tv The Claman Countdown FOX Business October 5, 2021 3:00pm-4:00pm EDT
great value place i think hotels and airlines are a good diversified. charles: people are out there and excited, again we talk about five or ten years from now, five or ten weeks from now we will say we should got into those big time, i really appreciate talking to your pioneer, i think folks are gonna make a lot of money we will see you again real soon the market holding up good cheryl casone he i can wait for this last hour you are in for liz claman. >> the destination vacation getting booked up for christmas they are playing the role of comeback kid at the dow and s&p 500 wipes out all of monday's losses the dow was up 448 and as you can see the s&p is up 63 and nasdaq up to 37 is the threat of u.s. running out of money could roadblock trajectory of the bull we will talk about how to prepare your portfolio, facebook
getting no likes on capitol hill as the whistleblower blows the lid off the social network practices laying the groundwork for tougher tech laws and more regulation we will talk to the foundry the chairman of the anti-facebook and just a few minutes about the fallout and guess what we just surpassed facebook market value for quite break into the $50000 level for the first time in a month pushing the market cap close to a trillion dollars, is that trajectory at risk as regulators by crypto rules, who better to ask than the run on the big banks during the 2008 financial crisis we have former fcic chair, she called stable coins anything but safe. here is the breaking news facebook certainly spending attacks on all fronts today, just hours after whistleblower and product manager francis made
searing allegations against the social media giant during today's senate hearing, she claimed the company is disastrous for children and public safety and they put profits above people, today's hearing is the latest bad news for the social media giant who is still reeling from the worldwide outage at facebook, instagram and whatsapp, the company is blaming configuration changes for the six hour disruption, the worst outage they've seen since 2008, facebook stock is feeling the backlash regaining most of yesterday's losses after the sharp drop off a lost 5% on monday jackie deangelis is tracking this and all the facebook developments, she joined is now on the fox business news room. >> let's start both listening to the whistleblower testified on the hill today let's listen in her own words. >> the company's leadership knows how to make instagram and facebook favor but will make the
necessary changes because they put the astronomical profits before people. >> frances haugen facebook whistleblower talks about the company today and she was a product manager at facebook she came forward because she feels the culture is toxic and she says it's time the congress steps up to force facebook to do what it won't do itself, she made interesting analogies that you might recall that we made before. listen to this. >> when we realize big tobacco was hiding the harms it caused the government took action. when we figured out cars were safer with seatbelts, the government took action. when our government landed opioids were taking lives, the government took action. i am for you to do the same here. >> in response to her claims facebook's director of policy and communication said in part every day are teams have to balance protecting the ability of billions of people to express
themselves openly with the need to keep our platform safe in a positive place. this is really something that is quite important to think about so we talk to former sec chair about it and he said this. >> with documentation that insist is very troublesome and suggest that facebook spoke one way to the public but acted another way in private. for company with respect to material aspects of the platform and its operation, doing something like that is known in brooklyn where i have a simple word, fraud. >> that's one way to put it facebook stock taking a beating and rebounding today 2.12%, then
you have the news out of yesterday's outage, the data breach seems to be a perfect storm mark zuckerberg lost about 6 billion the box yesterday.. cheryl: the founder, the ceo if you're mark zuckerberg. >> the interesting part, he's been quite, not saying a word. cheryl: yet he has to speak at some point. thank you very much. while this company might be peering back some of yesterday's losses, the stock is still down almost 13% the all-time closing price was 382 that was this past september, just as facebook faces more turbulence many users are turning to other social media platforms like twitter yesterday when facebook was out by the way. a competing social platform making huge drives through its different approach to social media supporting an ad free site
increased user privacy policies and freedom of speech, the founder and chairman mike enter mark weinstein for the first on fox business interview. i first want to get your reaction to what seems to be a bipartisan call for more regulation on social media which could be coming down the pike and could be coming down the pipe for you. >> thank you, it is so great to be back on fox, facebook is broken is broken because their business model is broken facebook is an advertising and marketing company masquerading as a social network and what that means they've sold us down the river they target our votes, our opinions, our purchase decisions and that can't happen, that is completely different, our members or customers to serve, not data to target or sell and you can't bullfight, facebook's practice and amplifying outrages content cannot happen allowing marketers to target 14, 13, 12-year-old kids cannot happen on me we
facebook's practice is 6 - 12 -year-olds it cannot happen on mewe, yet to be 16 or older, but legislation regulation controls most news organizations because they pay for news content and if you publish something that is not favorable they might limit your profit, we do need some kind of regulation that allows for content and operability in this target market competition can fly because mewe is completely different but has all the features that people love but we say none of the bs. cheryl: there are similarities and i wanted to speak with you, what are the criticisms that she brought up against facebook this morning and the hearing, they don't have the personnel they are relying on algorithm, basically data to police the platform, she was very clear they do not have the personnel to get a hold on some very
disturbing and sick and troubling content which is up there. i personally have made several complaints to facebook about animal abuse videos and they're still up there i spoke to the scanned response from facebook, you have the same problem you cannot possibly police everything on your platform, how are you doing it. >> take you for that question it is different on mewe, facebook cannot police their platform because they have millions of advertisers and marketers targeting and creating ads and doing terrible things to their users so they can't even begin to police that at mewe we have a great trust and safety team, we are civil discourse, the principle of democracy is disagreement but civil disagreement, weave a great trust and safety team, strict terms, no double standards, no such thing as an elite to get away with anything including
inciting violence, et cetera. like facebook has our trust and safety team plus on every post and every profile in every group on every page everywhere on me e we they participate in reporting content we are up-to-date every day, we can manage it because we don't have a crazy surveillance capitalist business model targeting and manipulating people. cheryl: one of the things that came up i thought was interesting is future senator marsha blackburn was talking about the fact of a massive data breach, she was misspoken and that's been discussed already, at the same time it does bring up the privacy of users, how worried are you about data breaches, once you lose the trust of your customers, whether the address, e-mail, credit card, whatever, that is hard to get back in facebook i'm sure would say the same thing.
>> facebook collects data and creates data packages, the reporter investigated discovered there was 60000 pages of data on him, mewe did not create a data packet on new if we were hacked for data, what are you going to get, we don't collect your credit card information and aggregate your data into a data package that talks about your psychological profile et cetera, a former cia operative went to work for facebook and she says facebook knows more about us than the cia does, this is out of control, mewe has a privacy for its members we protect you and protect your data, people cannot hack us for your data is not organized any kind of data package. >> have you seen your user base grow since facebook trouble has began? >> absolutely were in the middle of a spike because mewe is done
right we have all the great features people love, we have great content creation tools, great custom cameras, disappearing content, stories, journals, live voice, live video, 2800 emojis in a custom amodei we have tons of great stuff that people love and none of the bs, were in the middle of the spike and we want the world to know mewe is here and we are the good guys, were also advised by the investor of the world wide web. cheryl: i love it, the good guys, good to have you here, thank you very much. >> thank you cheryl. cheryl: getting to breaking news, a few moments ago, president biden taking a tour of a union training facility he is and how michigan he's in the wolverine state pushing to the passage of the bipartisan infra structure built of the consensus on trillions of dollars of social spending he is expected to speak with michigan governor gretchen whitmer is with him as well as several members from the
reality lab and training facility where he is now, these are moments ago, the pictures of the president we will monitor the comments as soon as they begin from president biden indies try to get the 3.5 trillion and the infrastructure through, getting more pushback. treasury secretary janet yellen dire warning on not raising the debt ceiling and what you can do to defend your portfolio from a debt ceiling collapse it's being talked about in the markets right now our traders are going to talk about that issue, take a look at the big board a big turnaround from yesterday, do you need some pepto-bismol after the last three sessions we've been covering together, an hour of 455, we wiped out the losses and see if we can take it to the end, we'll be right back. ♪
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catastrophic outcome. >> we would expect it would cause a recession. >> for democrats and republicans disagree on the borrowing cap and investors should get the borrowing cap ready. gentlemen, you are both very experienced, i will start with you on the debt ceiling debate, it's been raised 20 times since i've been breathing, should investors be worried this time because so much is at stake with spending packages in washington right now. >> of course they should be worried, the fact is if we did default on our debts we could see some very interesting and not very good happenings for economy and the markets, the credit markets could shut down the similar way they did in 2008 interest rates could rise
especially as a debt rating in the country would be reduced, commerce could come to a halt like it did in march 2020 and the equity market could tumble into a sharp correction and that is something that people need to plan for i'm not saying to panic but you need to plan now because we only have a couple of weeks and by the time you get your plan together it might be time to invoke that plan and start hedging your portfolio or taking profits, maybe taking lawsuits in the volatile market that were having right now. >> you saying maybe look at your bond holdings, maybe not equity holdings but your bond holdings could be something that you could examine, a lot of people don't know what they're holding until it is too late, we've seen that play out before obviously with the credit market, also the energy market i have to ask about what's going on, oil, $78 a barrel that calls for 90, opec plus dismissing u.s. calls and
other countries calling to up production, they said were fine where it is, of course it is they want to make more money but this is inflation, this is getting a little scary. >> it is getting very scary and president biden should have at least talked to the princess saudi arabia and you cancel some missiles at all the sudden begging for more oil and you wonder why they said no, they're not very happy with you, our relations with saudi arabia have been soured by the biden administration, they are not and i hurry to produce more oil even though the world is telling you right now cheryl, we need more oil and that's what we see, the market is undersupplied were not going to have enough to get through if we get a cold winter, this is a very dangerous situation, not only for the price of oil but for the economy, you asked the show about the debt ceiling, will they visit, will they not raise
it and scott was absolutely right we have to worry about raising interest rates which will be a huge deal, in fact we have a red-hot real estate market and if you don't hurry you have a higher rate that could cool it down that's what you have to watch american dream home tonight at 8:00 p.m. eastern, seven central, to nan rates could be going up, watch that show tonight. cheryl: i love you, thank you. i haven't promoted enough i'm sure people are sick of me hearing me talk about appearing to your point what were seen interest rates are going to be rising and there up 3.3% today on the 30 year fixed, i think it goes higher but prices are skyrocketing people are getting priced out of the market, the other side of this and i will go back to the markets, you're looking at technology and big
value today pushing the markets higher and tech has been under a lot of pressure especially for september, a lot of people want to own facebook and amazon and apple and netflix which is it an all-time high, what you tell those people. >> the thing is there is ways to do this without putting yourself into much risk, for example some of the stocks if you have the clearance to trade options look at the idea of writing out of the money to acquire the stocks if they pull back or on stocks with volatility numbers alone look at the idea of buying the stocks against it to hedge your exposure and look at the idea of creating a bearish spread using some spy puts in that way to hedge your portfolio in case we do get a pullback especially going into the debt negotiation, we don't know what's going to
happen to the think is if we default is unprecedented so we don't know the full outcome, people should really be planning right now, not panicking but planning failing to plan is planning to sell. cheryl: panicking is never a good thing no matter what you're doing, thank you for the promo it's great to have you both here. i'm going to do it again, tonight we will hold another couple american dream home meets kim and jim who are in big sky country. >> things have changed in southern california, it is pretty hectic it is becoming more crowded in your fighting traffic all the time. we decided to sell the house and were looking to move to montana to find someplace that's a little bit slower pace a little less hectic and to be able to stop to smell the roses if you will. cheryl: i host american dream home is tuesday eight and
8:30 p.m. eastern time and followed at 9:00 p.m. by new episodes of "mansion global" with katie mcdonald only on the all-new fox business prime. between outages and whistleblowers facebook has been under fire lately, carly gasper real is piling on with his own take why the social media network is not acting sociably. charlie brexit coming up next, the big board for 38 all we needed was 323 and change to erase yesterday's losses, we will do that and then some. ♪ i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling?
investors he did not warning, is down 12% on the flipside the faithful breaking out in a big room today shares surging after the specialist was issued a patent for the smile concept which helps to deliver dental related care to customers in remote areas the stock is up more than 15%, under armor showing its strength today shares or higher after they initiated coverage of the leisure where maker and outperform 26-dollar price tag and under armor hired and as you can see it is higher by almost 2% lululemon, big fan during this pandemic, i speak for myself i was up almost 2%. is this actionable lower, wedbush calling this one of the best performer in its sector and the other stocks are moving higher, gap a little red we will
take that, a little bit of a red, bed bath and beyond, the lowest point in the year former mean stock bank of america with shares underperformed rating, the bears move coming on disappointing second-quarter earnings report and forecast cut by the retailer and as you can see stocks not having a good week, downward and 4%, let's look at facebook again the stock is higher by almost 2.5% even though they suffered a major outage yesterday and currently under fire on capitol hill for prioritizing profit over safety, now charlie gasparino taking it a step too far, you are speaking from experience. >> they did not censor me they censored a friend of mine i'm getting inundated when i posted that stuff on twitter and facebook about how their overreacting and are in overdrive looking for anything
that looks for his position's or negative sexually suggestive content after the congressional hearings this is a friend of mine his name is greg valentino he once had the largest arms in the world, he is a bodybuilder, legend, i grew up with the guy and this shows you how crazy this is how he got suspended it was a facebook post, he said let's have dinner, let's meet and hook up, shoot me some dates, the hookup was being sexually explicit material and got him suspended for seven days, we should show with pictures of people know who i'm talking about. would you take them home. cheryl: no, i wouldn't, sorry i know that your friend, not my thing. >> you don't like the bulging, muscular, does he still look like that. >> as basically. i remember he was a kid, a great
guy, he turned his life around after a mishap with the law he is now an author and a bodybuilding consultant and a bodybuilding journalist. cheryl: he got censored for that, that is pretty weird. >> i reported about this, it's pretty interesting facebook is going to have to address this and made the congressional hearings, it appears that there out goes are going nuts, anything i'm getting bombarded and i said. [bleep], if you type that out on facebook, i'm giving experience, guess what you get beyond, i am telling you this is weird stuff it is all related to the content, the coming under a lot of pressure, i think there's a debate over whether section
230 should be repealed, that is the part of the communications act that allows them not to get sued and be liable for something else is somebody posted but it is going wild and from a business standpoint this is one of the reasons why the shares are trading off, people are starting to price and the business model whether facebook and the other social media platforms will be declared utilities, if there declared utilities they come under tremendous regulation watch this battle, please excuse my french whenever i see greg's picture i start to get about how we used to talk in the old days. cheryl: the bosses are watching. >> is that one of the seven bad words? does anybody know what the other six are? cheryl: just don't say it again, will be clear will be good. >> i think he breaks arms.
he was in a movie, it was called the man whose arms exploded because he used to stick steroids in his arms and they exploded. cheryl: okay, thank you, were good ago. that's a wrap, thank you president biden expected to speak on the build back better plan as his economic agenda will be installed on capitol hill, we are monitoring these pictures coming out at a union training facility, he will be giving remarks in a moment were gonna take you back there in a second and watch the dow up 428. we'll be right back. ♪
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about to make remarks and how michigan the president is expected to make a push for the passage of the bipartisan infrastructure bill as well as trillions more on social spending were gonna monitor these remarks, this is a training director at the facility and how michigan, iowa to bring in edward lawrence, he is live at the white house monitoring everything that the president has been doing trying to sell the plan trying to get more people on board. >> you know what is really interesting the president has gone to a district that former president donald trump one in the last election by 60% or so of the vote, this is also represented by a moderate democrat representative in congress and representative met the president there on the tarmac in lansing, she told the president when they drove on the weight to the event that she's
not a guaranteed yes vote on the massive and fish structure package, she would like to see the bipartisan infrastructure past first that social package is exactly the reason the president is in michigan to explain why we need more than actual infrastructure but cradle-to-grave social programs, chuck schumer still pushing. >> last night and held another round of extension talks with top officials from the white house with the speaker and with my senate colleagues. we made good progress and we continue our talks later this week. there is more work to do so we will keep at it we will look at this every day until we can get it done. >> the president and michigan he starting to speak the president is telling the crowd this is their chance to have a middle-class future and all the investments that are needed in all of the spending that he wants to compete in the 21st
century republican rick scott is going back and saying he does not feel like we need to think about the future that far ahead we need to deal with what's happening right now listen to the senator. >> obviously, rick scott saying it's unbelievably inflation going on and if the president pushes that massive spending that he would like to see that will increase inflation even more and prolong the amount of time that americans are spending more for all of the things that we buy, the president making depression michigan he comes back tonight but i'm thursday takes another trip out to chicago, illinois his going to push the vaccine mandate, this administration trying to pay the in focus not on inflation and things of today but the spending they want to do for tomorrow as well as the mandates they want to put in place. cheryl: i thought it was interesting what you said about congresswoman when they were in
the piece together maybe she support the structure but the other bill, infrastructure has always been bipartisan to tie the two together is where the president seems to realize he may have to split them apart i don't need people the oc feels that way yet, you tell me. >> the bipartisan infrastructure package is the true infrastructure, what he was standing in front of the machines and the bulldozers and the cranes is building stuff and putting the roads down the congress will tell you in the long term that adds productivity back to the economy, it's a true infrastructure, the social infrastructure package you can see the machinery behind the present that is true infrastructure, roads and bridges what the president wants to push social programs as well as the true infrastructure with extending government and aid
does want to pass the bipartisan info structure right now but would like to see the actual language which is in a social info structure package that is the thing they don't have the exact language the president trying to muddy this together and lumping together and infrastructure in the government under democrats or separate. cheryl: the moderates have made their wishes known and their voices are very loud right now edward lawrence, thank you very much. bitcoin crossing the 50000-dollar mark for the first time in a month as stocks enter october on shaky ground it's real volatile but the original crypto a safe bet? former fdi chair sheila bair earlier in the year warned it was at nosebleed levels is here with the current risk assessment, she is next the markets, different from yesterday, the dow erasing all of yesterday's losses and then some for up 448, s&p up 60,
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tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. cheryl: bitcoin jumping back to 50000 for the first time in a month nearing 51000 right now, the increase coming after a plunge following regulatory policies in china and the united states. bitcoin october come back comes as other crypto currencies enjoy similar gains as investors pour money into the stocks amid inflation fears, is crypto worth your money former insurance corporation sheila bair joins me now, i get asked this all the time, is crypto worth it to a need to get into crypto, what do
you say. >> i don't give financial advice, i do think people confuse the asset with the technology underlying the asset and the block chain, that has a real promise to be disruptive and tremendous value in clearing and settlement, better secure system, sharing information and a whole host of companies we can all submit technologies that would be beneficial to our economy but don't continue with actual asset bitcoin highly speculative and highly volatile i stay away from and a lot of adverse reaction to that on twitter, but i believe in the technology and i think they should be very careful. >> the debates are big about crypto and at the same time your former regulator, in your opinion do you think crypto should be more regulated or
regulated in general. >> it absolutely needs to be regulated there falling behind and a lot of focused on stable coin which i celebrate stable coins are different from bitcoin in the crypto currency that is tied to assets typical to the u.s. dollar and issuers bill it that way it is back by actual ust and that is not the case i'm on the board of a company that does and has a stable coin it only invest the currency that it takes in from deposits of short-term treasury and a lot of the others do not do that, people buying coins think they're backed by cash equivalents that they're not, there is a crying need for that is also rapidly growing market after the 120 billion in an increase over a year really going quickly.here did not
systemic at this point it could be in regulators of the echo system that is a growing force in our market in regulators have been falling behind. cheryl: it's not going away that is obvious and some banks getting into crypto, i want to switch into another issue you called for gary kinsler to address stable coins but you also want the sec to find a way to curb payment for overflow, this is the robinhood story if you will, how do they make money and give investors free trade, how did they make money if the order flow rules, i don't want to get into the weeds of how the banks are communicating with each other but you don't like how the system is run. >> the cost is greater they just lost transparent because with
the side of the transactions are giving lower quality execution and they're making money off of a wider spreading giving the money to the broker within order that said the business model works, some transparent and it's hard to convince people, you are actually paying for this with a low quality execution, that is what's going on and i know people have gotten used to trading and payment for the flow in several business models that there are some brokers that do not have commission free trading and did not pay, fidelity is one, it can occur, it's probably the best price by publishing the best price put yourself out there with the exchange market, put it out there, stand behind
it keep your interest secret, pay for an order in the public, and pocket a nice spread, that's what's going on no. cheryl: we have to run but i want to give you big shout out you held my hand during the 2008 financial crisis, your writing children's books that i love this, it is so cool i want to show where viewers, money tales by sheila bair, how great is that, so great to see you, thank you for being here. i mean it i listen to her everywhere during the crisis, 373 higher on the dow, we'll be right back.
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♪. cheryl: stocks continuing to hold on to the feigns in final few moments of trading including technology stocks. the dow is up 358. we need to stay above 323 to erase yesterday's losses for the dow. s&p at this point, we're below that number, 56 points and change. we'll see what happens. yet the fang gang extending losses from the september peak to almost one trillion dollars. our closer says there are non-tech tech stocks out there. david cox, harris group managing the partner. jamie, what do you mean by non-tech tech stocks. who is that? >> i have don't think there is a company that isn't really a technology company in sheep's clothing. all the old stodgy industries like industrials, retail, things like that, over the last year have really come about and alive in terms of their tech strategy.
a couple of examples, williams-sonoma. omni channel retail all over the place. this is particular retailer who knocked it out of the park as people stuck at home, trying to redecorate all that kind of thing. all of a sudden, when the stores started opening up, they had the surge of people coming into the stores. williams-sonoma not only has the online presence doing really well and giving them lots of growth opportunities they also have it in the stores. williams-sonoma sold off a bit but in the last earnings they talked about all the things they have been able to see with regard to increased traffic in the stores. they have seen the traffic start to increase from 2019 levels. you should see lots things as the christmas season approaches there. cheryl: you like caterpillar and deere, i want to get those things out because we're almost out of time. give ideas to the viewers. >> industrials, caterpillar,
deer, perfect example of a tech company. autonomous tractors, farm equipment, things like that, taking the tesla style moving it into industrial equipment. that is one thing. the other thing a lot of these companies using technology to improve the global green footprint. changing the way they use engines, way they do that. on carrier, the hvac systems are a way, from a technology standpoint, one of the things they have been able to do is profit from the standards of trying to get better filtration and also greenhouse gas emissions. if you think about a third of all carbon output comes from buildings and technologies companies like carrier is using to change the way they change the hvac systems will change that dynamic in the future particularly when you see legislation to provide incentives things like that. cheryl: really good picks from you, jamie. i appreciate it. we're all looking to diversify to look at big value stocks and tech names sell off over the
past month. jamie cox. great to see you again. we're just below that number, i told you that 323 and change, so the dow is not erasing yesterday's losses, most of them. we'll take it. [closing bell rings] that is it for me. i will be back here tomorrow for you. that is it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, we come to kudlow. i'm larry kudlow. tonight i'm thinking about why parents don't have rights when it comes to bringing up their kids? there is this whole new controversy started by the national school board association asking the department of justice that parent protests at school board meetings be treated as possible acts of domestic terrorism. that's right, parents are dough mess take terrorists. let me g