very fascinating stacey you know we ended the 1st half and we were talking about ponzi schemes guggenheim is minute had said like the markets are a ponzi scheme because it requires ever more interventions by the fed to keep it afloat i.e. the taxpayer paying through inflation the rest of the economy people not in the markets are paying through the inflation they're the child in this ponzi scheme well warren buffett the richest american one of the richest guys in the world he was a victim of a ponzi scheme but this story is just so precious to explain the behavior of the thieves the guys at the top at wall street owners of solar company that caused a loss for buffett plead guilty over a ponzi scheme a husband and wife owners of d.c. solar and california solar company that caused warren buffett's berkshire hathaway to take a $377000000.00 charge last year pleaded guilty to involvement in an estimated $912000000.00 ponzi scheme that's jeff and paulette karpov so they thank god he stole 377000000 from warren buffett who's the value investor who's supposed to know better and do the due diligen

where there and there was a guggenheim steve menard he sees the market as a ponzi scheme you should have seen the bloomberg guys who were like what what do you mean a ponzi scheme that's how it's like this a bad guy like made off and he was like well they might not be intentionally bad but it's the fed the fed is the equivalent of mate off in this situation and he ended by saying buy silver so it sounds like kaiser or well remember the federal reserve bank is as much a government institution as federal express it's not it's a private bank servicing private private banks are engaged in a massive fraud as we say now that something like this corona virus is a direct result of the responsibility in central banks and people are dying by waves of it the most cruel all right go take a break when we come back much more coming your way. in this community there are people who believe that it's ok to sell fracking food it's really hard there are no jobs and you see that i've got kids that ask and as a parent. i can come up with lots of arguments there's a lot of conflict in the game between the clo

well, peggy guggenheim discovered her, actually her son gets peggy guggenheim to her house.iving room. she then offers janet a show. janet's english is not that good. but peggy guggenheim who has a gallery is mesmerized by her work. so she has a show in new york city. you will never believe who comes to her show but jackson pollack. this is one of my lincolns based on her style of drip painting. here are the two paintings side-by-side. janet sobel's painting in 1945. jackson pollack's first official drip painting is in 1947. he never gives her any credit. she becomes ill and moves away to retirement. she does beautiful splatter paintings. he never really mentions her or gives her credit as an influence. i don't want to take anything away from jackson pollack. i do not think he invented the splatter painting. i think janet sobel invented the splatter painting. but he certainly borrowed it and applied it beautifully. he also was the supreme model of young, masculine strength in the 1960's helping make the country that transitioned between world war ii and the 1960's. he was ex

the guggenheim cio says you should be buying the highest policy assets. for the future whenever thing is priced out of control. manus: it is a stunning piece. dani burger with the latest on scott maynard. valentin marinov, we are looking at this piece over the weekend and he talks about this cognitive dissonance in credit markets and i like what he says. there is a mindnumbing excuse for investors to see -- to ignore the red flags. when are the biggest cognitive dissonance risks of cognitive dissonance? --cognitive dissonance? -- thein that moment biggest risks of cognitive dissonance? are unablehe fact we to assess the true impact of what is happening in china and how it will impact the global economy, but yes, we will willfully close our eyes and keep pretending as if nothing is happening or nothing has happened. and thet point of view, reason we do that is because years,d again in recent whenever we are dealing with a shock to the system be if the conflict or a slowdown in europe, sovereign debt crisis, the central banks'policy officials were somehow a

. >> we'll see you again shortly still to come, guggenheim scott minerd, find out how much further hethe market will fall. >> a quick check on bonds. tone-year treasury yield hitting a new record low there continues to be vor rashs demand the stock has come back a little bit with it. we'll be right back. do you have concerns about mild memory loss related to aging? >> announcer: the bond report is >> announcer: the bond report is sponsored by - aisle in stores. prevagen. healthier brain. better life. ...take the personal assessment i love the new myww program, because it's tailored to you! and get matched with a proven weight loss plan. find out which customized plan can make losing weight easier for you! myww join for free and get three months free! >>> welcome back we've got about 23 minutes left in the session the dow is down about a third of one percent and it's actually dropped more than 6% over the last two sessions. it had bounced earlier, now in the red. joining us from los angeles, the chief market strategist and senior managing director great to see you as always >> thank yo

and guggenheim partners cofounder and global cio scott minerd here live. the best places to hide your money if the virus gains the power to trigger an earnings or even economic recession. >>> plus, one of the stars of netflix's documentary series "pandemic" is here. he's in charge of preparing all of new york city's hospitals for a possible pandemic. we will ask her how prepared this city is. q. forget correction. with 28% of the s&p stocks in bear market territory, is bitcoin really the only safe haven in this final hour of trade? apple ceo tim cook just spoke to fox business on the epidemic's effects right now on his china operation. we are 48 -- 58 minutes before the closing bell rings. let's start "the claman countdown." liz: let me get you more on the fda breaking news headlines because they are rolling in fast and furiously. the fda seeing no coronavirus related shortages yet but it is continuing to closely monitor that supply chain. that includes everything from medical products, drugs, medical devices and also biologics. we are watching anything el

peggy guggenheim discovers her. she painted her living room.gy guggenheim who has a gallery is mesmerized by her work. she has a show in new york city. you will never believe who comes to her show, jackson pollock. this is when my lincoln spaced on her. -- her style of drip. here are two painting side-by-side. painting in 1945, jackson pollock's first official drip painting is 1947. he never gives her any credit. she becomes ill and actually moves away. to retirement. she does bid. her paintings. he never really mentions her or gives her any type of credit. anythingant to take away from jackson pollock come i don't think he invented the splatter painting come i think janet sobel invented splatter certainlybut he borrowed it and applied it beautifully. supreme modelhe strengths inuline the 1960's that were helping make the transition between world war ii and the 1960's. he was exciting. people loved him. he was a real character. ast is when he became almost important as his paintings. art hasdiego museum of this little janet sobel painting. they

got in trouble with guggenheim. an issue between him and guggenheim got guggenheim in trouble.charged we should point out. he has to eapply. neil: the sec has to write off on it. >> the sec could hold it against him. neil: do you think the sec chairman boss donald trump would do that? >> that is what i addressed. i quoted the john coffey at great law school professor at columbia, he has to be sweating bullets over this. you want to know that milken wants to come back to the business. like telling steve cohen, great hedge fund trader, you can't trade anymore. like telling neil cavuto -- neil: you can't eat anymore. >> i was going to say you can't be an anchor anymore. think about that he is one of the great -- neil: he was the guy who created the junk bond market. >> more than that. neil: he is something akin to that today. >> he was the joe dimaggio of finance. he was that great. what he did with junk bonds. there were excesses. clearly there were some issues that drexel the company he was involved in, which kind of corp.erred the market in junk bonds. neil: created companies.

he is with guggenheim partners. hundreds of billions in assets.ru followed by quite a few people. we hope everybody stays with us for the final hour. charles: his words have been known to actually move the market. liz, thank you very much. everyone watch "the claman countdown." i know you do, today especially at top of the hour. >> thanks, charles. charles: we stay on the markets. when we come back, including some bright spots being overlooked. are they worth a buy? we'll tackle a question about the federal reserve as well. we'll be right back. ♪. with sofi, get your credit cards right by consolidating your credit card debt into one monthly payment. and get your interest rate right so you can save big. get a no-fee personal loan up to $100k. get a no-fee personal loan through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from managing inventory... to detecting and preventing threats... to scaling up your production. giving you a nice big edge over your competition. that's the power of

big questions i was essential ones i'll try yes but like i want to start with your exhibit at the guggenheim that's opening. so it's called countryside the future. and it's really it's funny you say that because most of the people i've spoken to big thinkers feature ologist most of them agree that the future is within big cities that want to win become trees just big city so when you name it like that do you is it just a concept or do you really believe the future is there and it's of course provocation but it's a very calculating provocation because in 2007 the un said that half of mankind for sleeping in cities may see me from that moment cities are the only thing anyone has been looking at and cities has been what people have been kind of publishing about doing studies about. intellectual concentration is going to cities. the prediction is that. maybe 70 or 80 percent of mankind to live in cities and i think there to. become a completely absurd situation that we you know over us are concentrating on very overcrowded kind of situations and that we leave the countryside to be its potential

big questions i was essential ones i'll try yes but like i want to start with your exhibit at the guggenheim that's opening. so it's called countryside the future. and it's really funny you say that because most of the people i've spoken to big thinkers futurologist most of them agree that the future is within big cities that want to win become trees just big cities so when you name it like that do you is it just a concept or do you really believe the future is now and it's of course provocation but it's a very calculating provocation because in 2007 the un said that half of mankind for sleeping in cities may see me from that moment cities are the only thing anyone has been looking at and cities has been what people have been kind of publishing about doing studies about. intellectual concentration is going to cities. the prediction is that. maybe 70 or 80 percent of mankind to live in cities and i think that to. become a completely absurd situation that we you know who verse are concentrating on very overcrowded kind of situations and that we leave the countryside to be its potential all its

it also previews a new guggenheim exhibition, countryside, the future, by the dutch writer—turned—architect summit in saudi arabia, where global finance chiefs have pledged economic inclusion and equality for women. and a young syrian girl washes her boots at a refugee camp in idlib, where nearly a million people have fled violence. now, what stories are sparking discussions online? yes, let's looks at what people are sharing right now. in mexico, mount popocatepetl has erupted. ‘el popo,‘ as it is affectionately known locally, is one of mexico's most active volcanos. over 5,600 metres high, it can be seen from mexico city, 70 km away. the united nations says the greatest exodus of civilians in the syrian civil war is taking place in idlib province. the fighting in the last major rebel stronghold in the country has left about a million people trapped. the bbc‘s middle east correspondent quentin sommerville and camera operator fred scott have been into idlib and have this special report. a darkness is closing in around idlib. the regime is creeping closer, and those who oppose it take shelte

questions i was essential ones all trying yes but like i want to start with your exhibit at the guggenheim that's opening. so it's called countryside the future. and it's really funny you say that because most of the people i've spoken to big thinkers most of them agree that the future is with and big cities don't want to win because. so when you name it like that do you is it just a concept or do you really believe the future is a it's of course. it's a very cold. case and because in 2007 the un so many countries with different.

guggenheim says the coronavirus may be the worst event of his career, stocks enter correction territory

a former guggenheim fellow, taught american history at oxford, cambridge and yale university and the author of a number of books, recently including george washington's journey and marketplace of revolution. he is also a frequent contributor to the new york review of books and a times literary supplement. join me in welcoming our speaker tonight. . [applause] >> thank you. is the sound all right? good. thank you for coming out on a rainy night. this begin a number of talks about my book, and i don't know if there's successes or north but i can tell you, it always rains. i'm knock sure that's a great omen, but here we are. it's great for experience for me, to return to -- my entire career since even before i finished graduate school has been focused on this room coming back and doing research. i have published nine mon ographs but early american and revolutionary history and i have five of them, could not have been done without the possessions of this wonderful society it really -- [applause] >> tremendous, and even tonight, i have departmented -- it has not don'ted me but i don'ted t

he's received a guggenheim fellowships, his documentary in the heart of blackness was broadcast nationally on pbs. it was chosen as the best documentary at the hollywood black film festival so i definitely check that out. now 2017 for those of us are herthatare here on april 19 whee open a museum of the american revolution, then the vincent brn was one of our keynote speakers that we read the transcript but continued to inspire us and view more recently might have seen him interviewed on the cbs sunday morning peace and all of these are available on the museum's website, search for the museum of the american revolution, or amrev.org to find out that information. we have to introduce vincent brown and thought you ought to get the same treatment. we are going to warmly welcome vincent brown. >> it can motivate people. loyalty to a cause. ideals into the cartridge to carry them out. we appreciate the efforts of common women, men and children of all sorts. there are losses and victories and the determination to turn them into lessons that history of the revolution is and should be a living his

or training to workers who helped evacuate americans from the outbreak's origin in china, and guggenheim'sard says the coronavirus is possibly the worst thing he had seen at -- as a money manager. is possibly the worst thing i have ever seen in my career. i have been through a lot. i have been through the stock market crash in 1987. i went to the financial crisis. this has the potential to real into something extremely dangerous. simon clark,get to associate professor in cellular microbiology at the university of reading. he joins us on the show now. thank you so much for joining. global markets are trying to grapple with how much of a health crisis we are actually facing. declaredbefore this is a pandemic? >> any time soon. we have heard people say it might not become a pandemic, and that is true. the world health organization will not declare a pandemic until they are confident it all the boxes,x but it could be any day. >> in terms of the global response for containment, we have just heard that u.s. has come under some criticism in terms of how it has managed the spread of the virus. is

we have the greatest guest, scott minerd, biggest man in bonds, guggenheim's cio.na virus, stock market, bond market. happy to have scott on >>> tesla is planning a $2 billion stock offering stocks dropped when the news first broke. berkshire hathaway's charlie monger says he would never buy the stock. now tesla is up again, guys. it's up on a $2 billion share offering why? >> it's a cult it doesn't relate to logic, earnings per share it's a cult. people believe in elon musk, they think he's unstoppable, invincible he has created a great franchise. people love the car. that's what it's about it's really hard to price. >> so, look, i think the only mistake in doing 2 billion is that they should have done 4 billion or 5 billion i'm serious about this this is no different than a bio tech stock, stock goes way high and they immediately come with an offering. funding and the balance sheet being one of the concerns here, they could have gotten 5 billion for it they need a billion alone to pay for the stock. look, to me, the same story applies whether it's up 500 or down

ofry: scott minerd guggenheim assessments. let's get first word news.s monitoring more than 8000 people for signs of the virus. it is the state where the first known coronavirus infection in the u.s., and not associated with previous outbreaks was detected. governor newsom says all those being monitored have recently traveled to china. california has reported 33 confirmed cases of the virus. the world economy may be heading for its worst performance since the financial crisis. that is as hopes for a swift rebound from the coronavirus stays. bank of america economists now expect to .8% global growth this year, the weakest since 2009. key central banks are also holding off on cutting interest rates, but economists are beginning to join investors in predicting loser policy. money markets already see three fed reductions this year. economynd in the u.s. was slower than first reported at the end of last year. that's according to revised fourth-quarter gdp data. upwardly revised trade and inventory figures cap to the economy expanding at a 2.1% annual rate, b

liz: scott minor of guggenheim was here yesterday and gave prop s to tim cook for speaking out on fox business and showing leadership during this kind of time, and more ceo's really need to get out there and do what he said. if they do feel so inclined, i mean, we don't want to ask for anybody to blow smoke. we don't need sunshine if it's raining. we need facts and we appreciate him coming on with that. thank you very much. >> susan: thank you. liz: susan li let's take a look at netflix down for the week with a pop over the last couple of days the companies insulated somewhat, from the coronavirus as people stay home and decide to binge or stream. they would rather not go into movie theaters so netflix at the moment is sort of the least worst if you will of some of these names it's still getting hit to the tune of about 3% right now but the last of the big tech stocks still up for the year you could call it netflix compared to facebook you can see google down about 2.8% facebook down 8.9%. we've seen tech and everybody else taking a beating, but on the nasdac all week long, christina

guggenheim believing long-term potentially is fairly valued, but susquehanna believes that things like the olympics boosting twitter's stock needham is out on a note with world wrestling, and the best scenario is amazon buys out all the offshore rites for the o.t.t. networks. >>> longtime ge bear, giving it a hold ratings, and raising the targets. joining us us now is the analyst, john hinch. now you're going from sell to hold i get i'm wondering playing catch-up, or has something fundamentally changed? but the company has successfully shifted the narrative away from fundamentals and scrutiny that's been the preponderance of the initial response, and ge is such a big name, so it's hard to rewrite that negative. >> john are things getting better or things have stopped getting worse? >> i think it's more the latter. >> this management team has restored confidence, as we know, especially with companies with so much financial debt, we know that confidence is critical. we have done a decent job from here i think it probably transcends with my group. i think my industrial group is overvalued

that is everyone from guggenheim to blackrock.rcing in -- the financial system is opening up and it is one of the bright spots of the chinese economy right now that finances are excited about. alix: that's a serious payout. thank you very much. off the beaten street, a former junk-bond king has some powerful people in his corner. president trump mentioned them in an announcement pardoning milken for his conviction on security fraud charges. a who's who in the world of business and finance. sheldon adelson, the major trump supporter, another big trump supporter, tom barrack ceo and media mogul rupert murdoch puts the power of his news corp. channel behind the president and others on the list include transportation secretary elaine chao, married to senate majority leader mitch mcconnell, and a foxbusiness anchor. lots of tweeting about that as well. we will see a pause in the euros selloff. it could be the indicator you want to watch. and if you are heading out jumping into your car, tune into bloomberg radio. channel 119 and on the

we've heard from people like scott miner of guggenheim saying markets are acting irrational, saying there'sognitive dissidents -- cognitive dissonance currently. one thing that has really been hurt as of late is the euro, tumbling to a 2017 low. today just barely moving higher. not enough, though, to undo the damage done over the past month. a lot of this has to do with weak european data. not only that, but the issue surrounding the supply chain that coronavirus impact might have. for now, a little bit of rebound in the euro. could we see parity? traders are most bearish on the euro cents june -- on the euro since june. nejra: thank you. still with me is lothar mentel of tatton investment. you've taken money out of treasuries to put into emerging markets. why are treasuries not appealing to you right now, even as investors keep piling into them at the long end? lothar: treasuries are always attractive when we have an expectation that there may be a recession ahead. at the moment, there are not many catalysts that would point towards a recession. a lot of that talk of ludicrous valuations a