charlie gasparino breaking that next. ell and we're on count down at the moment and closing bell rings in about 14 minutes. dow holding onto 459 points of gain, stay tuned. charlie's next. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and

let's bring in charlie gasparino for more details. charlie? confident the deal will go through, it will be a successful deal. you've been reading a lot about truth social, business issues, potentially not be on certain apps because of content moderation issues. be that as it may, people at digital world think they can make a a go of it. if they have access to cap capital that will make it stronger to go forward. they want shareholders to approve a extension as much as a year to kind of work out the kinks with truth social the best way to put it, make money on the side. as you know truth social is the social media platform where donald trump former president is the chairman, devin nunez is ceo. we reached out to them. they have no comment. we reached out to the people at digital world. there is not a lot they can say because there is a quiet period around this thing. the bottom line, they have been posting stuff in their sec filings, they're directing me to that. the bottom line they think they can make a go of this. they're trying. they need a

sources inside the company telling charlie gasparino possible sale of yahoo!fund. >> they were always going to sell it at some point. liz: why are we going them a hedge fund? they're private equity. >> did you -- liz: no i didn't. >> someone is blaming someone else. liz: i'm innocent. >> they're private equity. they're private equity! i've been practicing my trump imitation. anyway, let's get back to this. there is nascent talk inside of apollo about selling it, selling yahoo! finance. we should point out this, i don't know many journnan list i can operations that are owned by private equity. it can't be the best thing in the world because private equity, especially these guys, these guys are highly intense value investors. they make money when they sell stuff out and you know -- liz: they want to improve a company, right? >> they do want to improve it so they are talking about at some point selling it. they're talking about it. when places start talking about it that means it is on their mind as well as improving it. just keep that in mind this thing is somet

u reay charlie gasparino has covered this for a long time. p eosenior correspondent, fox now business. he joins us now. , yo charlie, does that mean you want to give away your age? but you didn't cover this forirt the first time yesterday. yestyou and your experience scream at people to the point where they believe they're richer than they are? >> i mean, eve they are that wae a saturday night live skit that was pretty funny. this is pretty remarkable, tucker. i mean, he inherited meaning the president inherited a waning pandemic. vaccines that were working okay. a pandemic was going away. jobs are coming back . the economy is strong.y ha all he really had to do was manage us through that. and what did he do?whe he went on like the drunken sailor spending spree of all time with his democratic colleagues in the congress. and he createdcraticcollea and e says he doesn't want to tax the middle class. he created the most noxious taxs ever on the working and middle class. and that's called inflation. ifo and it doesn't matter if you have a job, if

here to discuss all the latest developments, ripple ceo brad garlinghouse and our own charlie gasparinod to see you. before your continuing saga with the sec jamie dimon called crypto decentralized ponzi scheme. what -- >> i read that. notable people like jamie dimon called it a fraud. warren buffett had negative comments. we reached a point we know this industry will not bo away. it is here to stay. you're talking about a trillion dollars of value. ultimately the things we talked about before what utility what problem are you solving. for him to call it a ponzi scheme, 50 million people here in the united states have direct exposure to crypto who might disagree with him. liz: let's get to xrp, the twitterverse is going nuts over your appearance right now on fox business with charlie and xrp, the native coin to the ripple. tell me exactly why you think this jump in price is happening? what news can you give us? >> it's hard to know. i have watched crypto now, been in the business at ripple for seven 1/2 years. i've been in crypto for nine years. it is really hard to know, what i would p

joining us is charlie gasparino. this doesn't seem so good?ou watched fox business, listen to me, listen to the mark kahotus hedge fund trader you would know this is coming. we're in the final stages of the irrational exuberance that existed in this market for so long when there was endless amounts of money printing. also on this, as that happened you had, sort of wild, sort of conspiracy theories pop up about stocks. one of those stocks was amc. when it was actually, there was actually a reddit board conspiracy this thing was, this thing was going to short squeeze to a thousand, i don't know how you get that. i don't know how you get that if you don't, if you're issuing more shares. that is what we have right now. we have massive dilution. we have both stocks down, at least the last i checked. and, it is problematic. you know, listen the company is probably going to survive. it will probably survive because these people believed in the hype and, there is a book here, we don't have enough time to essentially unwind all of this, cheryl, but the

i don't like it happening but -- liz: we'll be watching pepsico and charlie gasparino. closing bell five minutes away and closing bell 428 points just over an hour ago and now down 324 so not that much better but you know what is better, new york yankees slugger aaron judge's record. he made history last night slashing his 61st home run of the season tieing roger merris's 61-year-old learn league record and the market striking out today. you see where i'm going with this and see what i'm doing here. countdown closer his picks that he think could hit it out of the park. joining me is the portfolio manager max wasserman. one of your picks is the stock we talked about with charlie, pepsi. >> sure, it's good to see you again. it's interesting you're on the show when the markets are down talking stocks. that's what you like. but i think people have to take a step back. we are long term dividend growth investors so when we're looking at market, we're looking at it for more than a three, four, six weeks but a six months and longer. your recent comment about pepsi, the stock is

charlie gasparino, what do you think?from me, ken fisher is a smart guy but i will give you some perspective from fed watchers. hedge fund managers, people in academia, i spoke to several of them today, do they think powell will go for two more rate hikes and what is going on at the end of the fed which may prevent those rate hikes from going on? it mirrors what ken said. there is a growing fear, further rate hikes lead to financial instability. this is coming off of what happened in the uk, the uk central bank went from tightening to using overnight to basically prevent the meltdown of the financial system. that happened to their. as rate started to rise. what they are saying here, if the fed deal goes through, 4% funds rate or a little higher which is the current plan the bond market is going to sell off dramatically. if that happens, $50 trillion of global debt issued in the last two or four years. that global debt has low interest rates, if interest rates start to spike, a lot of bonds are tied to derivatives, and if

thank you very much, charlie gasparino, the best of the best.s now, it is a point i know you have been thinking about this environment where it might not be great for workers or at least those in existing jobs. tell me what you are seeing. >> there's a lot of directions to go but for workers in existing jobs at the end of the day one thing they talk about in my upcoming book is we have a new culture of laziness that permeates the private sector so it does take two to tango, the culture of laziness in the private sector is something decreasing the productivity of the workforce and when you combine that with top-down forces you get to a less productive economy so you take this and progression. neil: who are the victims? >> we have a new national identity based on victimhood. we see ourselves as black victims, white victims, liberal victims, even increasingly conservative victims. the case i make is victimhood is in some ways a product of our status as an incumbent. you saw the same thing and patterns of the rise and fall of rome, there are many ri

charlie gasparino has been on the story. >> these stories are difficult to cover.e to be very careful assuming stuff. people do this tragically do this for a lot of reasons. they could have past mental illness issues. liz: depression. >> depression on top of the fact they're in the middle of a firestorm. liz: a very public one. >> very public. mr. arnal was in the middle of that. here is what is kind of baffling with the people i spoke with, these are people that worked on the restructure deal that he did. this is kind of a good thing he did. he achieved something remarkable in a short period of time. they got whacked with ryan cohen selling the stock. they have problems on the balance sheet. he didn't cause them. it is the business itself. liz: he took over as they were in big trouble. >> right. all this stuff is going on. he pulls off a fairly significant restructuring. they got lending t was a process led by jpmorgan and they have creditors that wanted part of it. obviously they have decent terms. they have first lien on the assets and retail assets apparently i

liz: thank you very much, charlie gasparino.s, we need to look at the volatility index because it's very much a reflection of the fear on wall street at the moment. earlier it was up about 16%, now it's up 9%. so we're seeing some of the angst come out of the market which means stocks are starting to come up off the floor here. it was above 31 at the top of the show, and at the moment it's at 30. let's look at the markets. we're off the lows of the session right now but still pretty deep in the red are. so let's bring in somebody who has $3 trillion in as sets under management -- [laughter] what is a guy like that doing on a day like this? state street global advisers joining us right now, michael alone. tell us what your operation is thinking about on a day like this where we have seen four straight days of pretty significant losses. >> well, i think it continues to be the biggest story of the year, is the fact that the fed's end game is a moving target. as a result, liz, what we're recommending is to raise some cash here, get

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liz: let's bring in charlie gasparino.rlie. >> you know, i still don't understand why the stock is up. it reminds me why the stock market was up. there was no explanation recently except if you thought inflation was getting better or we were at peak inflation. liz: or we were oversold from june. >> we're not oversold if we're not at peak inflation. by the way, i don't know how you invest in energy markets if we're hitting a recession. that is a gutsy call. liz: yeah, quincy knows what she's talking about. >> i don't think she doesn't, it's just a counter intuitive call. and also counter intuitive that twitter would be upright now. i mean, it's suggests to me there's a lot of betting going on among arbitragers that they think musk will have to buy this thing outright. that the court will say, buy it all. it can't be because they think he'll have to pay like a $5 billion fine. that gets eaten up very quick. liz: very quickly. >> so that's what this seems to suggest. or it's just one of these weird things, you know, i can't t

bring in charlie gasparino from fox business. the question out there is how much higher could it go? is it levling off? >> it might come down a little bit. it is still at historic highs. this administration loves to brag that it only raises taxes on the rich. the super wealthy. well, inflation is a wicked tax on the working class and you were talking about wages being eaten up by this inflation. he talks about jobs, the president. if you have to work three times as hard or work two jobs to afford that same hamburger, that's a problem. that's kind of what we have right now. it could get worse. here is the other problem. because of his fiscal policies, what the white house does. they spend so much money. the federal reserve has to essentially increase interest rates much more than it wanted to. so what it comes down to is the fed has to enforce the recession and a steep one instead of what they tried to do which was known as a soft landing. maybe calm the economy down a little bit to get inflation under control and back off and let

charlie gasparino knows that organization very well. has covered the former president back to his business days going decades. what do we know about this, charlie and where do you see this going? >> well i want to read it in full, okay? i want to see every dot, every dotted i, every crossed t but it is problematic this case for bringing against trump. i mean i don't think this is the worst thing that trump has to worry about in terms of january 6, in terms of whatever. this is kind of weak tea and i will tell you why. first it is politically fraught. she ran on the notion of taking down trump. if there was ever a conflicted prosecutor out it is tish james. it has a bad smell to it. number two, if this is so bad where's the criminal case? remember the manhattan d.a. sided essentially not to bring a criminal case. so she reaches for a civil case, which if you know anything about the new york state attorney's general, they have something going the martin act, they can bring a civil case against someone stealing a bagel. it is, it is, it giv

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please tell me charlie gasparino was on that rocket. unfortunately no.on my head just explode there. this wasn't an avatar. neil: that is pretty bizarre. that's on the cool side. charles: i have reservations tonight and if an asteroid is coming i won't be able to go. i have some skin in this game to prevent the asteroid from hitting. so does elon musk. neil: i see what you did, brilliant. charles: i wanted to pivot to jeremy siegel who is out of his mind, but equally, a little bit of an iconoclast is elon musk, his trial is set to begin to try to back out of the twitter deal which he wanted for $44 billion and i don't think i want to buy it anymore and all these blocks, he figured out there is bots on twitter and goes to a delaware chancery court, 5 week trial in october. everyone is watching this including the wall street trading community, twitter is down a little bit today but if you look at one month chart, it is green over the last month and one of the reasons why is traders that bet on the outcome of these mergers betting that elon musk will lose t

right now, you heard charlie gasparino.ll me how you position and prepare for something like that. even if it doesn't come to pass, you want to be ready. >> the challenge is it coming at a time when the market slowing down. we are positioning defensively, that takes us to the underweight equities and look at a shorter maturity higher quality end of the spectrum given some of the risks we don't know how that is going to play out. and the fed goes through its own quantitative titlenning measures -- tightening measures. liz: charlie said there are some market dislocations. do you see market dislocations right now? >> we have seen much volatility. we are not seeing anything being disruptive just yet. liz: there is another question i have. what do you like here? >> it's tough to like a lot. we are focusing more on infrastructure and utilities thinking getting some current cash flow in this environment as we watch the market re-price earnings estimates means you are better off getting paid sooner. on the fixed income side it's th

ahead of it, this is the guy you need to listen to, charlie gasparino. >> the biggest overhaul of ethereumcond biggest blockchain is over, i think it begins in the next 24 hours. why do we care about this? liz: the merge. >> the american as they're calling it. -- merge. two big digital coins and blockchain. there is the blockchain for bitcoin. there is one for ethereum. that is pretty interesting because they're doing all sorts stuff on the ethereum blockchain. here is how i will break it down because it's a little bit complicated. if you were on bitcoin, previously to this, ethereum blockchain, if you want to create the coin you have to mine them. mining depends how you do it, the way it is traditionally done you figure out mathematical problems. you could theoretically get some more of the digital coin, make more to make money that is the grease that allows the block chains to work, the native currencies of the block chains when you do transactions in a decentral ayed way. when happens when ethereum merges, the mining will be done in a different way, done in a way lot more environmentall

neil: charlie gasparino with us.ke over the house or the senate the treatment of tech executives isn't going to change. it could get worse. charles: they are coming at it different ways. they need to be broken up. and too much data. the republicans are coming at it more from the political standpoint, your too big but not that your stealing data, your stifling free-speech. either way, i wonder how long section 230, the exemption, without consequence to the social media platform, tech survived in the future, you have a republican president, republican congress they may seek to get rid of that bit if you think of it we don't have that protection. if we print something that is libelous we could get sued, that does happen. if something gets printed or posted on twitter twitter can't get sued. they have section 230. that is where we are going. sooner rather than later. the other person, in the crosshairs if republicans get congress particularly if they get the senate is gary gansler. tomorrow will be a hearing before the s

charlie gasparino following this, what did you find out?ugh, something is x, and adding square footage to make it bigger. that said, he was running for president, this is a classic donald trumpism, it dollar sign 10 billion, you could see in this lawsuit that is what he was aiming, to inflate assets to get to that number. pretty clear. neil: a lot of people dodged that. charles: forbes had that, they cite forms critiquing him cutting back net worth, and it was funny. couldn't help but laugh at these things. i talk to a lot of lawyers, there's a huge problem in this case and the big problem i believe is several problems. number one, she keeps saying he was supposed to provide this stuff, financial information based on generally accepted accounting principles and the accounting firm mazer says donald trump promised to do this via gap except for these instances. leica plus are a of instances. there is that. there is no victim here and that is the problem she has. neil: what about the document he provided? charles: that is part of it but he wou

we're joined by larry fink, charlie gasparino and me live by phone. great to have you. charlie. >> hey, larry. >> hi, charlie. hi liz. >> let's start right off the bat, given the fact we have significant inflation and it looks like now the 75 basis point rate hike is probably baked in, is isn't what they're doing in dc with all the spending, one after another, the latest trillion dollars to fight inflation, isn't it -- isn't it reckless? they're making powell's job that much more difficult. >> i think you just said everything i was going to say, charlie. unquestionably, we're seeing governments in europe, in the uk and then in the unit we're seeing very large fiscal symmelus at a time we have -- stimulus at a time with very high inflation and makes the central banks in europe and the united states much harder tax. we have rising inflation, and it's not necessarily energy. let's be clear, before the russian invasion, energy was around $70 a barrel. where is it now? $88? >> yep. >> got as high as $130ish, $120ish but it's abated quite a bit. it's not an energy story as muc

swing, the first positive to your point but beyond 3 hours to go, they get the read on it from charlie gasparino, would like to see them. >> the market got a little bit carried away with itself to say this is great news with these job numbers and it is but how much does it matter? what matters in my view is what is happening with the economy, specifically inflation. this is not going to change what the fed is set on doing which i think is a 3-quarter point raise. neil: the goldilocks notion that it wasn't too strong or weak. >> i don't think it means that much when it pertains to the market. ultimately what the fed does with the interest rate is where the impact will be on market. if jerome powell is on the path of we will raise interest rates until we get to the target of 2% inflation we have a long way to go. neil: that hasn't changed. charles: i tweeted this out when it first happened at the market went up. traders and investors are parsing the numbers, it was a good report, wages are still not growing fast enough and eaten away by inflation. ahead of productivity numbers, they are lousy, alw

$250 million spanning 70,500 feet, has 1430 feet outdoor terrace, its own private ballroom, charlie gasparinorily. pierre could afford one of these things but here, someone is going to buy that. i don't go for the 250 million but i know quite a few apartments in that building have gone 50, 60, 70, $80 million so that group is not short on cash, don't know how they are paying for this. whether they are financing it, stock holdings could have dropped. what do you make of that? >> my firm represent a number of people who purchased that building it for 10 years 57th st. has been transformed to billionaires row, and let's be honest, somebody spending anywhere remotely that much money isn't worried about interest rates and not going to apply a traditional lender to get a mortgage to acquire that property so that is when you see these transitions in the market happen. it will show how interest rate changes are impacting lower income households. the rich grow richer in times like this. neil: this building will be all spoken for. i don't know what that price -- bottom line we are seeing a lot of activ

charlie gasparino, this whole idea looking at a market, people looking at this, may be this is the turnaroundr. charles: after the spring we went on with easy money and fiscal policy spending it is hard to break the habit that markets will keep going up and ray doubt leo --dahlio speaks the truth when he says if the fed wants to hit 2% inflation target we have more rate increases to go, we will hit 4%, the fed funds rate and the market will correct by a blip here and there. just a matter of simple logic. people think this is the bottom, starting to buy stuff. they got to be crazy unless powell doesn't want anything with pressure on him, we put on the likes of your guest yesterday, jeremy siegel and more but my guess is he knows his back is against the wall. the fed would lose all credibility in anything, who knows what could happen particularly if inflation makes a comeback and even if it is off its highs, the fed would be decimated from reputation standpoint so chances are we will get two more rate hikes, 4%, chances are the market will correct the spike s, momentary blips. there are good he

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craziness, you don't get formal education here to see what is happening, the numbers that arrive, charlie gasparinos a big reason. people are nervous about going to work. charles: without formal education but the upside, don't mean to crack a joke but this is serious. she didn't say he got anything wrong but needed to educate himself. lauren: the education in the rearview mirror. charles: i have breaking news but i would contrast her with what eric adams is doing. we have a crime problem in new york city, domicile, and instead of attacking someone who speaks up about it eric adams is doing outreach, speaking with the business community, that these measures allow recidivists to go back on streets, he is engaging and we have a bad situation and the rubber has got to meet the road. but at least he is not doing what she is doing which is obvious gating. neil: using a lot of big words. neil: continue. charles: the university of missouri taught me well. it is foreshadowing a lot of hearings with senate minority and the house minority, where will they go in terms of economic pushback by the biden administ

let's bring in charlie gasparino. >> they're keeping mum as to whether it's a security, whether it shoulde registered. whether the heads offs ethereum and the block chain and people that issue the ether crypto coin, where they fall into the same bucket of you know what that the guys at ripple did by not registering xrps. we're getting some daylight on that. i don't want to say that this is positive that the sec is bringing lawsuits against ethereum. there was a filing yesterday against crypto influencer. in that filing, the sec specifically suggest that it could regulate stuff on the ethereum platform. combine that with what gary gensler said that changes at ethereum. they're changing their business model of the block chain from something that resembles -- used to be just like -- liz: proof of work. less expensive. less energy intensive. >> but it centralizes stuff more and that is one of the sort of tests that you give when you think something could be a security that the enterprises centralized like a company that issues stock. it should be registered if you issue something and it centr

charlie gasparino following all of these developments on a busy market day. f all this , charlie? charlie: neil, you know, this is baking the cake and no one believed jerome powell when he said he was going to do more rate increases that the inflation target was 2% and he wants to meet that target and so this is what happens. we're going to have probably two more rate increases, and we're going to have a bear market. there's no doubt about that, and the most risky stocks and investments will turn off, will go down first, housing prices will come down, particularly in overbuilt markets where the prices shot through the roof where there was a perceived or a real bubble, and you know, you're going to get a correcting of the economy. listen, neil, we had a monetary and fiscal policy experiment that has never been done before, in the last since covid, and even before that, the fed was pretty doveish, but when that happened, when you started print ing money like this , when you had massive fiscal stimulus even in the face of when jerome powell said enough, i'm endin

i want to talk to charlie gasparino about that.umber of chinese central bankers have been mouthing off that the fed is leading a worldwide recession. what do you think of this? >> listen, jeremy seagle is a very smart guy. i'm not an economist, he is. there's a non sequitur involved. he initially says that the fed engaged in massive monetary stimulus, the likes that he's never seen. he's critical of it. now he's convinced that doing the opposite is not the remedy. it's actually the only remedy because of this. now, i think he's right to point out the fed went way too much on the stimulus in terms of stimulus printing money. we all know that. it was coulded by massive amounts of fiscal spending, too, particularly by the biden administration in the face of this. that out in do created inflation. there's nothing -- listen, if your job is to get rid of inflation and you have a restrictsive fiscal policy out of the biden administration and the sense that it's raising taxes, trying to raise taxes on rich people, spending a ton of money b

charlie gasparino, you were the yourself to report that yellen might have a possible departure and mentionedssible replacement. is the story fast tracking now? >> it's getting out there and it was an axios today and we reported in june. no doubt the biden administration is worried about what's going on with the economy. the market is up today on some positive headlines, bank of england coordinating interest rate increases with the feds so market's like that when central banks coordinate. not much coordination before that and led to a massive decline in the pound as you recall. people predicting a big recession in the uk that would get even worse. that is starting to markets like when everybody kind of is on the same page and bank of england doing what the fed is doing and it's positive. liz: they intervened in bond buying this morning. >> they had to because it was getting crushed. markets like coordination and we didn't get a lot of that. that's why the market is up but really long term, we have at least two more rate increases coming and we probably have a recession coming and probably in

charlie gasparino's here to discuss what it means to really go to work. take a look at the big board, we do have a selloff going into the close. we're down about 430 points. again, we're going into saw three-day weekend, markets are closed on monday. we'll be right back. ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. when you shop at walmart, you get it. ♪ you spend a little less... .. ♪ ♪ ♪ ♪ ♪ ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and

i won't say charlie gasparino didn't warn you, they are working to get their workers back in offices,a -- neil: covid interrupted that. why are they going back to this? business conditions, they are not what they were, got to put up a charge on a number of ipos going on this year, that is the -- neil: that was their life. . charles: they have fallen through the roof, the mergers and acquisitions and all of that. what does that mean, a lot of that is factoring so what does that mean? this goldman thing has been baked into the pie. what you do is you see not just goldman but jamie, goldman sachs as they go through this and the deal, it is likely to get worse, it is not good for ipos and financing, sometimes, banks put money on other things than interest rates, like jpmorgan but it will get hammered here. charles: what do you make of the timing? the push to get them back in the office. charles: what we have been reporting and you and i, don't we have a millennial? charles: listen. they were pampered. on wall street, they were pampered and bonuses, perks, free coffee, how to take away the

we have charlie gasparino saying it is a proxy and they've got this, they always find buyers.t it. the journal having a great story, when this gets cheap enough and you know that apple is getting into streaming battles. this is a company that they can buy. at some point it is cheap enough to buy. neil: is it worth it? >> i think so. the distribution is interesting. jenkins, i don't want to plagiarize him. all these companies that are streaming only companies, having a hard time making ends meet whether it is is in your discovery, netflix, the notion of having a distribution seemed appealing even though the distributors couldn't run a talent based entertainment company, didn't know how to do it. apple might make this work and you can see how apple, google, will get into this business and become the pipes that at&t with its cable and satellite couldn't be. neil: they are getting big. charles: i should have been an investment banker and would not have to put up with this. i would make a lot of money and not how to deal with these millennials giving me a hard time. did you see me

charlie casamino. does this -- gasparino. does this mean the banks will be putting out restructuring? >> absolutely.t is starting to trade like we're getting a one point, not a 75 basis point. i believe the 1 point when i see it -- 100 buy sis points when i see it but that's how i see it because it was up today. yes, listen, every major bank including morgan stanley and momorgan stanley came out and sd we don't have plans. that means tomorrow we're going to start. it's one of these corporateoeuphemisms and across the board they're looking at cuts. one place we know they're not looking at cuts is in their restructuring departments. these are not the biggest departments on wall street, but they -- and they almost got a bit of a jolt to life during the first three months of the pandemic where there were bankruptcies and because of all the aid -- the fiscal policy that aid in businesses because of the ppp loans on top of all the stuff they gave to airlines and on top of all the stuff they gave out including very low interest rates, that helped with banks lending to these companies, you know, you'd have