and to speak for themselves. this in and of itself is anti-american. you want to silence people with a different viewpoint? it's really intriguing because one of the things you think about at least i did is this probably is what nikita krushef was thinking in 1956 we will take america without firing a shot. we did not have to invade the us. we will destroy you from within. well essentially that's what we're doing, right? this idea that somehow because you can't manipulate people's mines even though you control 95% of the media, 99% of hollywood that you still somehow have to crush the founding document, this is the foundation, this is how we became the greatest country in the world so i just hope everyone out there is prepared to defend the constitution, because there is very powerful fucks who want to takeaway your right, the rights that you were born with. over to my colleague, liz claman. liz: we've got so much to talk about in this final hour of

trade charles. breaking news wall street's fear index, while still elevated, has started to settle. you're looking at about intraday picture of the vix that spiked about 20% right in the 9:00 a.m. eastern time hour and that was about the moment the us warned iran was about to launch missiles at israel. a couple of hours later the missiles came in but since then, the skies over israel have calmed and at this hour the israeli defense forces say no additional threats have been identified but let's get you a live picture. this is jerusalem at the moment where the idf are advising israeli citizens they can leave bomb shelters and they say it is unaware of any casualties from the barrage of iranian missiles fired at its cities and towns. however, rewind the clock, and this was the scene just after noon eastern, 7:00 p.m. in israel. clusters of incoming missiles over tel aviv, many of which flew over jordan and iraq on

the way. they peppered the skies over tel aviv. the big commercial center of israel. the investor relations dome, israel's air defense system neutralized many missiles but debris did rain down on the country being called the biggest ballistic missile attack in history. right when that news hit the tape stocks took a dive and you can see now the dow jones industrials for a moment punched into the green, still down about 61 points, but at the lows of the session the dow was down 384 points. the s&p, let's look there. for the moment it's down two-thirds of a percent or 38 points but well off the lows, which had been a loss of about 81 points. it's the nasdaq that has struggled the most here down more than 1% or 216 points but that is far better than the 409 point loss we saw earlier. we should let you know that lots of weakness is appearing in the chip sector. we'll show you more of that in just a moment but intel, arm, nvidia, micron are among the biggest losers.

as investors flee stocks they are heading straight for the safe havens. 10 year treasury yield did hit a session low of 3.57% after the reports us indicated iran was preparing to launch the ballistic missile attack hit and then right now, we're up off that floor to about 3.741%. then in another flight to quality move, the us green back considered the world's reserve currency had been stronger against most of the other currencies, and it remains so upside moves in the dollar started after fid chair powell's speech yesterday during which he said the fed will likely refrain from jumbo rate cuts if the us economy remains stable. you see the canadian dollar is stronger, against the green back. that's because of oil. canada's a big producer of oil and the oil world has been very jittery over the past 24 hours, awaiting what could happen in israel. crude futures right now up 2.8%, and the international benchmark that be brent, brent is at the

moment at $73.74. crude is still by the way 13% lower in the past three months and we should tell you that opec so much news here, opec is scheduled a meeting tomorrow. they were expected during that meeting to increase output which would bring the price down. we shall see. we've got a stunning move in us defense stocks. look at this lockheed martin which makes the f-16 and f-35 stealth fighter jets hitting an all-time high earlier up about 2.6%. northrop grumman supplies weapons and military technology it too is at a record along with rfx, ubs upping the praise targets by the way on both as well. no surprise here we've got gold considered sort of the ultimate flight to safety. it is gaining about 1% or 25 bucks. earlier it was up about 30 bucks so it stands at $2,684 a troy

ounce that is very close to a record. with this story developing, and truly affecting our markets we are lucky to have one of wall street's finest, bob doll, ceo of cross mark global investments. bob we know that in many cases like this , these are short sell-offs, already we're seeing markets at least trying to come back. how important is it to watch these events but also make moves when you see an event like this , or stay static. >> most people have to stay static because these moves are so quick, liz, as you know. having said that i find a lot of people owning very little in energy, of course energy at a horrible third quarter. that's the opportunity, so on pullbacks, i would own some energy stocks, and a minimum is an insurance policy in your portfolio should the price of oil catapult higher. the surprise to me i guess is that the moves weren't bigger than they've been. the markets been pretty

complacent, as geopolitical issues especially in the middle east have bubbled up from time-to-time. its had very little effect on stocks and bonds but today, you're starting to see it. of course because the price of oil now is a question mark. liz: yeah, well at the moment we have crude at $70.13 and the after market still up 2.8% but off the highs. would you go into oil names at this point simply because people have been avoiding them. >> yeah, if i was very under weight in energy or had nothing in my portfolio i would buy some of these moves, tend not to be straight lines, liz, but i want that insurance in my portfolio and insurance includes energy stocks, but some defense stocks as well, which of course are up the limit today. liz: as i showed you, most of them are hitting not just, you know, one year highs. all-time highs as we said for rtx, general dynamics, northrop grumman, lockheed martin.

let's talk about the fed because we have to point out that the fed came out yesterday. the fed chair, and basically said, you know what? we are going to see a baseline scenario for the rest of the year of just two more cuts. there are only two more meetings but of each 25 basis points. so not a jumbo, if the economy stays stable. we got the jolts number today, granted it's very rear view mirror because it's the august job openings and labor turnover, but came in actually better-than-expected. 8.04 million expected was 7.66 million job openings, which basically indicates that there are more job openings than there are workers, so what does that tell you about the economy? >> it says the economy that individual statistic is doing just fine and the chairman yesterday said the economy is a-okay. he feels like the fed has the balance between fighting weak labor market and inflation pretty much in balance, and the 25 and 25 for the rest of

this year assumes the mainline scenario that the economies okay, and the report today would support that. i think there are other labor statistics as you know, liz, that are showing signs of some more weakness. we'll see how they develop in the weeks to come. liz: okay let's talk about what you like at the moment, bob, because you gave us three names. i want to share those with our viewers. let's begin with cigna. cigna is an interesting one and i want you to explain your theory behind why people should pile into cigna. >> yeah, look. cigna, among other of those hmo stocks are pretty inexpensive. less than a market multiple by a fair amount. cigna, i think, has a chance over the next few years to continue to grow its earnings at about 10% and when i combine companies with that kind of growth that have that kind of discount, they have the advantage of having less government exposed healthcare than many of the other hmo' which is is among the reasons why i think it's an interesting

story. liz: bob can you hold on we've got breaking news. former president donald trump is making remarks in wisconsin. he specifically is talking about iran's missile attack on israel. let's listen in and he's also talking about the hurricane. >> the people living in western north carolina incredible patriots. they really are. i know that area well and they are still suffering immensely and we need to help them and we are going to help them as citizens in alabama, tennessee, virginia, and a couple of other places got a little hit, but in particular, these places and georgia was hit very very hard, but i want to thank elon musk for responding to my request. >> [applause] >> that star link he provided to north carolina, you know, and the lines roll down, they had no communication, you couldn't get to north carolina, the area that was hit and they were all saying, does anybody know elon musk? i said yeah, i do. i raised my hand.

they asked that question and i said yeah, i do. what's the problem. they said do you think you could get him to get starlink, which is amazing, right? and i said i don't know too much about starlink, but if you want it we can get it and i called elon and they had so many people over there, tommy. they had so many people there so quickly and they have great communication now but it's a terrible thing but thank you, elon and because of you, they are in really great shape now from the standpoint of emergency needs, and we're going to be going there on friday. i hope we can get in because it's tough. it's really bad. one of the worst they say, maybe the worst hurricane they have ever seen. some people that have done this for 25 years said that was the worst they have ever seen because of the water. the water was the big one. they had big winds but the water was the big damage, just went over-the-top of houses, if you can believe it. houses, and people went up to the second floor, for safety, and they literally the water went over their house, but we

mourn all of the fellow citizens who have lost their lives and we're keeping their families in our hearts and we'll continue to work with them, but praise be to god. i tell you, it's really -- >> [applause] >> it's really incredible. and then on top of that as you know, the world right now is spiraling out of control. you might not have seen what's happened because it was a few hours ago, a lot of people were here. so many people outside which we appreciate but a lot of people here a short time ago, iran launched 181 ballistic missiles at israel and we just, i've been talking about world war iii for a long time. i don't want to make predictions because predictions always come true and we're not going to, but they are very close to global catastrophe. we have a non-existent president and a non-existent vice president who should be in charge but nobody knows what's going on. she was at a fundraiser in san francisco. >> [applause]

>> a city she totally destroyed by the way. san francisco was the best city in the country maybe 20 years ago and today you can't even go there. you can't even live there and i speak against myself because i own property there. i shouldn't be saying that. i should say it's the greatest place in the world. let's sell my property. but i say, i don't know, maybe it stages a comeback, but literally not liveable and 20 years ago it was the best city in the country. probably one of the best cities anywhere in the world, but she was caught yesterday on an airplane staging a fake photo op. did you see that, with the telephone? the only problem is she didn't have the phone plugged in. do you know? >> [laughter] >> she's talking on the phone, the phone is not plugged in. liz: let us come back to business news here. that was former president trump talking about the destruction in the hurricane area. he said he will be going on friday. kamala harris, the vice president, and his democratic

rival, is expected to go tomorrow, and is bob doll still here? great. bob, let us get back to all that's happening. you know, when donald trump says world war iii, is that something that you take and then directly correlate to again how people should be investing for fear? >> not really. look, is there always a threat of a bigger war, particularly when you have events liked to? of course. but we're not in our portfolios putting anything in there, because we think world war iii will break out in next day or two. liz: all right we're looking at the stock market still in the red, but well off the lows of the session. bob, thank you for hanging with us we appreciate it. >> thank you. liz: the strike at ports from the east all the way to the gulf coast is now in full swing. the international long shoreman's association workers walked off the job at midnight last night and they now say it will stay on the picket line

until its demands are met. this was the scene just moments ago. dozens of port workers in newark holding signs saying "machines don't feed families" support ila workers. this of course eluding to worker's demanding protections against automated systems they believe will take their jobs. here is the breakdown more than 45,000 workers have walked off the job in three dozen ports. that accounts for more than half of the total members in the entire union there, and according to jpmorgan analysts, it could cost the us up to $5 billion a day. fox business lydia hu got a chance to talk to the ila chief negotiator harold daggot earlier. here is what he had to say about the importance of what they do. >> people never cared about us until now when they finally realized that the chain is being broke now. cars won't come in. food won't come in. clothing won't come in. you know how many people depend on our jobs? half the world. and it's time for them, and time

for washington to put so much pressure on them to take care of us, because we took care of them, and we're here 135 years and brought to where they are today and they don't want to share. liz: let us go live to jeff flock whose down at the port of newark. jeff, any movement on the negotiating front? reporter: newly-released movement on the negotiating front, liz, as we speak. maybe you see behind me multiple thousand strong shouting "ila strong" the international longshoremen's union, it's a little hard to hear. you heard from harold daggot there looking for wall street to put pressure on the shippers so that's just what happened today. president biden speaking from the white house issuing a statement saying in part, ocean carriers have made record profits since the pandemic. executive compensation has grown in line with the profits which have been profits have been

returned to shareholders at record rates. it's only fair that workers who put themselves at risk during the pandemic see a meaningful increase in their wages as well. yeah, we fact checked the president, liz, on the claims there. at least part of them. that be in terms of shipping profits. take a look at these numbers. in 2021 shipping made $110 billion in profits. in 2022 it was $208 billion. this of course driven by the pandemic. last year shippers actually lost about $1.5 billion but they've made profits again this year. >> [chanting] reporter: maybe a year the chants of automation, the other big issue in this strike, not just money but jobs and the jobs that may be taken away if automation takes over the ports. as we speak right now, we've got a map that depicts all of the ships that are on the way to

the ports along the atlantic seaboard and the gulf coast. you don't have to count all those. i counted them for you. there are about 60 plus ships now en route. we've been told by the port of new york and new jersey that six ships are already at anchor out there, waiting. but at this point, i don't know what they are waiting for , because all these folks here are not there, which is where the port is, behind them. they're here, with us, making their voices known. loudly often. liz, that's the latest. liz: jeff, thank you. very much. jeff flock, right there at the picket line in newark, new jersey. fox business alert we need to show you shares of the diamond retailer set for its worst day, since june 13. the sell-off comes after the company announced that ceo virginia drosos will retire next month. perhaps the disappointment stems from how the stock has performed under drosos. during her seven year tenure as ceo, shares have gained 41%.

she will be replaced by the former ceo of petsmart,jk samancheck. let me just get you, here we go, signet is off the lows of the session but still down nine and one-third percent. let's show you charles schwab moving, let's see. down about 1% on news that after 16 years leading the brokerage firm ceo walt bettinger says he's retiring at the end of december. he will remain as co-chair of the board charles schwab president rick werster will take the ceo job january 1. since 2008 the company client assets have grown from 1.14 trillion to 9.74 trillion. and t minus 43 minutes before we hear the closing bell and that's when nike reports its final quarter under ceo john donahoe. fiscal first quarter earnings are estimated to am could in at $0.52 a share with revenue at

11.6 billion a drop of 10% from a year ago. he was ousted last month after shares underperformed peers and many perceive nike had become uncool with donahoe at the helm shares rallied 10% since the september 19 announcement of his departure. they are up about 1% right now on the session. and hp ink one of the biggest laggards on the s&p 500 after citi downgraded the stock from neutral to a buy but left the price target at 37 bucks it's at 34.65 right now. citing concerns of a prolonged recovery in both pt c and printer markets. shares of the computer maker are on track for their largest percentage decrease since, well, basically the summer july 25. tonight is the night for the runningmates to shine. americans get to hear from tim walz and j.d. vance during the cbs news vice presidential debate. will the midwest vp picks win over the middle class for their parties? we have a live preview for you, next. and mike richter left his high

as a college soft more because he was drafted by the new york rangers nhl hockey team. this weeks everyone talked to liz podcast took the hockey world by storm becoming an all-star goalie and leading the rangers to the ultimate. 1994 stanley cup victory, but two concussions in games that followed, ended his 17-year long career. that's all he knew. so what does a 36-year-old do when he's pulled away from his dream life? he enrolls in yale university, finishes his college degree, studies business, and becomes the president of a company driving millions of dollars in sales. mike richter joins me to share his story of creating a second life after hockey head injuries. it's very very important that you hear his story. listen on apple, google, spotify, iheartradio wherever you get your podcasts. dow jones industrials down 96 points the "clayman countdown" is coming right back. stay with us. (vo) what does it mean to be rich?

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not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. liz: gop candidate and former president donald trump campaigning in wisconsin today. you heard his comments earlier about hurricane helene relief efforts and he's at dane manufacturing talking about the american economy. meanwhile democrat opponent and current vice president kamala harris plans to hold a campaign event in fox valley, wisconsin, on thursday, ahead of that she heads to georgia tomorrow to tour the damage caused by

flooding from hurricane helene. with just 34 days to go until election day the presidential candidates are ramping up their efforts in battleground states. this as their runningmates, they don't have that many days. they have tonight. minnesota governor tim walz and ohio senator j.d. vance faceoff this evening in new york city at the cbs news vice presidential debate. it's likely to be their first and only debate. let's go live to madison alworth with more on what to expect. madison? reporter: hey, liz. yeah, this could be the last debate before the election in november. we expect these two midwest dads to lean into their roots, but we don't expect them to find much middle ground, especially when it comes to the economy. so let's start off with vance and what to expect from that tonight. the campaign telling fox that the ohio senator will hone in on his ticket with trump will make the economy better with no tax on tips, social security benefits or overtime pay and he will also talk about the plan to

bring back more manufacturing jobs, with a lower 15% corporate tax rate for companies who make their products here in the us. it is expected that tim walz will seize on anything tax rate related pointing the gop ticket as favoring the rich, while echoing harris' calls to raise taxes on corporations, and wealthy americans who need to "pay their fair share." tim walz who helped secure his spot as a vp pick by attacking vance on cable news is trying to apply that wets it and elite label to vance himself. going into tonight the team around walz is saying he's not a good debater, so walz has been in politics for 20 years. he told reporters that vance is ready for the real deal. >> i've spent the last month going through all of walz's old debate footage and studying his

mannerisms and policy positions. based on what i've seen, j.d. vance is prepared to wipe the floor with tim walz and expose him for the radical, liberal he is. reporter: now, a big difference between tonight's debate and the most recent presidential debate is that the mics will be hot. they will be live the entire time. that means the candidates will be able to, know, talk to one another, talk over one another. the moderators have said that it will be up to the candidates to do some fact checking and one last note. we just heard from kjp asked if president biden will be watching the debate tonight. he said, or she said he has full confidence in walz and that he's a little bit busy with everything going on. not exactly clear whether or not he will be watching but she says he's confident in walz's performance and we're just hours away at this point, liz. liz: hours away, madison thank you for teeing it up for us and by the way, no need to change the channel. fox business will have complete

coverage of the cbs news vice presidential debate tonight, beginning at 9:00 p.m. eastern time. back to the war in the middle east taking an even more dangerous turn, just hours ago, if you're just joining us. iran launched 180 missiles at israel. the biggest ballistic missile attack in history. we're going to take you live to tel aviv where many of them soared overhead for a live report on how the iron dome resisted the barrage and what might happen next. and while protesters demand colleges and businesses divest their funds from israel, investment in israeli bonds has been setting records. the ceo and president of israel bonds is in tel aviv right now. we're going to talk to him about the breaking situation and give us an update on demand for the country's debt amid all this drama. the "clayman countdown" is coming right back.

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liz: all right we're getting this breaking news. the pentagon saying iran's missile attack on israel was about twice the scope of iran's april 14 attack. now, remember, back on the 14th, about 300 drones and missiles came into israel. pentagon press secretary major general pat rider saying moments ago two us navy destroyers did fire about a dozen interceptors against the iranian missiles aimed at israel, but that no other us military assets were used to shoot down the missiles. the israeli military is saying iran's attack earlier today will have consequences but the idf has so far given no indication on how or when it will respond to iran's 181 missile attack during this two-waived move across israel. there have been no reported casualties from the attacks. the idf says most strikes were intercepted by israel's air

defense systems, the iron dome and david sling, but that some hits did land. us officials learned of iran's attack due diplomatic channels after tehran informed russia it be launching the assault while iran claims 80% of their missiles hit the targets in israel, let's go to trey yingst whose live on the ground in israel with actual numbers. what can you tell us? reporter: yeah, liz, good afternoon. we understand according to the israeli military, 180 ballistic missiles were launched from iranian territory toward israel. now the majority of them were intercepted but when you think about how big these missiles are, the shrapnel that comes down is still significant. we've also seen a number of videos causing large craters into the ground of israel, not just in the central part but also southern israel. at one place next to a school. the israeli defense system is not perfect and some of these missiles were able to slip past

the system. we were just researching the cost per-launch whenever the israelis go to intercept one of these missiles and it cost $2 million per-interceptor missile at these advanced levels to shoot down incoming ballistic missiles so the israeli cabinet is meeting and discussing a possible response to this attack from iran. the iranians say this was an attack due to the killing of the leader of hamas, and leader of hezbollah, hassan nassrallah, during that strike last weekend in the lebanese capitol of beirut and we heard from the pentagon just this hour clearly the americans were coordinating to try and assist how they could to shoot down those incoming missiles as so many civilians were headed to bomb shelters. liz? liz: can i just ask you what it was like when you were, because i saw you in earlier reports standing on a balcony.

i assume it's the same one you are standing on at the moment but what was it like as you saw these incoming and is there a moment where you and the crew are saying, please iron dome, intercept these? i mean, i'm sure people in israel are just anxious as heck. reporter: yeah, absolutely. the majority of the country is in a bomb shelter when an attack like this happens. we're of course reporting live so we can bring the images to you and we have to make calls in realtime about when to move and when to stay put so we have a security consultant with us and he's taking an estimate of where things are landing and how close the fire is to us and we can make a decision if we need to get to a shelter or continue the coverage but it was a surreal moment to watch these interceptions taking place over northern israel and we're actually learning that many of the interceptions took place over southern syria as israel's missile defense made its way out of the country, intercepting the fire before it made it into israeli air space. liz: thank you, and we hope

for more updates from you and the fox news reporters all fanning out on the ground across israel. thank you so much. after defending itself from iran's attack today, israel still plans to move forward with additional raids in lebanon in an effort to eliminate the remnants of iran backed terror group hezbollah. america's allie in the middle east is also fighting an economic war to drum up financial support for the military. israel bonds kicking off its invest in life initiative, basically, what they do is ask supporters to invest $107 minimum in bonds and there's obviously some important meaning to 107. honors the nearly 1,200 people who lost their lives on the october 7 attacks last year but pays homage to the 107 hostages still in captivity. now moody's downgraded israel's credit rating two notches from a

2 to baa 1. that's usually reserved for countries that are way less developed and economically successful than israel. so will this affect people buying israeli bonds going forward? joining us now, in a fox business exclusive is israel bonds president and ceo, live from tel aviv. first, thank you for being here under such difficult circumstances. we saw the dozens of missiles over the skies of tel aviv. how are you doing? >> well, thank god we are all fine and i can tell you that our spirit is very strong and steadfast and israel is at war against iran access of evil and liz, let's not be mistaken. this is not just a war between israel and iran or israel and iran and its terrorist proxy organizations. for the iranians and their supporters, israel is the small

and the united states is a big one and we should stand against these forces of evil together and i'm confident that we will prevail and we will win this important war against the enemies of civilization. liz: listen, that all may be true but as the escalation continues, going into lebanon now, with these targeted raids, that expands the entire situation beyond the gaza strip. my question to you is are people buying fewer israeli bonds or more? what has been the response? >> i can tell you that the response since the war broke out on october 7 on that heinous day shortly after the atrocities were committed by hamas and today as well. the cells of israel bombs really achieved record breaking numbers and the surg continues, and since october 7, since that heinous day, probably

the darkest day in the history of the jewish people since the holocaust, we have achieved more than $3.6 billion of investments with record breaking numbers and for many people, this overwhelming desire to make a difference in israel a time of need is inspiring and it's continuing. liz: where is the demand coming from? i would imagine certainly the united states but where else? what other countries do you see people who are interested in buying these bonds. where are they coming from? >> our investors come from all walks of life, and they are, they can be students, ceo's of banks, local government treasurers, or thousands of individuals investors, and they are all come for it first of all to make an investment but you

can hear from all over a very strong message that they would like to express solidarity with the united states, the allie in the middle east. liz: folks, israel bonds are like us treasuries. you're lending the government money in order that they take it, they use it, and then they give it back to you with a return. a yield. so the last time you were on, danny, may 28, the two-year jubilee bond was yielding about 5.12%. with a minimum investment of $25,000. now, it's lower, so are our bonds certainly here in the united states, but because rates are coming down, but it's yielding 3.81%. where are you seeing people looking now on this yield curve for israel bonds? >> well people of course on one hand are sensitive to yields as you have mentioned and we follow the us treasuries so if the us treasuries are going down, our bonds, you know, yields are going down as well,

but although that reduction in the yield as you can still see a significant demand for our bonds, for israel bonds, and i believe that it's a great reflection of the desire of so many people to continue their support for israel. it is a critical time for israel. people understand that when they buy a bond, they build a bond with israel. even if they get a lower yields because the treasuries went down, still the support for israel is very strong and very hard. liz: let's talk quickly about the moody's downgrade of israel's debt and credit. i mean, we're looking at let's see , baa 1. i believe the former israeli banking regulator was telling reuters there are a lot of issues the country has to tackle in order to hold on to that rating. what does this actually mean for everything financially in

israel? >> first i would like to remind our viewers that the s&p and fitch are rating and not lower for the time being and the israeli economy is still very strong, and if you want to take a professional look at such a situation, you first need to take a look at the track record and if you take a look at the track record of israel even when israel's economy was much more weaker, and fragile and the debt to gdp of israel was much, much higher, israel always kept its payment for investors, and i'm optimistic it will be the same this time as well, and that following this war, following our obligation to dismantle the terrorist organizations, israel will be more secure and more prosperous than in the past. liz: we will continue to watch every minute of what's happening in israel, we thank you very much for talking to our viewers.

>> thank you for having me. liz: with the election here in the united states 34 days away, is the biden administration official that ceo's love to hate, ftc chair lina khan loosen ing her tough stance on mergers? charlie breaks it next on the "clayman countdown." smartsheet helps propel mclaren formula 1 cars to the starting line. thousands of individual parts. moving from idea to reality. in every single race, we pursue our peak potential.

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liz: oh, don't forget to set the vcr tomorrow or dvr. does anybody use a vcr? julie waynewright is an entrepreneur and tomorrow talking about her brand new company that makes it much easier to get glp-1 drugs for weight loss, the whole package, that's tomorrow. in the meantime federal trade commission chair lina khan's term has come to an end. what does this mean for the future of mergers and acquisitions under a potential trump presidency? joining us now charlie gasparino. well she's still there. charlie: she's going to be there for a while. this is almost a technicality. the way the ftc works is your term ends and you could stay there until congress or actually the senate confirms the next nominee, so whoever, she's going to be in there essentially until january, right?

now she may be thereafter wards. kamala harris has not signaled much about like what her cabinet is going to look like. we are hearing some things but i just wonder if she gets replaced just given where the democratic party progressive politics are and she's one of the more progressive members of the administration. liz: it's hard for mergers and acquisitions. charlie: she wants to breakup google. now look at it this way and i did a little thought experiment today. what is it to break up a $2 trillion company? alphabet is a $2 trillion company, it's the fourth largest company in the market right now. i think nvidia, microsoft, apple, they are 1, 2 & 3. i don't know can one is which but those are the top three and then you've got alphabet at 2 trillion. this is really amazing and i can tell you that i know a lot of telecom lawyers right now that are crunching the numbers trying to figure out and telecom

analysts, what those google look like broken up and how much wealth destruction occurs. think about this. $2 trillion is held in probably most portfolios, to some extent, and it's obviously part of the s&p 500, right? it's there. that means it's in index funds and you start messing with that company. you start separating out the search function from the advertising function. liz: well the argument is it's a monopoly in search and they have been crushing startups et cetera. charlie: have they? liz: well it's going to try. charlie: what is the economic impact if you get rid of that company? if you literally, because if you separate -- liz: it means more smaller companies are able to grow. that's her argument. charlie: do you know what i'd say? look at the experience of the baby bells. in 1996 congress passed a communications act. there was this whole thought that we're going to create more local competition, right?

it's going to be government mandated. we'll have price controls. and the baby bells, their infrastructure be , essentially lease it out to these i don't want to get too technical but these telecom firms known as c-lecs. wind star was one, i covered those back in the day. it doesn't exist anymore. this is a recipe for a lot of destruction of capital and the baby bells don't really exist anymore, in a meaningful way. liz: are you saying we should never break up any big company? charlie: i'm just saying be real careful here. liz: is she softening up though because today the ftc approved the chevron hess deal. charlie: they said the ceo can't be part of the board. liz: the ceo of hess. charlie: okay, you could do the deal, but you know, one of your top people can't be part of the board. liz: there's a reason they said he had negotiated or gotten too involved with opec. charlie: yeah, he got involved with opec as a ceo.

liz: listen, i'm -- i'm just telling you we can go around and around here. she is literally talking, listen, say what you like about google and i'm not crazy about a lot of things they do. i think they stifle political speech of conservatives. there's decent evidence of that. that's an american company, creates wealth in the us, is the economy worse off with them or without them? i mean, ask yourself that. if they are going to go the baby bell route where they become a wholesaler like you kind of use their platform for others sort of competing search engines and advertising, i mean, is that how much wealth does that destroy? liz: can i just be clear though. they aren't saying shutdown google. you just said is the economy better with them or without them. charlie: no, no, my point is you have to understand what they mean by breakup. okay? it's not like sell-off youtube. they are talking about separating these two main functions that are integral to the market cap of $2 trillion,

and then they are talking about government being involved some way in the pricing mechanism that occurs. because that's always what happens. i've seen this. there's been, this has happened before. the baby bells. i mean, 1996 i covered it. it wasn't pretty. so and then you don't know if that model can work with google, so google may not, might not exist and the question is, is it worth the destruction of wealth? you have this in your 401 (k). every teacher, firemen, cop, has it in their pension fund. you've done very well with it. it's hard really to find the economic harm. i mean, i know my data is out there being sold to watt e to wy search is for food and weight lifting is used by somebody to pitch me something but i'm telling you. what is the economic harm here? liz: well had there been a bigger company when google was

trying to start, which there was, there was microsoft explorer. charlie: so they made a better mouse trap. liz: they did but they started in a garage, maybe if google is too strong, the ftc would say -- charlie: start in a garage? i'm just saying that -- liz: the others that are up and coming trying to start in a garage. charlie: whose trying to start in a garage? liz: charlie this is an entrepreneurial nation. charlie: i understand, liz, but where is the competition? where duck duck go? liz: duck duck go is trying to work in with apple but google is trying to slam it. charlie: trying to do what? liz: trying to replace google, or at least get on there as a search. charlie: but if you want duck duck go, you can get it. liz: okay. charlie: so get it. download it. i don't know. i'm just telling you be careful what you wish for in these things because, you know, once you scramble that egg you can't unscramble it. liz: oh, did you make that up?

charlie: trust me. liz: you can't put the genie back in the bottle. charlie: do you know what a baby bell is? liz: of course. well, verizon thank you very much. charlie closing bell we're three minutes away. no records in sight although all it takes is the dow punching slightly into the green the same with the s&p to see a record dow is on pace to snap a three day winning streak s&p and nasdaq are also lower, but well-off. the worst points of the session, the indices are on pace for the second down day over the last three. let's look at bitcoin. the jury is still not in on whether it's a flight to quality and right now it's not. investors flee risk assets at least on this escalating middle eastern situation with iran attacking israel but this year, they stretch it out the cryptocurrency has surged dramatically at 47% as it comes off its strongest september since 2012.

our count down closers group says we're still in the early innings of the bitcoin rally and she is liking it. r 360 is an investment group for centimillionaires and barbara goodstein is here joining me. okay, so we are looking at a sell-off in bit coin down about 2.7%. it had been above 63,000. it's now below 62000, and not a flight to quality. but yet you're saying go in there. what's your reasoning? >> we think there's a number of reasons. one is the bank of new york is currently able to custody bitcoin which means more banks will follow and that means that banks will be able to collateralize loans against bitcoin. that's an enormous count. bitcoin is to banking what voice over the internet was to long distance phone calls. bitcoin will disintermediate banking so the $2 trillion being paid to move money around in

this environment is going to go away ultimately as a result of bitcoin. liz: in what form do you advise your group members at r 360 to buy bitcoin, to get a piece of it? >> so we don't advise them anything. we have a group of some of the most sophisticated investors in the world, and that group is of the caliber of a ray dalio, cathie wood, warren buffett, and they are basically telling everybody what they are doing, not advising anyone so they are saying you can buy bitcoin, buy bitcoin etf. do whatever you want but they are doing it and they are all-in. liz: if you want to buy lower than its been, today is the day. barbara, thank you so much. it's great to have you. >> [closing bell ringing] liz: well on this first trading day of october, our starting off in the red but heck, who knows what happens tomorrow. that's why we're here. we'll see you tomorrow. kudlow is next. larry: hello folks welcome t