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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  October 31, 2018 3:00pm-4:00pm EDT

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force are crushing it. we are the hottest economy in the world right now. trillions of dollars are coming our way. let me ask you this. very unusual. when you look at the statistics, god forbid we should use a factoid, we are experiencing record blue collar employment increases, the likes of which we haven't seen since the middle '80s, okay, when i was a cub scout for reagan. we are looking at blue collar wage increases are rising faster than white collar. i'm not against white collars, but i'm just saying this is the blue collar middle class trump economy. how do you account for that? >> well, if you remember the previous administration said there won't be any more manufacturing jobs, you are going to need a magic wand and all of that. well, we had the magic wand because we have almost 600,000 manufacturing jobs since the election and it will go much, much higher than that. these are among our best jobs.
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when you look at jobs, these are great jobs. they are high paying jobs, they are skilled jobs, people are being trained for those jobs. and i think, look, i think that companies coming in, you have some of the great companies and i really appreciate your top people coming from these great companies. i just feel that they can train people far better than the government can train people. it goes specifically to that company but i don't think there's ever been a way that we can go as a government and train people like you can train them for your great companies and i also know that what happens oftentimes is people that didn't know too much and they go in, they get trained, they get a job, they do phenomenally well within the company. they go up in rank, they go up right like a rocket ship and they go up in salary and pay and even ownership in many cases, where they have stock ownerships and options and everything else. i just want to appreciate these are great companies that are with us today. you have done a fantastic job. thank you all. thank you all very much.
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>> during the campaign -- >> which one? which campaign? there have been a lot of campaigns. >> 2016. during that campaign, i thought you made it very clear, you were speaking to people all across the country, the work force, the entrepreneurs, the business owners. i thought you made it clear that the war against business is over. the war against energy is over. the war against success is over. if you succeed, you can keep more of what you earned. almost from the day after you won, a falling consumer confidence index started to rise and rise and rise. day before yesterday, i think, 18-year high. the thing hasn't stopped rising. the same is true for small businesses. have you changed the attitudes? have you changed the psychology? have you said to folks go out there and take a rip at the
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ball? >> well, look, i'm a believer in this country. i'm a believer in this system. this is the greatest system on earth. but -- and i also, i said it before, we are cheerleaders. if you look at what's going on in certain states and if you look at what's going on in certain areas of the world, for the most part, the ones that are doing well are the ones that are really in favor. nobody's hot like we are, though. there's no other country on this planet that's hot like the united states. a lot of people said this can't happen because we're big, we're a big country. if you look at comparing us to as an example, china, we are going way up and china has been hurt over the last number of months, and they are having a hard time and they'll be fine. let's see what happens. but we have a chance to make a fair deal because china has been hurting us and trade deals have been hurting us, and we're changing them. we changed with mexico, we changed with canada, south korea we have a new deal. we are now negotiating with the european union which has been, i mean, just absolutely hurting
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the united states. they don't take our product, they don't take your product, they don't take our product, they don't do a lot of things. they charge tremendous tariffs and we don't, and it's been very difficult dealing with the european union. but we are now negotiating with them from a position of total strength because if they don't treat us fairly, we're not going to treat them fairly. and the same goes for many other countries around the world, including china. but people come in, prime ministers come in, presidents come in, and kings and queens and everybody comes in and first thing they always say is congratulations on what you've done with the economy. we are literally the hottest country in the world economically and it's a great thing to see. i think we have a long way to go. i really believe that. i think, larry, we have a tremendously long way to go. >> ivanka, you have got if i understand it roughly seven million job openings in the hottest economy in the world. so your reskilling comes at
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exactly the right moment. >> it's critical that we make sure there's an alignment between the jobs in demand in the modern economy and the skills being taught in our classrooms, our technical schools and that's what this administration is completely committed to. but it's also really important that we work with industry and also with governors. so as part of this pledge we had governors sign a pledge saying they would prioritize this in their states, because they do reskilling, they know the needs of their local marketplaces far better than the federal government does. so this president, after this legislation languishing for almost a decade, signed perkins career and technical education into law, modernized it. this is money that goes to the states that enables the governor toss invest and fuel the growth in jobs and training programs that are actually working. governor bevin, who is with us today, is working very hard to attract businesses because the skilled work force is there. you really do need this whole
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pairing of the industry, the skilled labor and of course, the government's commitment to championing it. >> hard work? >> we do that well in this country. this room is absolutely a testament to the fact our greatest resource is the american work force. >> larry, you do need what ivanka said, you need some help from the government to get it started in the right direction. one of the things i'm very proud of is the steel industry. the steel industry was dead. it was as dead as a doornail. we weren't going to have a steel industry in two years, if you look at what happened. used to be our great industry. united states steel was our biggest company many years ago and there was nothing even like it. it was a juggernaut. it was a powerful, powerful company. you look at what's happened to our industry and it's gone down, really gone down the tubes. we literally, and you need steel. there are certain industries we can actually do without and we can buy but you have to have
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steel and aluminum. i put a very substantial penalty on what was happening because other countries were destroying our steel industry and in addition to collecting a lot of money, which we are collecting on the tariffs where we put tariffs on the dumping of steel and aluminum, 25% on steel, 10% on aluminum, we are, i mean, these industries, it's incredible what's going on. u.s. steel is building many plants and expanding many plants. new corps is building, these are new plants in many cases, big, beautiful plants. we are going to be using the iron ore from minnesota and other places and minnesota's booming because of it, whereas the previous administration shut it down for environmental reasons, they said, but nobody quite got it and they just shut it down and it was just collapsing. but we were not going to have a steel industry. now, if you just look at it from the standpoint of defense, if you don't have steel, you don't have defense. you're not going to buy your steel from a foreign country in
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case you have a problem which hopefully we won't ever, but you have to have a steel industry. you have to have a very strong aluminum industry. and you take a look at what's happened to those industries, but steel is the talk of the world because they're saying the steel industry, wilbur knows because you used to be in that business, the steel industries are coming back industry like almost, i can say this, it will be at a level that people won't believe in a very short period of time. this happened over the last seven or eight months. you look at what the plans are for u.s. steel and nucor and so many others where they are building plants and eventually, the prices are going to end up being low because everything is going to be made here. we are taking iron ore from here, we are taking everything right from our mines and that's great for our miners, by the way. but we are all doing it here. we don't need outside for that, nor should we. the other thing is the quality of the steel is much better because we were having garbage dumped on our shores. it was sand, it was all sorts of rock in it. it was bad steel.
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it wasn't structurally good. and we are now having, we are creating a fine quality steel which to me is a very important thing. so what we have done with the steel industry in a very short period of time, i would really say over the last year, is being talked about all over the world. we have a steel industry again and it's really roaring. >> the tax cuts really allowed it to transpire as well. the cutting of the corporate rate, the cutting of the individual rates, repatriation of money back from overseas, back to our shores, 100% capital expensing has been just a tremendous boon for the economy. one of the elements we have talked about a lot in this room that's very exciting and that treasury secretary mnuchin just put out guidance on, in tax reform, there was also opportunity zone and that was passed. that will uplift and the governors have designated over
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3900 opportunity zones, distressed urban and rural communities and it invecentiviz private sector investment into those communities. the private sector to be incentivized to be otherwise avoided. that's another element that will really help uplift the american economy and fuel the boom we have been experiencing. >> i was just going to say, well done trade reform can be very pro growth. >> we were losing a tremendous amount of money and unfortunately, it's a number that nobody can even believe. close to $800 billion a year. when you hear that number, folks, you can't be too proud of our representatives from the past. but we are redoing our trade deals. we are making them fair and equitable and for the other countries, too. they have taken advantage of us on trade. they have taken our money, they have taken our jobs, and we are stopping that, and we have to take care of -- i have the expression america first, and the fact is we have to start taking care of our own country.
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because we were taking care of other countries and we were letting our country go to hell in trade and so many other ways. we can't do that. we can't do it. with immigration, with the borders, with trade, so many different ways. we are changing that and we are making great trade deals from horrible trade deals. if they don't want to do business with us, that's okay. but they can't come in and take the wealth from our country. it's a great transfer of wealth. they can't -- we had had, we have had one of the greatest transfers of wealth in the history of the world. it's been taken from our country and it's been brought to other countries and it was only because we had people that were not watching or they didn't know or they didn't care and it's incredible. when i see some of these deals that were made, i say how could anybody have agreed to it. it's basic. it's literally first grade business. it's so simple. and the end result is it's tougher to get out because they
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have been so used to making so much money off our country and we can't let them do that anymore. we are going to start paying down debt. we have a lot of debt. we are going to start paying down debt. we have such potential in this country. when i tell you about deals that were made that were so grossly incompetent, they should have never been allowed to be made, and they never changed them. and everybody knew they were bad. they never changed them. so we are changing them. we are changing them very rapidly. our countries, whether they are allies or not, have to treat us fairly and they haven't been. >> last one, sir. appreciate it. more of a personal question. ivanka was talking about initiative and leadership and hard work along with reskilling. so you have had an unbelievable career. you were in construction, you were in real estate, you were a very famous television host, and now you happen to be president. did you go through reskilling along the way? >> i never thought of it that
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way but i guess i did, right? i suspect i did. look, i have been in a lot of different jobs. i love building, i love the real estate industry. it's been very good to me. i think i have been good for it. i always pride myself on building on time, on budget. ideally ahead of time and ahead of budget. and we really, we really have, i have learned a lot. when you build a building, it's almost like every trade. you are involved with the unions in many cases. you are involved with labor, you are involved with finance, you are involved with design, you are involved with so many different things, in many cases you are involved with international concepts and deals. so you learn a lot. then i did "the apprentice" which became a great show, a very, very successful show. tremendously successful. i did it for 14 seasons, 12 years. so successful they put it on twice sometimes. as soon as i left that show went down the tubes. so you know, just one of those things, right? i don't know if i feel happy about that or sad. i have never figured that out.
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but i don't know if i would want to leave and the show became even more successful. almost couldn't have been more successful. it was a tremendous success. i learned a lot from that, too. and i certainly learned a lot, we are here almost two years and we have learned a lot from doing this and i think we put a lot of talent to work. we have great people that we work with and when they're not so good, we make changes and we have to do them maybe faster than other people would, but i sort of can figure it out pretty well. and we are doing fantastically well as a country. and a lot of great things are ahead. our best years are ahead of us. i really believe that. our best years are truly ahead of us. >> yes. yes. i love that. i want to end on that. you are the quintessential optimist. the best years of america have yet to come. president trump, thank you so much. [ applause ] liz: all right. white house economic adviser larry kudlow conducting kind of
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an impromptu interview with president trump at the white house during the national council for american workers event, where his daughter ivanka has announced she's been to multiple states and is talking to major companies who promised to create up to seven million jobs, specifically jobs of the future. they pay better, hopefully have better benefits. but it kind of began, this little impromptu discussion, with job creation, then turned to everything from what the president said was unprecedented success with his show "the apprentice" formerly on nbc, his management style and of course, the economy where you just saw the president ended with our best years are ahead of us. it did get a little awkward because just as the president said the steel industry was roaring back, on the screen were the performances of steel stocks. since he announced the tariffs back on february 28th, you can see them here, u.s. steel has lost 38%, ak steel down 28%,
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alcoa, more aluminum production, clipped by 21%, nucor down about 9%. but that said, we do know one thing. stock prices and the economy are two separate issues. but it is important to note that the stocks for steel have definitely and pointedly gotten hurt since the announcement of his tariffs. let's talk about what investors are getting as far as the treat today, okay, on this halloween. the markets rally for a second day in a row, nice move here and hopefully we can get our green market rally up on the banner here but it's been a ghoulish month for the major averages. take a look at the numbers here. we can see for the month of october, the dow down about 4%. s&p have lost 6%. by the way, for the dow, it's on pace for its worst month since january 2016. s&p, the worst since september of 2011. the nasdaq, worst in ten years. so what do we expect next month?
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we got strong suv sales driving general motors' third quarter results higher as profit jumped 25% from a year ago. sales in the top two markets, china and the u.s., did drop 15% and 11% respectively. it's a shift to the more lucrative vehicles and we are talking about things like suvs that helped its bottom line, the chevy blazer, they said it would come out in q4 and by the way, i did a little research here. rose gold will be one of the color offerings. rose gold chevy blazer. okay. general motors jumping 10% following the automaker's offer to buy out some 18,000 workers, salaried workers, of which they have about 50,000. that is a plain cost-cutting move. gm did say if there are not enough takers it may consider layoffs in early 2019. slowing sales of product investment spoiling kellogg earnings last quarter. the company reported sales declines in its u.s. snack segment. what they are trying to do is make individual snack packets
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and that costs money, when you have to redo your assembly line for cheez-its and pringles. the ceo saying we will take the hit. we want to give consumers what they want. kellogg down 7.5%, putting it on its worst day in nearly 20 years. that's kind of tanking the whole food sector, causing other names to fall like general mills, conagra brand, moving lower from anywhere between 1% and 3%. dow jones industrials up 459 points. investors clicking like on facebook shares at this hour. it hit an intraday high of $156. right now it's at $152.56. social media site did report lower than expected revenue and slowdown in growth. its forecast, though, was anything but scary. here we have a gain of 4.33%.
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did one stock just wake up the bulls again? did facebook just do that? to our traders at the new york stock exchange and cme group. what do you think, guys? facebook helping to wake up the faang stocks. we know that because they are rocket boosted today. but teddy, in the whole market, what's bringing that higher? >> we have had two terrific days, but two days don't make a bull market. it is the end of the trading month and it's been a terrible month, as you pointed out. actually, the negativity goes back to the last couple weeks of september. it's been a rough four or five weeks. last day of the month, maybe a technical reversal. i don't think we are out of the woods yet. but clearly, up is better than down. liz: it depends, though, if you are short. ira, give me your sense of what's lit the booster rockets today. netflix, did you see, is spiking rather dramatically. we have a nice move for the dow. look at the s&p, up a full 50 points. this would be, i believe, the first pair of upside days for
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the s&p all month. >> yeah. what we really have is month end short covering. you said it. lot of people coming out of that, getting ready for tuesday. the president just said if tuesday goes the republican way, there's a lot more better things ahead. if not, what did he also say? watch out below. i think people are now taking the -- the big money was made on the short side in october. i think people are covering the shorts, readjusting themselves, getting ready for tuesday and tuesday night will be the wild night. when we come in wednesday, i have no idea what to expect. liz: wednesday, the day after the midterm elections. make your prediction about that, because it's almost as if whatever happens this week, we then cannot figure out until we see what happens there, or can we? there is pretty much the prediction that the house may turn blue, might not be a blue wave as they call it, but it will probably turn blue. the senate will probably hold to
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the republicans. >> yeah. well, i think my prediction is there's going to be volatility, just like everyone else thinks. i don't think people are going to go into the weekend being very long or being very short. i think they will want to flatten out and see what happens. because what happens tuesday is going to affect how china negotiates with president trump. i think it's really important to consider in tariffs and all that. secondly, right now, i like stocks that have great cash positions. two of those stocks are google and apple with the biggest cash piles. i think in every industry, you've got to gravitate towards stocks that have a lot of cash you can ride out. another interest rate increase which is probably going to happen. liz: google, alphabet, up 4%, nearly 5%. apple, which we will talk about in just a bit, can't get it up. frozen again. thompson reuters. can somebody tell me what apple is doing? >> it was up a few bucks.
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liz: it's up 3%. all right, gentlemen. thank you very much. we appreciate it. don't think the midterms which we were just talking about mean an end to the drama. with the closing bell ringing in about 39 minutes, it's the latest episode of soap opera as the economy turns. congress faces another uphill battle to keep the lights on. the fed with not just one, but two chances to raise rates and a face-to-face meeting at the g-20 that could make or break china/u.s. relations. that's all well before the ball drops on december 31st. he's a reporter and plays one on tv. the "wall street journal" john hildegraf reveals the script of this soap opera for you, the investor. goent away. s. i love trucks. what the heck is that?! whoa! what truck brand comes from the family of the most dependable, longest-lasting full-size pickups on the road?
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i think it's the chevy. ford. is it ford? nope, it's not ford. i think it's ram. is it ram? not ram. that's a chevy! it's chevy! that's right. from the family of the most dependable, longest-lasting full-size pickups on the road. gorgeous. chevy hit it out of the ballpark with these.
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what if numbers tell onat t. rowe pricey? our experts go beyond the numbers to examine investment opportunities firsthand. like e-commerce spurring cardboard demand. the pursuit of allergy-free peanuts. and mobile payment reaching new markets. this is strategic investing. because your investments deserve the full story. t.rowe price. invest with confidence. liz: whose mom doesn't do this? let me check for a fever, right?
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let's put our collective hand on the forehead of the u.s. economy. guess what? the temperature shows right now, we are humming along just fine. today's adp report, this is a report on private sector job creation for october, blew away estimates. 222,000 jobs created this month. the expectation was something like 189,000. so really nice move there. the employment cost index, the eci, shows wages grew at the fastest rate in a decade. the u.s. economy just clocked one of its best six-month stretches in the past decade. growth up 4.2% in second quarter and 3.5% in the third quarter. check out this headline from the "wall street journal." the u.s. economy is flashing signs it's downhill from here. what? what? you are the article's writer, john. tell me what's behind this. >> as you just said, we just finished one of the best six-month stretches we have had
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in the past decade in terms of economic growth. and we survey economists every month and the economists we are talking to, the wall street economists who are out there listening right now, are projecting the economy, the economic growth is going to slow down over the next year to 2.5% growth by the first quarter, 2.3% growth a year from now, and the federal reserve is projecting growth of 1.8% out to 2021. we have had a very strong stretch of growth. the economy is certainly doing well. wages are picking up, unemployment is very low but a lot of the people that the experts, so-called experts out there we talked to say a slowdown is coming. liz: i'm constantly equating it to a ferrari or maserati, one of my favorite cars, dad had one back in the day in the '80s, if you are going this fast like a race car, the gasoline eventually gets depleted and you
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have to refill. does that necessarily mean we are facing a recession? >> no. it certainly doesn't mean we are facing a recession, and actually, at this point next year, we will be in the longest expansion in the post-world war ii history of the united states. we are going past our tenth year so -- and you know, that downhill from here headline doesn't suggest at all we are heading toward a recession. it just means this fast pace of growth we've had looks like it's going to slow. let me explain a little bit why. i will point to a couple of things. one is on the consumer front, we have had really strong consumer spending for much of this year. part of that is consumer confidence is very high, unemployment is low, incomes are strong. that's all really good news. it's also because there's an added oomph, so to speak, from tax cuts. if you look at the history of tax cuts, a lot of the initial impetus from tax cuts comes in
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those first couple quarters after they happen. so we might not be able to keep up the consumer spending growth that we had, but the more important factors is on the business investment side. we actually have seen business investment slow down a little bit in the last couple of quarters, and when these corporate tax rates were cut, the hope was that business investment would really charge up. in order to keep an economy going at a faster growth rate, you need more worker productivity. worker productivity comes from business investment. so we need to see more of that and not slowing investment. liz: they brought in some of the biggest companies billions of dollars because they got the break on repatriating their overseas profits. they're not spending it to build plants, are they? they are doing share buy-backs which is precisely what some people warned they would do. they are not hiring. you just saw general motors, they are asking 18,000 employees
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to take buy-outs. >> right. you could say that's creative destruction at work and that's not necessarily a bad thing, especially, you know, at a time when the unemployment rate is very low. there has been strong job creation. but what you really want to see is that business investment rate picking up. now, you mentioned buy-backs. that's one area where the money is going. business investment, it did tick up earlier this year. a lot of it went into the oil and gas sector. a lot of investment in those oil rigs. but as oil prices have flattened out, we just saw energy structure investment go down in the third quarter. liz: i'm looking at oil right now. it's at $65 a barrel. it was just about a week and a half ago, closer to $70. it's an interesting perspective here. read the article in the "wall street journal." he's one of the best. than,jo the faang stocks, we already
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told you they are drawing some big bear blood at this hour. netflix, i want that up on the screen because it is up rather dramatically at this hour. right now, netflix is moving -- can we not get it up? up 6.66%. there it is. no. i will tell you it's up about 6.66%. right now in this post-facebook earnings tech rally, did anybody else notice what facebook's hofrno mark zuckerberg said yesterday on his earnings call? i'm not talking about the part regarding how revenue is still coming in in the billions and billions. as he was speaking with analysts, he took a thinly veiled bite at apple and tim cook. zuckerberg dropping some anti-trust verbal hints squarely aiming at apple's top device, the iphone. so i bring in deirdre bolton, who knows all about this stuff. in explaining why apple's
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i-message is facebook's biggest competitor, let's show viewers what he said. he said quote, in important countries like the u.s. where the iphone is strong, apple bundles i-message as a default texting app. i don't know about you but that comment looks like an attempt to get regulators to start breathing down apple's neck. reporter: i think the translation for facebook is we are not a monopoly. to your point, we do know all of these companies are under pressure and scott gallaway talked about it very loudly. he has actually written a book about it. why big tech should be broken up. as part of that book, he actually says listen, the risk is going to come from europe because they have all of the downside, the data breaches, the bad press, none of the upside which is the creation story, we built it here. to your point, this comes back to what mark zuckerberg said that you just quoted, in europe, where android phones are just as much used as iphones, you know,
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facebo facebook, their facebook messenger does pretty well, it's neck and neck, but zuckerberg specifically chose the u.s. where there are more iphones, where i-message is indeed bundled as part of the service and just saying of course, saying if you look at europe, other parts of the world, it's a little more of an even playing field so maybe i shouldn't be the only punching bag. liz: okay. i don't know. i just remember microsoft and being accused of bundling its explorer on to -- reporter: and being called a monopoly. yeah. liz: exactly. what happened to netscape, it was kicked out. listen. you are the faster rub runner and you win. reporter: you have a target on your back. liz: thank you very much, deirdre. on bitcoin's tenth birthday, this very day a decade ago, the digital currency first burst on to the scene by an anonymously written white paper, captivating both investors and -- and
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regulators. what's happening now? we'll be right back. ♪
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can i get some help. watch his head. ♪
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i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you. liz: it's bitcoin's tenth birthday party but one of wall street's biggest names in banking refusing an invitation to the party. jpmorgan's jamie dimon dropped the s-bomb over bitcoin. smashing cake right in crypto's face. get ready with the towel. >> i didn't want to be the spokesman against bitcoin. i don't really give a [ bleep ]. that's the point, okay? liz: did he say the "s" word? just about every crypto currency from ripple to bitcoin faced an uphill battle with
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traditionalists. i'm talking about bankers and market regulators. but the guy's simply trying to launch crypto etfs and funds have gotten the most bloodied. multiple funds including the famed winkelvos twins. but not our next guest. he and his fund are closer than anyone right now to becoming reality. he's leading the bitcoin charge with something called the solid x bitcoin etf. he joins us in a fox business exclusive. what do you mean? how close are you? >> we are -- i don't know exactly how close we are. we are the closest that we can be. it is very clear to me that america wants a bitcoin etf and we are here to build it. so we are waiting for regulatory feedback and hoping that we get the thumbs up. liz: america is maybe acting like a kid on halloween, wants
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to eat all the candy all day long, but is not going to get it. what america wants is not necessarily what the securities and exchange commission is going to do. let's be clear right now. here's why you are close. the s.e.c. has information now and what you're saying is we have an etf that is, what, physically backed by what? >> yes, it's physically backed by bitcoin. it's priced by a regulated pricing source by mbis, our subsidiary, and it fits into the united states capital markets and regulatory system. so we are waiting for the sign of approval for this etf because it meets every requirement that a commodity type of fund would need to meet. liz: this could really mark a precedent if you and your etf are accepted but i'm not sure that that is going to get the whole world on board. we just had mike novogratz, and he is mr. bitcoin. he's such the bull. here's what he said is what it will really take to get bitcoin
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going. he was right here in that seat last week. >> first or second quarter, we had goldman sachs talk about being involved, fidelity just announced that they are getting into custody. that starts in january. i.c.e. has a company called backed, the big exchange company, that starts in december. and so we made an investment in a company called bitgo with goldman so all the pillars you need for institutions to come in are being put in place. liz: he's saying he means fidelity and vanguards of the world, he needs them to get in first. do you agree? >> i agree we have proper custody solutions out there, we have proper pricing, futures contracts are trading, institutions like vanak who built the first gold fund in the united states, first international stock mutual fund in the world are in this game and trying to bring something to market. we have the right institutions and we have the right market structure. it's time to give america what it wants, a bitcoin etf.
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liz: when you have jamie, i don't know if we can show that video again, we were talking at an axios conference, and that's where he was asked about bitcoin and said i don't give an "s" about it. he really has called it a fraud in the past and said he regretted that. warren buffett and warren buffett's vice chair have said on our show here that bitcoin is rat poison. to that you say on bitcoin's tenth birthday of it being put out there anonymously on a white paper, what do you say? >> i say bitcoin is digital gold. we should not dismiss a potential opportunity for the next financial system. america has led the charge in building what's known today as the most robust capital market system and we have the opportunity to potentially participate in the new one. i believe that bitcoin and other digital assets have a role in it. so it's time to take bitcoin and digital assets seriously and integrate it into the capital markets. we have offered a potential solution here and i'm hoping
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that talent and innovations like what we have put forward do not have to leave america. liz: well, if the bitcoin fund goes through, the entry point is 25 bitcoins. you can do the math because it's at $6,300 per bitcoin. good to see you. >> good to see you as well. liz: come back when, not if, when you get approval. >> i will be back. liz: okay. that's what we want to hear. it will be a very big deal on bitcoin's tenth birthday. dow jones industrials up 302 points. with the dow charging ahead at 25,184, jamie dimon's bitcoin bash hit at a time when some of jpmorgan's decisions in the past may be looking a little bit in the red. with the closing bell ringing in 15 minutes, jpmorgan one of the lead underwriters. back in the day when the container store launched its ipo exactly five years ago at $18 a share, right now it is crashing
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today. down 41% after the company missed on both revenue and ets due to what they say is a strong dollar. back then, five years ago, the stock doubled. today, it's $5.93. if you're worried about tech stocks, may be stumbling once again even though they are doing wonderfully today. that may be from increased government regulation overhang. major tech companies looking to head that off at the pass. spending more now than ever on midterm election candidates. charlie gasparino has the exclusive list of who is spending what on whom, next. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today.
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liz: we know that since the financial crisis, wall street has kind of been enemy number
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one in washington, d.c., but guess what? silicon valley may soon grab that spot. it all depends, though, on the outcome of next week's midterm election. charlie gasparino with a list people are spending, aren't they? >> yeah. i think in the past, i covered the banks for a long time, i covered them through the financial crisis. the amount of vitriol aimed at banks in the aftermath of the financial crisis was almost unprecedented. the only thing that's coming close to that is what's going on in congress against silicon valley, the big tech companies, particularly facebook. if you are going to talk about, you know, one potential existential worry, if you are a shareholder, or any of the faang stocks, it's got to be regulation. i don't think they are going to go out and break them up, but they are definitely facing heightened regulation. the left, the progressives, elizabeth warren, maxine waters, they don't like them because they think they invade our privacy, they know too much, they're too big. liz: president trump said the
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same thing about amazon. >> and conservatives don't like them, why is that, because they are liberally biased. they are getting it from all ends. they know it and they know the midterms could have, if the dems control congress, generally republicans don't push for more regulation. if the dems control congress which it looks like, i'm not saying they are, but it looks like you are going to have the democrats controlling at least the house, republicans will keep the sfaenate, they could face rocky slopes. liz: unless you bring out the money shaker. >> right. that's what they're doing now. if you look at the money they have been spending, it's tremendous. employees have given record contributions but more than that, it's the lobbying. they have been lobbying more now than ever before. facebook spent $21.3 million in lobbying in 2016. liz: wait, wait, say that again. put that up on the screen. >> we should have it. we have banners. i'm reading banners. $21.3 million in 2017 and 2018,
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more than ever before. the lobbying with facebook, amazon, google, even twitter, we crunched the numbers, it's more now than it's ever been. so they know they are into regulatory crosshairs. and listen, this is not really a political story, i will say. here's why i'm saying it. they face regulation. these stocks are starting to trade funky lately. i think one of the reasons why, obviously, maybe overbought, that's one thing, but another underlying fear, when you start talking to big investors, is what will congress do to impact their business model. will they do stuff that prevents twitter from monetizing every single tweet or forces them essentially to go out and get rid of the trolls. will they stop facebook from being able to squeeze every bit of information out of liz claman. can you imagine what type of psychological -- liz: oh, the horror. they will find out i'm a browns
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fan. >> and you have red hair. i'm telling you. you know, what do i get on my facebook page. i get a lot of weight lifting stuff. you know what i'm saying? liz: because you are a roid head. >> yes. that's me. but i'm just saying that -- and i like food so i get tons of food stuff. i like cooking. i do a lot of searches based on cooking and recipes. so there is going to be -- there could be a movement in congress and then they target ads to you, right? that's what makes them so powerful. they can target liz claman, they know that you like -- liz: i like chocolate. can i just make a point on this halloween, and this is -- do we have a soapbox? i will stand on it. this is a fun size. fun size snickers. there is nothing fun about this. this, however, the bigger one, is fun, and fun is not an adjective. why did they call this fun? >> why are you destroying my
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very serious hit with this? liz: i got distracted by chocolate. >> see, they know you can be distracted by chocolate. they will bombard you with ads. maxine waters, who might take over the financial services committee, will maybe prevent that. by the way, i want to give a shout-out to bloomberg news. they did something that i can't believe, we get ripped off by everybody here at fox news, as you know. it was hard being number two. they gave me credit for my maxine waters story about how wall street and maxine waters are, they work together. liz: okay. you can tell the rest of this to me in the break. >> come o you want to hear news? liz: we'll be right back. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! . .
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troops, heading to the border to deal with the caravan that is coming from south america. he also said we are thinking of quote, stopping aid to the countries where caravan people are coming from. i should said central america, meaning honduras and other nations around there. he also said he does not think, unrelated, he does not think the saudis have quote betrayed them on the issue of journalist jamal khashoggi. he is heading to florida for a rally tonight. back to trick-or-treat, are you dressing up as a bull or bear this halloween? market serving up plenty of both with swings in the final hour of trade as "countdown" viewers can attest. our next guest joins us how to avert the sugar high, jason katz. jason, go. >> you have your tricks, you have your treats. there is no shortage of tricks out there, whether it is concern about the fed overstepping its
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boundaries, trade concerns, peak earnings, global growth scare and yet as far as treats are concerned gdp as he haved by the number just came out very strong, unemployment, 50 yearsyear lows. liz: do you think it is oh done here? >> we had indiscriminate selloff, from peak to trough. we pared a lot of losses since monday. i think markets are coming to grips, okay, if we have three, 3 1/2% 10-year, the fed raises three to four times where should stocks be valued? 15 times earnings which was the multiple earlier this week. stocks are finding their footing here. liz: jon hilsenrath from the journal, watch out, we see a
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slowing slowing situation here, but jason katz saying no way. ubs senior portfolio manager wealth manager. [closing bell rings] the dow slipping in final minutes of trade. still a nice gain of 234 points. we had been up 462 points. if you got in a little early on halloween. that will do it for the claman countdown. see you tomorrow. melissa: six days to go until the midterm elections. president trump taking questions from reporter at the white house making his way to florida for a major rally tonight on the first stop on his eight-state campaign blitz. we'll bring you the tape of the president just as soon as we get it in, turn it around. i'm melissa francis. connell: big headlines on immigration. i'm connell mcshane, this is "after the bell." stocks surging today. strong earnings, strong private sector job growth. the dow off the highs did end up higher by 242 points.


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