what makes blackrock and the other company involved here stand out to the committee?look, we just looked at blackrock and msci and took a sliver of their index funds and found in the case of blackrock, just a sliver of them, over half a billion -- close to half a billion dollars in u.s. investments and companies with direct ties to the ccp and the pla, people's liberation army. their intent is to become the most powerful military force in the world by the year 2049 and appears blackrock is helping them do it by investing in the companies with deep ties to the pla and the ccp. >> rich: blackrock released a statement saying like many global asset managers, blackrock offers the clients a number of strategies to invest in or exclude china in the portfolios. the majority of investments are through index funds and 1 of 16 asset managers currently offering u.s. index funds investing in chinese companies. what do you say to that? >> we need to get out. it's stop we invest in chinese companies. look, in china they have a law every chinese company has to work with the pla and t

the house select committee on the chinese communist party launched an investigation into blackrock mscnt into chinese companies some of which are tied to the chinese military. the chairman of the committee mike gallagher joined me yesterday to discuss the investigation. >> we found msc i blackrock have invested in companies that produce military aircraft, the aerospace technology, the artillery shelves and advanced nuclear technology that invest in companies like bgi genomics that collaborated with the chinese military on foreign persons without the consent and others to be complicit and forced labor and human rights abuses in china. your pension, your kids college endowment should not be funding if it entered america's adversary and that's what's happening were at risk of funding our own distraction. maria: jonathan you have been saying this for so long, good to see you the atlas organization founder author of the decisive decade jonathan d.t. ward thank you for weighing in on this. is this enough, there is an investigation underway but why were the companies in the index is in the fi

liz: here in the united states, we have numerous companies, etfs for everyone with blackrock and arkng for some type of response. have they called you, any of them, to ask what's your secret sauce and how did you do it? >> well, in the 15 years i've been working in the etf industry, i've never seen so much anticipation, so much news about an impending product launch. it's fascinating for us over in europe and clearly in the u.s.. and it really, i guess that escalates up and becomes much bigger when the likes of blackrock enter that. liz: you work there had and that's what i was going for, martin. have you talked to anybody at blackrock about the successes you've had in europe and how you maneuvered through it whether focusing and attacking the sustainable issue whether to get that piece right? >> i'm still waiting for the call from larry. so no. there's many, many people in blackrock that probably are unclear about what's happening in terms of the application. they're going to keep it very confidential. i know larry's on your show not so longing a and there was no too much he could s

both blackrock and msci tell fox business they are cooperating with the probe. kelly.ou this feels a little bit more of that escalation as the u.s. government starts to zero in, be a little more hard-line with china. do you think, do you expect we're going to see more investigations like this as countless companies are investing in china? >> reporter: absolutely, that is the whole point of this house select committee on china. it is brand new as part of this new congress and there really is bipartisan agreement congress needs to do something about at least overseeing where american dollars are going. this is just one example, kelly, but they are searching all over their, they did a trip to detroit recently, both of the lawmakers who wrote this letter to see you know, how the automakers can get away from relying on china for things like lithium batteries and other battery components for electric vehicles. yes, certainly kelly, this is the beginning of what is probably going to be a series of probes, investigations reviews, whatever you want to call them into trying to g

we'll bell house select committee on i chinese communist party launching investigation into blackrockrican investments into chinese companies accused of fueling beijing military violations human rights to alert to larry fink the committee writes across just five funds we approximate that blackrock invested more than 429 million dollars in prc companies that pose national security risks to and act directly against interests of the united states. joining me right now is wisconsin congressman chairman of that house select committee on chinese communist party, mike gallagher mr. chairman thanks very much for being here. >> thanks for having me. maria: i want to ask about inquiry what you are looking to find out from block rock, msc >> one thing we can all agree on democrats republicans this is a bipartisan investigation. as well as american people i think agree on this that american dollars should not be funding, chinese communist party military buildup should not be building, the ccperson of interest, totalitarian surveillance state not funding gross human rights abuses why we opened you

blackrock being one institution that has an etf application in. how does coinbase benefit as an example from servicing those, up 14 -- 13.4%. going to understand what happened, it was a surprised let's bring in sonali basak. a good place to start, what did the appeals court say about the original sec decision to block an application for bitcoin etf? sonali: i think the part important here is this idea the denial of grayscale's proposal and this is according to their ruling that the denial was arbitrary and capricious because commission failed to explain the difference of treatment of similar products which was a key part of the grayscale argument here. and you look at the decision by the court, and remember there are three judges that ruled in grayscale's favor, there is a process that you have to understand. it is this idea there are 45 days in which both sides review this ruling and the sec could always push back. the other thing that is a big open question for grayscale is the idea of whether they have to refile for an etf. when you look at gra

why are is blackrock continuing to double down on investing in china?well, we are hoping to get a response to the letter spent them see their point of view i don't understand why you have companies in various indices that are on a government blacklist that should be easy no-brainer, even if we disagree about broader issues decoupling don't the chinese military company or anything related to the chinese military, in one of your indices that should be easy area we can clean up our system right now. maria: doesn't this start from the top this starts with biden administration, i mean you know i nut to jamie dimon chairman ceo of jpmorgan i said why you are jamie dimon you should not -- you are making a statement by investing, and doubling down in china he said we are going to follow law the law is the law, if we arelawed to vest try to sell wares to 1.4 billion people we are going to do it doesn't it start to at stop you have gina raimondo ad podium in became saying things got to change i am sure chinese shaking in boots after that speech, meantime, meta ju

that's why we need to bring msci and blackrock in.k, we had a hedge fund manager come before us a couple weeks ago and he -- very ethical guy. he wouldn't be investing, he's not investing in any chinese companies. i asked are you the exception or the rule. he said he would hope he was the rule but my inclination is he's probably the exception. blackrock and msci are chasing the dollar and to our detriment. these companies are helping the pla, they're helping the ccp. they're involved in human rights abuses, you know, in china. and so yeah, we need to bring them in and have them explain themselves. look, we just looked at a sliver of the indexes and in just that sliver we found half a billion dollars in investment, american money, helping chinese companies, chinese companies that are helping the pla or the ccp undermine american interest. it's incredible and it's -- you know, it's something that we shouldn't tolerate and we can't tolerate. we cannot continue to fund chinese companies that undermine american interest. maria: are you goi

liz: blackrock everybody got kicked up about blackrock and bitcoin talked 30000 when it filed its applicationurveillance company would be they mentioned coinbase. who are you mentioning azure surveillance. >> let's talk about surveillance sharing it's not from the issuer not from grayscale or but blackrock it's between coinbase and the ets nasdaq nyse ls a share information about trading in the underlying spot market. this is not a need to have the sec already has that surveillance based on the bitcoin futures. liz: it was a need to have an blackrock check the box after they realize maybe not. >> if you take a step back and examine what this buys us the information is are neither. liz: you guys filed a lawsuit is seems that many companies are emboldened to hold on and fight city hall at the sec, coinbase is fighting, bite dances fighting, ripple has been fighting for many, many months. more than two years, judge torres decision and the ripple case was seen as a big win for the crypto industry. it ruled in ripple's favor she stated the token sales through exchanges are not securities and they

mike gallagher said the subpoenas are possible for blackrock and index provider msci.tigating blackrock and msci for facilitating american money into chinese companies that are accused of fueling chinese military, violating human rights. you say they've also found 2,000 unregulated publicly traded chinese companies embedded in vanguard investment products as well. investors may not see any change even with the executive order. >> well, that's correct. i mean, it's very slow boat and frankly wall street has been very successful, sadly, in persuading its proxies in the executive branch and in the congress including house financial services committee chairman and others that they can continue what should be viewed as scandalous, outrageous behavior, not just in terms of national security and human rights, but also investor protection and fiduciary responsible where there's no material risk disclosure, no adherence to f federal securitis laws, no rule of law and the list goes on. and you know about the audits and the lack of federal government audits because of a deal cut,

blackrock silver. liz: the u.s.ack at this hour on reports that the biden administration is limiting a.i. chip sales now not just to china, but to the middle east. the comments come in response to a regulatory filing from nvidia earlier today that unveiled new license export requirements to send a.i. chips to certain middle eastern countries. amd also received similar restrictions. we reached out to invidia to see which countries those new requirements will affect, is it saudi arabia? is it israel? which countries, right? these same a. a i. chips that regulators have been very clear they will keep out of china's hands could actually help u.s. students regain dominance when it comes to education specifically in s.t.e.m. where the u.s. has historically lagged its peers. nvidia's a.i. chips power chatgpt which has been criticized for doing students' work for them, helping them cheat. but what if that same technology could be used to teach students instead of just giving them the answers? khan academy's newest creation

has been mission failure at blackrock.ut they do that by actually putting environmental, social and governance factors into investment decisions even though it's been shown to underperform market. we already launched eight funds last year on the equity side that try and and give americans the the act to invest for shareholder returns. we're launching two on the fixed income side because blackrock actually restrict funds from investing in companies that have great credit scores, good cash flows just because they don't necessarily meet their esg metrics. our first one is bu can xx, this is sort of -- buxx, it's a short maturity fund, invest in all companies, regardless of their esg score cans, based on their creditworthiness and what they do. we think that's good for american capitalism, and we're excited at to be -- about the launch. stuart: i think a lot of vivek rubbed off on you, because you're very articulate, and anytime you want to come back on the show, you can come back, okay? >> great. thank you very much. stuart:

ann-katrin peterson of blackrock joins us.hat should investors be listening for out of jackson hole? ann-katrin: all eyes will be on tomorrow speech by jay powell and madam lagarde later in the afternoon. what both of them might be trying to do is shift the focus of how far policy will get in september or beyond that, so how long we will stay at restrictive levels. this contrasts despite the market repricing with what markets expect particularly for the u.s. with some five rate cuts being priced in by the end of 2024. we've come a long way in terms of the rate hiking cycle campaign last year and we've seen some real progress in inflationary pressures but underlying inflation still looks sticky to us. alix: how do you hedge into those risks for tomorrow? ann-katrin: we have been of the view and continue to be of the view that longer data remains more vulnerable, but also more strategically in this environment while this holding tight theme of central banks, particularly the ecb unfed, means that -- and the fed. it continues to

their money with blackrock if the ceo and their managerial class that's the woke executive all overt that to one side you have a number of investors certainly say you as the executives have to advance the values we want to see you. >>. >> both of ththose are differen from the third phenomenon of what i call woke consumerism which is the consumers themselves many progressive consumers demand the ceos of the company's they buy the products from actually embody the values that match their own values as consumers. i think that argue that's just capitalism working. when i offer in the book is more cultural commentary to say that's just a symptom of a deeper cultural malaise where we in a culture as consumers are us hungry for cars and sense of purpose what we have resorted to superficial means like mixing morality with commercialism to satisfy moral hunger that actually demands more substantial players. you can cut three types of woke capitalism the executive investors are consumers.there is a different Ãyou touched on, those who pursue it and authentically goldman sachs of state street

what did harold hamm say in response to blackrock's moves? a couple of things he has to say about blackrock. one is in his book, game changer, which is why i was here at his book launch. he says larry fink has been very manipulative and manipulated esg for his own gain, really harsh words. we spoke about that, i said you were instrumental in trying to turn around the esg mentality and really moving into the anti-woke world. do you think there are more legs to run? sonali: what does this mean for oil companies? does this mean they are totally anti-green? he used some choice language with you here. alix: definitely not. i think if you ask any oil company today, they will talk to you about how much money they are spending on things like carbon capture. just because they are not necessarily going to be green or buying wind or solar does not mean they are anti-green. there was a great piece talking about how much money will have to be spent on the energy transition, we are talking from $300 billion now to 14 trillion dollars in about 10 years. thi

blackrock silver. stuart: bud light is not the only company facing losing over a woke agenda.s morning. >> stuart, there's nike and they partnered with dylan mulvaney like bud light and target with the pride campaign and the socially motivated decisions are not only resinating poorly with customers but investors and take a look at these stocks and they pursued social ayen data committees now year-to-date and down close to 4%, target down close to 15%, nike h roughly 13% and disney struggling and hit the lowest level in nine years down 5% on the year. of course they faced criticism over their response to the parental rights bill of florida. coke and starbucks also down a couple of percents as well. if you look at this like a report card, they're all in the red here. there are a number of other dynamics at play of course. disney dealing with investor concern around the hollywood strikes, but the movement in the stock price are interesting because all of the companies are performing poorly when the general market is doing better. s&p 500 and dow all up on the year for the whole a

and europe like blackrock and fidelity.own climate change commitments and fewer share hold oar resolutions and bolder approvals of the resolutions, it's becoming politically unpopular in some states to invest money based on climate goals. stuart: that's true. lauren: that's one headache for a company like blackrock also being investigated by a house select committee on china and says blackrock helped invest money in chinese companies that have been blacklisted by our government. therefore americans retirement money that goes towards the funds are "unwhittingly funding the ccp". stuart: larry fink has his enemies. lauren: many of them these days. stuart: straight to the tuesday question. allysia can play if she wish z because she went to stanford. how many earths can fit inside jupiter? 400, 700, 1000, 4000? the answer after that . to defend against erosion and cavities. i think that this product is a gamechanger for my patients- it really works. i'm saving with liberty mutual, mom. they customize your car insurance so you o

we never hired blackrock to politicize the money of those that serve what we hired blackrock to do wastate treasurer's and attorney general as they try to attack this whacktivism. maria: you make a good point on the i'm pacts pact it's going -- impact it's going to have on states by making borrowing more expensive. you don't think of that initially. i find it really ironic that they're able to push this agenda, esg agenda and alienate fossil fuels but they're perfectly fine investing in communist china. >> exactly right. you pointed this out in your book, appropriately a couple years ago. and the reason that this is so interesting to me is that when you have seen one state treasurer's office you've seen one state treasurer's office. we're 20 hats and two of those as i chair the local government commission and i'm seeing the impact this whacktivism is having on credit scores of many small communities in north carolina and i also chair the state banking commission and we're seeing what's happening with underwriting as far as the banks and some of the questions they've been asked. as i sa

blackrock as an investor is about a million more people who have their money at blackrock it is thereeo that's the woke executive all over again. you have a number of investors who are certainly saying you as the executive have to advance the values we want to see a push. >> both are different from the third phenomena what occult will consumerism the consumers themselves and the progressive consumers demand the ceos of the companies they buy the products from actually embody the values that match their own values as consumers. i think you could argue that's capitalism working what i offer in the book is more cultural commentary to say that the symptom of a deeper cultural malaise. we in the culture as consumers more prone as citizens are and hunger fore sense of purpose we have resorted to superficial means like mixing morality with commercialism to satisfy moral hunger that demands more substantial things. that is one access you can cut three types of woke capitalism the executive the consumers. this is different access you touched on as well those who pursue it i think goldman sach'

blackrock says it complies with all applicable u.s. government laws. country music star kenny chesney dropping in to play "you and tequila." ♪ one more night could kill me, baby. >> carley: the singer thanking everyone at captain tony's saloan for allowing him to perform. we asked what singers you would like to see through a pop-up performance and rene s jason aldean and jill would love to watch the zach brown band perform and margaret jon bon jovi, saying there is a big parking lot that is perfect for a pop-up concerts, all good answers, guys. >> ainsley: joey used to work for zach brown. >> joey: i don't know about a pop-up concert, zab loves to be a regular guy, he's been in bars in alaska or montana, just hanging out. he's a good guy. >> carley: seen him in concert twice. >> ainsley: love his voice. nice of kenny to do that, i am sure everybody is like, that was amazing. >> steve: i didn't see anybody. >> steve: we need to go to captain tony's saloan. >> carley: jimmy buffet does that a lot, too. >> ainsley: the white house reeling from the stunnin

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. >>> and blackrock under investigation for investing in chinese companies that bolster the militaryights we'll get reaction from former s.e.c. chair jay clayton the second hour of "squawk box" begins right now >>> good morning and welcome back to "squawk box" right here on cnbc we're live at the nasdaq market site in times square i'm andrew ross sorkin with becky quick. joe is off today look at u.s. equity futures at this hour. some pressure on them right now. the dow looks like it would open down 70 points off nasdaq close to 100 points down. and the s&p 500 opened off about 18 points. meanwhile, let's show you treasuries treasury yields. this is important in large part because fitch just downgrading the united states treasury effectively. the ten-year note, 4.015 the two-year at 4.860. so, fitch may have a view, but seems like the market has a very different view of this, which is to say, actually, this stuff is worth more take a look at oil thinking about the energy complex, you can look there at wti crude. buy it by the barrel, it will cost you $82.10. a bigger conference about

i just blackrock what would you be including others in that in the event they are given the go-ahead? sui: we are fortunate to be partners with blackrock but we are also partners with a number of other applicants including was wintry and valkyrie, to name a few. we are the leading an expert or for cryptocurrency. we are the leading provider for -- the cme dollar futures contract, both settled to h-mart indices provided by cf benchmarks. over five years of experience of working with cme and settling their derivatives contract and etf's listed in canada, brazil, and parts of europe. the usa is a bit of an outlier. vonnie: i am curious as to what you think will differentiate them. if there are 30 plus and they will be physically backed, what will be the difference between them? it feels like a commodities etf and there are not many of those either. sui: that is an interesting point. that is the $64,000 question, how will this market shakeout? what are the parameters of competition? will it look more like equities and fixed income where you have a number of providers providing etf's that

today's headlines are closed exploration in the capital market after blackrock and several other largepanies submitted their request to launch tradable funds on bit exchange. now some of these companies and beyond to launch ethereum futures funds apply to launch ethereum futures etf apply to invest directly in an asset investing in its futures contracts germany also joins the ranks of opponents of wordcoin reuters data reports in the state of bavaria, germany, conducting research on wordcoin, this project has been developed with the aim of creating a decentralized financial and identity network, and it uses balls to scan people's eyes and create unique identifiers. company privacy regulators in germany, the uk, and france are concerned about the way data is collected and stored , as well as the security aspects of collecting sensitive data . the german regulator is investigating. it directs because the plan is a company operating in germany. network 20-based decentralized efi electro-optic linked to the coinbase exchange suspended its activity due to concerns about possible abuse. netw

we heard from blackrock saying that they are seeing a remarkable repricing and long-term yields to come, but this week is all that about the yields rising and equity markets falling -- following along beside them. we have had biggest three-day retracement and s&p since march, since a banking crisis and march. we have now retraced over 5% since those high in july when it comes to the s&p 500. if we look at what happened yesterday, the put option volume the total u.s. exchange reached levels not seen since march. there is a bearish tilt out there into the markets, those clamoring for some put hedges to protect them from further downside risk is something to note. lizzy: we have the latest jobless claims data for the week more signs of resilience there. jill: exactly. he's on appointment applications fell by the most in five weeks. we are seeing the labor market continues to hold up. it seems that employers are reluctant -- maybe starting to scale back hiring but they are ultimately reluctant to let go of a lot of workers. a lot of companies are still wary given how difficult it was to att

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maria: are a you had stated the recent case study you highlighted blackrock ceo larry fink funningelsis correct, that, you know, wharton business school did a case study on this capital market campaign, and larry fink, doing this a number of years, you know what this was about was larry fink has been a big proponent of esg, if you look at esg. the environment. social means human rights, xi governance means how do you run your books can you be audited, leaves stun questioning maybe three reasons why there should be no chinese companies, in esg called e, s, andg. >> a great point your take on what biden administration can do keith we've been hearing about this executive order, that the biden administration is coming out with i think i am hearing about this at least six or eight months this administration seems sitting on, are we ever going to see any headline that the white house, is putting some limitations in place, for investors to not fund the expansion of our number one adversary? the chinese communist party? as their surveillance programs on america and military are underway? >> i

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next topic quickly now on blackrock and investments in china. this got our attention.at it means. this is larry fink's defense. it is unconscionable for any u.s. company to -- this is the house select committee's letter to larry f fink. "it is unconscionable for any u.s. company to profit from investments that fuel the military advancement of america's foremost foreign adversary and facilitate human rights abuses. they alleged that their investments in chinese companies are helping these aspects of chinese society to do bad things essentially. do you see a case here are not given? >> i see a case for larry fink being pride under a microscope. burning an ant with a magnifying glass. that's what's happening to him right now on the helper of the reason that's happening, maybe they could make an argument about the funding that chinese army and espionage and all the rest of that. that's not his problem. this problem is lack of transparency. when i invest in the largest money manager and index fund that's global. a portion of that is based on the larger economies. it's prora

. >> blackrock tells us his investments comply with us laws including sanctions and ads, like many global asset managers, blackrock offers a number of strategies to invest in or exclude china from their portfolios. majority of our clients investments in china are through index funds and we are one of 16 asset managers currently offering us index funds investing in chinese companies. both firms tell fox business they are cooperating with this probe, so it could just be the beginning. neil: thank you. congressman rob whitman from virginia, vice chair of the house armed services committee on strategic competition between the united states and china. an important player in this. always great to have you. a lot of people saying china with all its provocative actions, to reward them with more economic activity and business activity that even though it hurts us to cut ties or not have as strong ties but it is the right thing to do. where are you on this? >> i believe we need to be very stern with china. american dollars should not help the ccp modernize its military or violate human rights and u

he singled out blackrock.i mean, there is obviously blackrock is one of the biggest players in the game. and we are trying to understand how these entities, particularly on the passive side of things, why would they would have certain blacklisted companies and their index together. we will have to see where blackrock has also heard from hearing witnesses under oath that it offered funds that included contractors and other concerning companies. from our perspective we don't think blackrock should funnel american dollars into certain companies like this, and we need to close the loopholes, and at a minimum, insured americans are not unknowingly funding the chinese communist party. so again, that's what this investigation is about. that's what our analysis of the executive order, it's about figuring out the best legislative approach to putting guardrails on outbound capital flows so we aren't funding our own destruction were funding egregious human rights abuses. it's difficult to put into practice. but that's wh

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tom: damien from blackrock said that real yield analysis is tangible. last number of days, the inflation-adjusted yield is speaking volumes. how is that interpreted, not so much by the academics at jackson hole, but the phd's around the table? jonathan: is that going to stop growth? it has been tremendous relative to expectations. bank of america called on friday a scorcher. price action, equity up by 0.5% on the s&p 500. four days without gains, maybe we get some today. and the bond market, yields higher by four basis points. tom: and i'm not at a 20 the experience met 12, 13, 14. johnson: it speaks to correction, what you said an hour ago. tom: he dovetailed his work. it wasn't too big, banks, but he said get ready for another leg up. jonathan: who wants to by the weakness? other people, mike wilson, morgan stanley says this will continue. lisa: it is toxic but slightly commit gives you a bad stomach ache and then you feel fine and ever but he keeps going. that is what some people are banking on. tom: the euro and the yen, right now, to help us out, d

go to the head of global fundamental fixed income strategy at blackrock red help me parse through theion we are seeing in the bond market. what does today's move lower after such a big and quick run up signal to you? >> i think today, we have seen almost a bit of relief in the market. we had a very strange week where we had a large increase in the management from the treasury. that had an impact on yields. we also had news from the bank of japan. other things. but i think the data we saw coming out of the labor market, payrolls, it really has shown that the u.s. economy can remain resilient. that it is moderating in terms of the labor market. the average hourly earnings remain robust. the labor market is tight, and it is 3.5%. the market is really assessing and digesting the news that the economy remains in a very decent and healthy position overall. >> are you worried about inflation? you think inflation is something that is past its peak and will come down, and generate real yields, therefore coming easier and easier. >> i don't we can say definite, you should be worried about infla

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paul: the esg backlashes having real impact on asset managers can include in the world's largest, blackrocke-think, is on the defensive -- ceo, larry fink, is only defensive. larry: it is not political, it is not "woke," is capitalism. paul: today, fink embraces esg, and he's not alone. >> if a firm decides this is not appropriate and is willing to use their power to enforce that, many managers say ok, i'm going to be careful. at the release, i'm not going to talk much about it. paul: but how well have esg investments actually fared? in new york, four city employees sued the pension funds, alleging they reached their fiduciary duties. the fossil funds have done quite well. >> they had a brief window. if you look over a longer period of time, they have not been doing well at all, so funds or in a strong position. if you look at our one year, three-year, five your returns, they are very strong. even all the decisions we've made. paul: ramaswamy says he does not buy it. >> it is a farce. paul: the new york controller tells me he's trying to invest in the long-term interests of his pensioners i

katie: joining us now we have blackrock made outlining -- amanda, most of the conversation around the. downgrade has been related to the treasury market. reading about corporate credit market, what potential ripple effects could there be from that downgrade? amanda: thank you for having me. really what we are seeing is this combination of news flow the past two weeks where it was the japanese tweak yield curve control or the double great -- downgrade or treasuries apart reinforcing this higher cost of capital environment that we are expecting to be front and center for the corporate credit market, specifically expected of great issuers that are more sensitive to those borrowing costs. as a see long entries move higher it is reinforced that view. the other interesting thing that was not talked about that much this week was the recent data on bank lending and the previous significant contraction there. one of the things we have been emphasizing is the read through the economic activity might not be as direct in this cycle relative to past cycles. it is been well telegraphed that bank le

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recently announcing that they're putting the head of aramco on the board of blackrock in a world of esgppening here, and what do you make of the entire esg movement? >> so, i've always continued to think that the term esg itself is -- does more to confuse than clarify. and that we actually always called what we were working on sustainable investing. we talked about it at times and people said that's semantics it is more than that sustainable investing, i think you're seeing a basic fiduciary argument that if there are material factors to long-term durable profitability around how you operate your business and how efficient you are with environmental issues or how effective you are at retaining a talented workforce, that's are going to matter over the long-term. i think if anything we have seen that play out in terms of an investment thesis over the course of time i think where it gets difficult is when people try to put everything on to an individual term and esg lend itself to that. i will say out of all of that confusion and out of all of that politization i think what you're seeing i

. >> and talking about the reaction is blackrock rick rieder who discussed the report earlier today. >> you have an economy slowing somewhat it. you look at the hours work and a three month average versus six-month versus twelve-month coming down a bit create temporary hiring coming off. it is an economy that is in good shape but it is moderating. i am in no landing camp read i think the economy is in good shape but it is indicative of an economy that is slowing down. same in the earnings this quarter. >> let's get more perspective. the -- if you're going to characterize the economy right now how would you put it? >> i would say soft landing optimism is overdone. i think today the job report in u.s. is a wake-up call. i see today's job report as and -- turning into a softer side, a lot of attention is on the higher than expected wage growth. we look at the reduce hours worked also means the total weekly our earnings only growing by 0.1%. while people are paying more for our, they are working this. usually that is really signs of downturn. it is only usually first or second quarter a

and strive would never do business in china unlike blackrock. exactly. it's so important that we see the chinese threat. >> laura: clear up the soros schin you got. that was in 2011. you got some scholarship that was sponsored by the soros foundation because you needed the money or what was that all about. >> this has come up a million times. yeah, so i was when 24. i applied for a generic scholarship that hundreds of people win. 24 years old to go to law school. graduate student applications. generic scholarship from not george soros. >> this is the common misperception. it is a family member of george soros who is long dead at the age of 24 to pay for law school. i will tell you this, laura, anyone e. anybody who would have turned that scholarship down at the age of 24, if they're the same person today should get nowhere near the white house doing trade deals on behalf of this country. the reality is they probably aren't very happy with what i say today. no george soros other than condemning him. donald trump, ohio love and respect. had $160 million lo

now blackrock, what is that doing, that is one of a stock. i have been putting it in the bullpen. it is so good. that company has great technology too. look at that board of directors. america. america. maury, there it is again, mori in massachusetts. >> nice to speak with you. >> i bought moderna during the pandemic. i chose moderna. apparently i chose one of the right ones at the time. to i know it has not been good with what we want. it has the things like zoom or walgreens or cvs. it is bigger than that. tell us about all the great things you are doing. i'm sorry about the accident. but everyone sounded just like me. it was so cool. despite what you are hearing out there, we do have all those different things. we are testing the market ahead. last week was one hell of a week. coming up tonight, campbell's soup with the famous rao's launch. i love rails. i am learning more about the acquisition. i have the interview. the acquisition of old wagon will become a world power. i am getting information from the company top brass. i know i liked it on paper already. stay with cramer.

be in the back of palace halls in the back of old world england but now it is a corner office of blackrockte in manhattan. either way, that is not how we do it in the united states of america. we fought a revolution in 1776 and that is why we adopted that spirit i see you holding our thomas payne style paperwork up there. thank you for that. we fought a revolution in 1776 a reason. kim, i do think that it does frighten some people when i say it this way but it is not intended to be frightening. i intended in a hopeful way. there are other great people running in this primary. i love them all. they are my colleagues and not competitors. i'm not going to bash any of them. they are great people. [applause] you will see them here throughout the fair and i need everyone of them and you get this job done. i think the choice we face is do you want incremental reform in which case i'm probably not your guy. do you want reform or revolution? i stand on the side of revolution, the american revolution, and that is what the esg issue is all about. gov. reynolds: it was heavy to jump in but we've got t

the mighty blackrock is willing to have an etf and maybe bitcoin will be around for a while?ng announced this morning? >> there is no doubt that bitcoin, i wish i had bought it at $100 and now it's at $29,000. he's made a lot of money. a lot of people bought it at the $100 or less and are feeling good. it went up as i $61,000. even down to $30,000 now, it's still pretty good profit if you bought it at 100. lisa: we also wish we had bought it at 100. it's one thing for blackrock to have an atf but it's another because they see profitability proposition where they can basically take the interest other people have. isn't that more of what this is? was it is saying if there is a market for it and we can viably make one for them and make money, why not? >> wall street is in business to make money in the something that could probably make money. the united states government has been skeptical of it. democrats and the congress and the people regulating the sec are skeptical of bitcoin and other cryptocurrencies. outside the united states, there is a lot of interest. ftx hurt the cry

, to vanguard, to all blackrock, to vanguard, to all these other big, huge money companies .companies. and because they want to show that they actually are being that they're no longer a religious mental. >> so they're pushing these values. they're saying, look, we've transgender drag we've got transgender drag queens whatever on the front queens or whatever on the front of on front of our of our on the front of our boxes. we're trying to sexualise children. the children. we're doing all the things want us you things that you want us to you want us do, loan us more want us to do, loan us more money. yeah. anyway, that's it for part three. coming up in the final section , we've got virgin final section, we've got virgin galactic's first trip, a recipe for mustard gas. and time's up for mustard gas. and time's up for the paralympics. scientists could be regrowing our limbs. see you in a couple of minutes . welcome back to the final part of headliners kicking things off with the star. and we all know that things can go wrong on spaceflights. so it's very sad to see virgin galact