waiting on that, but what an impact that we've had, hoping to get a little bit more, hearing from karen tsot a moment. >>> meanwhile, the consumer financial protection bureau has fined bank of america. they found that they failed to accurately report demographic data for loan applications for four years. it's part of the crackdown on discrimination in mortgage lending. bank of america is one of the biggest lenders in the united states. they did not admit or deny any of the findings. >>> now to a potential shakeup in one nba owner's box. cnbc confirmed that markcuban will sell a majority share of the mavericks to the adelson family. this deal would allow cuban to maintain control of all basketball decisions, despite his decreased ownership. he has owned the mavs since 2000 after purchasing them for $285 million. it was recently valued by forbes at $4.5 billion. the deal must be approved by the league's board of governors before taking effect. >>> let's try to get back now to karen tso who joins us with a look back at the life of charlie munger. good morning, karen. >> good morning. it was on

crackdown there is yet another twist in the ceo saga for chatgpt's parent company let's turn to chair karen tsols. >> which human is in charge of the a.i. startup has gripped silicon valley for days. sam altman was fired at open a.i., hired at microsoft and now rehired at open a.i. a new board has been appointed, including britt taylor as chair. he was the ex-chair of twitter, also the former co-ceo of salesforce there is also larry summers, a noted economist and former u.s. treasury secretary so an independent investigation will also be carried out into altman's conduct elsewhere in crypto world, the ceo of binance pleading guilty to money laundering and will step down from the exchange t has had a ripple effect on crypto world >> okay, karen, thank you. >>> still to come, the perfect cocktail to prevent a food coma. cocktail specialist put as spin on the classic espresso martini. my skin has been so much smoother so much more hydrated. it's olay! with olay hyaluronic body wash 95% of women had visibly-better skin. and my skin is so much more moisturized. see the difference with olay. have fun

cnbc's karen tso joins us to break down the numbers. >> good morning. yes, a combination of revenge spending, very high prices for goods and services and a consumer that is seemingly ignoring higher interest rates. a combination of the factors seems to be the reason why. americans have notched up a new record when it comes to swiping on the plastic, this according to recent data from the federal reserve bank of new york. the pent-up covid savings have dw dwindled. more and more people are turning to credit cards. unfortunately, credit cards are one of the more expensive ways to borrow. balances spiked $151 billion year-over-year last year. this is the largest increase since 1999. so the recent data we have on the third quarter on gdp growth had a negative undercurrent for the strong consumer as credit card balances ramped up. more and more people are struggling to pay back those amounts, particularly those between 30 and 39 who also have student loans. >> man, they're giving them out on college campuses from what i can remember. part of the culture now.

karen tso is here to break it down for us.mean we are done with interest rate hikes at least for now? >> phillip, frances, good morning to you both. that is the news from wall street at least. that is thanks to tame inflation. it's down from 3.7% the prior month and also well off the 9.1% level clocked up around mid 2022 gasoline prices fell aggressively we saw a drop in car prices, but still challenging aspects here around food prices no doubt skurps have still noted that recreation costs can also be a challenge. but the structural issues around supply chains have been ironed out. demand much more difficult around services. we may get rate cuts from next year but it's a wide range. consensus is around may next year more dovish forksecasts say marh still a lot up in the air, back to you >> a long way to go, karen, thank you. >>> ninflation isjust one facto widening the generation gap. a new study analyzed life differences between baby boomers and millennials by the time they reach age 35 the study concluded that while the poor