliveries this year? 45,000 dock workers along the east and gulf coasts are threatening to strike on october 1st, just ahead of the the holiday shopping season. yo sr -- so what we're going to do is take you live to the port of bayonne in the new jersey for a live report. and the stock of shopping site affirm hitting a 6-month if high after the fed's audacious half-point cut. ceo max levchin is here next on what this means for his millions of customers and affirm's revenue and stock. we're coming right back. ♪ ♪

so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses

let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement.

[♪] can a personal loan unlock your ambitions? oh yeah. take a swing at your kitchen reno... we meant that literally. sofi personal loans. low, fixed rates. borrow up to $100k. no fees required. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job on indeed, it's easier for talented candidates to find it. which makes it easier for you to hire them. visit indeed.com/hire

investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes.

liz: let's take a look at shipping stocks at this hour. maersk and and castor maritime all in the green possibly on the belief that shipping costs and, hence, shippers' margins could be about to rise if 45,000 dock workers walk off the job on october 1st. the international longshoremen's association is threatening to strike if they don't reach a labor deal with the ports by september 30th. a strike of this magnitude could snarl the u.s. supply chain by grinding to a halt activity at ports up and down the east coast and the gulf of members coe. that would the include new york, new jersey and houston. and the timing could not be worse for this. this, of course, is the very

moment of the year when retailers across the nation expect deliveries of key imports of their holiday envin story -- inventory. lydia hu is standing by with the latest on the potential strike. lydia, what is the union asking for, what is the latest on bargaining talks? >> reporter: well, liz, the latest on bargaining talks is that they are at a standstill. you know, the two sides have not met recently, and there are no future dates on the calendar right now before the expiration of the contract on september 30th, so hope is fading fast that a strike can be avoided. there are really two major sticking points when we think about the issues. one is automation. and i want to show you what i'm talking about here. you can take a look at the port just behind me. you probably see a couple of the ships that are at port with the massive containers that are stacked all on top of hem, and you see the cranes hovering just above them. those cranes, liz, are operated by people right now, and the union is concerned about automation and could replace

their workers, that whole -- that hold those jobs as crane operators and other workers at these ports with automation. they want assurances from their employers that that won't happen. the other major sticking point, liz, wages. the union is reportly demanding a 77% pay increase over 6 years. the employers say they are offering an industry-leading wage increase. for reference, the west coast longshoremen recently got a 322 -- 32% wage increase over 4 years when they renegotiated their contract last year. so it seems the two sides, pretty far apart on that front. business groups are concerned about this possible strike. the national retail federation sent a letter to president biden just this week. it was cosigned by 177 business groups. they write this, quote: it is the imper iftive that the administration engage with the parties. a strike at this point many time would have a devastating impact

on the economy especially as inflation is on the downward trend. but, liz, the white house has indicated the president will not intervener -- intervene and block a strike. so we're hearing from some of the sectors that expect to be impacted by the automobiles. they are expressing concern the president of the i auto care association tells fox business that the after-market industry alone generates more than $392 billion each year, and he says a strike would lead to a shortage of auto parts that could hamper car repair or and maintenance for consumers across this country. and finally, just to to wrap this up, liz, in what could be a precursor of things to come, we are now seeing shipping companies announce a so-called work disruption charge. that is essentially a premium charge for a container that would set sail across the ocean after a strike would start to offset any costs. major carrier -- one major carrier saying they're going to charge $1,000 for every 20-foot

container. when you think about how high shipping costs are already and layer on top of that a work disruption charge, that is major cost to any business doing, you know, participating in commerce at the moment. liz, i'll see you -- send it back to you. liz: the shipper stocks are higher because they are anticipating higher rates that they will now be able to charge. for shipping these containers. lydia, thank you very much. by the way, the east coast and u.s. gulf ports account for 57% of u.s. imports. that according to hsbc global research's global freight monitor the report. many, or many companies, including walmart to target, the two big u.s. importers, receive their products from china at these ports before sending them to their local distribution centers. the two retail giants also share another distinction, they are two of the more than 245,000 businesses that use affirm for buy now, pay later services, so

should consumers can do their christmas shopping extra early in case we see another year of supply chain disruption? i didn't want to have to say supply chain disruption ever again, but now here we are. joining us now, affirm cofounder and ceo max levchin. max, if we use history as a guide, this could be problematic. tell me right now how you see this. are you modeling for any problems when it comes to your business? because these are all your partners. if -- >> you know, we obviously don't love the idea of a port strike, so i'm very hopeful that it gets resolved. i think the contract expires at the end of this month, so there's a little bit of time, and i support both parties coming to terms as quickly as they can. we'll certainly be there for our retail partners no matter what happens as well as our shopping consumers, and so we anticipate a strong holiday season. this was not on anyone's bingo card, but we've seen worse in covid, so i'm optimistic.

liz: and a lot of these companies have imported a lot of their product if well ahead of the holiday season. in fact, i think many are going to spring, looking forward to that at the moment. that said, max, which sectors would you anticipate might be hurt the most through all of this, and how many of those involve your partners? >> to be honest, don't know exact expectations just because this is relatively new news. we do anticipate really strong gift demand. i think august was expected to be slower, at least that was the conventional wisdom, so that's really good news. our numbers, we're seeing shopping, buying, early holiday promotions, we see a lot of merchants asking about launching 0% deals on affirm which, to -- of course, is a great tool for stretching the holiday dollar. the strongest category i did not expect but is doing really well is electronics. for a long time we were talking

about purchasing that happened during covid. i think we've cleared that trough, and it's growing strongly again. i would expect more in the if a.i.-powered gifts for your home, but hopefully the strike is averted and we don't have to worry. liz: yeah, yeah, we all hope for that, certainly. let's talk about this surprise jumbo rate cut by the federal reserve yesterday, 50 basis points. obviously, as lending rates come down, can you explain to our viewers why your buy now, pay later model does so well at these kinds of rates? >> i think people need to borrow money to stretch their budgets no matter what happens to -- at the federal reserve and the fact that they're lowering prices. it's good news. in the long term. these things take a little while to percolate into the economy, and if anything, thinking one step ahead the fed lowering the rates do because mean that they have some concern as to the full employment staying as pull as it has been. so i'm watching the numbers on the credit side, performance credit as well as ever.

but it is the good news. it will mean a little bit lower cost of borrowing for us over time, and that means we'll be able to say yes to more people. we'll have better approvals and it will be better growth for us. liz: what's the sense you have of your consumer, your customers and the health of their spending? are they out there spending as much as they were say, for example, last year? the year before? >> you know, i think they seem to be going quite strong. u.s. consumer has proven very resilient through the latest bumpy times, at this point over the last few years. affirm customer is buying. they're benefiting from what we consider to be the superior purchasing mold. we don't charge late fees, there's no gotchas in our business, so retailers love partnering with us. we just made a bunch of really great strides announcing availability on apple pay, so we're seeing good demand. we're growing faster than the

industry, way faster than e-commerce, so it's a little bit unfair to say, well, if affirm's doing really well, everyone's doing well. we are. liz: apple fans are about to get their hot little hands on the iphone 16 tomorrow. that's when they actually get them. you announced this partnership so that apple pay users now have the option to pay over time with affirm. how'd the deal come to pass, and what's in it for you guys? >> it's an amazing opportunity. we're embedded inside of the leading digital wallet. it's known for its convenience. it's widely integrated, has an extremely high number of merchants. obviously, lots and lots of people sport an iphone that is now doubling as their wallet. being able to tap into the power of purchasing that is affirm, affirm your gifts for the holidays, that's convenience. and, you know, it's been three days since we rolled that out, so a little early to talk about the results, but we're very excited at the opportunity.

liz: okay, last word. do you think that fed chair jay powell did the right thing by cutting 50 basis points? take off your affirm hat and put on your smart guy, you've watched economies all around the world. do you think this was the right move at the right time? >> i think so. if only just reading the tea leaves of the constant refrain around they waited too long, they waited too long, they waited too long. this is one time where no one's saying they waited too long or at least not that much. so just from that, i'm giving them full credit. but i think it's very hard to do the job that jay powell because, so i'm thankful that we have a smart guy at the helm there. liz: well, i think you're right. [laughter] i would not want to be in that position. the pressure's unbelievable. max, thank you. good to see you and have a good selling season, certainly, with affirm. thanks very much. by the way, max levchin is known as one of the original paypal mafia, the online payments giant is hitting right now a 52-week high after paypal

has just continued to do very well in a rower rate -- lower rate environment. it's up about 6.25%. today paypal may have a near $80 billion market cap, but back in the early years it, like many disrupters, had to battle the status quo to survive and succeed. take uber, for example. the taxi cab industry tried to kill the ride-hailing original, and it might have but for a guy named bradley tusk, one of uber's first backers who took on the powerful taxi cab lobby through uber's smartphone app. now the ceo is about9 to make the case for voting with your mobile phone. and disruption isn't just for payments and ride sharing. lauren castle set out to disrupt the frozen cookie dough industry. yeah, that would include nestle's toll house and pillsbury. after a cancer diagnosis, she overhauled her diet. when she couldn't find cookie

dough without all of that in it, she went from experimenting with recipes in her mom's kitchen to being in 25,000 stores nationwide and amazon. sweet lauren's popularity has exploded, hauling in lots of dough which has enabled -- [laughter] funny. lauren to expand to pastry and pizza dough with more items to come. quite the american success story which sprouted simply from a terrifying cancer diagnosis. you've bot to hear what a really was at work here. she's this week's guest on my everyone talks to liz podcast. listen to it wherever you get your podcasts. dow still up about 5009 points, lots of green on the screen today. we're coming right back. ♪ ♪ , but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better.

(other money manager) your clients really come first then, huh? (fisher investments) yes. we make them a top priority, by getting to know their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different. maya knows how quality care can bring out a smile. but it's been a few dog years since she was able to enjoy a smile of her own. good thing aspen dental offers affordable, complete care all in one place. and new patients without insurance get $29 exams and x-rays. plus 20% off treatment plans for everyone. loving our patients unconditionally. it's one more way aspen dental is in your corner.

as the world is growing, it needs copper, scandium, cobalt and gold. these metals power our technology and sustain our everyday lives. doubleview is transitioning from exploration to development. ready to meet the challenge. doubleview.

tamra, izzy and emma... they respond to emails with phone-calls... and they don't "circle back" they're already there. they wear business sneakers and pad their keyboards with something that makes their clickety- clacking... clickety-clackier. but no one loves logistics as much as they do. you need tamra, izzy and emma. they need a retirement plan. work with principal so we can help you with a retirement and benefits plan that's right for your team. let our expertise round out yours. liz: we've got system breaking news hitting the the tape. skecherser's is sum theing after the footwear maker announced the thats it is facing severe headwinds in china.

keviners' executives -- skechers' e executives said consumer discretionary spending is worse than it expected in china and also supply chain issues have impacted production. the sneaker brand eggtive saying these are short-term issues and they're pretty excited about the9 opportunity in china and other asian markets, but for now that chinese consumer has weakened even more than they expected. the news is also impacting other footwear stocks, hoka parent deckers or outdoors, crocs all moving lower by 22% or more. -- 2 or more. kamala harris, leading gop if contender former president donald trump by 2 points in the latest fox news national p.o. a harris has a 50-48 lead. it's the first time she's led trump in the poll of registered voters. but rex day is still -- election day is still 46 days away, and the candidates are in hot pursuit of battleground voters on the campaign trail.

later today trump will be attending two different events with prominent jewish donors in washington d.c. he is set to address miriam edelson's event called fighting anti-semitism in america, and then he is expected to give a speech at the israeli-american council's national conference to commemorate the first anniversary of hamas' october 7th attack on israel. the vice president headed to detroit, michigan, to the join oprah winfrey at a live stream event to secure more support in the swing state. is and less than two months before voters head to the ballot boxes, are both sides leaving votes on the table due to what some believe is a totally antiquated system? venture capitalist bradley tusk is out to turn your mobile phone into a -- ballot box. his new book "vote from your with phone. why mobile voting is our final shot at saving democracy, requests outlines a case for this. he has personally invested $20 the million to urn his -- turn his app, vote hub, into a

reality. vote hub has conducted 2211 successful elections -- 21 successful elections in 7 states. bradley tusk joins us now. boy, you are a gutsy guy. a lot of people are against thi- >> yep. liz: they're against voting by mail, okay? >> yeah, sure. liz: we do everything with our phones. >> yes. liz: we manage our finances, we transfer money, lots of it, through the phone lines. and you are but pushing, obviously, for mobile phones to turn into voting booths. make your case. >> yeah. and i think right now we have a world where voting is just too inconvenient, and not enough people do it. average turnout is 10-to 20%. those are the extremes, and they tend to dictate not only who wins office, but what they do once they're in office. and i would say most americans actually agree on most issues, but the problem is most people don't show up to vote in a city council election, a state senate election, their congressional primary, whatever it might be, and so their views don't really matter. and if we want the two parties to have to work together again and get things done -- i just

want to see things get done. i have some views on the right, some are on the left, a lot are in the middle, but ultimately, if everyone tries to work together, we've got a shot. and right now the system is designed to make it impossible. liz: we're looking at lines across the nation, standing in line is just one of the issues. you talk about disabled people who cannot get to the voting places. we talk about military members who are working overseas. they've had problems where their voting by mail comes in late. not to mention people who are hit by weather disasters, right? i mean, if you're looking at weather disasters, but the issue of disabled voters, 38.3% of eligible voters are disabled here in america, and they're twice as likely to report problems voting than other voters. >> yeah. liz: in your book i was reading about the woman from if maryland who was blind, is blind, and she showed up to her voting place which she had confirmed had a special machine which helps

blind voters, and it was broken. >> yep. that happens time and time again. think about it. we think voting is a pain. imagine just living as blind, getting around as blind, going to a polling place, and then hoping that the machines work. and if they don't work, what she had to do was tell a poll worker, i want to vote for so and so and then hope that's who they marked down. liz: and also a privacy issue too. >> everything, right? or you mentioned military. imagine, you're literally risking your life to protect our right to vote, all right? most of us don't even use most of the time, and you mail in your ballot if from kandahar, and it shows up three days after the election and goes in the trash. that's offensive. liz: you were one of uber's first investors finish. >> yep. liz: and the taxi industry tried very hard to destroy uber -- >> they did. liz: -- in the early days. you used smartphones to the battle back against powerful lobbies and the politicians who sided with them because they had gotten campaign contributions. >> right. liz: how did you do that.

>> so, ultimately, when we were starting out, uber, especially on a business show like this, it wasst -- it's just a giant country, but we were a start-up. taxi was, like you said, a big, muscular industry. they had lobbyists and political donations, but we had people, right? and we gave people a better product. and through the app they were able to tell their city council members, their mayors, their state reps -- liz: we love it. >> -- leave this thing alone. millions of people did, and we won in every single market. liz: i can hear people screaming through the television -- [laughter] >> i'm sure. liz: -- spectrum. liz, liz it's not secure. >> yep. liz: what do you say about this? you've rolled this out in seven states including oregon and west virginia. red and blue states -- >> both, yep. liz: it worked. but what about encryption somehow do you keep safe? >> yeah. so we have built a system that the u.s. vote foundation laid out a series of recommendations,

and the app is end to end encrypted, verifiable, has multifactor authentication, biometric screening and most importantly, it's open sourced. and not only would i argue that it is, you know, far more secure than any if other way we vote, it is probably the single most secure voting system ever put together in part because open source means that our work can be audited, it can be verified independently, people can check it for bugs or errors, and the reason why we're in the position to do this is i'm doing it philanthropically. if you're a private company, you can't make your code open source because that's your property, right? but i'm lucky to be in a position thanks to my investment in uber where i can afford to do this -- liz: a lot of people would say the cloud isn't safe. send a vote is up into the air -- >> so i would say this, if you believe that, the same system we're using on the cloud is used by nasa, the department of defense, the department of

homeland security, the fbi. unless you just want to argue we should go back to the stone age and not have internet at all, maybe we should try burning witches at the stake the while we're at it -- [laughter] we can. but we live in a world where people live on their phones, and we've got to meet people where they are. liz: i took a straw poll this morning, and everybody said they would be more inclined to vote if they could just do it through their mobile phone. >> yeah. you're waiting for your coffee, sitting on the bus -- liz: people have psychiatry sessions over the web. >> of course. one of my portfolio companies is called alma, and they facilitate a telemedicine for psychiatry. yeah it's a booming business. liz: and it was something that many people didn't want to do initially. that and transferring money. the first time we all used venmo or zell, is it going to get there? >> don't even think twice about it. thanks for letting me talk about it, appreciate the chance to make the case. liz: the book is called "vote with your phone." and even if you're against it,

you guys should read this because -- [laughter] republicans and democrats who are part of the states that a actually tried this really like it, and they are sticking up for it. if. >> absolutely. liz: put his money where his mouth is, or his bitcoin where his burgers are? former president trump pays for his fans with digital currency at a new york city crypto hangout pub key. how's the crypto community reacting? charlie breaks it next on "the claman countdown." dow continuing to add on to gains, it's now up 551 points. ♪ ♪ liberty mutual customized my car insurance so i saved hundreds. with the money i saved i thought i'd get a wax figure of myself. oh!

right in the temporal lobe! beat it, punks! only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ everybody wants super straight, super white teeth. they want that hollywood white smile. new sensodyne clinical white provides 2 shades whiter teeth

and 24/7 sensitivity protection. i think it's a great product. it's going to help a lot of patients. [door creaks open] [floor creaks] [door creaks shut] (♪) (♪) (♪) relax, you booked a vrbo. (♪) (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts.

there are many ways to deliver a shipment. at old dominion freight line, we deliver them this way. this way uses technology and goes the extra mile to do things the right way. the delivering promises on time, every time, way. ♪ ♪ ♪ ♪

♪ liz: we've outlined through this hour so many different areas of the market that are a rallying. look at bitcoin right now, up 4.732% to $63,228 a day after the federal reserve cut by 50 basis points and a day after donald trump visited a bitcoin-themed bar in new york city ahead of his rally on long island last night. the former president ended up buying a round of cheeseburgers using bitcoin, becoming the first u.s. president to publicly use the bitcoin network. charlie, i would imagine that

that helps at least with that voting bloc -- >> like sort of attach this to current news commentary. what type of meat do you think was in those burgers? liz: not goings and cats. [laughter] -- dogs and cats. [laughter] see, i know what he's getting at. just get through and let's go with the story. >> so you don't think it's dogs? [laughter] imagine if there was, then he could say i ate the dog, i ate the cat. in any event -- [laughter] liz: somebody say that -- save that for the gag reel in the future. >> learning i said this once to you, i know i did, i said i'm going to to believe, you know, that bitcoin is a thing when you can go and buy a hamburger or slice of pizza with it. welsh guess what? djt just bought -- i'm not sure what's in the burgers, again, you know, i did not test the meat to see if it's real cow meat, but, you know, he did buy

something on a retail level with it. so, you know, it's -- there's been a lot of steps towards the normalization and, you know, of crypto. obviously, the etfs, the bitcoin etfs, the the etherium etf, the fact that the sec's now saying etherium is not a security, you can wipe that off -- we're not going to go after them. it's also a donald trump going and doing this. liz: well, the first u.s. president to ever do that? >> and doing it at, like, kind of a pub is kind of cool. he didn't order in or something. i think that's why the market's up. and, you know, i'm just wondering, and this is where i think, you know, journalists like me have to start looking at this. you really have to find out how many crypto enthusiasts there are in the swing states. i mean, if they're all in new york, it won't matter that much. but if they're in wisconsin, if there's a bunch in wisconsin,

pennsylvania, michigan -- liz: if they're one-issue voter- >> and they are, a lot of them, this could turn the election. you know, is -- and this might be a smart if play. we should also point out that as bad as, by the way, you look nervous. are you worried what might come out of my mouth? [laughter] we should all -- no, you know, as bad as a lot of people panned his debate performance, you know, eating the dogs and cats, all that stuff. either even or now ahead. you know, he's doing something right here that he's in this game so much. and it might be the crypto stuff. we should point out that kamala harris is, or according to ellie, my producer who's the queen of crypto reporting, is telling me that her effort to appeal to crypto voters, the mark cuban and anthony scaramucci is dead, done, doa. liz: because she doesn't like it

or she doesn't pay attention to it? >> you know, who employees? but they tried to to, like -- who knows? you don't know kamala harris, does she know anything about it, she hasn't articulated much on policy. but their attempt is to to try and get crypto voters for harris it's failed miserably, and it's because she's attached to the biden administration, and it's anti-crypto policy. liz: well, you don't want to leave votes on the table no matter what. charlie, hang -- thank you very much. all right, cow and s&p 500 are at all-time records right now. dow. they could be going even hire. franklin templeton research says when the federal reserve cuts interest rates during an economic expansion and, by the way, you know, jdp is in the year, the s&p rallies an average of 16.66% in the 12 months following the rate cut. so let's bring in the chief market strategist of the franklin templeton institute, steven dover. the firm has $106 trillion in

assets under -- 1.6 trillion in assets under management. so we should expect a 6 percent if jump in addition to to what we've seen? >> that's what history shows when you go back to 1972, even measure that. and over the last 40 years, the fed has cut rates 12 times when the s&p 500's within 11% of its all -- 1% of its all-time high. a year later, every single time the market was up 15. so, yes, this is very positive for risk assets including the equity markets. liz: i mean, but to add another 16 on to the big gains that we have seen this year is stunning to to me because, i mean, at some point trees do not grow to the sky, as they like to say on wall street, and could we see some type of exogenous event that derails that? >> oh, we absolutely can. and what can that be? between this conversation today and the election, the i think the markets are likely to be flat because we just don't know how that's going to turn out.

we can look at the risks there. there's geopolitical risks. i think one of the real issues with this big 50 basis point cut is it's allowing particularly small businesses and some consumers to what i'll say jump over the valley. and what i mean by that is there are at lot of companies, a lot of consumers that bought -- or, excuse me, borrowed money when interest rates were really low. and a lot of that debt was going to expire over the course of this next year. liz: yeah. >> and so they were living a situation where they could do okay as long as they the -- liz: sure, sure. >> -- were going to be able to refinance. liz well, and here we go with lower interest rates and, boy, that has definitely juiced the markets. dow and s&p close at all-time high. tomorrow we've got a couple of -- ♪ ♪ larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so day after