. >>> ordered to stop making claims to customers about being insured by the fdic. demanding voyager sees any statements on its website and elsewhere that it's customers funds would be protected. voyager filed for bankruptcy earlier this month. the fed and fdic warned they may still take further action if needed but did not elaborate what that is, exactly. we wait and watch. >> contestant, thank you so much. >>> markets point two locking in a second straight week of gains and earnings gains this week. the s&p up about 2.8% and we are pointed to a decent open, as well. for more on if this momentum will carry into august, let's bring in luke. we have been summarizing, it has been a strong balance for july, as a whole. we are looking at 10% of gains for the nasdaq. >> reporter: we are skeptical because we are just at the beginning of a recession. we expect earnings to be down quite significantly. the upside coming from inflation but overall, we have not seen even in the beginning of the recession so i think it is a mixed bag of numbers. i don't think we have to be cele

customer found crypto purchases were safe and enjoyed by the fdic. days ago voyager suspended all trading and withdrawals including deposits stored at metropolitan commercial bank. pete, your company had a relationship with voyager. you are an investor with the company. you referred your customers to voyager to create accounts and in return you have received compensation. what has the reaction been among your customers? >> well, i think quite honestly as investors, not partners in this particular situation, it is frustrating. everyone woke up to the exact same kind of news the other day and no one had any kind of heads up or anything like that. it was an amazing slap in the face when we write about what was going on at voyager. obviously the loans that were put out there that were documented out there just really frustrating, mel. everyone would probably feel the same way. this was a pretty big sized investment of shares that i purchased personally as well as the company, so frustration is the first thing that comes to mind. it is something where we

of these firms is a black eye for ftx among regulators it was just reported a few moments ago that fdicing into voyagers' marketing on its product, which it kind of misled investors that their funds -- excuse me, usd funds were fdic insured which they totally weren't. they were only insured in the event of their bank running into issues not voyager itself. so i think ftx is in probably the best spot but there's going to be downstream reputational damage that this blowup causes >> sure. here is what voyager said in 2019 in the rare event your usd funds were compromised due to the company or our banking partner's failure you are guaranteed a full reimbursement of to $250,000 >> it's embarrassing, honestly embarrassing they did that and, frankly, a lot of these companies in this market have misrepresented what they are to the end client look at celsius talking about how they are the unbanked or unbank yourself with celsius if you look what's happening behind the scenes to get those yields they're doing things banks do otc derivatives, unfortunately, it wasn't communicated to customers that

you can read the small print, but really, they should have been more transparent that there is an fdicion and the like? kristin: the true decentralized finance, that did not break, even with vast changes in prices and a tremendous amount of work activity going on, the protocols themselves, they continue to operate. that is just software. where we run into trouble is situations where we have centralized entities taking possession of other funds. and also, where we have had lending that has gone on in a way that is levered multiple times over. but that has really been where the problems have. and so, i think what we need to do is look at how we put regulation on those centralized entities and what are their obligations. the underlying technology, the software driven platforms, those continue to work just fine and in fact, you know, even under tremendous stress they continue to perform. one other thing i would point out though is that the industry, it's self, is swooping in to make sure that customers are harmed as little as possible. we have seen ftx come in and be a backstop to many of

fdic former chair, volcker alliance founding director, sheila bair. author of financial literacy books, chart come and bill the -- thanks for coming on the show. start with the gdpreport. just your thoughts, the true health and direction of this economy right now. >> yeah. it is slowing significantly. i think, i've been wanting to -- methodology of this approach is what paul volcker did. they're being too aggressive on the short-term interest rate hikes and not focusing as much as they should on long-term rates. i think we're slowing. that is good in a way because we want prices to come down but are we doing this too fast. are we doing it in the right way? charles: right. >> i think it is reducing the changes of a soft landing given the current -- fed is employing. charles: i want to go through that you tweeted a after the decision yesterday you admired their courages not necessarily the methods. >> into. charles: you were impressed by powell, he was able to make this unanimous. a lot of people thought that was pretty intriguing. i want to start with

signature by the way was one of the first fdic insured banks to launch a blockchain based digital paymentsook at this , up about half percent. this after, you know, you would think it be higher after the toy maker topped wall street estimates for the second quarter on the profits level hasbro reporting adjusted earnings of $ 1.15 a share that beat analysts expectations of just $0.94 a share. they are the makers of playdo and mr. potato head. don't eat playdo. i used to want to. i still do. it smells good but don't eat it. okay they make playdo, mr. potato head the price increases in demand for its magic the gathering trading card game helped it offset higher freight costs we've got mattel up 4.8%, but listen, like i said , playdo, big seller there. covid-19 rates are rising across the country as the latest variant, ba .5 now makes up more than 60% of reported new cases, but despite covid rearing its head again, cruise lines look at these jumps in shares. you've got carnival up 7.5% norwegian up 4%, royal caribbean better by 6.5%. this rally by the way began yesterday when the cdc said offi