talk about the dividend yield, but it is trading well below the day -- >> so you don't believe craig moffitt. this stock is not expensive. >> it is a leading evaluation. this stock has been beaten up and it is trading at the bottom of a range >> all of this activity, looking to try to compete against netflix, could they get a valuation, why not netflix valuation coming in a little bit if you have all of these people falling all over themselves to try to create a netflix. >> but you have veterry powerfu people you just have to get incrementally higher right now it is an at and t valuation, should there be an expansion? >> that is not the question. this is not saying that why would at&t be priced with a netflix valuation. we will be all over the time warner decision with this news we are live at the nasdaq in new york city and times square >>> welcome back to "fast money" a big story this week is the big fed meeting. hedge fund legend paul jones discussing the current state of the economy and the market >> the last time that we had unemployment rate where it is now is 2000 and we were running

as the companies race to win, what does winning mean craig moffitt threw out the question if the companies able to actually seal the deal with big bucks, et cetera, are they just staving off the inevitable when it comes to decline? >> 100%. there's no question about it there's no competition for netflix and i think any of thes. they have flawed fundamentals across the board whether it's comcast or fox, whether it's disney buying fox assets there are flawed fundamentals across the board you have business that's in secular decline. >> hold on netflix has no competition >> who's their competition right now? >> everybody. >> you think about -- >> amazon, hulu, disney. >> stop. >> let's talk about -- >> stop me now and there is no competition for netflix -- t do you mean fundamentals nobody's watching tv >> no, from the standpoint of being able to go after the over the top subscription based model. when you think about netflix and the scale they have, they only have 15% penetration international internationally. 60% of broad based subscribersis you look at it this way and say if they go out --

now let's bring craig moffitt back in.- there is no ifs, ands, or buts about this one >> the biggest surprise is them not trying to contest this ruling that is a very real rebuke of the d.o.j. here. absolutely hats off to randaller getting this done. i would echo what michael said that this is not an easy win here remember at&t is so large that this transaction will only increase at&t -- it will only count to 15 % to 20% of their revenues >> at&t is by far the bigger company. >> yes, it is so large here is the big concern. we said to our clients throughout that getting time warner would be good for their income statement, but bad for their balance sheet. it doesn't really add that much cash because of the dividend obligation that comes with the shares and the interest, it adds about a ball and a half to free cash flow, but they will have $249 billion in debt that is including leases that will start counting as debt next year under new accounting rules. the most indebted company in the history of the world, with real levera