yesterday on the "claman countdown" blackrock ceo larry fink expressed a different type of fed, tillbiden administration, the federal government, tightens its pursestrings and stops spending so much, the fed's rate hikes may be futile against inflation. >> we had a huge amount of fiscal stimulus during covid. we can look back and say was it too much? we're seeing very large fiscal stimulus at a time with very high inflation. it just makes the central banks in europe and in the united states much harder task. liz: keep banging away, it's not going to make a dent. get right to the floor show and see if the traders agree with larry fink, scott redler, kenny pulkari. it's hard to play devil's advocate because he's right. too much spending by the government is dousing whatever fire power the fed could possibly have. >> he's absolutely right and i think he got that from my note by the way, just saying. no. but i think he's absolutely right; right. so the feds in this very awkward position because the biden's keep spending like a drunken sailor and the feds now in a position to try and cont

larry fink, the -- peril. larry fink, the chairman and ceo of blackrock. we're joined by larry fink, charlie gasparino and me live by phone. great to have you. charlie. >> hey, larry. >> hi, charlie. hi liz. >> let's start right off the bat, given the fact we have significant inflation and it looks like now the 75 basis point rate hike is probably baked in, is isn't what they're doing in dc with all the spending, one after another, the latest trillion dollars to fight inflation, isn't it -- isn't it reckless? they're making powell's job that much more difficult. >> i think you just said everything i was going to say, charlie. unquestionably, we're seeing governments in europe, in the uk and then in the unit we're seeing very large fiscal symmelus at a time we have -- stimulus at a time with very high inflation and makes the central banks in europe and the united states much harder tax. we have rising inflation, and it's not necessarily energy. let's be clear, before the russian invasion, energy was around $70 a barrel. where is it now? $88? >> yep. >> got

i like larry fink and i've known him for awhile.'ve got to turn back the clock on larry fink who's the head of blackrock. blackrock. he got caught in a fire storm elsewhere and missed the mark and came out with his team and they were all mortgage bond traders and created back rock, that was a -- blackrock and it was a company dedicated to managing risk for clients and he understands risks better than most of the people on the street. when he comes on here and says the biden administration is playing with fire by inflating the economy with tons of spending while inflation is going off the charts, including food. remember, he mentioned food. liz: he specifically mentioned food. >> i don't know how you trade up a market. i liz: can we show the black rocket. but it's taking an outside hit if you're looking at financials because it's down 7%. >> they sell etfs and make a lot of money and unless people are buying etfs and point out blackrock is a company that made its bones on bonds. remember, if you believe this is good for the bond mark

i am going emission free in the next couple of years. >> larry fink is not a zealot.e guys are intermenting what he's daying -- interpreting what he's saying in a different way. blackrock and vanguard are so big and they can force so much change at the corporate level if they take a big position. liz: proxy votes. >> right, they don't vote and get proxy firms to recommend those proxy firms are very esg forward. so it's -- if you think about it, blackrock and vanguard could be de-factor regulators here. i mean, that's why toomey is worried and some republicans are worried that there's -- if they're de facto regulators and they're regulating in a woke way, corporations on how they lend. >> would that be trying if they were pro fossil fuel companies? >> i think if -- well, what do you mean by pro fossil fuel? liz: you're saying they don't like the woke part. >> esg is a little different than being pro fossil fuels. in the old days, companies used to say, i'm looking for a return on investment. i mean, if it's fossil fuels or tobacco, i'll invest in it. esg came along and

one of the great overall macro investors, joe simons who helped invent quantitative investing, larry fink who built blackrock. a number of people. >> we will put the numbers on the screen if you have a question or comment for david rubenstein. a lot of topics he can talk about, he has also written history and leadership books. the numbers are up on the screen. go ahead and dial in. what is the goal of investing? it is the highest return on money invested, correct? >> not necessarily. there are some people who care about other things. there are people who care about esg, environmental, social, and government factors. they will not invest in oil and gas because they do not think that is good for the global climate situation. generally investors are trying to get a good return on their money and do it in a legal and ethical way. >> someone who owns a venture capital firm, are you an esg investor? >> carlisle as one of the best esg programs. we do look at esg standards, but it is not the only thing we look at. if something looks good in esg but it is a bad investment will not do it. >> do you

larry fink can't be smart and stupid in the same conversation. he's smart, period. made an incredible multigenerational wealth for himself and his family, you know, making these investments and he's not going the back off that policy until, maybe it's too late and who saw this coming except all of us. maria: yeah. i know for sure your kids and my kids will definitely not have the same upbringing and opportunities that we h had a world where communist china is the world superpower. >> they would not have freedom, they would not have freedom of speech and freedom of thought. a lot of liberals are taking the freedom of thought away. that's just doing the leg work, the base work for china so you're right it's a different generation coming up and i definitely feel for it. maria: very discouraging, dan, good to talk to you. thanks very much for laying it all out there. we will continue to follow it. dan david joining us this morning on the threat of communist china. quick break and consumers may be facing sticker shock when they go to pay utility bills this winterment my

and how long it should take according to one of the greenest guys on wall street, that would be larry fink in just a moment. charles, before we get to the markets and all that's breaking as far as the markets are concerned, we want to take our viewers live to buckingham palace in london where darkness has fallen in more ways than one. crowds are grieving and they're amassing outside the gates of the majestic palace of queen elizabeth ii, britain's longest reigning monarch and word came at 1:26 p.m. central time that she had passed. she was surrounding by her family including eldest son charles who at age 73 is king of the united kingdom and known as charles iii. the royal officials making it known the first king of england in more than 70 years has been named. very immediate and tributes pouring in from world leaders including president biden, former presidents trump and obama. and more. we have a brand new headline coming out. the duke of sussex known as prince harry has just arrived at the estate. we know all the relatives very close to queen elizabeth rushed there, harry of course comin

there was an article where he talked about what larry fink has said. he's no g.o.p.ans. he is always a democratic contender for treasury secretary and the ceo of black rock, the world's largest investment firm. he was sounding the alarm on the economic harm being done in d.c. he said the fed's job of fighting inflation or attempting to engineer what they continue to call a soft landing, he said it's impossible. he says it's an irreconcilable disconnect between what the white house is doing and what jerome powell's inflation-fighting mandate is. he said the white house is baking into the equation a really deep recession. this was charlie's point, that when you've lost larry fink, i don't know who is next. at some point they will be caught up. to your point, if people are voting with their gut and pocketbook and the family first, and -- >> kayleigh: and larry summers is a liberal economist, too. i just want to zone entities, these are toss-up seats, and republicans have five, democrats have five. florida, north carolina, ohio, pennsylvania, new hampshire, arizona, geor

and i wrote a letter to larry fink two years ago just sayingsd ,this is absurd.re trying your marketing product for your business by pretending that you're doing something good. you know, if you look at the initiatives that president biden talked about today was supposed to be an bidn inflatio t bn reduction act, but all he talked about wastalked ao three hundred billion going tou. electric car chargers and things of that nature. but think about there's no plan to deal with if, in fact, the existential threat of our country and our world is co2. there's not a single plan, buteo they're going to spend three hundred billion dollars building charging stations and the u.s.$300 billi governmeg even decided on a single charging method. tesla has a different one than general motors has. oh, now it's insane. and david, i want to play this exchange. this is between rashida tlaib,rd squad member and jamie dimon, co who's the ceo of jp morgan on capitol hill.f today. >> watch. please answer with a simple yes or no.a simple does your bank have a policy against funding new oi

. >> the man leading the charge here is blakroc blowhard and pro china stooge larry fink. >> now, he's already made his billions, though. now it's time for him to remake the world. >> but if we are going to change the world, we must change the charters of the imf and the world bank, or we're not going to get there. >> there's just not there's not enough capital . >> it is estimated to decarbonize. the emerging world is a trillion dollars a year. >> we're talking maybe one hundred billion is moving into the emerging world. >> and so if we're really serious about the notion of moving the world faster, it has to be done. >> and in a way that we're bringing all the governments together. now, listen carefully. do you hear china and india laughing? >> because i do. we're dealing with a self created energy crisis right now in europe and also a global recession. and this guy thinks that we're going to crawl out of it by bankrupting ourselves further kneecapping oil and gas. he's not he's not curtailing his private jet use. >> i can tell you that right now, the entire scheme is a complete fraud

remember when their ceo larry fink said he would use investments to change behaviors. >> you have toorce behaviors. at blackrock we are forcing behaviors. markets don't like uncertainty. markets like totalitarian governments when you have an understanding of what's out there, and obviously the whole dimension is change. dan: a coalition of attorneys general are warning blackrock's agenda could violate the law. i readed the op-ed in the "wall street journal." i was stunned. my wife was driving and i was reading. blackrock pressured exxon to sell some of its oil assets that wound up in the hands of a chinese company that blackrock had an interest in? >> that exactly true. but i think it was more than some of its oil interests. they want to take exxon, the world's largest oil company if not one of the largest, and make it not an oil company. i'm so glad that you played that clip from fink talking about how you have to force behavior. they just wrote my group of attorneys general back and said we are not forcing any behavior. we are doing what the clients want. we are doing what the stat

larry fink who runs $10 trillion is even more talking to the fed.ey are telling me the conversation which has been have much on inflation and meeting and trying to get to the 2% target has shifted somewhat in recent days to systemic risk of this financial system if rates keep going up. i think there was some betting that it will. we went from the bank of england intervening by buying bonds. it was worried about systemic risk as its bond was starting to hit the 5% and causing all sort of ruckus. if their 10-year is 5%, that crushes the bond market. because they issued so much debt at such low interest rates, all that unwinds. that's what they were trying to prevents. they went from qt tightening to qe. the federal reserve is worried about the same potential. if they push the feds funds rate and the 10-year rises to 4.5 yield or higher,. liz: it pushed 4 this week. >> suppose it goes other way you will get the same type of issue with systemic risk because everybody is holding mutual funds, blackrock. $50 trillion in debt has been printed in the last t

this discussion would not be complete without black roxio and the china stooge larry fink getting a tongueh from slick willie. >> considering the social impact of their investments. try not just to go for a quick rate of return if it is damaging to society. instead they are trying to build a future we can all share. i want to say one thing about larry that i really admire. apart from the fact that he's not a climate change denier. >> i am the target of all of those. >> laura: oh, my god. [laughs] i'm still laughing about the tongue bath. fink was happy to use this opportunity to push his new talking point. >> tectonic shift is happening. we are seeing it where crops are being produced and not being produced. we are seeing big shifts because of heat and drought. seeing crops moving. we are seeing evidence every day that climate risk is investment risk. >> laura: there is the graft. investment groups is code for fink and the clinton global initiative to cash in. where did this money come from? watch this response from one of the u.n.'s esg czars. >> was going to come with all the money. >> 1

the man leading the charge is black rock blowhard and pro-china stooge larry fink.made his billions, but now it's time for him to remake the world. >> but if we are going to change the world, we must change the charters or were not going together. there's just not enough capital. it's estimated the decarbonization of the emerging world is $1 trillion per year. we're talking about $100 billion moving in the emerging world. if we are really serious about the the notion of moving their d faster, it has to be done in the way were bringing governments together. >> laura: listen carefully. do you hear china and india laughing because i do. we are dealing with a self-created energy crisis right now in europe and also a global recession. and this guy thinks that we are going to crawl out of it by bankrupting ourselves? further knee capping oil and g gas? he's not curtailing his private jet use, i can tell you that right now. the entire esg scheme is a complete fraud and the result will be the destruction of our energy independence, radical changes they are planning to our f

charles: larry fink who runs the largest money management firm saying you are more productive at workat he does. 80% of americans. thank you. it gets better. lawrence is here to dig us out of this. talking about technology companies and the move afoot right now, where are we going here? >> they told me i could work from home, they didn't tell me it wasn't going to be my home i am working from. the news story, talking about twitter, missouri attorney general posted the victory in court they won in this lawsuit with the administration, twitter, and facebook, he posted this, the post was not flagged. the lawsuit against biden administration for colluding with social media companies to censor speech, the court ordered the doj to produce records from key white house and hhs officials like doctor anthony fauci and the white house presbytery karine jean-pierre. i asked the white house secretary about this, no official response but administration official tells me the president believes in freedom of speech but also that it is important for all media platforms including social media to repres

inflation but this is where you see pushback on the biden economic agenda particularly esg and larry finks black rock, have a lot of respect for him but what he has to do and the people who run vanguard have to show what they believe and i know larry think believes in more of a transition to esg. 's views have been distorted. they are coming for you. i can tell when i listen to these guys. neil: making money for the customer. charles: they want the esg stuff but it becomes a problem with their clout, and force esg on other companies. they become a government regulator. neil: thank you. being well educated, the best business reporter, not being well educated, you can guess. we are not guessing. we have a selloff down 645 points, in and out of bear market territory, first time we've been around these levels for two years, the covid thing was out of control, right now so is the selloff. ♪ blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innov

. >> listen, it's not me it's jamie dimond, larry fink, every major wall street firm is saying get yourbrainwashed by all college professors. i don't believe any study that says working from home is more productive. you need somebody screaming at you sometimes. she said there are studies -- >> there are studies. >> these are like phil gacy studies. i'm just telling you, neil -- >> i think charlie needs a vacation. >> you know why i'll never be out of work? >> because pictures of people and compromising positions? >> i have people like abby trying to take my job. >> let me ask you something, all people kind of like working from home for a while, those days are gone. do you think it should apply to everybody? everybody get back to the office. >> i do. i talked to a lot of friends out of this because i have witnessed some of my friends -- i will not name names but i've talked to people who have been a pro hybrid situation. i have a very different job than people who work in that office setting. we have a fun job, right? >> but do we need charlie physically here with us? be honest. >> i per

then you have wall street executives like larry fink and numerous financial firms saying boycott u.s. and gas in order to go green. >> california's policies end up causing pain to people who can least afford it. i served on the house financial services committee but my other committees, house foreign affairs committee. we had john kerry in his role as climate czar to come before that committee, what is better for the environment transporting energy on truck and train or by pipeline? even john kerry it would be better for the environment if it was by pipeline. when the administration cuts off russian oil imports, instead of running off to iran and venezuela and saudi arabia we should be ramping up domestic energy production. should tap into your own supplies instead of canceling keystone and fast tracking nord stream 2, we should keep keystone on track, go even further. what you're seeing federal level, state level, new york bans safe extraction of natural gas all together, we're seeing pipeline applications stalled not only at the federal level but the state level as well. the america

blackrock and larry fink was a no-coiner, as i called hem, and then about two or three weeks ago they they're partnering with coinbase and they're going to support bitcoin, possibly if other currencies one of the biggest risk management products, that's a huge turn. we're abe $10 trillion of assets there. you've got other enterprises also getting into the blockchain space. so to tie the first question with, i think if you just look at prices, it doesn't tell the real story. underneath adoption is happening and real worlds assets and enterprises are either using blockchain or coming to the blockchain. cheryl: well, the biggest concern, obviously, is theft, cyber theft. i mean, are we better now on this? i know that nothing is ever secure. i mean, credit cards still get stolen and hacked every day, but do you think we're one step closer to having more secure cryptocurrency? >> that's such a great question because these currencies in the chains themselves have actually been very secure. all the theft or rug pulls or issues related have been human touchpoints or at the edge where the curr

and how long it should take according to one of the greenest guys on wall street, that would be larry fink

you know, we had larry fink on, the head of black rock on fox business. he made a good point.prices are abating and they are, everything else is still high. there's a lot of structural issues with the economy. the administration keeps spending in to the fed's efforts of sort of trying to reign in the rapid rise in prices. it keeps inflating it. >> neil: that's very astute. one of the things this administration prides itself on, they never look to the markets. donald trump was too obsessed with that and they're not. this is one of those days might have been wise to be. >> this is not a market. this is common sense. this is not a market call. if you have a federal reserve that is saying, listen, i need -- we want to arrange what is known as a soft landing. a calming down of the economy and trying to avoid a recession or a modest or stiff recession, you can't be going out spending an already overheated economy. there's no reason for joe biden to be forgiving student loans. there's no reason -- >> neil: they don't see it that way. >> who does it? >> neil: the administration. >> ob

larry fink is going that way as well in terms of over at black rock.z and me at 3:00. $10 trillion under management. neil: is that right? >> yeah, it's amazing how big the firm is. he put out a memo today, this morning, which essentially said, listen, the three day in, two day home thing, i guess schedule is still in effect but we want everybody in. so it's funny because no one outright says, this is a mandate. they're just saying we're watching you if you don't come in. neil: how do they break it down in the meantime? three days in, two days not? >> that was the previous. neil: they look scansly at those who are not. >> that's what i'm saying. you get the feeling from all the memos saying we're more effective if you come to the office than if you don't and management is paying attention. so, you know, black rock's the latest one. we've been reporting all last week about the others, morgan stanley, goldman sachs and jp morgan. >> that is a people profession. neil: you could make a credible argument that makes sense for that . >> i an think all of wall

larry fink recently on fox business says he's going to take a tougher line to get workers back.ry the fact that wall street is getting tougher now trying to get bankers back in five days a week and even cutting staff because look, we have enough people. the deal making isn't there just yet especially after a spectacular 2021 so it's a tough comparison, right? but then you also have silicon valley on a hiring freeze. i was just in california last week, but then you still have a record number of job openings of more than 11.5 million so people are telling me that when you have these high-end jobs, these six figure salaries on wall street and silicon valley disappearing some of these jobs, 11.5 million job openings might not look as strong when you realize that maybe they are more of the lower income type of positions available. neil: timing is everything, right, susan? so it was just a couple weeks ago and louder last week, get back to work, get back back to the office and by the way we're laying off some people and would that add to the frantic nature, oh, i've got to get back >>

he interviewed lots of wall street luminaries for the book, including names we know around here, larry finknow pretty well, too. but this is particularly interesting to have you speaking to these investors, because you do there is for a living, and yd it pretty well >> thank you some of the interviews had to be done virtually because of covid, and i know a lot of them and have done some work with them, but i got to talk about their backgrounds and what made them tick and figure out what it is that makes someone a great investor versus an average investor >> what did you find >> generally they are from nice families, not from poverty-stricken families but middle class families. good at math, pretty good students, like to read, like to be in control, make to make the final decision and go against conventional wisdom, which is what make them great if you went with conventional wisdom, you'd be like everybody else >> going against conventional wisdom, what are some examples of that where some sigged where ot somewhere others s.a.g.ed. >> one made roughly $20 billion. mike novogratz got into cry

truth of the matter is, these 19 attorney generals are standing up against blackrock and what does larry fink board members and they all a head pat him and say tell the american people to pound sand. here we are the american people, the american worker up against this huge tidal wave from the radical left. we have to start pushing back because businesses are completely out of touch with the original intent which is to provide a good and service for the consumer. they that should be their priority, not this woke liberal agenda. dagen: a lot 06 the big businesses, like, say, a defense contractor, i think they're trying to placate the lefties in charge to avoid regulation and to avoid them bearing down on them in other ways so it's like oh, we're going to do this, can you leave us alone now. jessica anderson, thank you so much. the hot topic buzz after the break. you've put your dreams on hold. remember this? but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just a

. >> i point out larry fink from blackrock said we are in a recession it is what is happening now, andssion play through right but we are seeing a lot of things really changing in real time today, we've seen a pretty dramatic pullback in housing market we are starting to see labor pull up, but you still have more than 1.5 job openings for people looking for jobs you are seeing a tight labor market i think what fed is focused on trying to pull back to impacting the demand that we're going to be seeing to help somewhat balance this inflation issue that we're dealing with. dagen: you mentioned labor market, labor secretary marty walsh calling lack of u.s. workers big threat to economy have an inflation saying we don't have enough workers in u.s. to fill job option out there a bigger threat to our economy at this point than recession gallup poll reveals quiet quiters not going above and beyond at work currently make up half the workforce, is this a bigger threat than inflation? >> it is definitely a threat as relates to productivity, some different parts of the economy take food production

that is the right name to mention because larry fink who runs blackrock has become the esg police andg with that. what about the hypocrisy of the fact that he's all-in on china and the chinese communist party, investing in he these chinese companies that do not even add a adhere to u.s. standards in terms of auditing rules and yet fossil fuel companies, no good. chinese communist companies. good. these are the companies that ultimately will turn around and try to attack america potentially because the ccp wants china to be the number one super power, overtaking the united states. >> yeah. maria, there's two ways to look at this. one is, hey, these liberals, these ultra liberals are so rich they can afford these ideas. we can't but they can. they think they know what's best so they put that on us. the other way to look at it, also true, is they're so loaded that they could take -- they think they can take down this country and they know better doing that so they saddle up and appease dictators like the ccp and other places and they try to literally take this country down. it's bad news

one of the great overall macro investors, joe simons who helped invent quantitative investing, larry finkwho built blackrock. a number of people. >> we will put the numbers on the screen if you have a question or comment for david rubenstein. a lot of topics he can talk about, he has also written history and leadership books. the numbers are up on the screen. go ahead and dial in. what is the goal of investing? it is the highest return on money invested, correct? >> not necessarily. there are some people who care about other things. there are people who care about esg, environmental, social, and government factors. they will not invest in oil and gas because they do not think that is good for the global climate situation. generally investors are trying to get a good return on their money and do it in a legal and ethical way. >> someone who owns a venture capital firm, are you an esg investor? >> carlisle as one of the best esg programs. we do look at esg standards, but it is not the only thing we look at. if something looks good in esg but it is a bad investment will not do it. >> do you