larry fink, founder, chairman, and a ceo of the largest asset manager in the world running $8.5 trillionth of assets as of last quarter including an ocean of ets. fink has an unrivaled view of the markets, so take a look. larry, i am thrilled that you are here. you have created an institution like no other. many people have heard of blackrock and they know it is the biggest, but very few people know how it happened and what you do that is so different from everyone else. first time on mad money and you've got the floor. >> jim, it's great to be here the first week at the new york stock exchange. as a former board member, this exchange, you know, is a really important part of economic history for this country and this world. it is a real pleasure to be here. there is really no secret sauce. it is building a firm with incredible culture and building a team of people on the concept of long-term is him that over time i have learned from my parents that investing over a long period of time is the best way to invest. even from the first day we started the company in 1988 and went public in 199

larry fink mentioned that yesterday. as a result of growth stories, look how the growth sectors on the s&p have been reacting since we bottomed on july -- excuse me, on june 16th ark is having a mini renaissance. kacathie wood is killing it in e last month consumer discretionary, technology, communication services are killing it. these are all the growth sectors of the s&p 500 that have come roaring back at the same time, energy and health care is forget about it land so that's an issue i think, david, the key is the macro people still have very skeptical about this no earnings apocalypse is story here bofa has been cynical, stocks cheaper but not cheap, not pricing in a recession, they should, and david, they have 3,600 on the s&p 500 for a year-end target, down 10%. they think earnings will be down 10% think earnings will be dow 10% in 2023. >> bob always does a great job of wrapping it up. >> it is interesting there's this camp which really does -- is disturbed by the term "mild." if it's mild, then those people who d

maria: i've known larry fink for a long time.st about the fact that he is most company's largest shareholder because he has this enormous etf business. he says he is everybody's largest shareholder so he has the kind of influence to push new rules or to say, look, i'm not going to invest in your company if i don't see a change in the way you operate. that's what happened to exxon mobil. they're not even pursuing the actual business because the investment has dried up in terms of the actual drilling and fossil fuel business. so in his annual report this last year, larry fink said we don't want to be the environmental police and yet he is over and over again telling companies what they want to see how they operate differently, away from fossil fuels. >> maria,s he's not -- i wouldn't say he's the largest investor. maria: blackrock. >> it's not his money p. maria: right. >> he manages money for other people. this is not like warren buffet putting his money in. i disagree with his investment choices but it's his money. larry finning

larry fink is taking money from millions of retail investors and using the power he has by managing those vote new boards of directors onto these companies or insist they change their policy as opposed to maximizing shareholder value. the reason he's doing that in part is this ideological opposition to the oil and gas industry in america. you see it reflected in his democratic friends in the congress or the white house. joe biden would rather go to venezuela or iran to get more oil and gas than he would go to texas, arkansas, louisiana and north dakota >> what do you think of -- i mean when you come on the air and have these discussions, there are ceos watching us right now. and i think that they're hearing you, and, again, if you win in 2022, 2024, et cetera, given what you just said about putting people in jail and the like, that will make them have potentially a different view of this but isn't that politics? over business >> no. that is called applying the law in a neutral and even-handed way. anti-trust laws are very clear on these kind of cartels, combinations and conspiracies. and

. >> larry fink. >> ah. >> how much can we export to them and how much do we need here i'm deeply involved in that because you're absolutely right, we can't have natural gas get off the grid in europe or germany. the thing i want to emphasize is we're doing better than everybody else, and that is my main theme >> the way i keep coming at this, though, is we want to help our allies, we want to make sure we can send as much natural gas there to keep that coalition together and you nighted but when we do, it means that natural gas prices here go up. >> exactly >> we don't have a huge amount of -- a deep well of sympathy in terms of being able to say, yes, we want to help you but we're willing to pay higher prices for that as soon as we saw gas prices at the bump go up, a lot of that disappeared. people said we don't want to pay the price. >> exactly we want to help them without hurting ourselves. >> we'll be watching tonight that will be a great interview larry fink too we'll see you in a few minutes >>>

don't you agree, larry fink was out about not hiring freeze but tightening.hat is where it starts, hiring intentions. how quickly it moves remains to be seen. tom: can leon is with us. what are you seeing? is there a story we are missing? kenneth: the story is they can't really see into the second half of the year. the banks are conservative on provisions. it is a strong statement we will have a soft landing or a vallow -- very shallow recession or we will see more significant increase. i looked at provisions for loan losses over the last six quarters and it has come down starting in the first quarter of this year off of the sugar high they had off of the loan reversals. i don't think we are getting the story for the banks for the second quarter in what lies ahead in the second half of this year and certainly session in 2023 here we are not getting that story. kailey: maybe a murkier forward outlook. is that why we are seeing shares down 2%? kenneth: it is, because if you call all of the bank analysts, bank of america would be your favorite with rising rates

client flow slowing, pessimistic anguish from larry fink. is it all bad news? grice hold is looking at those results. the initial blush was negative, but it seems like you have more positive takeaways. >> influence is slow in the second quarter. if you look at the etf, blackrock is sitting on net flows of $80 billion for their etf lineup. if you take a look at what is taking in money, you had iv be up there, blackrock's s&p tracking fun. that is going to take in money in any environment, allocators love it. if you look down the line up at what is continuing to win, it is all treasuries. you have the entire yield curve represented from shb, a build etf. you have tlt, 20 year treasuries. it is a defensive tilt, and a lot of bond funds. guy: let's get back to equities. i said earlier, fascinating. single stock etf, that sounds like a contradiction. alix: it is an oxymoron. you would think a fund would have multiple holdings. we did see the first u.s. single stock launch yesterday. katie: those exist in europe. you can get them yourself. in the u.s., you sold the e

just this week i sent a letter to larry fink and blackrock, one of the leaders of the so-called climate cartel, to encourage people not to invest in the oil and gas industry, and target major manufacturing companies that use it, it's a pretty blatant violation of the antitrust statutes, and all it does is continue to drive up the gas, air-conditioner to heat your home or across the country, it deprives the industry of needed investments. an oil well or refinery or pipeline, you don't just set them up and use them and take them down. they are multi-billion dollar investments that take decades and if the government and wall street is threatening to strangle them, we shouldn't be surprised that not a lot of americans want to put their savings there, that's a direct contributor to $5 a gallon gas. >> john: you sent a letter to larry fink on wednesday. have you heard back yet? >> not yet, but you know, they have been at this for a long time, and we are going to be at it for a long time. when we win congress this fall i'll make sure congress conducts oversight into the climate cartel waging w

bezos critique is saying publicly, i guarantee and he may get mad at me for saying this , larry fink jamie dimon over at jpmorgan, james go rman at morgan stanley, i can go down the list, jane frazier at citigroup, they are all saying privately, i know this for a fact, that this administration that has really no clue about how to deal with basic economics, that it is so wedded to the left to the environmental lobby, to the elizabeth warrens who want to keep ratcheting up regulation, that the stuff needed to prevent a recession just can't be done, and what would that be? that be lay off regulations, don't be talking about raising taxes on rich people, because a lot of rich people own small businesses, that's a tax increase for them but probably will pass it along, probably won't cure inflation like biden said it would, it would add to inflation particularly if you hit small businesses who file as single wage earners so his basic lack of knowledge in economics is now freaking out the street, and i will tell you this. i know the market is backup, well it's off its lows, underlying the t

tuned at the top of the hour, jim cramer on his new set up is new york stock exchange talking with larry fink. cats at full exclusive interview at the top of the hour. mad money 6:00 p.m. >>> since hitting a close for the month last thursday, at the very start of earnings season, the s&p 500 has clawed back a whopping 6.6%. and got within 25% of the 4% handle. take a look at some of these individual names seeing even bigger gains over that period. carnival, netflix, citigroup, all of 20% or more. from reopening, to high gross, two financials. is it a sign that a bottom is in, or is the buying opportunity behind us? courtney? >> i want to say this is a start of a mold market. i'm a little bit cautious. ultimately we haven't seen that capitulation. there hasn't been an increase in volatility. hopefully we've seen the worst of it so far. ultimately we are getting close to a point where we are going to start to see inflation start to come down. we are still seeing a really strong consumer and strong balance sheet, but i don't know if we are at the end of this yet. >> i can't imagine -- >> i don't

. >> yeah, larry fink, who we've profiled lovingly on the show, john , great to see you now, which the lab says that they alone are responsible for getting joe biden elected. charlie steven miller react to one of the most unintentionally hilarious pieces of all time . >> that's next . why didn't you get the memo? >> we're still hunting for treasure or back channel for treasure for the expert signs. debray jaysus is only here already got the filthy part out. now on this we're going to get rid of family treasure series. holy fox nation. are you going to help? >> you're doing great, sweetie. hey, i just got a text from my sister. overseas in australia now, overseas in australia now, polio vaccination of the day. >> hey, i just got a text from my sister. >>ou you remember rick, her neighbor? sure. he's the seventy six year old guy who still runs marathons, right? marathons, right? >> sadly, not what you mean just like that ? >> wow. so sudden we're not about to have the we need life. insurance conversation again, are we know we're having now we areni gettig coverage that we don't have to w

you hear a peep out of jamie dimon and larry fink and everybody say, wow, maybe we kept the pedal to the metal to and now we're paying the price. the unfortunate thing is that it's not wall street that is paying the price here. it's average americans. i mean, here's the thing. i grew up in the 70s. i'm sure you remember the 70s a little bit. yes. my old man worked three jobs and he worked three jobs because working class people couldn't afford everything, putting their kids to school, buying them clothes, sneakers, whatever . and the mortgage when inflation is raging and it's a it's a it's a handiest tax on the working class and it's always propagated by by elites on wall street and in government. so now we're in a pickle. how do you get out of it? and if there's no good choices because the biden administration won't help the supply side of the equation ,which means how do you increase supply to meet the demand they want cut regulations? that would be a smart thing to do. you don't have to cut taxes, cut some regulations, be a little more pro-business, friendly. they won't do that. s

your take on what larry fink had to say and food prices because a lot of people are worried about them peak prices on oil when we reached 125, 130 level and we we have retreated since then. on friday we almost hit $80 a barrel which is a new low and food prices will peak out and reach peak prices in september because there's a lag between oil and food prices as they go up. it's always maybe 90-day lag in food. 30-day lag in prices in the gas station from crude oil. the big -- the big question mark is, the recession does not have to happen. i've been talking about that. interest rates. the fed, the white house spent trillions of dollars, trillions of dollars to take us over the covid crisis. my opinion is they should delay increasing in interest rates before they destroy a real estate industry and other industries in the united states with high interest rates. jackie: yeah. >> delay it 30, 60, 90 days because oil prices, if we give them a little bit of optimism will come down. then food prices will stabilize so the rate of inflation will not go out of hand. and my criticism of president

what larry fink, the c.e.o. the united states in order to gain the ability to do business in china, this is the game the chinese have mastered. recognized that americans could not resist the gift of global capitalism, let's weaponize that, and i'm glad officials both in the democrat and the republican party, now it can be a bipartisan issue are waking up to that fact when they have been asleep at the switch for the last 20 years as china played that game. >> gillian: so, better late than never. but it's still a head scratcher how we got to here and now, the f.c.c. commissioner is warning about the platform, hundreds of millions of americans, a third of the country here, a lot of them teenagers have already downloaded this and used it every day for years now. we have been warning about this, by we, concerned americans, we have covered this extensively on the network about the national security concerns. why are we only new in 2022 getting this kind of government warning? >> we are 20 years too late. starting abou

disagree with the decision, black rock issued a similar statement and if you think of it it's ceo larry finkus investing. goat goldman sachs did not respond to our requests for comment about from the bank's side the one banking official in our reporting told us, pointed us towards this analysis that was done suggesting west virginia's decision might be risky saying a similar move in texas to ban banks refusing to fund gun manufacturers has backfired because of reduced banking competition and here's his response. >> any downside risk, usa could change their policy, their top 5 largest bank in the country, we do business with truest and the they are the sixth largest bank in the country and we will have no breaks in terms of our operations, total continuity of operation in the treasury and state government. >> is confident the banks will step up and see if this as an opportunity to do more business in west virginia. neil: a complicated mess, very good at explaining what is going on. it is getting more crazy by the minute. thank you, connell mcshane, following all of that. whatever you make of

the ceos of wall street firms and they still come, the larry finks of the world.his attitude. is there any buyers remorse? a lot supported biden, any buyers remorse now that biden has been in a year? >> without a doubt much worse. people want to go -- -- charles: the wall street elite that you serve are they saying good things about president biden? >> what i overhear no one is happy. no one is happy. they really hope he is not running again. and -- something like trump. charles: we will be back in a couple hours to finish our interview. back to you. tell flock to enjoy his hot dog with extra ketchup or mustard. cheryl: enjoy the barada when you are there. charlie gasparino, i love san pietro was i want to bring in former us labor secretary eugene scalia. we've been talking about restaurants and staffing. i was looking at leisure and hospitality jobs, 67,000 jobs were added, food service, drinking places 41,000 jobs were added. looks as if we are seeing more of a boost in the service sector in general that would signal these restaurants are getting some relief as

. >> black rock ceo larry fink is the face of wall street's move toward what they say is socially consciouswere he got a lot of attention announcing sustainability with blackrock's new standard for investing. in a statement to fox business about this decision black rocks as we disagree with the determination, blackrock does not boycott energy companies or pursue investment, divestment from sectors or industries, we offer our clients choice on a range of strategies, they decide how to invest their money. when i asked about it -- >> black rock a wholly-owned subsidiary operating in china with 55 brand-new coal-fired power plants, 70% of greenhouse gas emissions come from asia united states is over 10% of that, we have the cleanest air and water quality in the world in the united states so we are cutting off our nose to spite our face. >> reporter: a bank official we spoke to about this said west virginia might be the one taking on some risk. the analysis was done after texas made a similar move against banks refusing at the time to fund gun manufacturers. that official said the move backfired

delisted so he doesn't think a deal's going to happen and yet you've got companies like blackrock, larry finkeffect telling them to fund the ccp's expansion. we all know the ccp wants to overtake the united states as the number one super power so why are we allowing investors even military investors and the federal thrift fund, government employees, to invest in these companies that at some point may very well turn around and wreak havoc or try to wreak havoc on america. doesn't the policy start at the top? we don't have that policy from this administration. they're soft on china. >> well, the administration is, for example, talking about lifting tariffs without a chinese quid pro quo there definitely is a mismatch between the hard ball the chinese are playing and the weird sort of hacky sack that this administration seems to be playing. maria: yeah. i guess you -- we'll have to wait and see if in fact the deal happens to delist these companies. dean, thanks very much for being here this morning. >> thank you for having me. maria: all right. dean chang joining us there. quick break and then o

that's what i've been focussed on >> one of the things that's been fascinating, and larry fink has been of climate-focussed issues, his agendas, and yet he gets criticize repeatedly by the climate side, if you would, for not voting the shares the same way, necessarily, as he's described under the letter so from a practical perspective, could you argue that he's actually doing what you would want >> well, look, i think the ceos of those big investment funds take it from both sides, the left and the right depending on the issue, depending how they vote. i think the broader issue, as i've raised with you guys before is not so much what the policy of the day is. it's the market dominance that they have. corporate voting was never meant to consolidate so much power in so few hands, and i think even the leadership in those investment funds have recognized that this is not an area they want to be in, managing $21 trillion in assets, voting on 25% of all public shares in america. that's not a healthy corporate governorance market for our country. and what it does, it leads to distortions, to wh