mark: and you report to m.i.t., why and what did you learn? go to m.i.t., i finished american high school and went back to serve in israeli army. none of the them would accept me. because i said i'm going to army for 3 years. there was one university that actu actually agreed to accept me that was yale. i went to army, i signed up for an additional year, i wrote to ja yale, i said i need another year, then i spent 5 years, they agreed. in the military in my special unit, i was exposed to cutting edge technology. and i realized i wanted to go to university that had strongest technological edge possible, i apologized to yale, whom i really appreciate and decided to go to m.i.t. to really get to seize the future in terms of technology. it really helped. it was i think a wise decision. mark: when we come back mr. prime minister, i want to ask you about kiah. who is kiah? we'll find out in a modem, we'll be right back. ♪ ♪ mercedes-benz is turning electric... completely... on its head. bringing legendary design... and state-of-the-art technology...

was the founder of eastman kodak, you know, very early showing how to process film, and he funded m.i.t., funded the university of rochester. he funded, you know, many philanthropic activities, hospitals and other things in rochester. certainly you emphasize this was very admirable. today's corporate executives and leaders seem to have a mix of things. are they doing it wrong? like how was george eastman a better example than some of what we see today? >> guest: it's an interesting question because to me what makes george eastman an interesting case is not his personal generosity, although it was very very significant and indeed the gifts of the beautiful neoclassical buildings at m.i.t. were anonymous. they were given under the name mr. smith when they were originally given. so he's a generous man. the real issue with him is that he really understood that social support for business was viability. in his case that was the community of rochester where he really focused a lot of his philanthropy, and more broadly on areas that were complementary to business. if i think of business today,

although it was very for significant and indeed the gifts of the beautiful neoclassical buildings at m.i.t. were anonymous. they were given under the name mr. smith when they were originally given. so he's a generous man. the real issue with him is that he really understood that social support for business is critical to businesses viability. in his case that was the community of rochester where he really focused a lot of his philanthropy, and more broadly on areas that were complementary to business. if i think of this is today, a lot of business leaders i think take social support for the basic market system as given, and about the piece recently in the atlantic where --, they have been talking to many people 30 and under then. >> guest: that's what i started to say. if you talk to even business school student, these are not undergraduate political science students. people studying finance and business school are skeptical of the outcomes of the capitalist business oriented economy. i think businesses need to be more engaged. businesses also can solve a great many things in partnerships

for example, spencer hill dongle this great economist at m.i.t. has this analysis. you go by a $2 million sports car. it is a beautiful car. in your excitement you drive it off the lot and all of a sudden you crash it. boom. what has happened to the value of the car? well, it might disappear. but all of the atoms are still there. it was the organization of the atoms that made it valuable. not the atoms. you know, this guy here. you have like six ounces of basically sand, silicone, and aluminum. but what makes it valuable is the way we have been able to organize these things. the knowledge we are adding to this material. that is what economics really is looking at. you know, when you walk into the store to buy a loaf of bread, how many times you count the loaves on the shelf? do you ever? what is more important the number of loaves on the show for the price? the price, right? that is economic thinking. what is the price? the information contained in the price tells you what you should do. if you think i get economists instead of -- you know, we make fun of accountant

people and gave it to other people that somebodyhad apparently said was smart, because they went to m.i.tuld they not be smart. and i guess it feels maybe theranosian. is that a term elizabeth holmes -- we don't want to presume any liability or guilt here, but if you look into theranos -- >> theranosian >> yeah, i've coined that. you can hashtag that she was really good at putting really respected people on her board, right that if you sort of questioned certain things about the business, there was cover there. i think we're finding out that bankman-fried, whatever ends up happening, the ftx board had a former cftc commissioner on it he was a huge political donor. there were a lot of connections. you met sam bankman-fried. you did a documentary on him in your mind, bill, is he some genius who just screwed up or is there something maybe more nefarious or socio-something about it >> well, of course, that's the $64 billion -- potentially $64 billion question right now he's young just turned 30 he was supposedly the wealthiest person under 30 last december when i interviewed him, he was 29 he

a lot of technical engineering roles from people who went to stanford, harvard, m.i.t., and top global institutions. kristen: can i just ask you if there is concern, especially by tech companies are ceo's or those doing the hiring were if this were to happen where a lot of people leave, they could take this skills and, let's say, go to canada or england or china or somewhere else and never come back and there's that fear about brain drain? >> absolutely. this is a national security issue and our immigration system is broken because we are rejecting the world's best and brightest. the ptsd that i see caused in my friends who are immigrants who have to go through this system and how it prevents them from being creative and innovative is astounding. these individuals could be curing cancer. they could be, you know, saving the climate. they could be creating advanced defense technologies that keep america safe into this century and beyond, and it gets so hard for them to say -- to stay and other countries greet them with open arms and bags of money if you want to create a start up there, a

very fortunate to meet my future wife, now my wife while we were both attending graduate school at m.i.tplanning. so this is her hometown. so, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a campaign for gavin, who is running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where we laid down our roots like many people in this neighborhood and we started our family and this is where we are going to be. i mean we are the part of san francisco. it's the two neighborhoods with the most children under the age of 18. everybody likes to talk about how san francisco is not family-friendly, there are not a lot of children and families. we have predominately single family homes. as i said, people move here to buy their first home, maybe with multiple family members or multiple families in the same home and they laid down their roots. [♪♪♪] >

to worship tech billionaires and they don't fall under the same scrutiny, including a 30-year-old m.i.tgrad who is the next jesus who doesn't need a board of regulators or scrutiny. as a result in 24 hours you have $34 billion in capital and that's literally take a medium size city and everyone on that city on tuesday has $10,000 and the next day they have zero. so, this will bring unwarranted scrutiny. it's more spectacle than significant because the entire crypto market now is $800 billion and amazon has shed over $1 trillion. when the whole ftx debacle was unwinding, the markets were actually up. it makes for interesting news. unlike the great financial recession where we saw huge damage to the economy and no one go to jail, i think this is going to be the opposite. i don't think it will have a very big impact on the economy but i think you'll see somer. walks here. >> the treasury secretary was asked by our nancy cordes about this and she said the absence of appropriate supervision and regulation of digital assets contributed to the collapse. that's essentially saying we're asleep a

the worst showing since 2009 among the worst performing universities stanford and brown and m.i.t >> concerning numbers there. thank you. >>> let's turn to a major story in the uk and bank of england restarting the delayed quantitative tightening today. arabile gumede is jaoining us with more on that from london. >> seema, the markets in the green so far today up 1.5% for the ftse 100 in particular that is the key attraction that we will focus on today today is test day. the bank of england selling off assets as you can see, yields dropping off. it makes the central bank a test case for how quickly markets can shift away from what is easy money policies that we had over the last couple years. let's remember that the uk central bank was buying government bonds as recently as a few weeks ago. that was aimed to soothe the markets after the mini budget which roiled the gilt market in september. the boe stepped in now it will be auctioning the first 750 million pounds in the short securities that is $860 million results are due at 3:00 p.m. local time trying to reverse the easing program

m.i.t. graduate. is he a whiz kid? what is ftx versus the ftt folk en. he wants to seem to give it all away. no one is looking under the hood and giving a lot of money away and whether it's the financial market or it's other parts of the elite universe, when you give chair itably it's the easiest way to get into the inner circle of other elites and that's a stool he used in this case also. >> pictures of him sitting next to well-known democrats. bill clinton sitting on the stage. a picture we've seen many times now. liberal media outraged over president biden's decision to grant -- the post publisher writes this. president biden is failing to uphold america's most cherished values and granting a license to kill to one of the world's most egregious human rights abusers, cnn anchor slammed the decision. >> the u.s. has a long and shameful history when it comes to american presidents going along with saudi human rights abuses because they control so much of the fossil fuels to which our country is so addicted but there is only one politician who promised he

. >> m.i.t. and jane street.ane street being perhaps the most rigorous hedge fund in the country, m.i.t. being perhaps the most rigorous mathematical institution in the country, and maybe that's all you need. that's on your resume. >> right >> and you figure, well, vetted by others, so let's just bring him in i don't want to spend too much time on this i'm just saying, it's in the context of the market being good >> we're going to get to al kelly and his successor. let's talk retail. it's been a big week for retail. started with walmart good then followed by target. bad. and everybody trying to figure out the tone you and i both came into this reporting period thinking that the end of october was weak. >> that's true >> williams sonoma, foot locker, not bad. >> foot locker, not -- look, williams sonoma, they weren't happythemselves. they talked about the economy being choppy foot locker, mary dylan told a very good story this morning, secular growth story on sneaker, she says >> williams sonoma shares are going t

team of m.i.t. researchers have created a line of self replicating robots.at is transmitt electricity and data through one another, they can join together to beyom larger pro bot -- robots. now you know. as much as i do well electrical engineering. >> they believe in the future the voxils be be arranged to make complex structures like houses, until then you can get swarms bots old fashion way. >> topic 3, airbnb giving customers a chance to stay overnight in dj khalid shoe closet. you could be as closeted as lindsey graham, the booking available for two nights, he planned to charge a buck a night but he decided to head -- collected including more than 10,000 pairs of prized sneakers, this is your country chance to sleep with more souls than pete davidson and you get a free pair of jordan 5s from dj khalid we the best collection. you get a trip to visit all of his favorite spots in miami much but from looks of the guy, i'm guessing, they are mo mostly fast-food restaurants, so much more to love. >> to caracas, ventura, they -- venezuela for largest dance. cas

he went to m.i.t. where he studied physics and math and got very enamored when he was there by this philanthropic movement. it has at its core this idea that you should go out and try to earn as much as you can to then give away as much as you can, and do us much good in the world as you can. he has said he swears by the philosophy. that is what drove him into finance. he started in traditional finance and james street and discovered crypto while he was there. he saw some inefficiencies in the market he thought he could quickly exploit and ended up leaving james street and launched his own training shot. a few years ago, launched ftx, which is this retail trading platform for regular people. host: he has stadium naming rights, other branding for stx -- four ftx. >> he had a lot of backers, traditional finance people, central capital, the state investing market in singapore, up and down silicon valley and beyond. he was also making his own money through the trades that he was doing with the hedge fund t

watching twitter over the weekend. >> i was offered a job at m.i.t.do have history they told me this is my history professor. how about the history of crypto. >> that will be interesting. >> michael lewis - >> this is going to be a good movie. i guess michael lewis is already on. >> everybody is in it. >>> when we come back, we'll stay on top of the ftx fallout as the dow is staying positive don't go anywhere. is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ ♪ ♪ as you plan, protect and retire. connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪

tom: the thrust of the m.i.t.rdependency of different engineering functions at any given company. bring it over to the fear in the zeitgeist that twitter will shut down at any moment. does the fear lead to a shutdown of this platform? mandeep: you are right, people on the infrastructure side, who is provisioning the app and making sure it can handle this many user. once you start losing people on the infrastructure side. these people are critical to making sure things are up and running. it is not that easy to figure out how you maintain these critical systems and to me that is the key challenges. advertisers are already pulling off because of the lack of moderation. lisa: there has been a discussion of a mass exodus, where do all the twitter users go? mandeep: instagram could be beneficiary as could other smaller platforms that may come up as a viable alternative to twitter. this is the time to be thinking about an alternative to twitter because clearly the creators are looking for something else. lisa: there was

. >> he was at m.i.t. want anything. >> you don't want water? >> no, sir. >> i understand that stuff. you know, genetically, i have an uncle, the top person at m.i.t. came to the office a year ago, gave me a package on dr. john trump, said he was one of the greatest men. he was brilliant. >> willie, that is just really, that is something that you would slowly back away from, if they were talking to you that way on the street. that's somebody that is just so detached from reality. >> call the relatives, it's time to sit down with dad. bob, what are you thinking when the president of the united states goes on a riff, truly, i'm not even being flip about it, what are you thinking when you listen to a president say that? >> that i've got to put all the pieces together as i did for the book "rage" that came out before the election in september, and laid out so much of this, but honestly, i didn't understand the coverup. i did not understand when you listen to trump's voice in the denial and, you know, you tell

this chart goes all the way to m.i.t. 72. joining me ria advisors ceo lance roberts.ance, first i need your top market moving events this week. i don't think anything can supersede jay powell, what do you think? >> absolutely not. that will be the key story this week. you mentioned it earlier, i think it is a really important point that gets overlooked when markets rally that actually eases financial conditions which is exactly the opposite of what the federal reserve is trying to accomplish. they want to tighten financial conditions, slow economic growth to bring inflation down. rallying markets boost consumer confidence. why in august, jackson hole he came out changed his speech at last minute, crushed the market. did it last time during the last rally don't be surprised if he comes out hawkish wednesday [inaudible]. charles: you called for the latest bounce. it began last october. last time you were on the show last week you cautioned us it was looking a little extended. we mid-a pretty good mood. maybe the 200-day moving average what foils it. a lot of folks are p

i spoke to an m.i.t. classmate of his shared that the former billionaire honed in on philanthropy. he explained how easy it was to build his empire and the allure of crypto. >> you take $10 million and you sell and make a million and we were able to do that every weekday. >> where the crypto exchange got into trouble is the mishandling of customer funds coming to light following a back door $10 billion transfer to bolster his other company alameda research because some of those funds vanished completely. his testimony before the house, there were warning signs. >> we store collateral from our users not always done in the traditional financial system to back stop positions. >> critics are questioning why these warning signs were ignored and how some bankman-fried positioned him at the heart of crypto regulation policy making. donations to the dems sparking curiosity. $27 million to the protect our future pac that donated to liberal candidates these terms and the max donation he made to representative jeffries, nancy pelosi's likely successor. he is in the bahamas and questioned by l

involved if it turns out that there was just good old-fashioned losses at alameda, that this guy with an m.i.tysics degree maybe and his team just weren't good at investing, we've seen it before, long-term capital management among others, that if there were just losses that were then backed up by ftt or ftx or bankman-fried or customer accounts or whatever it might be, in some weird way, would that be a relief to the industry, because it doesn't necessarily mean that there is an industry-wide contagion, that this is just, wow, they really blanked up in bankman-fried's own words? >> exactly and one of the biggest issues is alameda's balance sheet did hold a lot of ftt token as well as solana token and when those imploded, that's what they were utilizing as collateral so they weren't able to make good on any of the positions that they had in the market. and so that's why he was trying to bail them out and so, yeah, it's really created a lot of -- >> it sounds like -- i've got to go to a movie for this i'll quote the great philosopher, tony montana, who in "scar face" said, don't get high on your

magazine, the new yorker, the atlantic, wired, the "los angeles times," the financial times magazine, and m.i.tgy review, among other publications. and, of course, he's the author of the book "ravenous" which you can see the title of on your screen, and are able to order. that's what were talking about today. so welcome, sam. >> thank you. thanks so much for inviting me on. >> of course. it's wonderful to have you. i loved your book. it reads as i said on social media, it reads like a novel. i was glued to it, but it's all true. i don't know, sure you'll talk as we go through about how you came up with the idea of writing this book, and connecting all these dots but anyway, so it is about the noble lord, the biochemist otto warburg who was a jewish homosexual living openly with his male partner in nazi germany, yet hitler protected him. so in the hope that he could cure cancer, so this again reads like fiction but it is true. there are many parts to discuss but i would like to start with otto warburg youth. his family dynamic, his, his early life. let's start there. tell us about his family. >>

the many people who work for him and depend on him to pay their mortgages and put food on the table, m.i.twipe out records of recent human history and asks what happens when the world's knowledge is owned by a company that could soon go out of business. it's a place for centralized protests, the reporting of events. put this into larger context. what's at stake here? >> think about this way, when there's an earthquake in california, the first place people go to is to twitter and say, was that an earthquake? what's going on here? that functionally will not exist in that real realtime, in the moment space until something else comes along to do that. how different would this war have gone from an information war standpoint had we not seen the pictures of bombed out day cares in ukraine. russia could have won this information war and may be it changes the shape of the actual physical war from there. so it's not just posting meme and is doing dumb stuff. it's real infrastructure for a lot of people across the world, not just in the united states. >> ben collins, always great to have you on the

he went to jane street, the epitome of hedge funds, m.i.t., top. we want to be fooled by this man? because no one -- it was impenetrable logic we do -- when you just look -- i interviewed gary gensler on this show, and he talked about, there should be an exchange, and people should be very careful. exchanges need to be regulated and could everything just fall through the cracks i don't know, david. the thing that really confuses me here is that, why are some people just invulnerable and viewed, except by the media -- we were somewhat skeptical -- but just in general viewed as being icons without any sort of verification of their iconic stature? >> it's a great question i think it's one of the key questions here you look at the pedigree, the investors in ftx i'm not talking about the people who had money there. i'm talking about the investors who invested in th tiger. sequoia. bravo. blackrock. i mean, on and on. these are supposed to be the most sophisticated investors they are supposed to do the deepest due diligence. obviously, we question that a

by the way, gary was up at m.i.t., same time.r if sam bankman-fried took his course. >> i'm going back, looking, people are trying to estimate what the recovery value is going to be. people keep coming up with 5 to 10-cent number >> i want the s.e.c. to come in. the horses have not left the barn the s.e.c. can come out and say, look, we're going to regulate this, and i think the -- it would calm the markets the markets are not calm you can look at the -- did we get rid of the chain link fence check? you ever see some of the ones that are -- chain link trades a lot. >> i think we may have gotten rid of that. >> it's a coin the one that's like under a dollar it's time not to show that we don't like to encourage people buying stocks under a dollar the only thing that's -- or coinbase the thing that's great about stocks around a dollar is stocks cannot go to minus one i've seen that i owned a stock that i thought was going to go to minus one >> you do have undilimited downside you can get in on the cnbc investing club with jim. >> wh

went to m.i.t. where he studied physics and math and got very enamored when he was there by this philanthropic movement known as effective altruism that is now very en vogue in silicon valley and has at its core this idea as you go and try to earn as much as you can too then give away as much as you can and do as much good in the world as you can. so pss that he swears by this philosophy and that's what drove him into finance. he started a traditional finance at a wall street trading firm called james street and discovered cryptor while he was there, saw some inefficiencies in the market that he thought he could quickly exploit come into leaving james street, launching his own trading shop and then a few years ago launched sort of next to it in peril to it fdx which is this retail facing trading platform for regular people to get in on this. >> host: this same sort of a meteoric rise. he's got stadium naming rights for fdx, of the branding for fdx. fdx. clearly, he has some financial support and bac

the dominant technology at the time was the fax machine, the m.i.t. a fax machine, because they were one of the most advanced technological places that's how we were getting information out of the chinese students who were protesting back then. now the technology has changed so dramatically that they don't necessarily have to do a physical crackdown they can do a digital crackdown and make it so people can't move around >> yeah. thanks for that. good tossing the ball around china. what a story by the way, we want to note, you'll be joining cnbc's virtual financial adviser summit december 6th you can register on cnbc.com don't miss it. thanks. >>> an hour into trading the dow is lower for the first time in four days. down 171 points. the s&p and nasdaq are down for a second straight day. the s&p back below 4,000, 3998 right now. joining us, stiefel chief equity strategist barry bannister great to have you back on. i want to get your take on the levels we're seeing here and the facts we're in the midst of this bear market rally. not only near term, what

i studied at the naval academy, harvard, and m.i.t.. saw combat in iraq, afghanistan, and some aliyah. serving america is the greatest honor of my life but we don't do it for republicans or democrats, we do it for all americans and that is what i will do in congress. i approve this message. host: is a candidates military service going to matter to your vote, will that affect your vote in the next three days when the nation goes to vote? republican line, good morning. caller: i think general eisenhower would probably be surprised to think that people would think it is not important. he created our entire interstate system as the president. i don't think people understand that all the leadership training these people go through as a military person. when you have two or three strikes you have 12 weeks of leadership training. your seventh and eighth strike, 12 weeks of leadership training. near ninth one, even more. as an officer, it is intense training every step of the way. it also gives you -- you have blacks, whites, everyone in this s

i taught it at m.i.t.nnovations here, but we still need investor protection what i would say is, come in and talk to us you've heard that before the runway is getting shorter. and the laws are clear and it's pretty rich for me when i think about it when -- i mean, look, there's always celebrities you talked about celebrities there's celebrity ceos in this space as well. celebrity crypto entrepreneurs and so the public can fall prey to their promotions, they're marketing and the like and it's really important -- our third path is also investor education. it's also to say to the public, beware, this is highly speculative, it is regulated, but without prejudging anyone's circumstance, largely noncompliant >> gary, you said people should come in if you will. sam bankman-fried, it appears on your calendar, came in and met with you, do you feel like you were hoodwinked? >> i think we've been clear in these meetings and you can look at my -- my calendar is public many meetings with folks in this industry very cle

he grew up in the bay area and went to m.i.t.ied physics and math and got very enamored when he was there by this philanthropic movement known as affective altruism that is now very en vogue in silicon valley and has at its core the idea you should go out and try to earn as much as you can to then give away as much as you can and do as much good in the world as he can. he said he swears by this philosophy and that is what drove him into finance. he started in traditional finance at a wall street trading firm called jan street and discovered crypto while he was there and saw inefficiencies in the market he thought he could exploit. ended up launching his own trading shop and a few years ago launched ftx, which is the retail facing trading platform for regular people to get in on this. host: this seems sort of a meteor rise. he has stadium naming rights for ftx, other branding. clearly he had financial support and backers behind him, correct? guest: he had a lot of backers, traditional finance people, venture capital, the state inv

i studied at the naval academy, harvard, and m.i.t.. saw combat in iraq, afghanistan, and some aliyah. serving america is the greatest honor of my life but we don't do it for republicans or democrats, we do it for all americans and that is what i will do in congress. i approve this message. host: is a candidates military service going to matter to your vote, will that affect your vote in the next three days when the nation goes to vote? republican line, good morning. caller: i think general eisenhower would probably be surprised to think that people would think it is not important. he created our entire interstate system as the president. i don't think people understand that all the leadership training these people go through as a military person. when you have two or three strikes you have 12 weeks of leadership training. your seventh and eighth strike, 12 weeks of leadership training. near ninth one, even more. as an officer, it is intense training every step of the way. it also gives you -- you have blacks, whites, everyone in this s

very fortunate to meet my future wife, now my wife while we were both attending graduate school at m.i.turban planning. so this is her hometown. so, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a campaign for gavin, who is running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where we laid down our roots like many people in this neighborhood and we started our family and this is where we are going to be. i mean we are the part of san francisco. it's the two neighborhoods with the most children under the age of 18. everybody likes to talk about how san francisco is not family-friendly, there are not a lot of children and families. we have predominately single family homes. as i said, people move here to buy their first home, maybe with multiple family members or multiple families in the same home and they laid down their roots. [