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tv   The Claman Countdown  FOX Business  April 14, 2021 3:00pm-4:00pm EDT

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shower for my niece -- [laughter] so i think you're right. i think it's here to a stay. rob, we covered a lot, always appreciate it. handing it over to my colleague, liz claman. you know, coinbase is slipping a little bit here, liz. liz: just a bit outside. you know, we know how coinbase opened on the nasdaq, right? charles, you and i know it's how it closes. how will it finish its first session. right now the digital exchange giant still up 32%. this as you can see it stands at $329 even. now, while it isn't exactly juicing the nasdaq, it sure has electrified the investment world. some on wall street call it the coming-out party for all cryptocurrency while others say it's really only a matter of time before new rivals knock it off the pedestal. our cryptocurrency panel will lead our show. markets are mixed, as i said, losing just a bit of energy late
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in the session. we do have dow jones industrials as the leader up 49 points, s&p down 17, nasdaq is floundering about 131 points. the dow needs 123 points to make it a record. any gain will do the trick for the s&p 500. all of this is happening as the big banks report crazy numbers. but we've got the company out to upend the old boys' club on wall street. the ceo of one, one finance, that's what it's called, is here. he says the big banks will soon feel the burn from his disruption heat. the man city anonymous -- synonymous with greed and crime has died in prison. bernie madoff swindled billions of dollars from investors. larry kudlow on whether wall street has learned anything from the biggest ponzi schemer in history. and president joe biden officially ending combat operations in afghanistan,
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setting a deadline of veterans pulling out september 11th which marks, of course, the 20th anniversary of the horror that started it all. he is headed to arlington national cemetery in just moments. we will have a live camera there. fox business alert, the cryptocurrency craze officially hitting critical mass, but what happens with coinbase shares in the next 58 minutes are also be critical. we're about, two and a half, three hours after opening at $381 per share, a 54% jump from its reference price, and then it spiked to a high of $429.54. you can see where we are now. $321. coinbase is still up 28%, but the hype around the debut of the crypto trading platform was unbelievable. propelling bitcoin itself above $64,000 ahead of today's open. we're now down $1,268 for the
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cryptocurrency of record. as the first mayor crypto-related name to go public is now valued at $100 billion, we wanted to put that into perspective for you. ice, the parent of the new york stock exchange, has a market cap of about $66 billion while airbnb -- and we pulled that one because it also add a very hyped-up debut -- has a $21 billion valuation. hype? maybe. but historical moment, for sure with coinbase. what do you need to glean from coinbase's open and the reality investors soon may face? michael casey is chief content officer at the crypto media and news web site, coindesk. and, of course, matthew guest who after 11 years at goldman sachs went to start clock tower, a top crypto investment firm. michael, with so much advanced hysteria for coinbase, is this what you expected for the debut on the nasdaq? >> well, i will say it was,
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actually, and thanks for having me, liz. it's great to see you again. ultimately, you know, it came in significantly lower than what the buzz was. in fact, i think where it is now isn't that far off where those private shares were, significantly lower than the last crack in the private share market. i mean, there's so much uncertainty, i think, as to how you actually value this thing, right? it's such a different beast. so inevently, i think you're going to -- inevitably, i think you're going to see a push and pull. so i think you put all of those ingredients together, it's not a huge surprise that we're being whip sawed at the moment. liz: michael. i'm so glad you're here to give us that perspective which leads me to matthew. can you give me a sense of how you, as an investor, did you buy shares beforehand, and what do you think of this price action?
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because we are now below what it opened at. it opened, as we mentioned, at $381, we're at $314 right now. >> yeah. thanks, liz, for having me. i think you sum it up pretty well in the prolong there. this is an important moment in the history of cryptocurrency as an industry. i think it represents kind of the opening of the floodgates for people to access this asset class in an incredible new way, and coin baips is, in many ways, the leading charge of that. yes, it's a regulatory compliant way, yes, it's trading on the venues that people know and are familiar with, and people have to pay a people upfor -- premium for it. here's an interesting analogy, actually. when facebook came public now, what was that, about nine years ago? it came public in a similar range in terms of market cap, and similarly, it was this avenue, this gateway into an entirely new world that i don't think the rest of the world and wall street generally knew
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completely how to understand or think about. coinbase is similar in my mind. liz: but, matthew, did you buy today? >> i can't comment. we are large investors in the crypto cosystem across the board both in the assets themselves and kind of tangentials assets to the coins. liz: well, you know, michael, when you talk about exactly how to value this, and you did say it's a little tough to value it, and there seems to be quite a bit of hysteria around it. one of the things that the company has said is that 96% of its revenue has come from transaction fees. we know that, i don't know, 20, 25 years ago when ameritrade first came out, they were the big, hot thing. and then in comes robinhood. commission-free trading. you know that somebody's going to come out with commission-free bitcoin and crypto trading. what does that do to a copy baste? >> well -- coinbase?
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>> i think that's a real challenge. probably the biggest risk factor that they would cite, and they did cite, was competition. it's interesting, it comes from directions. there's a host of cryptocurrency exchanges that operate more or less in a similar way to what coinbase does and, of course, they're all competing for the same business. that is a real challenge. the other challenge, i think, is this concept of decentralized exchanges. dexs as those in the industry like to talk about. and considered a few years back -- kind of complicated technology, but they're burgeoning now, and that's really appealing to people who really believe in the crypto space because it allows you to do so much more because there's a custodian in the middle. that is coming, that's a challenge. but at the end of the day, this is still a very nascent market. the size of the adoption potential is huge when you talk about the global environment, right? so coinbase is, you know, its
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growth, i think, is as much tied to massive adoption as it is to, you know, the piece of the pie that it currently has, whatever competition will come from that. it's not exactly going into a mature market. it's going into a very early stage marketplace as it is. liz: yeah. so, you know, you've got michael saying that it's not netflix, it's more like blockbuster. you've got to give me a sense at the moment where you see, matthew, is it the sun? is coinbase the sun around which all of the other planets revolve, or is it more like one of the planets? >> yeah. michael made some really good points there. there's such hyper growth in this, you know, ahead of this industry as a whole. right now i would say it's more like the sun. and the reason for that is because this transaction, this public listing gives coinbase a war chest, right? it gives it a large amount of capital to go on basically an acquisition spree. and you've already seen coinbase to a lot of acquisitions in its
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time as a private company. now as competition heats up, as large financial institutions, you know, you saw goldman sachs, morgan stanley and others recently talk about getting involved, as you see more people enter the space, coinbase has a war chest to essentially roll up other services and products which they've already started to do to further diversify and compete. kind of similar 40 to how you saw salesforce. liz: there are opportunities but there are competitors. we just had kraken's ceo on yesterday, and i say that this is an important one. elon musk and tesla buying in, mark lazari is one of the gutsiest investors out there, he's a big hedge fund guy, he bought into coinbase early. i don't know at what price, but as you watch some of these big names here, that's what we want to keep our eye on. i'd love to have you both back
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as this story continues. coinbase right now stands at $314.49. michael, matthew, we'll see you again. thank you so much. >> thanks, liz. >> thanks. liz: anytime. any moment now we do want to let you know that president joe biden will visit what's called section 60 in arlington national cemetery. that is where many of the 2,312 american soldiers were killed in the afghanistan war, and that's where they've been laid to rest. the president announced just over half an hour ago he will be pulling all of the nation's combat troops out of afghanistan by september 11th, ending america's longest war. of course, as a business network we look at the total costs aside from the horrific cost of human life, adding up to about $2 trillion spent in afghanistan and, of course, in some of the other theaters that were adjacent to it like pakistan. let us go to blake burman at the
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white house and the significance of what this means, blake. >> reporter: well, liz, we heard from the commander in chief a little while ago. note that he is the fourth american president to preside over the war in afghanistan. two democratic presidents, two republican presidents, and president biden saying he cannot eventually one day hand this over to a fifth american president. the president noting that a peace deal was negotiated and this, i believe, is a live look at the president right now just across the river from the white house. arlington national cemetery, as we with look live, the president at section 60 there at arlington national cemetery. the president noting that there was a peace deal that was negotiated by the prior administration before he got into office which called for all u.s. troops to be out of afghanistan by may 1st. he says he will uphold that deal by starting the winddown then, having troops out by the 20th anniversary of the september 11th terrorist attacks. here was the commander in chief moments ago. >> there are many who will
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loudly insist that diplomacy cannot succeed without a robust military presence to stand as leverage. we gave that argument a decade. it's never proved effective. not when we had 98,000 troops in afghanistan. and not when we're down to a few thousand. our diplomacy does not hinge on having boots in harm's way, u.s. boots on the ground. we have to change that thinking. >> reporter: now, there is bipartisan concern -- again, live pictures now, arlington national cemetery. liz, bipartisan concern that erasing a constant u.s. military presence in afghanistan would potentially expose the u.s. to blind spots when it comes to identifying future threats. here was the president's own cia director, bill burns, on the importance of having u.s. troops in the country. >> our ability to keep that threat in afghanistan in check from either al-qaeda or isis in afghanistan has benefited greatly from the presence of
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u.s. and coalition militaries on the ground and in the air fueled by intelligence provided by the cia and our other intelligence partners. >> reporter: so, again, a live look right now. the president in section 60 of arlington national cemetery saying a little while ago that it's a, quote-unquote, visceral reminder of the living cost of war. liz, as we know, the president carried -- as a he noted he has for the last 12 years -- a card in his pocket of the number of troops -- do you want to dip in here, liz? i think we might hear from the president. i'll send it back to you as this is a live moment inside arlington national. liz: yes. and it appears he may walk toward the cameras. we're not quite sure just yet. but a very solemn moment here. and i do see a microphone boom over his head. let's see if we get the camera settled up, and he is speaking. let's listen in. >> i'm always amazed at
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generation after generation, the women and men who have given their lives for the country. they don't give it to the country per se, they give it for their mothers, their fathers, their brothers, their sisters, their uncles, their aunts. [inaudible] showing up at the cemetery that i don't think of my end -- my son, beau, who proudly put on that uniform. going with his unit to iraq and and -- [inaudible] he thought it was the right thing to do. look at them.
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>> [inaudible] >> i'm sorry. >> was it a hard decision to maker, sir? >> no, it wasn't. to me, it was absolutely clear. absolutely clear. for -- we went for two reasons, get rid of bin laden and end the safe haven. from the very beginning, you may recall, i never thought we were there to somehow unify iraq. i mean, excuse me, afghanistan. it's never been done. st it's never been done. thank you all for being out here in the rain. thank you. liz: president biden speak at arlington national cemetery saying it was not a difficult decision to make to pull troops out. of course, he said he will pick up the baton that president trump had, of course, started with making sure that we removed the troops by may. he said that will begin the wind-down and that they will all be out by september 11th.
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when i say up, i mean since the top of the hour when we were at about $324. but we are also keeping an eye on the big banks after three major players kicked off the earnings season for the first quarter. this morning they burst out with numbers. if they all beat on estimates, why is goldman sachs -- i guess wells fargo's higher too, up 5%, goldman's up 3%, they're higher, but why is jpmorgan trending lower? they also killed it. beat on earnings, beat on, you know, revenue. could it be the $5.2 billion benefit the bank saw on its balance sheet after releasing the money it had set aside for loan losses during the pandemic that never developed? tomorrow we're going to hear from bank of america, citigroup, u.s. bank corp., charles is schwab and blackrock. but let us bring in teddy weisberg and scott bauer on whether, teddy, any of these things is on your buy with list
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ahead of tomorrow's earnings or a name that we haven't yet discussed in the last 20 minutes. >> well, first of all, as a rule of thumb, liz, we don't buy into any securities including the banks prior to earnings. it's just too much risk because a lot of these stocks are pretty much at least presently priced to perfection. they're pretty good as guiding investors' expectations prior to the release of the earns, so we think -- earnings, so we think a lot of the news is already priced in. but in the case of the banks, i mean, we have our favorites, and one of them happens to be bank of america, the other happens to be charles schwab which is sort of a bank, but certainly it's a big financial institution. and they're both reporting tomorrow. i think that with earningsing, liz, you have to be careful because it's a trifecta. they need to get the top line right, the bottom line right, and perhaps most important of all, they need to get the
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forward-looking guidance right. and if companies don't do that, there's a good chance at least for the short term you'll see a little disappointment. in the case of today's reporting, i mean, all three reported great earningsing. but in a lot of cases, these stocks were already priced to perfection. so perhaps it's a case of sell on the good news and in a couple days, any weakness probably is a good buying opportunity. liz: although -- yeah. welsh scott, we got wells fargo hitting a 52-week high, so that's a nice move, certainly. tell me what financials out there or financial-related companies, i mean, let's not ignore some of the newbie names like sofi e. are there any other names you think i've got to buy ahead of earnings? >> you know, that's a difficult one, like teddy just said. and, you know, typically you get into a situation like this, and some of these names are fully valued. and i think that was the case with jpmorgan, but that's one i
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loved buying on the dip. liz, there is one big bank that i do like and i would put my money where my mouth is, and that is citicorp. the reason why i like this one is because it is trading so cheaply compared to the rest of the space. 9.9 times estimated '21 earnings, it's so reasonable in this type of marketplace that we've been in. and, quite frankly, it pays almost a 3% dividend. so i love this one. even if we see, as teddy said, maybe it's a great report and they sell off a little bit, this is one that i can see getting to the prepandemic levels back up to 8ing 2, 83. -- 82,, 83. talk about some of the other financials, i love a square on the selloffed today. -- selloff today. again, i think this is one you have to buy on the dip. and this then in terms of goldman sachs, as a former goldman trader and vice president, no surprise here that they blew the doors off of, you
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know, their trading revenues here and their investment banking business. i think it's a little frothy though up here, and i think we're at a top on goldman. liz: okay. scott, teddy, star traders here on our floor show. thank you so much for joining us. as the crypto world goes gangbusters at this hour, one company that's benefiting is rob aren hollywood. charlie gasparino has breaking details on when, maybe the timing of its ipo? you've got to stay tuned for that. charlie breaks it next. as we look at coinbase going into the break, it's still up $86 to 336 per share on its first day as a publicly-traded company. ♪ muck. ♪ muck
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liz: fox business alert, gamestop is snapping, crackling and popping in our pop stocks at this hour, yes, indeed. the reddit rebel meme stock isallinglying pretty significantly, about 13.8%, after the video game retailer said it plans to retire some of its debt -- and it's got a lot or -- early. after seven days of losses, the stock is set to snap the longest losing streak in more than three years. by the way, game is also hiring. we've reported already this week they're looking to replace ceo george sherman, and as i tweeted yesterday and put on my tiktok, game so manystop has a -- gamestop has a job listing for someone who's experienced in nonfungible tokens and blockchain. what does that mean? right now gamestop is on peace for its biggest gains since march 25th. also popping at this hour, copper. goldman sachs says the shiny metal will be worth $15,000 a ton by 2025 as the world
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transitions to clean energy. copper futures on the london metal exchange settled at more than $9,000 a ton today. okay, nice move for copper which is known, of course, as a big industrial play. that's pushing names in the sector higher like freeport-mcmoran and alcoa, all green on the screen with tech leading the tribe here. we've got alcoa up better than 6%. home goods giant bed bath and beyond sinking, the company missed on revenue expectations, and sales fell 16% to $2.6 billion during the first three months of this year. there was a highlight. bed and beyond did see digital sales increase 86% during the quarter. analysts also raised concerns though over weak fiscal 2021 guidance, so, you know, that's kind of overtaking the good news. shares are down 11.6%.
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as coinbase surges, looking at a gain of 32%, is so do the trading volumes of all cryptocurrencies. charlie gasparino joins us now with how robinhood, which is not publicly traded yet, might be benefiting from today's coinbase direct listing. charlie. >> liz, i asked somebody -- finally, do you think i could apply for that gamestop job? liz: you don't know anything about nfts. [laughter] >> that's probably ad good thing. i asked someone close to the underwriting group on the planned robinhood ipo which, as we reported, was delayed through the regulatory the hearings over the gamestop frenzy when the ipo is coming. cryptically this person said it's coming soon. now, we have no timing, but here's what we do know, that the company is ramping up plans for an ipo as its trading volumes is
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going through the roof. we hear from people inside the company that today robinhood is like one of the top three or four or five apps out there in terms of usage today, and that's all because of what you've seen in the crypto world from what i understand. you know, massive amounts of interest and trading in bitcoin and coinbase. you name it. so this thing is coming. i'll tell you, robinhood is, you know, there's a lot of controversy surrounding this firm. as you know, it was pretty messy there for a couple weeks when they had to halt trade thing on gamestop and some of those meme stocks. a lot of people were saying they should boycott rob. hollywood, a lot of the -- robinhood, a lot of the longtime users. still hasn't really hurt volumes. this company is really doing very well. the one fly in the ointment, lizzie, from what i understand is the mounting regulatory pressure. we should point out that robinhood has filed an ipo
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perspective. one reason is because you're trying to get the commission, the regulator which is the main regulator, the sec, wall street's top cop, comfortable with the company, comfortable with some of these regulatory issues it faces which robinhood thinks, it will tell you it's done nothing wrong, it had to stop the trading because of capital restraints. that's one reason why you're doing an ipo here, to get more capital. so this is what's going on behind the scenes. there's a little give and take between the commission. there's a significant give and take between the commission and robinhood with getting the commission familiar and comfortable with this company going public and some of its disclosures about regulatory issues which it will face going forward, it's faced in the past coming out of that frenzy. but it's clear that the rising level of crypto trading on the robinhood app, the massive amounts of trading that's going
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on, aside from that it's caused robin hollywood's underwriters to essentially, from what i understand, ramp up mans to bring this public if they can get the commission comfortable. and all's i'm being told is it's coming. you know, that suggest to me it's coming, you know, in the summer. that's the way i took it. but take it for whatever it's worth, something's going on here. liz: you know what? if coinbase was hyped, this is going to be huge, right? oh, my. >> it's going to be so crazy. the s1 has got to be insane because they have to list all the regulatory -- liz: everything. >> and, by the way, this is a company that's got some very smart people. a guy i know very well, dan gallagher, very competent guy, but it built out of business -- the business, i think, before it built out the regulatory infrastructure, and it got in trouble along the way. not deathly in trouble -- liz: it happens. >> but that will have to be
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disclosed in this s1. it's fascinating. if people are going to want to buy the stock amid all this crazy stuff. how much money do you think i could make at gamestop? more money there than here? liz: i don't know -- you know, let me check. we'll see. >> could you send me an application? liz: if they ask you what your flaws are, say i'm too much of a perfectionist. >> i'll just tell 'em i work out a lot. i like to take long walks on the beach. [laughter] liz: you can stop there. thank you so much. hey, you know what? you need very deep pockets to take on wall street's biggest banks, or you'd need a big reserve of guts and moxie. one tart-up thinks it's got the right design to disrupt the entire banking universe, and that one is called one. the ceo of one joins us next. you've got to hear this story.
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closing bell ringing in 25 minutes. we do have the dow jones industrials up 80 point, nasdaq down 112 and coinbase stands at $334, a gain of 33%. don't go away. ♪ ♪ 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq
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♪♪ liz: twenty minutes away from the market close, and coinbase's first day of trade. of course, it was a direct listing on the nasdaq today. it is standing right now at $325.75, that's a gain of 30 president. i do -- 30%. i do want to remind you the high of the session, $429.54. a little bit of moderation there. all right, we're watching it closely. and you know what? just as coinbase has completely disrupted digital currency trading, so too have fin-tech companies. fin-tech companies are financial plus technology companies. so much so that tomorrow the
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house financial services committee will hold a hearing that will include complaints that fin-tech companies need to be held to the same tighter standards as regular banks and credit unions. on a day that we've also gotten major bank earning, here's somebody trying to disrupt the sector. one ceo and cofounder brian hamilton. one, of course, is a fin-tech leader here and a big disrupter. brian, we'll get to how -- what you do in your business is different from the big boys, but i do have to say this: jamie dimon of jpmorgan said in his shareholder letter last week that fin-tech's proposed, i'm going the quote here, an enormous competitive threat. now suddenly you've got this hearing, and it makes me wonder maybe the big guys feel that you are stepping on their air hose, and they're going to fight like hell to keep it open for them. >> well, jamie dimon's a smart guy, and thanks for having me. i do think you're going to see a
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lot more disruption very soon. the large banks have largely's scaped some of the overall that would -- escaped, but it's coming fast: i think it's timely that the house is talking about that, and i do think jamie is right to be concerned. ly. liz: why should big banks be threatened by with you at one? >> well, big banks still have a serious margin on the backs of the middle class, working class households that still bank with the traditional banks. if you think about how banks make their money, the average american consumer's got a credit card, and they get charged 24-29% on the balance if they hold it, and if they are kind enough to have the bank hold their savings, they get kindly nothing. that is an awfully fat margin. i think there's plenty of room for disruption both in the financial products themselves and how much of that value is
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returned, particularly to middle class households who can least afford it these days particularly after the pandemic, and that's a really big opportunity. there's been digital disruption in the space on individual products, right? over the course of the last 5 or 10 years, there's lots of notable fin-techs which are now public that you've mentioned today, and there's a lot more to come. liz: what i see on this web site is pockets that people can have different pockets. i'm looking at two of them. you have your spending pocket. you can have a save project. what else can you do that i can't really currently do at citigroup or wherever i bank? >> our vision is that you can spend, save, borrow and share all from one place. and today you might be able to do one of those things at a single fin-tech. bun of two of those things at your bank. banks don't do things well like allowing you to share money. one of ours to create a pocket
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and share it with a roommate or someone else that you have to share bills with. these are the kinds of folks that you wouldn't have a legal joint account with, but sharing money on an ongoing basis is still more clunky and inefficient way, the likes of venmo, paypal and others is pretty much covered, but the ability to create individual pockets of your own money and to be able to spend out of those with your card or a bill payment as you'd like to construct them and share them however you would like to share them, it really helps make that a more flexible solution for the customer, and that's not something you get from a traditional bank today. liz: the greater part of your career in banking was at wells fargo. so i just want our viewers to know, he knows what it's like on the inside. he knows the people who can afford it least pay the most when it comes to interest on credit cards, but the big banks would argue that they have fixed
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that, and some are going to no-overdraft fees. people can actually borrow against their paycheck, is that correct? can you explain, in a nutshell, how that works on one? >> yeah. we believe that the credit system, is really due for an overhaul. we give everyone a line of credit, particularly an overdraft line of credits even for new customers, and they're able to dip into that for unexpected overages. that avoids a ton of fees traditional banks charge. but more importantly, as you reason run your paycheck and direct deposit through, that ically grows so you end up with a meaningful line of credit at interest that's half that of a credit card. and that's just not the way credit works today from a traditional bank. you're not really given any credit, no pun intended, for the
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honor of holding your paycheck. they still take a point of time snapshot and charge you normally in the high 20s to carry a balance on your credit card, so we think there's a lot of room for disruption relative to what people get from traditional banked to. liz: yeah. and i would just also like to let our viewers know fdic-ensured accounts. we're watching one fam, and i do find this fascinating, brian finish thank you for coming on to talk to our viewers about it. it is the disrupters that people should be watching. brian hamilton of one. good to see you. all right, the man infamous for swindling the hawaii out of billions has died in a north carolina prison. larry kudlow is here to share his thoughts on what we learned and what we have not yet learned from bernie madoff's massive ponzi scheme. and i'll reveal something about bernie madoff that you might not have known that really will make
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you wonder. and from people to taco bell to elon musk, yes, what charlie gasparino thinks second apply for a job in, nfts. of my brand new everyone talks to liz podcast, you'll get a crash course on it. check it out. we're coming right back. ♪♪ ♪♪ the thing about freedom is... freedom has no limits. there's no such thing as too many adventures... or too many unforgettable moments. there will never be too many stories to write...
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♪♪ liz: perhaps the most notorious figure of the great recession died in federal prisoned today. bernie madoff used his financial acumen and wall street reputation to swindle investors of upwards of paper losses of
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$68 billion in what is now seen as the greatest upon i scheme of all time. the -- ponzi scheme. the chairman of may tough investment securities was once, believe it or not, the chairman of the national association of securities dealers, the predecessor to finra, which is supposed to oversee things like what bernie madoff did and make sure they catch them. he used his influence to dupe wealthy investors out of, as we said, billions and billions of dollars. charities lost a lot. you know, you had steven spielberg's charity losing money. it all came down crumbling like a disaster when he was arrested for securities fraud in march of 2008 and sentenced to 150 years in prison the following year. madoff had been diagnosed with end-stage liver disease and died in federal prison in north carolina. he was 82 years old. he had actually asked to to be
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released so he could die at home. let us bring in larry kudlow or host of "kudlow." larry, you know what? here's what really just steamed me so much, is that he had this reputation so much so that how could bernie madoff, he sits on the board of the -- whoa, he ran finra, etc., etc., and people just refused to see what was in front of them, and that was the ultimate con. >> yeah. of well, you're right, lizzie. look, i don't dance on greys, but i do not -- graves, but i do not lament his passing. as you described, he caused a lot of people a lot of trouble. a lot of bad consequences. not only wealthy people. a lot of non-wealthy people who were recipients of various charities who were invested with madoff. you know, you've got to do your due diligence, right, when you make these investments. liz: exactly. >> i remember on our former network, you and me, and a former show i used to anchor, i
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had ken langone on, cofounder of home depot, and he knew madoff. we were talking about it one evening, and he said that madoff pitched him but ken being, you know, ab old school kind of guy, he started asking questions and he wanted to see documents, and he saw this fabulous rate of return every year, and he didn't do it. and the moral of that story is you've gotted to do your due diligence. investing is very serious business, you know? do your due diligence. madoff was a crook, what else can we say? he was a crook. it's a terrible story. liz: welsh we should learn that you don't get glittery-eyed over somebody's reputation or the boards they sit on. we are coming right back. coinbase is up $76,. ♪ ♪ you can spend your life in boxing or any other business,
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. . and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪
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♪. liz: with housing inventory mortgage rates both very, very low, the real estate market is getting extremely competitive. is there a way to invest in real estate for the post-pandemic new world through the stock market? today's "countdown" closer has some blueprints. scott is the center square chief investment strategist, 12 billion in assets under management. how do we do it, scott? >> liz, great to be back with you. many ways pandemic accelerated trend before the pandemic and some new ones. someone talking about coinbase, all the things happening digital so one of the big things that has changed is a sense of place, where you can do things. we've known that for a while. obviously can shop from our phones. so why can't we work from anywhere? that doesn't mean not just at your office but also in a completely different city? as millenials age up and age out into the suburbs they're also
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looking to the south and southeast but as you point out there isn't a huge amount of inventory. one way to play it through the reit market, single family rental where portfolios of houses that get rented out to people like you rent traditional apartment. liz: well, yeah. by the way, when you look at all of these three names that you like, rexford, ryman, first industrial, they have really nice dividends and that to me, rexford is not so great. when you look at first industrial, 2% dividend. that is more than some money markets are paying right now but the focus of these is what i think is significant. >> yeah. and those companies are also big secular winners from something happening pre-pandemic accelerated during the pandemic. we were talking about it just now, it is online shopping. 20% of all of our consumption is online. prepandemic it is up to 30% and
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growing. think about that all the digital interfaces -- [closing bell rings] liz: thank you, scott crowe. there goes the closing bell after choppy first day of trade. coinbase rose up to $429 per share. looks to close below that. ♪. larry: hello folks, welcome back to "kudlow." i'm larry kudlow. great to be with you today. top of the show we turn to the issue of voting rights and corporate ceos. there is a statement organized in recent days by kenneth chenault, former ceo of american express and merck chief executive kenneth frazier. a large number of companies signed it. a large number of companies also did not sign it. in some cases ceo's signed it but didn't identify their companies. a number of celebrities and activists signed it. when i say a large n

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