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tv   Making Money With Charles Payne  FOX Business  March 12, 2021 2:00pm-3:00pm EST

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cyclical and largely responsive to whatever is going on in the economy, it's a reflection of a good economy. nasdaq not so good. 1.62% has the economic incentive issues rejoicing, not so the technology ones. for today or not. here is charles. >> thank you very much. good afternoon. i am charles payne. breaking right now, fema has arrived. money continuing support the stock market but the debate rages on over what the best way to take advantage of it. you've heard the term, it's a stock ticker's market. i'm sure you have. why did professional stock pickers underperformed the s&p 500 for the 11th straight year? are going to ask my panel experts. a lot harder than throwing darts and we are the next big money to be made. peter thanks for predicting the
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housing crash and great recession but the second crash hasn't happened, at least not yet. why he thinks the latest will do the trick and the latest person brainwashed by fit going hurt him the most. governor andrew cuomo may endorse the worst 24 hours in his political career, for new mounting pressure to get him out of office, all that and more on making money. ♪♪ all right. for a long time ups will come on the show and say market is up because of tina, which was not corroborated things like actual flows of money to the different classes. to be frank, most of those guests were bears and trying to grapple with why the market wasn't going down, why they were wrong. now there's no disputing investing world is all about
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this because there's no alternative. according to the make america survey out this morning, money is on the move rotating to stocks big time. billions coming out of gold, even more out of bonds and gusher into stocks. this is with etf flows reported this week. not only equity getting all the money but new equities ets getting all the love. bottom line, money is raising into stocks and that means there will be grand slam winners. aaron gives. wealth manager and cio, also fox days contributor. scott martin. aaron, i've got to admit, you been ahead of this, we talked about this a lot and now they are benefiting from improving economy but you can almost argue some of them look like they are giving expensive growth may be oversold. are you making adjustments yet? >> i don't see them as turning or having any change in trend.
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while they are getting more expensive, i wouldn't call it oversold yet when you look at the migrations but making them in financials, the financial sector is still trading at 30% discount to the s&p 500. historically, that's an extreme discount even at low yield environment. talking about 20% discount, not 30 to 40. it's over but not by any means and are still room to grow. charles: all right, scott. money coming in has got to go somewhere. how do we get positioned for us? >> i think it goes to stocks. we actually took some money from the beaten up tech last week and looking at things like square, nvidia, doc you sign mattel a dock, things that got blasted down as well as things that got
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oversold to get technical on you. those are areas where i think you could start picking up positions and that's going to make a good stock ticker this year, waiting for the stocks, high flyers from last year to come back at a price where you can take another bite. charles: i'm inclined to agree that the state home tech side, probably wait oversold. third chair firm put a sale on today. jared, how are you playing this? >> i like everything scott said. the way i am spinning it, i'm looking for two things. i'm looking for transformational mains and they haven't gotten all the love. i like best buy, they are transforming into digital. we got tons of potential in consumers not getting back to the street. they got savings in cash and optimism. i'm trying to play that. johnson & johnson, a little defensive but i don't think people are taking the efficacy,
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convenience of their shot plus there every day placed the consumer as soon as they could, i like those two names. that's what i am moving into here. watching the high flyers, there's a lot of big by and pej, watch out on those names. i'll double up on that before pullback. charles: it's so we are with the staples, they had a flash of the beginning as a defense place and they've been totally underwater. let's look at the consumer, numbers out this morning, came in stronger-than-expected. we are feeling more confident about six months down the road. in addition to that, a strong financial results, they upped their first-quarter guidance, almost double. they reinstated the dividend for the years, 60 cents. this company calling saying it's
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a huge error. jared, first, i want to take a victory lap because last year, i was at the table, i told people to buy brick-and-mortar retail and they've gone through the roof. i feel gaps with 13. what about some of these other names? it's so crazy when wall street seems to be warming up, a lot of these names have taken off, you wonder if you missed it. >> i think there is room there. kudos on that call. i know you stuck with this one. sometimes it's hard to do right. i think we got to remember this repent of consumer demand, we just had a year of rough times for a lot of retailers. a lot of brick-and-mortar to reinvent themselves. right now, you got these machines, when the consumer returns to the normal buying returns, a lot move forward. i think you've got a names i name basis, careful buying retail against the macy's of the world, i'd watch a little bit, mueller place you're talking about, the gap could be
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interesting. i think you've got to be a definitely stuck together. i like the sector, i think it will continue to perform well. charles: erin, a lot of people will have money burning a hole in their pockets. how you position for that? >> i'm still hesitant about a lot of the apparel retailers. i think they had back and body which helps them but aside from that, when you get your new clothes, you want to go out. my idea more is look at restaurants and leisure. it sounds a little more upscale, it's not what we've been living off so i think those types of family eating, it could take off over the next six months. charles: i agree. i was trying to figure out a way to take the equipment out of the room to the front lawn, that's
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how beautiful it is outside. i want to get out there. scott, let me ask you about gold, there's a report earlier this week not living up to terms of against inflation, is it time to reconsider other hedge against this story that won't go away? >> yes, i believe it is. you know i'm a cold lover. gold was great last year end helped out our portfolios as reducing volatility. it served its purpose and now is not doing much. i think the love a bit coin that we have seen take off the gold is slump. if there's real inflation and this is true, inflation coming down the pipe, stocks. stocks will be the hedge because you will see inflation pickup and stock prices so i think stocks are good hedge against inflation expectations we have. charles: i ask all of you about this report saying stock pickers underperformed the market again. eleven straight years lagging the s&p 500. i'll go back to you scott, what is the argument for professional
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stock pickers? >> at least for ones like me, we did beat the market so i don't know who we are talking about but you can go back on the tape. i like something erin talked about, we talked about blooming master and southwest airlines. they said i love southwest airlines. i don't know how these stock pickers missed it but you've got to stay with 15 and deal with volatility. i think the stock pickers i've seen, they sell too early or too late and don't hang on. charles: jared, i do find the data to be very suspicious particularly last year because the winners one day and losers lost big and i don't see how these general funds could have been people who just saw things. we talk about his everyday but what you tell someone who says maybe i should just buy a regular etf? >> there are two parts. i look at my numbers and
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colleagues numbers, they are doing great. here's the think you've got to remember. when markets are parabolic in one direction over a long period of time, everybody is a genius. all my doctor buddies and friends are saying i'm killing the market. you are because stock can do nothing but go up. we are diversifying, we are spending money on the just and cases and protecting ourselves from when it comes. some of that money and upside might be spent on protective measures i think that's the general seem to think about. be prepared where the pressure is off a little bit and when markets are volatile, they usually return. more volatility than the average. charles: that reminds me of our old quality care, john, he did a
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show where he put symbols on a dartboard and through ducts. at the end of the year, he said he outperformed the market but he didn't deal with the emotions of it. boeing for instance, how many people have sold boeing and lost in the last year end that was through the roof again? the emotional part i think a lot of people have to understand. in hindsight it looks easy. >> it does. part of it really is understanding the dramatic changes. certainly with etf, it is harder for managers to beat. we know that. the more there is, the harder it is but when you look at big changes like 2009, 2010, those of the years were active managers are in 2003, four and five so when you see big dramatic changes, those of years managers can really help and look ahead and stick to their themes and beat the market. charles: the last year end a half has been all about things. i think only less than 60% on
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the s&p work winners, you had to be spot on. erin, jared and scott, thank you very much. that's why i have this conversation with you because you have amazing, impeccable track records. the ramifications from the summer of love. residents are fleeing to the suburbs amid a dangerous climb wave. reaction from former governor mike huckabee on that. house democrats including jerry nadler and alexandria ocasio-cortez are saying enough is enough. they are demanding new york governor andrew cuomo stepped down amid the scandals. cuomo is saying they are reckless. can he make it through? we'll be right back. ♪♪ i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you
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establishing its own police force. i want to show you video here, this is an atlanta resident sprinting for the safety of his own home after seeing a masked man carrying a rifle on his residential street. this is shocking but not unusual according to the atlanta police. robberies in the city are up 40% year over year and assault are up 35% auto theft is up 63%. in one horrifying example, a 7-year-old girl fatally shot in the back of the head while riding in a car with her mom and aunt. the surge in crime as part of the wider search across atlanta, up 80%, shootings up 32% year over year. while crime is higher in most big cities across the country, a dentist experience is extreme, possibly related to the fact that 200 officers left the police force in the wake of the shooting death of rayshard brooks, the black man shot by a
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white police officer last june. residents performed export trade committee to determine whether to pull away from atlanta but others say they are considering leaving atlanta altogether. one president telling the "wall street journal" this, your kind of hopeful this is a near-term trend but it keeps happening and you wonder, are we stupid for staying here? amazing story. charles, back to you. charles: thank you, gerri. it is tough. i'd like to bring in former governor, fox news conservative mike huckabee. this is just an atlanta problem. target announced they are moving a chunk of the operations out of minneapolis we saw go up in flames last summer. you kind of predicted these things would happen and probably were inevitable but what happens now? how do we quell these things as they blossom?
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>> let me tell you how we don't. you don't do it by defunding police and trashing them and making it as if they are the ones responsible for the crime wave. criminals commit crime and we need police to contract to control and when you have more crime, you need more police, not your. 200 officers left the atlanta lease force because of lack of respect they were getting, it's pretty powerful and all of the. i think that's a great reminder the number one thing people care about where they live is safety. they want to feel safe and believe their children cope go out in the yard and play. places even in the most fluent part of the neighborhood, i've been there many times, when you're not safe there, you are not safe. charles: great point. the wealthiest neighborhoods want to feel safe, so do the very poorest as well and those are the ones probably should have more police and better training. artistic on this for a minute say wait a bit, i know
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censorship is a big thing for you. there was a bill passed in the kentucky state senate making it a crime to insult police officers, what you feel about that? >> i understand where that is coming from but i think the first commitment guarantees the right to assault people, even people who don't deserve to be insulted. if i suit everybody who insulted me, all i would be doing is suing people. i respect the fact that people are free to hate me and say terrible things and free not to act upon them. freedom is limited to not inciting violence against me, you or anyone else but i don't want to get to a place where we start telling people what the limits of their speech can be because i think once we go there, we never come back from it so i don't think it's good, it's disrespectful but constitutionally protected. charles: we should definitely honor our police force.
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i agree, that's a slippery slope. governor, you wrote about conservatorship, particularly when it came to bring spears, why do you be so passionate about this? i've been watching from afar and i feel sorry for here, i think it's not great what's happening to her but you got some amazing points. >> the fact that it's happening to bring spears is a reminder and maybe a wake-up call that is happening to people all over the country most are not as wealthy nor famous as britney spears but i am with you, i feel for her. she's an adult. maybe she made bad decisions and went through tough times, a lot of people do. it doesn't mean for the rest of her life somebody else ought to make the decisions for her. this was many years ago. she has a right to do dumb things, we all do. anyway, she's clearly an incredibly gifted and talented woman being and she's able to
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make vast amounts of money, she ought to be able to decide what she wants to do with it without having to go through her father. she's not 16 anymore. she's more than a grown woman and i feel that helps us understand this is happening to a lot of people especially to elderly people who are having their lives taken from them, sometimes by greedy even children or relatives or maybe people who are employees. charles: i'm glad you are shining a light on it. governor, it's been too long. thank you very much, appreciate it. >> thank you, my friend. charles: from dr. seuss to mr. potato head, cancel culture is in full effect but the question is, who is in charge of this? who gets to make these decisions? i got an amazing panel weighing in. still to come, president biden telling americans vaccinated so
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we can have small gatherings july 4. here is no surprise, the public is way ahead of the president. we'll discuss that also later in the hour. >> we do this together. by july 4, there's a good chance you, your families and friends will be able to get together in your backyard or neighborhood and have a cookout or barbecue and celebrate independence day. ♪♪
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right, dr. seuss and mr. potato head to sprinkle on ice cream, bowling victim to cancel culture but have you asked, who is in charge of this? recent new yorker article ask the questions that says, each of those incidents up close turned not on intervention of activists for mechanisms of mass protests but anxieties and misjudgments of the lease. for more, district media president beverly hallberg and
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family yes munication director, stacy washington. beverly, it sounds like the liberal elites are the ones who are taking and choosing out of left field and blow up overnight is it the pains of the liberals driving cancel culture? >> i think it is, standards they've set up so it's not a free market, not the american people driving cancel culture. it those in power, politicians, academic and even those in liberal media who look at the rest of the country and think they know better and if there's anything negative in your past work countries past, it must be canceled so you do have individuals not speaking up, they are fearful and dr. seuss enterprises canceling six of their own books for fear of retribution. if you empower making these decisions which is why the american people need to stand up and say enough. charles: here is the thing.
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not sure if there was fear of retribution since this is an issue they tried to deal with on and off for several decades. it wasn't a big crowd in front of the headquarters, is like a person was sitting in their house and pulled out a book and said look at that. call the company and the whole thing turns upside down. >> i got to say, one of the things about the dr. seuss story, it's interesting, the fact that they took it upon themselves when the author was alive, he would change the drawings himself. already updated many of the drawings but what is most important is if i could have my way for five seconds, if the cancel culture people would take on child pornography, sex trafficking, human slavery out of libya into the middle east, i wish they would cancel those things because they appear to have the power to cancel just about everything else. charles: great point. real quick, i saw a tweet you put out, piers morgan, he got healthy, walked off, out the
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studio. i've been tempted to do that on many occasions. big mistake, why? >> he has every right to do so but as i coach people in media interviews, if you leave the set, you aren't actually engaging in the discussion that needs to be had. even if it's unfair, stay and take the questions. i never storm offset but it is fine you're here for productive heart debate so even though liberals often don't want to have certain discussions, i think those of us who want to help productive debate sit in the chair and make it happen. charles: now this is a piece of news everyone is nervous about. netflix cracks down on user sharing passwords. telling viewers you are account to watch these shows, this is upset david with high subscription, maybe they are running out the rope but can you imagine? i don't know how many people on
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this planet are using my password right now. >> we have an issue with that as well because there are five of us in my family and three kids but as they got older, we were still using the same account until we cancel netflix. before the whole controversy came out and the edition of liberal people to their board and products they announced, we felt it was something we wanted to support even though we were early adopters of netflix. this is something they are doing to get more revenue back, profitability that's been shown off by people sharing passwords but i encouraged americans to look at the product networks puts out. maybe instead of adding accounts in your household for adults and kids, teens, maybe just all cancel it like we have. we have amazon prime, no company is perfect but i feel amazon directional shift toward allowing objectionable content for children is unacceptable and we don't want to pay for it.
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charles: ladies, i wish we had more time. i really enjoyed our discussions but we don't so you don't have to storm off but we got to go. [laughter] thank you both very much. have a great week. pressure is mounting. gerri nadler and alexandria cortez joining us and democrats calling for andrew cuomo to resign. the government is making it clear he's not going anywhere so what is next? can president biden tell americans to get vaccinated we can have small gatherings on the fourth of july? i got news. i'll have a big cookout on the fourth of july and i'm not asking the white house for permission. tweet me, telling me your plans. we'll be right back. ♪♪ a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity.
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shingles? camera man: yeah, 1 out of 3 people get shingles in their lifetime. well that leaves 2 out of 3 people who don't. i don't know anybody who's had it. your uncle had shingles. you mean that nasty red rash? and donna next door had it for weeks. yeah, but there's nothing you can do about it. camera man: actually, shingles can be prevented. shingles can be whaaaat? camera man: prevented. you can get vaccinated. baby, call the doctor. camera man: hey! you can also get it from your pharmacist! 50 years or older? get vaccinated for shingles now. will
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. ♪♪ charles: pressure mounting for governor formal, andrew cuomo bt he is once again choosing,
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refusing to design. gerri nadler, alexandria cortez, some calling for cuomo to step down over increasing allegations he sexually harassed people women, calls come as state democratic assembly authorized for judiciary committee to begin impeachment investigation to the governor. new york magazine published a first person account from a journalist who says formal arrest harassed her and wall street journal says almost eight call former staffers to discredit one of his accusers. the governor has any choice but to resign? joining me now, heather. your thoughts, the walls are certain closing in on him. >> they really are. more than 55 democratic congressmen and women have accused, requested that governor cuomo resign at this time.
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the seventh accuser, jennifer, the latest and most recent, there can be two tracks here. one is a political track where he be forced to resign in the other is a criminal track, which there has been no criminal charges at this time but as he said, let the investigation play out. new york attorney general is conducting an investigation and the criminal charge would occur of grubbing or unwanted touching occurred in new york that could be a criminal charge which i think poses an even bigger problem. charles: for most of the day the name al franken has trended on twitter. if you look into it, essentially he got a group of people saying the governor should not resign, al franken shouldn't have resigned, if joe biden would
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hold onto the same pressure, he wouldn't be president today and the investigation should go on. i am all for due process but this is not something governor cuomo extended to conservatives, particularly kavanaugh when he was nominee so i find it interesting. >> exactly. if you years ago the new york attorney general schneiderman had accusations in a magazine and cuomo said get out of here and forced him to resign. somewhat a double standard, you are right. i am a believer in letting the process laid out. a lot of the times this was one accusation, that's the case lindsay boylan originally. you definitely don't want to automatically say someone is guilty, that's a dangerous precedent set. we've had seven women, in this case. if this was the public sector, we talk about these companies all the time. mcdonald's last year, intel,
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mostly consensual relationships and the ceos were forced to resign. it's a very different presidents in a public sector and is in a private sector. charles: great point. one of the top ten ceos in the world, i've got to get this and because president biden marking one year anniversary of covid he remarked he urged americans to get the vaccination so they can have small gatherings on independence day. here is what he had to say. >> if we do our part, we do this together, by july 4 is a good chance you, your families and friends will be able to get together in your backyard or neighborhood and have a cookout and barbecue and celebrate independence day. small groups will be able to get together, new bearings of the virus spread. we've got work to do to ensure everyone has confidence in the safety and effectiveness of all
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three vaccines. charles: i don't know about you but if everyone's got the vaccine but end of may, i'm going to have a giant cookout. i'm in a new house, i can't wait to break it in, that might be the perfect day. >> can i come? can i get an invitation? charles: absolutely. >> here's the thing. let's give credit where credit is due. this is because of if it can happen by fourth of july, operation warp speed, vaccines were produced her tiny, even new york times admitted this is due in part two of the trump administration did put in place so i think the bigger issue is not whether you can gather with large gatherings or wear a mask or not in terms of your freedom, which is a controversy but it's on the backs of the $1.920. >> this bill. only 9% of which went to covid as we expand the welfare state
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if you talk of freedom. more government lines and independence, that's how it's going to be because we can't get 17 million people back to work. they will voluntarily give freedoms to the government because they'll need it. you have a party, that's great but if not, let's get people back to work. charles: i agree one 100%. thank you very much. right now president biden and democratic lawmakers celebrate the passage of the $1.920 relief plan but they are plotting more spending including $420 in infrastructure. a major part of the biden stimulus package went directly to state aid but new findings show the problem in this country is mind-boggling and more bailouts. coming up, i want to ask where this leads us and i will ask peter shipped. we'll be right back. ♪♪
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so right now, a lot of debate in this market because of the minefields changing around yesterday. a lot of folks looking to the federal reserve. yesterday we had be a cpa, the president christine, she gained something of a message initially and you can tell from the stock market before but finally, she
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did say they were going to speak up, speed up the purchasing program and you can see the results, a big move to the other side. however that being said, all the focus now on what jay powell will do the next time he speaks. i want to bring in catherine, the acp spinning up there program. that put a lift to the markets yesterday but everyone's concern, particularly with this else lr, supplemental program people should understand things have to certain amount of money to offer assets, it was suspended so they were able to use the money for other things. at the end of the month, you either go back or the extension will go on. i think it's going to be the case, the markets settling down and even stock market settling down. >> absolutely. there's no doubt about it whatsoever. any disincentive to purchase treasuries when we have such massive flux of new debt that
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needs to be issued to finance the tooling dollars in covid in this, 2 trillion just announced an additional trillion dollars in budget plan coming up this month is acting crazy. the most likely scenario here is the extent of this reprieve, from a regulation as you mentioned, it came after the 2008 crisis and basically it allows thanks to buy treasury, accumulate treasuries without having to sideline a portion of the capitol that doesn't burn anything. they been able to buy in issuance that really has to happen because the treasury market has been zero pressure the past couple of months yield driving 60 basis points higher today, price dropping, this needs to happen and i think
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charles about that that is more likely to extend the reprieve for this regulation rather than engage in operation twist or outright yield curve, control or caps on interest rates. charles: it's like low hanging fruit. we've been watching these auctions which we normally don't watch in part because there haven't been buyers. foreign buyers have walked away and if we don't have things fine, if banks sell them, forget about it, we are in trouble. i want to talk about another outcome of this 40 year bond market rally that looks like it is fading away. for decades, financial advisors recommend 60/40 portfolio. stocks, bonds, many signs this is no longer going to work so what are you telling conservative investors, how should they balance what should the new approach be? >> the fed has $8 trillion in balance sheet. owner of a third of all u.s. treasuries and historically has been the biggest absorber of the
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new issuance so that has to continue and if it doesn't, we will see more upward pressure on yield so the structural downward trend is threatened by potential of less finance for this new issuance so it's unlikely. charles: what is the alternative? >> i think the alternative have to be look at alternatives. alternative assets of zero correlations with the market. even the commodity base, i think we are going to commodity super cycle because of the week u.s. dollar, stronger economic growth so i think we need to have a bigger proportion which has historically been very low asset allocations. allocated the alternative. we don't know when the ticking time bomb will happen. i think we need to compare it with low correlation assets. charles: catherine, without thee
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professional advice because a lot of people are grappling with this. thank you very much. thank you very much. have a great weekend and folks, we'll be right back. ♪♪ will for smarter trading decisions. fidelity.
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new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at charles: so with the passage of this almost $2 trillion in fiscal aid, the a amount of money earmarked to mitigate the actual covid-19 lockdown crisis is now in the multiple trillions, the if there's still -- and there's still more catch coming. most people are just sort of whistling past the mountain of debt. remember back in the day when we were all glued to the u.s. debt
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clock, we saw it all the time, and we were braced for that moment when the dam would break and we would drown under the weight of too much borrowing? the reason for such vigilance was that bruising that we all took from the great recession and the feeling that we did nothing really to address the fundamental flaws, just made 'em worse. now the man who called the great recession long before it happened but even as the rest of the world has stopped worrying, he hasn't, euro pacific capital's peter schiff. he continues to caution us, and he says we haven't seen anything yet. he joins me now. peter, your 2012 book entitled "america's coming bankruptcy," i bring it up because back then u.s. debt was $16 trillion, the fed's balance sheet was less than $3 trillion, it's more than doubled since then. they're blowing the roof off of all of these things, and a lot of folks are looking around saying we haven't imploded. why not? >> well, you know, we were bankrupt when i wrote the book, and we're just deeper into
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bankruptcy now. it's just that the creditors haven't, you know, stopped lending. but i think we've already reached that point. i mean, that's why you're seeing this backup in long-term interest rates, and this is going to continue. rates are going to go much higher until the federal reserve steps up and commits to printing endless amounts of money to artificially cap long-term interest rates. now, that's a mistake, but they're going to do it because they don't want to let this entire house of cards economy that they built come crashing down. but when they do that, i mean, the dollar's toast. the dollar's going to collapse, and the cost of living in this country is going through the roof. charles: you know, it's hard to argue against you. the only thing i would point out is that we've been hearing this for a long time, and many people are saying, hey, if they arrest treasury yields and the market keeps going up, the tech stocks resume their rally, it seems like everyone's happy, and it gives even more fuel to the aoc
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of the world who are saying why don't we just print money and solve all of our problems in. >> printing money is our problem. look, right now the u.s. government is spending over $8 trillion a year, yet it's collecting less than $3.5 trillion a year in taxes. that's a $4.5 trillion dollar deficit that's going to go up by $2 trillion thanks to the bill that biden just signed yesterday. so this is massive money printing. you know, the last thing the economy needs is for the fed to print more money for unemployed americans to spend. we need to produce more stuff. we need to make capital investments and actually grow a legitimate economy, not just fuel a bubble which is all this current policy doing. but the thing that's going to prick that bubble is going to be the dollar. the dollar's going to crash. as i said, gold's going to take off x then we're going to have to deal with the consequences of everything we've done. you know, the pandemic was nothing compared to what we're ant to face -- about to face. the disease of covid is nothing compared to the government's
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monetary cure. that's where we're really going to be suffering. charles: right. all right. ing and, you know, it's interesting because the dollar just held at a double bottom, 2018 low. so pretty soon we'll break through there, and we'll see the initial reaction are. i do want to is ask you about a tweet you put out a couple of days ago. you mentioned that your son had sold all of his silver -- [laughter] he went all in on bitcoin, and you actually used the word brainwashed. listen, i can feel your pain, my man. but in a way, it seems like he's heeding your warnings, he just thinks crypto is better than gold or silver. so what did you tell him? >> yeah, you know, i did a lot of foolish things too when i was 18. you know, we all have done that. and to an extent, you don't blame an 18-year-old. he doesn't have a lot of experience, so he gets taken in by this. i mean, what bothers me is you have a lot of adults, you know, people in their 30s, 40s and 50s that have been fooled by
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this. look what's going on now with these nonfungible tokens. this is mass hysteria. this is the madness of crowds. i mean, a lot of people are going to lose a lot of money. now, you know, my son is young. it's a shame that he's going to lose all this money but, you know, it's a valuable lesson that he'll be able to take with him when he's older. i'm worried about people who can't afford to lose money who are buying this nonsense and think this is digital gold. it is fool's gold. i don't care how much the price has gone up in the past, it's still going to come crashing down when the music stops, and a lot of people are going to get left without a chair. charles: all right. i've got 30 seconds, so two things. you didn't cut him out of the will yet, have you? and also, apparently, you're not a fan of people. >> he may be a good artist, but i wouldn't pay $69 million for dingallal art. i mean, there's nothing unique or special about a digital image that anybody could replicate,
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download for free on the internet. this is a bunch of nonsense to say that these things are valuable or rare. it's a sign of the times, and hopefully i'll live a long life, and by the time i die, nobody even remembers me -- [laughter] hopefully, i won't have to worry about my son squandering my wealth. charles: we've got to leave it there because i've got to hand the show over to your old friend, liz claman. peter, thank you very much. liz, over to you. [laughter] liz: yeah, well, your own son, peter. spencer, oh, my goodness. [laughter] all right. breaking news, president joe biden celebrating yesterday's signing of the $1.9 trillion coronavirus stimulus bill. he just finished speaking in the rose garden at the white house right now. the president touting the benefits of the law from the thousands of dollars in still the plus checks that will be sent as soon as this weekend to struggling americans to the purchase of millions of vaccines to protect the nation from the deadly coronavirus. we are going to get instant analys


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