20 Episode results for "Katie Kramer"

Oat Milk Appetite with Oatly CEO; Market Whiplash with Carlyle's David Rubenstein

Squawk Pod

32:54 min | 3 weeks ago

Oat Milk Appetite with Oatly CEO; Market Whiplash with Carlyle's David Rubenstein

"Cnbc's workforce executive council is the premier group. We'll see sweet human resources executives from leading companies across the country it offers a members only portal and chat plus exclusive industry contact with access to breaking news calls and digital networking experiences the networking resources. Hr leaders need now. Apply to the workforce executive council at cnbc councils dot com slash w. e. c. This is pod. I'm cnbc producer. Katie kramer today on our podcast market whiplash. The federal reserve gives a wink. The markets go wild. I'm not looking a tail or a dog. it's just all one. Big saint bernard one big dog making sense of a crazy week on wall street with carlyle. Group's david rubenstein. What business people really want is some certainty. And i think we'll have some uncertainty awhile until we know what congress is likely to do investor appetite for certainty plus speaking of appetite. Today oat milk brand oatley going public on the nasdaq today. ceo. Tony peterson on building. A ten billion dollar. Drink the reason why we started as a company it was to create the best milk period. We didn't try to mimic based milk or anything like that. We just wanted to do a milk. That was better for people on the planet. Those stories plus a peek into the dark side. What we know about the colonial pipeline ransomware attack. It's thursday may twentieth to twenty one squad hot right now good morning and welcome squawks here on cnbc. I'm becky quick along with joe. Kernan and andrew ross sorkin and thank goodness. It's thursday because wednesday. It was a wild ride. You could call it a wild wednesday a whip saw wednesday. It was a crazy wednesday. If you looked at anything from commodities to cryptocurrency the dow was down by as much as five hundred eighty seven points in the morning before paring losses to one hundred and sixty four points. Huge turnaround there. It was really the nasdaq. That was the big winner. I put this in the wind. Category coming back from down one point seven percent all the way back up to down just three points ripped currencies also whipsawed. Bitcoin plunged as much as thirty one percent during the day and had a low around thirty thousand dollars but it rebounded as well came back by thirty three percents in the afternoon. And in fact if you're looking at where it's trading right now check this out. Bitcoin is up two and a half percent. Almost back to where we were yesterday at this time. So it's almost like you could wipe out the last twenty four hours Unfortunately there were billions of dollars that were lost money that changed hands here and not the same people who are holding it necessarily Now were just twenty four hours ago but a second ago was forty thousand which is basically where we were yesterday. It wasn't crypto currencies. It wasn't just the major averages. If you're looking at commodities you suss a massive swings there to lumber futures swinging incredibly wildly. I hit limit down yesterday tumbling by five percent then they turned around and hit it up when it turned positive and rallied five percent yesterday afternoon so all the way from limit down to limit up all in the same day and guys about the only asset class that didn't seem to budge. Yesterday was the treasury market. But guys anywhere you look yesterday. It was it was chaos and it was hard to take your eyes off what was happening in the markets. I've seen ten charts and they don't name them and they're all identical and they all go up like this and it's he's everything they said what's doing then it's obviously the floor. But they show. Every every asset class commodities stocks crypto. Everything's so when it moves. I mean i'm not looking for a tail or a dog. it's just all one. Big saint bernard one big dog. Can you believe what's causing it. That what we sorta new. And that's that druckenmiller. Talking about i mean. The fed is full bore. Sooner or later that has to stop it just does it just does and and you know these. We always talk about the crack addicts and all the financial markets. The slightest idea that they might stop and we get today like yesterday. Which as we said did have some pretty good Bottoming though didn't it. Bitcoin nuts up thirty three percent from the highs. But then back up. Thirty three percents. I think that'll get your attention if you what did you. Just the fed's comments when they were. They say they're gonna maybe start discussing some point eventually discussed hedged it as much as possible but the markets did go up from there. Is that because it sounds like okay. We're we're not doing it tomorrow. We're going to talk about potentially stopping some of the purchases were making in the bond market and it may be slightly taper at some point planning to come up with a plan at some point to come up with a plan and that's reminds me of when we had to beauty shelton on says there's no you know everybody it's like they're almost like a cult. We're not if you if anyone even you know. Think about going against what the is that. I think you are seeing a few people do that. Now and maybe that's sort of leaking out. Yeah april comments. Weren't they That that are they must be. That was my question. They must be more concerned at this point than they were six weeks ago. But then i thought all these commodities that we think are showing underlying inflation. They're all backing off to. So was that all just asset inflation not real inflation. That can actually hard to get some of this stuff. It's the demand picture and really actual supply chain issues that play into this too. It's been hard to get some things like detroit other issues and and i wonder if that plays into home depot. And lowe's where you've actually hit prices. There's a hi. this is all anecdotal but people. I talked to who were trying to do home. Construction projects or contractors. Trying to do things. There have been things that have been put on. Hold because those prices have gotten so ridiculous. Remember barry. Stern look pointed out for the first time ever. It's cheaper to build a building with steel frames instead of lumber and that's just nuts home depot talked about how some of their trends were actually slowing in recent weeks. I think has to be because some people said forget it. I'm not doing this part project at these prices and that will get fixed eventually. Buy the supply chain at least to some extent update now on the colonial pipeline ransomware attack that stifled jewel supplies in the east coast. The ceo of colonial telling the wall street journal he authorized a four point. Four million dollar ransom payment because executives were unsure. How badly the cyberattack bridge it systems consequently how long it would take to bring back. the pipeline. Said he knew decision was controversial and wasn't comfortable paying money to the hackers but felt it was the right thing to do. He said for the country now. The fbi advises copies not to pay ransoms for data but many companies do colonial said. It paid the ransom in consultation with experts who had previously dealt with what they call dark side. Which was that criminal hacker organization. The ceo said. It'll take months of work to recover some business systems and will cost clinical tens of millions of dollars. But i think is when you dig into a layman. Java's said this before. I think a lot of people pay ransom that we just never even hear about Unfortunately and and i think he gets the whole question about how these how these ransoms are paid goes back to the issues of bitcoin and other types of cryptos. That's being used in all of these types of things instead of seventy seventy five or didn't say someone someone told the journal that was seventy five or seventy six bitcoin for it but these guys are not dropping off dropping off suitcases of cash so when people say can can be used for listening purposes and then when people say oh it's so trackable it's the most amazing new technology. If so people love it though the freedom of it and the anonymity of it is also part of why why one or the other though tony of the nothing in life is either one or the other no i know. But i'm saying so. Many of the crypto bulls will come on. And tell you no no no. You don't understand what this is. This is the safest thing out there and you can track everything because everything has a talk if you have criminal intention the the entire drug cartel and cali cartel and everything all done with doubts. If you've got criminal intentions the you're going to be able to do. It will probably five percent of the criminal money laundering and everything else in. The world is crypto at this point. So ninety five percent has gone on without crypto. So it's easier. It's better at the very elegant. And i got a letter out. There wasn't to me. It was the previous occupant of the house. Told you about it said we know all the what you're doing with all with your girlfriend and your wife's going to know and if you try to tell her it's that's not gonna work 'cause we're gonna tell all your neighbors marina like some bitcoin. I understand we had to talk milk today. Guys we've got we got. We got milk. I don't know if not have milk. No it's not. i don't know. I don't know you don't melki but i just i mean this goes back to my whole almond. Milk is milk situations swedish vegan milk maker only group raising one point. Four billion dollars in its. Us ipo. pricing cares. Seventeen dollars a piece the high expectations. We're going to talk to the ceo and just a little bit. The stock begins trading today on the nasdaq ticker under ticker ot l. y. And celebrity backers of the dairy alternative company. Include oprah winfrey and natalie portman. We can ask him whether it's really melker. Not you say you put it on cereal. Use it for everything. What do you do. You suppose extra extra sugar you have to lactate. It's dart's you have to what what melt comes from lactation. That's the definition of it. I like almond milk. Okay uncomfortable guys not mental for nation. Do we have any. You don't have any. Is there any the french right now. you do you. Do you literally do have milk. It's not only. But i do have some milk in the fridge right now. I have soy milk. I have teenagers. I used to drink almond milk. You know. I don't think about milk a lot just for my coffee. That's really a adults. Don't have much milk anymore. So you don't have for your coffee very rare to use milk for any of that good. What fat and i try to stay with the coffee coffee absolutely fasting because becky knows see. We haven't been all been together for a long time. And she knows. I'm always trying to do this. Crazy anywhere between twelve. I can't get sixteen hours but just at least a stray twelve hour fast from dinner to to morning so and coffee does not count as long as black. That's why when you go to the doctor. They tell you can have blocked coffee but you can't have anything else. So that's i try to say you and then you have eight doughnuts. And then i'd been after as you know so yes it all makes no sense but it's okay it's kind of like getting a diet coke with the big mac and fries coming up more on wall street's wild week and investor of the old guard. Private equity tightened david. Rubenstein even have gotten into crypto and he has warning you should expect the ups and downs and big fluctuations. And if you're not prepared for that don't tell in crypto currency but the idea that crypto currency is going to go away or that the government is going to be able to stop currency from being something investors want. I think is unrealistic. Squad tide is back after this. Everyone carl kingston the here. Thanks for listening here at cnbc. We'd like to know more about you. Including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast two six six eight six six and we'll text you a link to a short survey again text. The word podcast two six six eight six six standard text messaging rates apply. And we look forward to hearing from you. This is squad pod. Good morning and welcome back to squawk box. Joe kernan along with becky quick and andrew. Ross sorkin for more on the markets the latest messaging from the fed and the economy. Let's bring in david rubenstein. of course. he's the carlisle group co founder and the co executive chairman. And david. you're an expert on the markets. You're an expert on the ways of washington. And that makes you pretty much the perfect guest right now because those two worlds are colliding in a big way and much of that lands on what the fed is going to do what they've been messaging what they've been saying what you think they'll do next. I watched a great interview. You did with jay. Powell and i didn't realize until that interview that you had hired him way back when i just wonder what you think. He's thinking as he looks at the markets as he looks at what's happening all the way around pal is a very steady person. He's not somebody that jumps to the markets up and down every hour by the hour when he was carlisle he was very steady very good investment professional and i think he's made it clear he's not changing on the dime so what he said is that it's gonna take something more significant won't be seen today before the fed is i think that a change its Its interest rate policy or increase the discount rate. So i think he's made it pretty clear that while they're looking at inflation At horizon a little bit probably not until the end of this year will see any real policy change of significance a market would like predictability what business people really want more than anything else as tell us what the rules are. Ellis what the way we're going to have to operate is and we'll we'll deal with it and i think right now. The market is I think always nervous merck markets are always jumpy but i think the fed is basically trying to be a a bulwark and say look. We're not gonna move our on the hour based on trading one day or another so. I think he's unlikely to make major changes in the near future in my view. I know that they their comments. On april were now public now but i. I don't think that the fed is likely all of a sudden. Say you know what we got nervous that we increase interest rates. I don't see that happening anytime soon. Based on what. I know about the way. The fed operates so the feds making that decision based on what it sees the economy also based on what it knows the markets looking to hear but at carlisle you also have so many companies and you see the inflation. That's kind of running through the economy right now. In terms of the inputs in terms of wages in terms of commodities What are you as as as the head of so many businesses and and somebody who really sees these these numbers as the fed right to be complacent. I wouldn't say they're very careful. But i don't think they're jumping around. But let me put it in context my work in the white house a long time ago when president carter we had double digit inflation and double digit. Inflation is terrible live through. We're not talking about anything close to that. We've averaged under two percent for the last twenty five years if we could get above two percent on a consistent basis. The fed would be actually not disappointed when we went to college. The average text books used to say that three or four percent. Inflation was actually pretty standard on okay. So we're really only talking about inflation. Might go above the two percent. We've had for some time. And i think if it went above two percent for while the fed would be okay if it got the four five six and seven percent. That's different story. But i don't think anybody's predicting that so i don't really think inflation is is a big concern. Surely not anything here to what we've had in the past. Here's the argument though when you talk to people who do raise concerns about this. They say if the fed waits until it sees the whites of inflation's is that it'll be too late that things will already have ricocheted. At that point. The flywheel will be moving and it will be quite a bit tougher more to stop it. What do you say back to that. We're still in a fragile economy member. We're still in a pandemic and a large part of the population is not employed fully. And therefore i think of the fed would do something now and i think the fed recognizes. Just it's likely to increase unemployment to an unacceptable level. The fed is weighing many different things. Not just the bond markets it's weighing the impact on the on the unemployment rate. And i think if the fed were to all of a sudden increase interest rates in some precipitous way. I think it'd be seen as not good for the economy. We should get out of the pandemic and go back to a more normal connie before where the fed can really make real judgment in my view. And i think that's probably how they're looking at it again. Everybody who's a day trader. Would like to have things move quickly. Because that's the way they respond to things but the fed tends to take longer term position. I also think that we're remember. We're talking about inflation. If it happens that is maybe slightly above the fed's target of two percent and we haven't really had that on a consistent basis two percent or two and a half percent place is not going to ruin the economy as much as as people might predict right now. David i know you're a long term investor and not somebody who looks a day to day moves but yesterday was pretty weird especially when you looked at cryptocurrency Declined forty six percent for theory them. I mean you feel moves like that and you wonder how much froth has built up in the markets you wonder how much momentum has been driving things and what wha- what would you take away even as a long term investor. You have to pay attention to some of these folks. Well remember crypto has come from nowhere to be a force in the market. It's ineffective gold substitute for some. And i have invested in the crypto currencies myself but in things that I would say facilitate the trading of it in the various companies that are helping to trade or make it easier for people to be involved with crypto currency and. I did that in part. Because i think it's here to stay. Crypto currencies. not going away just like gold is not going away so yes it had its ups and downs and yesterday was not a good day for it. But that's true of anything that is relatively new and i don't think you're gonna see anything. Like crypto going away and disappearing. It's here and it's here because people in the market wants something other than just the traditional currencies that we've had and whether that's right or wrong it's clearly something that the market wants. So yes it. If you go into crypto currencies you should expect big ups and downs and big fluctuations. And if you're not prepared for that don't go into crypto currency but the idea that crypto currency is going to go away or that the government is going to be able to stop cryptocurrency from being something investors. One i think is unrealistic at this point. Well even if you're looking at some of those trading apparatus for a coin base. I think is down forty percent from its initial public offering at the middle of last month. I mean that's pretty volatile too. I'm not sure if coin basis the one that you are investing in that you were talking about but that volatility plays out. All the way across markets are volatile in that area and bitcoin market cap is still relatively very very high for a company. That's relatively young. So i don't think a lot of people are worried. Cryptic point base is gonna be in trouble in any significant way. The market fluctuates a bit on things. Like that point based on reflects that. But i i wouldn't worry about it as much as as i think some people were day. Traders are worrying about it. I do think it's a it's a good company. It's likely to be around for quite some time. And it does provide a service so again if you think. Crypto currencies are are inappropriate or not something that's consistent with the way we operate our economy than don't invest in it. But i do think it's a good substitute for some people who have some different type of investment other than the traditional investments and. I think it's going to be here for a while. And many people increasing are looking at investing in this sun percentage other portfolio is based on you invested in or. Did you invest on different ones. No i made an investment in at a privately held company. Got it all right. Let's talk about the health of the market Because again that's got to be something that you're always gauging if you're looking at either buying companies. The cost of those companies have been driven up probably by what we've seen in the marketplace. I'm not sure if that's the case still in the private market And then can you turn those companies around and bring them back for public offerings at any point to. How do you kind of gauge the health of each of those markets right now right now. The markets are expensive. There's no doubt that if you want to buy a private company for a buyout or a a minority investment in a private company you're gonna pay double digit Multiples when you might not have had to pay that a couple of years ago so the prices are much higher than the one of the reasons for that is that investors are willing to take somewhat lower rates of return because interest rates have been so low investors are willing as an alternative take lower Private equity returns and they might have five or six years ago and that's enable people and also because that is relatively inexpensive pay relatively high prices but they private equity market is in pretty good shape. It's relatively not that difficult to raise money. There are a lot of deals. Going on prices are robust. But i don't see any big problem in the private equity market. I think what the private equity market would like more than anything else. Same thing the business meeting with like it's just certain date. Just tell us what the rules are. I think to the extent that congress can address the issues on infrastructure and taxes in the relatively near future. And tell us where we're going. That would be helpful again. What business people really want is some kind of certainty. And i think we'll have some uncertainty for awhile until we know what congress is likely to do in terms of taxes are in corporate taxes individual taxes and so forth in congress if they could address that in a bipartisan fashion. That would be good. Even if it's not in a bipartisan fashion. Just finished the task in hand that would that would be helpful for the markets even if it means that taxes on businesses go up by thirty five percent. They'd rather than have to wait it out. I think the business community nobody wants higher taxes met most people want have taxes lower than they are but i think the business committee recognizes that congress needs to pay and the government needs to pay for some of the things we're doing. We do have a twenty eight trillion dollar debt right now outstanding debt. We're running an annual deficit of three point. Three to three point five trillion dollars and the business people are recognized that at some point. We're gonna have to pay for some of this. So i wouldn't say that business people are begging congress increased corporate tax rates. But i think they recognize. It's likely that if we're going to have an infrastructure bill it's going to be paid for it to some extent by corporate tax increases of some level. Maybe not the same level of the president's proposed and of course congress really rights tax laws usually takes a while to do it if we can do it quicker rather than than over a longer period of time. I think the business many would would be happy with that. David always good to see you. Thanks for joining us this morning. Pleasure thank you. Becky maxed unsquashed pod. Got all milk swedish. Oat milk brand. Oatley makes a splash with its billion dollar. Plus ipo the ceo. Tom peterson we know for a fact that you need to deliver on many multiple components. Taste is definitely doin. It has to be an efficient for you but the other two pardon emotional connection with people and sustainability credentials. Everyone karl the here. Thanks for listening here at. Cbc we'd like to know more about you including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast two six six eight six six and we'll text you link to a short survey again text. The word podcast two six six eight six six standard text messaging rates apply and we look forward to hearing from you. You're listening to squat pod from cnbc. Swedish vegan milk maker. Oatley makes its initial public offering today to raise nearly one and a half billion dollars in this company with celebrity. Backers in oprah winfrey jay z. And natalie portman is valued at more than ten billion much of the demand for plant based food is being led by millennials and gen z consumers. Who are more than willing to spend. On sustainable products that are also healthy. As a result oatley signature product oatmeal is now sold in sixty thousand retailers over. Thirty two thousand coffeeshops. That's a lot of baristas across more than twenty countries. But it's actually not a new product. The company was founded in nineteen ninety. Four it's over. Twenty five years old and well Doesn't that make oatley. A millennial to for more on. The company's nasdaq debut andrew. Ross sorkin spoke to see. Oh tony peterson ahead of at least i trade. Good morning to you. Congratulations on this event. For only it's been it's been quite a ride over the past couple of years and quite a growth story kind of to understand where you think we are in this in this journey. If you will good morning thank you so much for having here today. We're all this super super excited. And yeah i mean this is just the beginning. This is just the very beginning. We're extremely proud of what we have accomplished. Show far by the massive opportunity. They will have ahead of us that the runway and how building demand across three continents right on multiple channels from needs to mass. And how successfully been there. I mean this is just the start. So we're super excited to be where we are today. In terms of valuation seventy dollars opening price ten gives you ten billion dollar valuation as a comparison beyond meat is at six and a half billion dollars. Tell us what you how. How do you think the investor community honestly she'd compu- especially given the fact that every quarter from now on. You're going to be giving your numbers publicly. Yeah these i'm sitting here for. All of us feel super confident about that. You know the way. We built a opposition. You just think what we do here right We've been in with local organizations that were building in locally invasion apartment local creative power the commercial rollout and the supply. They're building bidding out on across tweet continents. I don't see no one else taking that leadership position the way we are we are reading and bishen about vicious about what we want to do. Here tell us about that. Invasion in terms of products product category. How far do you think this brand can go. Hey you know if you look at the you know. The reason why we started the company it was to create the best milk period. We didn't try to mimic can move based milk or anything like that. You know we just wanted to. Do you know that was better for people in the planet now. That's what you see. You look at look at the population today. Sixty seventy percent of all the current users join plant based milk only two years ago and we know in the us. For instance last three years thirty two percent reduced their their the dairy intake or moved away. We know plant based meal capture around fifty five to sixty percent of those. Those consumers forty percent growth comes from you consumers now. The big change that has happened is the conversion and that is what we are driving that is why the opportunities so message you look at six hundred billion dollar category right and grocery trade. You put food service on top of that is just a massive massive addressable market. They're there for us to change and which we all that we're driving tony. Let me ask you this though. What percentage of your customers you think are buying this product because they think it's better for the planet versus whether they think it's better for them and there are. There is a bit of controversy about whether it is better for them. Well it is and we could discuss that but hey you know what the way people approach. This space is very very different. We know for a fact that you know you need to deliver on. Many multiple components taste is stephanus. You'd need to taste well and has no taste really. It has to be a nutritious for you but the other two parts and that's those two things that has changed emotional connection with people and sustainability credentials. Now all these four items matters to people today especially gen z and millennials. And that's for certain. Can we talk about. And we've had a big debate. Every time we talk about milk we running. I don't know if it's a running joke or what but we say. Is it really milk. So we always say is this really. That's one of the conversations we have and the other is. Is it really better for us. I know there's been a long term question about the sugar breakdown in oatley milk relative to frankly coca cola. Can you speak to that. Yeah i think that's you know we've been discussing for almost thirty years now. But he's the misconception. You know when you break down the mail tells. That's exactly what happens when you when you choose. Take a criminal those you choose you swallow it you digest it. That's exactly what we are replicating with our semantic process. So we just do that before. Swallow it and that's the beauty of it. How would just replicate the nature. And then what is the milk. Milk is a liquid food so you have to provide for the macronutrients that the human body needs. We're one of the very few companies with an official claim europe stating that. If you drink three glasses of every day you either maintain a lower your cholesterol. Now that is scientifically proven and backed up and that is official claim that is related to only you know so. Is it a better for yes. It is and that's also part of why we're so successful but the other items sustainability really really matters to people today but unless you connect with people unless you're transparent and honest about what you do you really don't earn that trust right so i think we have all those components can you speak. I don't know if beck becky's a milk soy milk almond milk. Oatley milk versus regular milk. Do you think of them. All is really milk we were talking about. Whether you need to know comes from cows lactating effectively. Yeah i mean that definition is just stupid that to be honest with you but no not all the beverages are milks. And that's the thing is is pretty confusing to consumers today right. No multi are created the same and the differences between the crops. So again like you gotta provide with a macro nutrients that the p the fats the carbs the proteins and the dietary fibers. That we have that we know that also that that that people are lacking in died in the western world. But there's so many items out there that are just beverages. I and this is a distinction between us a many of them. It's not just do. But that's the actual definition of milk. Yeah okay we can. Talk is opaque white rich fluid and fat and protein secreted by female mammals for the nourishment of the young or to exploited defraud. Someone that's the second definition of it but the definition of milk this other discussion but why that exists that definition. Okay tony we wish you a lotta luck. We hope to follow your progress. Come on back we can. We can debate milk. But i also wanna talk a lot more about the company and and we look forward to seeing you again very very soon. Rationalizations thank you so much. Thank thank you joe very good. We need to move on before this becomes utterly absurd and that's squawk pod for today. Thanks for listening. Squawk box is hosted by joe. Kernan becky quick and andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern and subscribe to squawk pod. Wherever you get your podcasts you back here tomorrow. Everyone karl antony. Eric thanks for listening here. Cbc we'd like to know more about you including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast to six eight six six. We'll text you link to a short survey again. The word podcast two six six eight six six standard text messaging rates apply. And we look forward to hearing from you.

fed david rubenstein workforce executive council Katie kramer Tony peterson cnbc congress cnbc Ross sorkin druckenmiller
Jessica Alba & The Honest Company; Gary Vee & His NFT VeeFriends

Squawk Pod

38:54 min | Last month

Jessica Alba & The Honest Company; Gary Vee & His NFT VeeFriends

"Cnbc's daily podcast. Squawk pod is up for a webby and we're asking you to vote for the people's voice award go to cnbc dot com slash. Vote squawk pod to link right. Our category voting is open. Until may six. We'd love your support. This is squawk pod. I'm cnbc producer. Katie kramer today on our podcast. It's a big deal. Honest the honest companies debut with none other than its founder. Jessica alba now. Everyone is aware of how they can live a better life and they do care about safety and health sustainability diversity and inclusion something that gen z cares about and a whole new world of big deals and fte's with the lever entrepreneur and media guru. Gary chuck this internet nineteen ninety nine height on the overall technology way too many people grabbing going for cash the blockchain. And i believe non. Fungible tokens are a much much bigger thing plus janet yellen cooling down some straight talk. And how do you take your crispy cream. If they're glazed. I can do a dozen today but with butter and maybe ice cream and maybe maybe even some syrup or something. it's wednesday may fifth twenty twenty one. Happy cinco de maya squad. Pod begins right now. good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew. Ross sorkin and happy. Cinco de mayo may fifth little party later. Today do is having a party right. Now there's a a lime slice at salt shaker and something in a shot. Glass that Party in your pants a. I'm sorry i'm sorry. I'm sorry i'm sorry. So one six my first up today on the podcast. The markets recuperating from a quick turnaround on tuesday prompted by comments from treasury secretary. Janet yellen at an economy summit hosted by the atlantic. The former fed chair and current treasury secretary. janet yellen suggested a move for interest rates. Which is no longer in her job purview. It may be that interest rates will have to rise somewhat to make sure was. Our economy doesn't overheat. Now just remind you. The federal reserve has kept interest rates angered at near zero for over a year even though the us economy is growing at its fastest rate in nearly four decades because of this and all the stimulus spending from the pandemic more and more concerns about inflation have surfaced current fed chair. Jerome powell addressed these concerns in his last press conference just a week ago. If contrary to expectations inflation were to move persistently and materially above two percent in a manner that threatened to move in long-term inflation expectations materially above two percent. We would use our tools to bring inflation expectations down to mended consistent levels yesterday after her comments prompted a dip in the stock market. Janet yellen clarified her remarks and basically echoed the guy. Who's in charge of all of this now. Jay powell who you just heard this time yellen spoke to the wall street journal. I don't anticipate that inflation is going to be a problem but it is something that we're watching very carefully and if it does if it if it is a problem which i don't expect there certainly tools available yellen also clarified that she wasn't recommending or suggesting any rise to interest rates as. That's not her role not anymore since she used to be in charge of monetary policy at the fed. It's not unusual for wall street to hear yellen comment on things like inflation and interest rates. But now that she's a white house official a cabinet secretary however it could be a little strange. The independence of the federal reserve is critical to our economies mechanics and basically until the trump administration. The white house has stayed out of the way on fed decision making boy. Is that a mouthful. You have a treasury secretary who happens to have been the former fed chairman who was going through saying some of these things that she walked that back. Pretty quickly Dow did closed higher yesterday but it was the lone one of the three major indexes was higher. S&p was down a little bit and then the nasdaq was really down pretty significantly. Yesterday it was a drop of over two hundred and sixty points. It was about one point nine percent of a decline and it was the biggest down day we've seen since march twenty. Four th for the nasdaq. Let's check out the crypto currencies because doj coin is the one to watch actually saw news reports. Yesterday guys speculating. That the reason it's up right now is because elon. Musk is going to be on saturday. Night live on saturday. So that's happening. Coin up seventeen percent and by the way does coin which was about half of a penny just a few months ago now. Sitting at sixty six cents does coins. Market cap is now eighty six billion dollars. I think there's some at stuff happening with those going. It reminds me of the whole game stop frenzy. I mean this is. That's a that's unbelievable. How about yellen when she says something. I'm like oh my god yellen said. Oh yeah yeah. She's she's treasury secretary. Now she's not but it still still got the jo of the head of the fed. You know it's it's good to start ahead of the fed and then go to treasury 'cause it still like yellen yellen and but she's not you know it's not j. paul saying it so i mean we used to do mnuchin. What he said was important. But i think that gives her and it's like an added. She reminded me of mnuchin and the comments he made at the dollar remember very early on in his tenure when we spoke to him at davos and he kind of said something about yeah never made it again and i think that's the thing for treasury officials for for the new treasury secretary. It takes a little time to work into this and remember that people. Hang on your every word on things like this and i. I'm sure she never meant to imply that she was giving directives or trying to tell the fed what to do. She answered honestly what she was thinking about. Something and realized you can't always do that when you're the treasury each need to rise if the economy gets hot i mean that seems like it's not that big a stretch fairly obvious. President biden announcing some new goals in the fight against covert including getty seventy percent of us adults to receive at least one dose of a vaccine by july fourth the administration also targeting one hundred sixty million adults fully vaccinated by independence day. The president said if the country can hit those goals in the next two months. We're going to have to take take a serious step towards a return to normal the administration also reallocating vaccine doses from states. That aren't using them to. Others and president will direct thousands of local pharmacies to provide walking vaccinations to people without appointments. Fema it's gonna plan to support pop up in mobile clinics aimed at people who might have trouble reaching vaccination sites as of yesterday forty point eight percent of us adults were fully vaccinated in one fifty six percent had received at least one dose crispy cream my favorite set to return to the public market. Five years after he was taken private. Who was bought by. J. beholding zephyr one point three billion back in two thousand sixteen. The donut chain has filed confidentially for an ipo to take advantage of a record boom in capital raising and guys national donut. Day happens to be on june eighth. I just want to put it out there for you. Because you know my interest in in doughnuts and i'm hoping maybe they'll tell you they're going to see if you can eat a dozen in one day i i've done a dozen only if they're glazed if they're glazed. I can do a dozen. I but if you start to fillings and it's gets harder with with butter and maybe ice cream and maybe maybe even some syrup or something but what was it c. k. r. m. e. was the because it was maybe it was k r e m. I don't remember because it was public five years ago. Wasn't that a time flies. Say hair me. But i yes do you. Where do you get the free. Donut every day. If you've got the vaccine it can't you do that too. If you take advantage of that. I am not taken advantage. I have my you know. I have my qr code and my vaccine. My my vaccine ready to go. I should walk in there. And do that i i. I'm trying to be good. I'm trying to be as i build up to june eighth big day. So i try to get all my own at them. One day. i mean they make mountain dew. That you're fly off the walls you eat twelve those donuts. You're going to be soaring. I didn't. I don't know if that's a that's a lot of. There's a crash to joe. There's a crash there is a. I've watched three nine and you know it it. It's the sugar high but the crash that comes afterwards comes pretty fast. Remember those ones. We have here that. There's some good ones here that have like bacon on them and stuff. they're really. There was a great company. A philadelphia company sent them to us. That were amazing. remember that was national. Donut day you couldn't say anywhere. Because it would just whatever's on this would spread out on the newspapers but They were good an interesting story on the front page of today's wall street journal on a stock with the price. That's just too damn high berkshire hathaway class. A shares are trading at more than four hundred. Twenty one thousand dollars. The price is actually grown. So high that it's approaching the maximum number that can be stored in some exchange computers. Yesterday nasdaq temporarily suspended. Broadcasting prices of those shares over several popular data feeds its computers use a digital format. That can't count higher than four hundred twenty nine thousand and change. It's a thirty two bit measure old time computers. The nasdaq is actually rushing to finish an upgrade. Later this month that would fix the problem but exchange operator i x has also reported the same limitation of course. This is a problem that's unique to berkshire because the us stock with the second. Highest price is home. Builder n vr. It's trading only at about fifty one hundred dollars a share. Warren buffett as famously refused to execute a stock split signing birthday cards. To friends with the message. May you live until berkshire spritz but andrew. This is a little bit of a y. Two k problem that is specific only to berkshire at this point. I love that. May you live until the stocks. What's i'd point right after you've signed that -actly that's like no pick where or when you're gonna talk right. Just go there. So don't ever split the stock and you'll live forever. I guess new the stock version of hell is gonna freeze over coming up a huge lineup today among the highlights really the honest company. Ceo plus co founder. Jessica alba. here. I think it'd be in the nasdaq and you guys think that she's a fan. Do you think she's going to want to come out on the set and say i. I'd really like to meet job autograph. Probably not but before we get to that interview internet and marketing entrepreneur. Gary check his new project. With non fungible tokens and the bright new pixeleted future. Find it toward press for any business in the world to not issue an nfc t for everything they do because it's own to make logical sense the way having social and having website week logical sense. It's a trip in more ways than one. I'm pretty sure. I'm gonna live in the metaverse in. Vr put on my headset and walk around garage sales and find. Nfp's all coming up on scott. Welcome back disqualified entrepreneur. Gary vasicek has a lot of jobs. That book say right now is not every person was destined. He runs an advertising digital branding company. He was an early youtuber with his wine. Tv videos a decade ago from new jersey wind chop and he hosted us for preview of his newest project. I'm gary and this is what i'm doing. I'm rolling by. Nfc project which is focusing on human traits admire in character form focusing on access community creativity and really trying to create a blueprint of projects. That will work both for the people buying it and the people cre- the friends is an nfc collection launching today. One of a kind digital art backed by specific blockchain technology. Think of it as a collectible and think of it as a token that can create access so far most people have been focusing on the art. Part right you've seen the big headlines people sixty nine million dollars thing things of that nature. Alternative investments are why sotheby's and christie's existed for two hundred years antiques. I just think this generation twenty thirty forty year olds are not interested in buying a teacup from sixteen forty seven old europe. I think they're more interested in buying pop culture. Gary was in a house in california overlooking the ocean and heads down on drawing cartoon after cartoon tigers bulls snakes goats all sorts of animal doodles to make ten thousand plus tokens the actual art that are for sale as part of the v. friends and if t collection i an entire ecosystem of characters for example. Hang out hawk. One hundred twenty five of these are going to be individuals who are able to be part of a hangout. A zoom whatever. I put the video. Technology layer on top of. Is this the next big digital innovation ownership but with extras ownership but on the blockchain not in a frame on the wall. Why does everybody under care about how many followers they have. And that's a whole insecurity thing that we gotta talk about. But why why will it matter. Because digital assets and ftc's will become the currency of communication. Gary vein check is great at looking forward. He was an early investor in a few little companies like facebook. Twitter uber coin base and with that track record. He says this is it. Non fungible tokens have staying power. I'm pretty sure. I'm gonna live in the metaverse in. Vr put on my headset and walk around garage sales and find nfc's he spoke to. Joe kernan andrew. Ross sorkin and becky quick on our tv broadcast today. Joe. we'll take it away beyond. That sounds kind of wacky at first blush right can you. Can you start at the beginning and go over at fourth air vini anytime smart. People think something i'm doing is wacky on first blush. I know i'm doing something really important to break down. First and foremost it is a a platform that as a smart contract underneath it. It gives every single kherson of the ten thousand two hundred fifty five token holders eight ticket to a three or super conference that also announcing called be con- think of it as south by southwest meets. Domino's means rolling loud comic con a huge conference so where where people been missing. An app teas and continue to. Miss is smart contract. This isn't about me putting out a piece of art. Even though i've been doodling for a long time even though this is also the beginning of me standing up an intellectual property that i'm going to be building the rest of my career. What i'm trying to be was bringing enormous value underneath the contract including five hundred fifty five gift goats my brand that actually when you buy that can registered to the site and a minimum of six times a year over three years. You're getting a surprise physical gift in the mail. What i've done is pretty rigorous tremendous off chain value. While using the on chain dynamics the ethereal is involved. That's the with a non-custodial wallet. That's how you can do it. There's gonna be a dutch auction for most of these and you have any idea what one of these would cost for stars. Can you just estimate it and where it could go You know the the majority of tokens are going started. Re in dutch option down two point. Five and one of the chapter. Because right now there's frenzy and hysteria. We have way too many people putting out projects and overspending. I think we're seeing a lot of dynamics of the market and seventeen definitely this crowd if they remember. This is so easy for this crowd. This internet nineteen ninety nine breezy high on the overall technology way too many people grabbing going for chance loom. It's marked an april two thousand. This crowd watching knows collapsed but meanwhile in that lapsed was ebay amazon and multiple when people said oh the internet is a bad left the sector. That was the time to double down. It was the beginning of the most important change in technology and our history. The blockchain and i believe non. Fungible tokens are a much bigger thing than a jay pag. that's a piece of artwork. Money it's the underlining contracts and the things that it can do offline and it was important for me to put this out. Because i i appreciate you said. I've got a career at this point where people are going to look at it and my plan. Is i want bruns today. And every celebrity influence pacemaker steps back now cancelled their meetings. Today gets together and says the rap art and we're going to put out next week for a couple of bucks. Let's spend three months out something meaningful to our community is a bay win. We went in terms of a gary being a futurist. I mean you've been right. I don't know if you've if you miscalculated anywhere At this point so to say that this is not going to come to pass. I would be crazy to say that the communities and and i guess is it about monetize celebrity to some people gary his equitable beers. It's not all about helping community helping people actually get into the new age. That isn't the only reason that someone would do this. I mean you could if your you know an angel an ideologist i mean i think i think every rate rammed every great business the number one way to be selfish is to be selfless ron. I mean if you're able to provide more value than you know than you charged or you know you're always going to win. I mean it's not a super complicated game. I think the problem with you know the wall street dynamic or the entrepreneurs that just want to buy a boat is everyone's in a vicious cycle of short-term economics. Everybody wants it now now. now. I i believe that an f. t. screen legible infrastructure rans intellectual property and individuals to create very meaningful monetization for themselves over time. And don't forget it's ins become things that the audience are able to transact on with people are thoughtful Patient and really really execute something of value. They haven't read or two need to have a win win situation which does happen in business in life. Gary can you just explain. Because i have to admit i'm still confused. A little bit about how this is going to work so so each of these drawings gopher up effectively nine thousand dollars right now close to ten thousand dollars based on on what ether is priced. At right you said it's capped at three three thursday right. The ninety four hundred tokens the farmer. Giardi or admission tokens they range. Ten and three theory. All the way down two point five or three dutch auctioning and if they don't go off and go to that floor. There's a whole level of tokens. That are the big part of the project. Called access tokens where people are able to get mentorship sessions of me dinners. Hang out sessions. There's even portside cat organ which is a rear token that. Let's go sent right there courtside at madison square garden. Which me you so the realities that there was a whole access layer and as you can imagine if no joke mitch's watching the wait a minute instead of just a photo the digital makes a me. Why don't i put a contract that allows people to play in this with me. You start creating that economy of access which is really the most limited thing in the world and you could start seeing how this layers this is going to be. How membership for this is going to be. How artists launch album and free cell of the album The five best tokens are actually access to go in studio while worked the album. This is a layer of smart contract that people have wrapped around and let me make this point. Because i liked being right that i like slipping this in seven years in whenever the social platform of the day is when we get into public wallets when the way we look each other's instagram the way we google each other after we meet each other. See somebody on this great program thousand. What does are looking at everybody's wallets and see. What tokens they have. These are gonna become collectible derivatives going to become assets and they're definitely gonna be marketing material would mean a place as costs drive down beings projects from a text. The point where you're gonna find presper any business in the world to not issued an nfc for everything they do because it's going to make logical sense the way having social media and having a website week logical sense and in terms of cost to you. So how do you think about that. You said for example. There might be six gifts a year that you get with the token if i'm sitting next to you at the garden that seat cost you money. The ten thousand dollars shopping spree wine library and my dad's store wine shopping spree. Woodshop look for that one My accountants draw hit the ground when they understood. The war of the athenian price at the project went well. And i'm explaining to them how we have to start thinking about a loss on the business and they just couldn't wrap their head around it is gals. There's a your conference directly attached to this. I am better throw a monster. Multimillion dollar production. When i see how well we're not well. This does when i want here. Hopefully tonight The auction. I'm going to have to throw a conference disproportionately impacts and does well so if everyone pays nine thousand dollars you said you can imagine. I'm amortizing a three thousand dollar four day ticket months looking at every single conference pricing. If i'm able to overdeliver and bring a five seven ten thousand dollar experienced that we can. Because i'm disproportionately overpaying the best speakers in the world the ilan's the ba- rocks that the chinese wherever you're going to go with well then you can imagine that that becomes incredibly interesting. You know i'm gonna bleed the rest of this year to make to ones beacon twenty two. The single must see event go to bent every year which creates an incredible opportunity for the people that jumped in and that it's become twenty twenty-three demand cycles that i don't think people are anticipating so for me. This is about building the intellectual property this is about building. My barney might harry potter. And you'll see that. It's around the things i talk about as jerry be lost and i don't wanna be the front band come off to work around patients and candor chat things a barrier. Yes i just want to make sure. I understand this. This is you're buying it and then you're gonna lineup the guests and figure out what the conferences and right. Now theorems running hot. If something happens that it drops or you don't get the demand you were anticipating. Does that mean a lesser conference. You just figure it out based on what you sell because dollars come in to me. I deliver on what people are in. Add an overdeliver. I'm building economy in interest in demand and rand and most of all my reputation online. This is this a project to work on unstoppingly to over deliver on not to mention. I'm also trying again to build. You know hannah. More bureau disney characters. Things that i'm going to launch some modest expectations. Yeah but listen. You know everything. I've done when i want empathy. I when i watched this agency. I was a wine. Retailer and a lot of people laughed. I built one of the largest independent ad agencies of all time. I wanna lose expectations. Here's why wouldn't i. I'm also willing to admit defeat if i don't do it. Why not go for the jugular gary v. You gotta come back. Got gotta go over some of this again for me. Maybe not everybody. But i mean i'm blown away in fascinated by it because i never thought of it. I always said what's next after twitter. What are we gonna do. What's going to be the next big thing and it's like i had no idea that something like this would an all built on blockchain. I know just enough about to be dangerous. V thank you. We'll have you back and good luck. Thank you just send me one of those and you want to pay for your best ones and three of us. All three joe we can always get your digital copy without the nfc attached. That's the big contract join. I want to smart. Just you know both next. On squawk todd lifestyle brands the honest company and its four hundred million dollar market debut building a clean business with founder jessica alba. This is the moment where we really dig into this. Next phase of growth. This is really the beginning farrah's and a lot of ways. Cnbc's daily podcast squawk pod up for a and we're asking you to vote for the people's voice award go to cnbc dot com slash votes squawk pod to link right. Our category voting is open until may six. We'd love your support. You're listening to squawk pod. Here's joe kernan. Let's talk about this. Big ipo jessica alba. The honest company set to go public. Leslie picker joins us with more on the growing a consumer goods company. You have you done some of the products and stuff leslie. You're familiar with that. i haven't i have. I should have brought props but no i am familiar. I've used some of their baby products as well as some of their skin care products. And it's been quite the journey for this company and a volatile few years to get to the public markets but today the banker of the baby and beauty products is looking to make its debut on his priced its shares its ipo at sixteen dollars. Each a dollar below the top of the range. It had been marketing to investors that level implies of one point four billion dollars valuation. That's shy of the one point. Seven billion dollar valuation honest notched in a private funding round six years ago now that fundraising took place just prior. If you guys recall to those voluntary recall there were some ingredient. Labelling issues in class action lawsuits caused the company to take a reputational hit and sales to slow now. Honest actually lost its unicorn. Status in twenty seventeen raising capital below a billion dollar valuation but after several changes in the c. suite and a pandemic that refocus consumers to be more health conscious and internet savvy. Honest has regained its footing. Sales grew twenty eight percent last year. To three hundred million dollars. Net losses were cut in half and later today. Wall street will have its say when shares begin trading on his company's listening. We'll be on the nasdaq under the symbol h. n. s. t. guys each in state. Well eight ten esti. There's a lot of commotion. That's all i'm gonna say there are there is i. I saw one guy i know. He's one of our big security guys in about five other ones and i was thinking. Wow these guys are really I guess my you know. I'm getting known far and wide. And they're all out there but no it wasn't me leslie. It was Alves who who is here celebrity for the other If she's in a list we need to go to even the greek letters we may need to pass to get to k. less 'cause alba and kernan k. lists south ever all right leslie picker joining right now. Is jessica alba. Honest set company founder and chief creative officer also the company's ceo nicolaos. Good morning to both of you. Congratulations i know. This is a big day. And i was thinking back just to go. We spoke back at at dealbook in two thousand fourteen in the midst of this journey of yours. And i'm curious if you think about what that journey has looked like a sort of sort of how you pin. What's happened between then. And now you know i really feels like i have three kids but this really feels like my fourth child and i feel like just every stage and every milestone feels a lot like raising a kid. You know you're you You go through the motions you guide and love and put your heart and soul into just you know making sure that there's the best outcome and so i. I'm just thrilled that i'm here today. I'm talking to you with nikola. He's been my partner over the last four years and this is really a pinch me moment of. Let's talk about the stock a little bit at least evaluation. I think there's lots of questions about how investors should be thinking about this company and in particular thinking about the growth You had a close to thirty percent growth over the last year a lot of investors. I think wonder how much of that was pandemic induced and whether that's sustainable and how they should think about that we're mission driven business role about in sparring consumers to live a more conscious lifestyle. You look at the numbers and you know since two thousand and eighteen you look at our core. Businesses actually grew about nineteen percent. And then this past year we accelerated growing at twenty eight percent but the key there is also expanding our margins since two thousand and eighteen we've picked up about eleven hundred basis points of gross margin this past year. Roughly four hundred basis points of gross margin so a lot of momentum on the business from a top line perspective from a margin perspective. And we've got a really bright future in terms of the mix of businesses diapers and wipes the kids business jet. You talked about having kids. I have three kids got the kids. That's a huge part of the business. That's about sixty three percent of the business right now and then personal care. Products represented about twenty six percent of the business. How do you want that. Mix to look if we had this conversation a couple of years from now. Well i think we will continue to drive our personal care. Business are home business and it's just exciting. Because when i first started the company it was definitely A more focused around certain types of consumer but now everyone is aware of how they can live a better life than they do care about safety and health. They really wanna care. Also about sustainability diversity and inclusion all of these core pillars on a stance for is something that even the gen z cares about So it really spans across a huge demographic and people that care about on us and so we will continue to drive all the categories that reach people at every touch point in their life in terms of distribution channels. And i do a lot of business with amazon. How do you think about private label versus some of the the other branded products versus others. That are that are getting into the space in terms of the competitive landscape. And how much of it is ultimately should be a dc business if you will verses versus leveraging some of the other distribution platforms there. You look at the business right now. In about fifty. Five percent of our businesses digital about forty five percent is retail and we're the consumer continues to gravitate more and more is through that e commerce lens so we love the fact that we're an omni channel business because we're very consumer oriented. We wanna make sure that we're accessible to work. Consumers want to shop and that's really a shift versus the historical kind of conventional models from a business perspective. We're really building this modern consumer business. Where the future. Because we've got the consumer front and center when you look at private label and you look at some of these other brands. What we see from the data is as you look out over the next few years but natural kind of clean categories that we compete in our forecast to grow between nine and ten percent. Conventional players within those same categories are forecast to grow between one and two percent so there's momentum acceleration we have tailwinds from a consumer perspective. We've got that modern brand because not only do we deliver against clean safe effectiveness in our products. We make them accessible. Where consumers are shopping. He just got. I'm curious how you've thought about the ipo process. I asked i remember talking to you about whether you thought you'd never sell to a bigger company like proctor and gamble or whether you'd go independent obviously now there's a become a huge vehicle for this. How have you thought about this whole process. I mean i don't know if you could ever really wrap your head around it until you're in it and nick and i have been in it for the last almost six months and it's you know it's wild. It's it's like. I guess i bring everything back to having children. It's sort of like you're pregnant for a long time. And then you have you know the baby is born but then the real work starts once the baby is born. Wh where you're actually raising the child. And i feel like this is the moment where we really dig into this next phase of growth and this is really the beginning for us in a lot of ways. How do you feel about being the face of this brand. I mean you've actually turned this brand into. That's i would argue far beyond you personally yet when you go through. The perspective is one of the risk factors. Jessica his you. It's it's you it's your it's your social media presence at your ability to get the word out and and by the way you spend a lot of tie you i because i follow you on all of these things. You spent an inordinate amount of time on social media. I'm you know. Social media has been a strategic marketing channel for us. It is where we build community and and from day one having that engagement with the community is core to our one of our values and what we're building and it is a very different different tactic. I would say than more traditional Companies out there so we will continue to be innovative and how we build community and we will be everywhere. The consumer is okay. Well jessica nick we want to wish you a lotta luck with it. We hope you come on back and follow your progress and high. She'd tell you. Joe kernan is downstairs. I don't know. I hope joe's right there. Joe you say hello from failure down. I feel your presence. It's good thank you for coming on. Thank you for coming on tobacco. I know you. It probably has been a dream your entire life jessica. It'd be on squawk box area now. It's here again. The part of the podcast. When i ask you to do stuff. Give us a five star rating on apple podcasts. Follow us on twitter. Well today is the last full day for you to do one more thing. Vote for squawk pod for people's voice award at the webbie's. We are a nominee in the diversity and inclusion category for our individual episode from june. First of last year was called america's to crises. In that podcast. We follow corporate america's response to nationwide unrest and demands for racial equality. We heard from west more. Ceo of the anti-poverty robin hood foundation. There'll never be peace or calm tranquillity without justice. Nice stand by the calls for peace. But where's our collective pains host to go. In the absence of justice you can head to cnbc dot com slash vote squawk pod cnbc dot com slash vote squawk pod to make your voice heard voting is open until just before midnight the civic time on me sixth and that's squawk pod for today thank you for listening and thank you for voting of course squawk box is hosted by joe kernan becky quick andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern. You can subscribe to squawk pod wherever you get your podcasts. And we'll be back here tomorrow. Cnbc's daily podcast. Squawk pod is up for a webby and we're asking you to vote for the people's voice award go to cnbc dot com slash. Vote squawk pod to link right. Our category voting is open until may six. We'd love your support.

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Doge Gets the Last Laugh; John Boehner on Politics & Pot; Recession in the Rearview

Squawk Pod

26:04 min | 2 months ago

Doge Gets the Last Laugh; John Boehner on Politics & Pot; Recession in the Rearview

"Get an edge. Invest like a pro access. Cnbc's livestreams around the globe unparalleled access to cnbc. Experts actionable investor incite and ideas. Start your free trial today at cnbc. Bbc dot com slash pro. This is squawk pod. I'm cnbc producer. Katie kramer today on our podcast is the recession really over says. Who do you watch. Lord of the rings andrew. I did back in the day. You know who. The ants are the n. b. e. r. the economic equivalent of the ends former speaker of the house. John bainer with perspective from decades on capitol hill. This is american. Politics says Dividing as anything. That i've seen as a matter of fact i would describe politics today. I asked kale long-serving republican lift politics for pie. By the time. I left office. I thought to myself i good. I drink red wine. I smoke cigarettes if somebody wants to have a joint. What the last. A third dose of getting quality sleep and talk about means dunks the thirty four billion dollar joke in kate coyne. I'm going to get the okay boomer from not understanding dogging corn for some. I'm boomer trust me. i've become boomer. You're at least a suit. It's friday april sixteenth. Twenty twenty one spot pond begins right now. Good morning and welcome spots right here on. Cnbc hedge ross. Sorkin along joe kernan on this friday morning that he's got the day off. Joe how are you. Let's start though it's really you be a chance they gather for. We've been together for on. You know you can tell us some mornings. You're feeling great and some mornings. You may not be money. I'm feeling grayson you you've had some moments lately. I'm not sure about your lighting or something set you off and then the whole i can watch you in there and i see you're like in a bed said that one time you're in a bad mood you work but then you rallies bad mood excuse depends what side up on. Its three forty when we wake up five days a week. Of course some mornings like you're right. But i'm gonna good this morning because we are living in the most bizarre doggy coin we. Why isn't it doggie coin. Do you know we can call it a coin go with the madison. He's got to launch our squad currency. I mean if this can be worth that we gotta do. We gotta do a crypto squad. Something or other. Can we use your face for the logo like the shiba. I'm worried it won't do as well. We we use your face or maybe becky space. That might be a better idea. I up today on the podcast story that started as a joke does coins cryptocurrency on mean from twenty thirteen. If you don't remember it let me explain or or try to the doj. Meam shows a shiba inu dog in a nonsensical string of words. Multicolored and in comic sans font. Then he got now. Does coin is a cryptocurrency worth thirty four billion dollars a top ten currency by three hundred percent in the last seven days adding nearly twenty billion dollars to its market value in just the last twenty four hours sixty percent andrew don't gloss over that percents sixty percent but you part of our job which is terrible responsibilities. We're supposed to explain why something has happened. We should have a discussion. Which have a discussion number one. You see portnoy's can't explain though. Portnoy saying i am not jealous of corner. I'm not dallas jealous with doj tweeting. I'm not jealous of. I'm not so obvious not so tweeting when all of this with the about paying sheba in but what about the conagra eeo. I dunno slim. Jims they use means to sell slim jims. Those mystery meat sticks. Whatever the heck. They're made of and and preservatives. And everything i haven't had one in fifty years. Probably i don't think i don't want to disparage them. But okay. they're great things but why does why does doj coin fit in. Why would he mention that on. A conference call andrew. Can you tell me about slim jims. And then you could. Robinhood almost crashed their site right. It was it was spiracy penny ago. It's like twenty seven cents. It was a penny. It's going to a dollar and why is this. The greater is this an example. Is this bitcoin. We've decided maybe is a measure of of an hour of work is people say this is what work is worth is doj coin. Were something or is this just someone willing to pay more for it as it goes up that you can unload it to you know. Do you know at this point. Thirty five billion. I have to think it is because there's no that i'm aware of but here. We are trying to rationalize. What i don't know if it's unraveling is a bowl. It's gonna boomer. But i'm gonna get the okay boomer not understanding doggy. Coin for selma boomer. Trust me i've become this way. You're at least. I'm i'm definitely sued looking at boomer. I tried to get a grasp of how it was invented by those guys in two thousand thirteen. There's some there's something to it i mean. Can this real. It's thirty five. Billion dollar market cap now chile or some there must be. There's no upside to conan doggy. Coin because people are gonna you've seen this in the past people don't really understand when you're joking so i stole corn. I know that i got it. I just don't see why it's doggy. Coin with the little sheba anyway. Robinhood has restored crypto trading after the platform suffered a major outage last night The issue coming amid huge demand for doj born with Which traded near thirty cents thirty cents. It was a fraction of a penny. Not that long ago it started breaking higher after elon. Musk tweeted about it. and then jumped again after. The ceo of conagra mentioned the cryptocurrency on the company's earnings call companies inc. doj coin imagery in a twitter marketing campaign of memes for slim. Jims which either give the guy a arrays for thinking that up. Whoever did that kind of agra or you give a like a psychological test or something for what. How did you even come up with the idea of using doj coin to sell those meaty sticks and there's a lot of difference to andhra them might be able to get them with cheese in the middle and different flavors and and then you know. There's all kinds of new new age. Slim jim type stuff right lots at jerky products and all those things et. Yes some of them are definitely not made me kale all kinds of stuff do you. Do you have any of your favorites. That they've sent him here right some of the jerky stuff. That some of that stuff's pretty good. Some of that turkey said smell. Great made by who some of those new they've come in with. There's i think some of them are like disrupters right. Yes yes yes. There's a whole plethora of the my. I have not been sent them on my whole. When i go to whole foods. I strove would not go to whole foods. Of course i'd go to whole foods but you know what i'm saying the old days. You weren't sure what you're really eating. I i shouldn't say that In terms of meat. But now you have no idea now you just have. I mean they don't even say it's me is our. Ceo albert borel said people will likely need a a booster dose. A third when you would think of covid vaccine after a year and like us in iowa is that they will be likely didn't need for a third dose somewhere between six and twelve months and then from there will be a nine year old vaccination but all of that needs to be considered and again The virus pick your. They made the comments. The semi sees bertha coups recently. But oh at an event was cvs health though back on april first but they were just made public yesterday. That's in line with comments from john. Jay's alex gorski who said in february that people should expect to get regular covid vaccine shots just like seasonal flu shots. Maderna's ceo told us on wednesday that the company hopes to have a booster shot for its to does vaccine available in the fall the regulators have given very guidelines. They do not need that. Because the deeper neutralizing anybody in newport equa vaccine iago rattling these grant. So i think he's going to be a few months to get that data. Ready to file to barilla. Let's algo is to work very hard to get these ready before. I want to make sure they are boost. Vaccines available In the photo that will protect people as going to win next next tells us once again. She read the literature. There's some disturbing news about variants proliferating around the world even in places where they hadn't been seen some that are eight times contagious. It's not why we're at one point. You have a better reason why we're at one point five seven on the ten year and that that sounds about the best explanation. We're going to come up with for right now. happy friday so that's Celebrated that's why you're good mood because it's friday or you get some playing. I don't have any. I actually should be in a bad mood joe. I was just looking at my oral rings or you know. I not good sixty nine. Is today my lowest for the whole week. Out of one hundred. Think about that. If i got at sixty nine in on tower is that ring register measure. Exactly how does it. That's my sleepover. Okay so what what happens where you restless weren't sleeping. Well do you. Do you know you didn't sleep. Well yeah but then my wife always says that. I need to look at the the app to find out how i felt like sydney. That for someone like your. That's bad because it can talk us into anything. I think if it said you were at one hundred percent every day. That's what i wish would say. Feel great okay. Good what you've been a good mood coming up. It's been a rough year thirteen months to say the least but is the recession from the covid. Nineteen pandemic over already. Cnbc steve lease mongolian. I think if you look at that. Gdp chart that the recession probably ended in the second quarter of two thousand twenty. Maybe a little bit later squad is back after this. You're listening to squawk pod. Good morning and welcome to squawk box here on cnbc. Joe kernan law with andrew. Ross sorkin is becky Is off today. She'll be back on monday. You're on monday right sorkin. We'll be okay. i'm here. i am very good. Recent economic reports. That have been coming in stronger than expected retail sales surging last month while jobless claims dropped to their lowest level since march twenty twenty zero. Does all of this good economic news mean that were session is over. Who better to answer the question. Then steve lease. who joins us with that steve. Good morning good morning andrew. The recession is almost certainly over and ended months and months ago. The problem is is not technically over until the folks at the national bureau of economic research meat and say so and they haven't done that yet. Turbo that of n. e. r. told me yesterday. The committee has not typically determined a trough date on the words the end of the recession until after the economy has surpassed its previous peak in economic activity. Well when is the. Us economy is almost at that point. It might actually hit the previous gdp peak on any day now so the business cycle dating committee could meet soon it say. The recession ended a year ago. The more important question is this. Not whether or when the recession ended its whether the economy is fully recovered mike for rolling after yesterday's data he told me momentum is definitely building we already saw thousand jobs gained in march. Everything suggests marches a blowout month in april. At least job growth is probably stronger but if you look at the job market. There's a lot of work left to be until we get the full recovery. Us apartment running about eight million jobs below the peak before the pandemic so for investors what matters is not when the recession ends its when the federal reserve decides the economy is fully recovered to the point where it can begin to reverse policy or take back some of that. Easing and fed chair powell under fed officials. They're not looking at the nba. Are they've been steadfast. Saying that's not the case yet and may not be for a while andrew so the question that all of his raises is what's the typical timing for the nba number to meet and figure out when the recession has started and ended right. So if you were to to wait for them to make these calls and do be very very poor person. You watch lord of the rings andrew. I i did back in the day. You know who the ants are you know the aunts. They meet and they talk and they discuss. The nba are the economic equivalent of the ants. Okay so in december two thousand eight. They decided that the recession began in december. Two thousand seven in september two thousand ten. They decided the recession ended in june. Nine thing were pretty quick. This was amazingly quick for the for the economic there. In june of two thousand and twenty they decided. The recession began in february. Two thousand. That was fast. They have not been so quick. I think if you look at that. Gdp chart andrew that the recession probably and then in the second quarter of two thousand twenty. Maybe a little bit later. These folks are late. What does that say about. Jay powell's plans and i only say that because he's made it pretty explicit. He almost wants to be late if he's going to raise interest rates absolutely in a new paradigm. Here where the fed is telling the markets. We're gonna stay behind the curve. They're kind of being the federal reserve or monetary policy. Right now. they want inflation to go up. They want to see the economy fully recovered. There's a whole new paradigm instead of saying we're going to shake reverse policy when our forecast shows that we're going to be fully recovered. We're not going to reverse policy until fully recovered and that's a new paradigm. We're living through. And i think the market is that treebeard tree that you remember treebeard dave the yup also known as fang gordon in In that force in gandalf actually said that answer the oldest things on the earth living under sunday. They do they all and they sort of talk but they sound like trees when they talk you remember. They got really deep. Voices was my favorite line. Joe is when gandalf said three hundred lives of of men. I walked this earth. And now i lacked for time. I feel that way all the time. It's true isn't it. it's true but you know what steve. I want you to remember today. Were as young as we're ever gonna be and don't forget that right and and let's let the value everything we've done and everything we're still going to do. That's the way that's the only way to look at it. Andrew doesn't even think about the every day at this point. he's like the millennials. We're big thinkers right but millennials. Think they're gonna live forever immortal. They think they're gonna live forever. I never going to gain weight. Never gonna lose their hair You'll see andrew. You'll see life and i'm not a millennial. I'm not a millennial. I'd like to think that. I don't know why i don't know i think it's it's not about an age. It's about an attitude you know. I always try to try trying to act young. You go there you go all right. Thank you peter. Pan tree remember. Love him maxed on swapan. John bainer former house speaker speaking his mind about the two trillion dollar infrastructure plan from the white house. I thought i knew what word into structure method of the rest of the world understands what infrastructure means of but the biden crew has a new definition for it if not going to happen get an edge invest like a pro access. Cnbc's livestreams around the globe. Paralleled access to cnbc nbc. Experts actionable investor inside and ideas. Start your free trial today at cnbc dot com slash pro combat squawk pod. Here's joe kernan in his new book former house speaker. John bainer bishop on his time. On capitol hill lessons learned along the way also weighs in on the trump era joining us now former speaker. John bainer is author of on the house of washington memoir. It's great to see speaker and we have about seven minutes to talk about so many things. If we have time at the ana talk to you about molar. I want to ex used to beat up on us and you a starting line. Let's talk about this later. Let's talk about this. Beat up on his poor jesuit preppy kids something every year. I'm from price l. You you were in reading your twelve kids second row and we'll get maybe we can get some bainer 'isms to that's how it's pronounced right if i got that right bainer so look around and what we see on both sides of the aisle. There's four parties now. There's the left the far left. There's the right and there's the albright and you basically take the credit or the blame as it were for for the split in the republican party to some extent that right. I don't take the ground or the blame I inherited this in the american people. Send people cars. I don't choose who they are of. The rest of the car doesn't choose her. They are american people. Send these people after twenty. Damn we've got some weight most of the tea party member not to be good solid. Republicans got some real knuckleheads along the way and any given day i had to. I'm january fifteen solid republican votes. But i was out. Two or three doesn't knuckleheads all ever wanted to do was no. It was either going to be all their way or no way joe. Biden's day of this right now. He's a traditional a democrat dealing with the progressive way of this party and over the last couple of months. He's given the left of basically everything they demand at the expense of working republicans in a more by parts way knucklehead is such a good word is such a good word because it so you can use it whenever you needed it fully sums up what we're talking about the infrastructure plan. We're talking about right now. You described that. And i'm sure that this is Big because of some influence from the knuckleheads. You were just talking about the. I'm even allowed to use it. Maybe not those are your words but it's mostly a new green deal sort of disguised as an infrastructure plan correct. I i thought. I knew what's infrastructure map of the rest of the world understands what infrastructure means but The biden crew as a new definition for. It's not gonna it's not gonna happen because votes. Aren't there now the votes aren't there because it's more than infrastructure a lot more. I want to raise taxes. this is This was not prescription for actually getting anything. Done in washington restates andrew got. Where were you wanna take a million places to go with the speaker. There are millions of the speaker to weigh in on on what we've been seeing in the business community in terms of these voting bills across the country a lot of businesses speaking out publicly against them. You had mitch mcconnell. Come out and criticize the business community which typically has been aligned with the republican party and. I'm curious how you see that playing itself out. Well listen These days corporate. America's got pressures on them just like the pressure is Politicians have on them. Speak out about this and speak out about listen now. They've got to answer ultimately to their shareholders and Having served on corporate boards still serving on some boards i it's the shareholders investors the dance. It is what is the. Republican is the republican party. The party of donald trump is totally fractured. Now it's never trumpers versus trumpers. What's it gonna look like in the next mid term and what do you think well the republicans. It's a slim majority now and they did better than people thought. Well we'll see if you were still there. Would you be speaker again or we'll speaker pelosi still be speaker into you. Well listen i think. Republicans have a real good shot already. Twenty twenty to redistrict games going. Republicans are probably getting gained seven to ten seats as a result of. Oh the district lines. Aboliton a republican. I blame republican principles and fiscal responsibility strong national events. Linda republicans slogans zone on new they are republicans and focusing on the principles of being rebublican. Guess what. I think it will unite the party much closer than anything. We've seen for one in other. Democrats have the same issue between traditional democrats as far left wing. Part of their part of this is american politics. Today it's as divided as anything that i've seen in fact i would describe politics today. S chaos because that's what it is chaos. You've used on on cannabis obviously involved. And now you. Is that the medical side of cannabis that initially attracted your interest. But not just that you think it should. I guess be decriminalised. Is that your view. While i was always against cannabis. I thought it was a gateway drug by watch. The state after state approved the use of cannabis in their states and You know somebody in politics. You have to pay attention to what the people are saying. And by the time. I left office. I thought to myself my goodness i drink a red wine. I smoke cigarettes. And somebody must have joint health care. And and then i got interested in the medical side of this gives. Having seizures out cannabis was awful. Soldiers were featured or or chronic. Paid problems where they didn't want to use opioids and so that's what got me interested in in this. I've watch now thirty. Six thirty seven states approved. The use of cannabis is ta federal government to get the hell out of the way speaker at a wish. You didn't have to write a book come on here. Yeah you make a good contributor on one of these cable networks. I think you've got a lot to say. There is the book and we won't have time to talk about jerry falcon and by the way saint. Xavier did do much better subsequently to win you when you were there. We beat muller many many times and went to the state finals and everything else. So don't pretend like that's never happened either. This remember one of those bigger 'isms if you do the right things for the right reasons the right things usually have Miss meeker thanks for coming on and really would like to have you back and talk more about this. Is this a commentator on politics today. Thank you wilson. Doesn't pay a lot and that's hot for today and for the week for squawk box is posted by joe kernan. Thank you quick and andrew. Ross sorkin tune in for news and analysis every morning sakes eastern part of our job. It's a terrible responsibilities. We're supposed to explain why something gets. You can subscribe to squash pod wherever you listen to. Podcasts spread the word share with friends. Leave us a rating review on apple. Podcasts you can do that right on your phone or tell us what you think on twitter at squawk. Cnbc where we evacuate on monday. Have a good weekend. Gotta take a listen listen swap. Pot that's right. Cnbc's flagship business. New show is a podcast squawk pot. This control to it is not just the show folks might be even better. Because it's only audio join me. Katie kramer as i take you inside the squawk box control room and beyond the headlines of tv broadcast with joe kernan becky. Quick and andrew. Ross sorkin every weekday. Subscribe to squawk pod on apple podcasts. Spotify stitcher or wherever. You get your podcasts.

doj andrew John bainer Cnbc joe kernan cnbc steve lease Katie kramer kate coyne conagra Cnbc selma boomer
Deal or No Deal with NYTs Tom Friedman; Vaccines, Strains, & Safety with Dr. Atul Gawande

Squawk Pod

39:53 min | 6 months ago

Deal or No Deal with NYTs Tom Friedman; Vaccines, Strains, & Safety with Dr. Atul Gawande

"The cnbc podcast is brought to you by t. Rowe price delivering a strategic investing approach with a long term perspective to help advisors and their clients feel more confident through good markets and bad expect rigorous research and prudent risk management from an experienced team of fund managers since one thousand nine hundred eighty seven. T. rowe price invest with confidence. This is squawk pod. I'm cnbc producer. Katie kramer today on our podcast a deal or maybe no deal with new input from president trump. The relief bill that took months to hammer out. Maybe back to the drawing board. The new york times columnist. tom friedman. This isn't just watching the sausage being made. This is just so suboptimal for a serious country in the middle of its worst public health crisis and mask wearing may be up but a new viral mutation may test our diligence again. The months ahead with dr will go on day. This viral mutation seems to drive a faster spread the measures we normally take will be slightly less effective in stopping it. Those stories plus shopping season looked a little different this year. Head of fanatics. Michael ruben says e commerce converts might change the game forever. Weakness skipped ahead two or three years. Four may commerce perspective. It's wednesday december. Twenty third twenty twenty. Christmas eve spot begins right now. Good morning everybody. Welcomed the squawk box here on cnbc. I'm becky quick. Along with joe. Kernan andrew is out today. Joe i think this is the last day that you and i are both going to be here before christmas. And i think that's why. We both kind of put on our christmas finest this morning. Great minds exactly. Tomorrow we We won't have an opportunity to to fly are to show our colors so here we are Here we are what's nice. Speaking of festive festivus. Happy festivus too. But we won't be understated us air. A few grievances during the show is that would be nothing. New that would that would be a. We have a developing story on the stimulus front and a twitter video last night. President trump called the nine hundred billion dollar covid relief. Bill passed by congress and unsuitable disgrace urged lawmakers to make changes to the measure including much bigger direct payments. Also cutting out some what. He called wasteful spending. They are now planning to send back to. My desk is much different than anticipated. It really is a disgrace. I am asking congress to amend this bill and increase the ridiculously low six hundred dollars to two thousand dollars or four thousand dollars for a couple. I'm also asking congress to immediately get rid of the waste fallen unnecessary items from this legislation and to send me a suitable bill or else the next administration will have to deliver a covert relief package and maybe that administration will be me house. Majority leader steny hoyer. Meanwhile said democrats will see if they can pass a measure for two thousand dollars in direct payments by unanimous consent Earlier yesterday president-elect biden called the nine hundred billion dollar package in his words down payment said more funding would be needed. This bill is just the first step down payment and addressing the crisis crises. More than one that. We're in a lot more to do early next year. I'm gonna put forward to the congress my plans for what comes next. You saw beckey-dey the list. I mean i saw some. I don't know that the total background on some of the the money going to some foreign countries and some of the some of the stuff that they find that seems really outlandish and outrageous. But if you add all that up you might be able to get the two thousand and it would be better it just on face value. I mean knee jerk. You can say. I'd rather have it going to people here for then get it above six hundred and some of the crazy stuff but say this now. He had the chance. He chose not to get directly involved in the negotiations while they were taking place he let steven mnuchin do the talking for him. Steven mnuchin said he was happy with this. Bill you're talking about something that has been months and months and months of waiting to see if they were going to do anything else and you can blame both sides at different points for when they've slowed down and done it but we thought at the beginning of this week that okay. There's a deal that's finally done. And i don't know if he's kicking this back to the starting line. You heard the democrats. Nancy pelosi immediately tweeted out and say great. We're with them on the two thousand dollars per person they want to do this. Vote today in the house to see if there's unanimous consent only one congressional person would have to say no for that but again you're talking about you're up against these dead these hard deadlines and you gotta be kidding. Well everybody's got a problem with the bill because she didn't get to read it. I've heard ted cruz complain about it. Everybody has complained about people. Say you some of the stuff that's in there some of the pork pork instead of going up from nine hundred billion to get the two thousand one There's millions and hundreds of millions of dollars in there that aren't going for covid relief. You know how the sausage gets made on this every time somebody says no. I'm not going to vote for this. They promised them some stupid thing. Say okay your project can get in here and you're right is it. Is it the right way to govern. Probably not but without it is something going to get past are not arguing in favor of saying that. It's a great new a great thing but again this is very late in the day. I think president trump would have signed this bill on monday but because of the stupid rule where they want to put it on parchman again it takes days to give that through. Hit some time to think it through and think okay. It's not the best. Bill shouldn't be mean. Six hundred bucks is better than nothing. But what six hundred bucks really is better than nothing but you will also have a lot of people and many republicans that we've talked to have said this should be targeted. It shouldn't be going to people who are still working. You know if you wanna give more money to people or two to two different industries. That have been hard hit or two employees in those industries. That have been hard pit. People who have lost their jobs lost all of their income that you should be giving more money to them and not to people who are continuing to work and get through this. Look you can have all kinds of arguments. It made a lot of sense. I think to give direct payments to everybody at least everybody under a certain income level earlier this year when things shut down so quickly and you wonder make sure that the economy was stimulated. I you gotta start wondering it's a lot of money you're still talking about almost another trillion dollars. Which is how much of gdp you know. What percent of gdp are continuing to push in. And yeah the this time. If you're going to be spending a lot of money this is probably a time. You'll hear people from both sides of the argue is arguing that but you also have people saying. Look if we're going to do this. Let's make a targeted so that it makes the most targeted deplores her to pork. I mean no one ever expects the government to say okay this stuff we really gotta just not mess around with the poor because this is for cove it but they never do they still throw it all in there so that that's a will make some Some beyond meat sausage. That didn't go wind the disgusting now intestines that the normal sausage has in. It feels tales now knuckles. I everybody's right to complain about what's in this except we've had people who've come on this program and complained about the poor core sticking pork back in it. I just you're right. It's a disgusting sort of process that this is an essential item for them. You know remember anybody okay. But they do it now but they don't because we know how they work. I mean look if we could embarrass them on a regular basis. Maybe they used to have. We remember the flying pigs the movie. Yeah yeah we had a flying pig. It was on. He would go past That that cut out of austin powers in in it was on the of a yes right. We don't do a lot of that so we've been around a while joining us right now to talk more about the relief bill. What's in it. What's not what this all means. Is tom friedman. He's the new york times foreign affairs communist. He's also the author of thank you for being late and his latest column. In today's new york times titled will trump force principled conservatives to start their own party i hope so well dominant may be getting more of your wish on this The president's move on this does put republicans in a pretty difficult position. And do it really is a problem becky because as you guys have talked about earlier this morning mcconnell really wants this stimulus bill through now because in georgia the two republican senators there Running for reelection have been hammered by the democrats Over their party standing in the way of stimulus bill And right now if you look at the latest polling from their both the democratic You know contenders are leading. So obviously mcconnell has a big challenge. There I i really don't know what he's going to do you know how i'm sure right. Now there's furious negotiations with the white house Asking the president. What the hell you doing Where do you think this is going to go. And the fact that. The president made this announcement last night effectively. If you read. The stories are so bizarre sort of slipping out of his office with a tiny film. Grew going down to the basement. The white house You know filming this announcement and then throw it out into the public with with zero consultation. The whole thing is just so sub optimal You know th this isn't just watching the sausage being made this is. This is just so sub optimal for a serious country in the middle of its worst public health crisis You know i. It's a fool's errand to try and figure out what happens next but i'll ask you anyway. What do you think that something gets passed before the holidays before the end of the year. I mean this. It's not just this that matters but the spending bill keeping the government open right now was was part of this too tired to that. I have to believe it will becky because The the moment is so critical. You know we're we're about to go into a much deeper and darker months of the pandemic We have so many people whose relief is running out and are truly truly hurting. So i have to believe at end of the day the power and logic of those things we will produce a bill will produce another compromise. I can't tell you what the contours of it are them. Earlier this month you spent an hour speaking with the president-elect and he laid out his thoughts for what he'd like to do during during his term what what struck you as the most important things the things that our viewers would care the most about the most interesting things is his approach to china and very relevant this morning. Basically what what biden said is that He's not going to try to tackle the whole china market access issue as a bilateral issue between the us and china. What he's going to try to do is leverage. A both are asia pacific allies and the european union. And i would say the chinese read that column very closely because you may have noticed this morning in europe They they announced that they're close to deal with the european union have their own bilateral trade access agreement with the eu. The deal is not done and biden last night His aides tweeted out the old on. Don't go there so what you see. What the chinese are doing this very important for every american company. They understand the thing. They fear most the thing they knew trump could never organize was a global coalition against them. They think biden can bind his declared a as in my interview that he intends to and so the chinese are trying to divide right now Basically two great global economic center is the you in the united states to make sure they can't gang up against china so what's playing out here is very very important you. What will their response be. It's not it's not clear. Because there's a lot of division in the eu between the germans looking they were offered. The chinese are very smart about this. The gave germans unprecedent access. I german automobile exports and And so but there are other issues. That are the country's care buses this tension in the e here over this. But you can see what the chinese are doing is offering incredible goodies to anyone who won't line up with the americans in a global market access coalition against them. Tom let's talk more about the vaccines. The rollout how things are going and as you mentioned it's anticipated that it's going to be some dark days ahead of us. So where do you think we're doing. I mean great news just announce this morning that the united states adviser have struck a deal for an additional one hundred million doses of vaccine to come there are other vaccines that could get approved in the next month or so. We hope How are we done so far. You know becky things. I learned writing about in my last book about. Moore's law is the power of exponential really hard for the average person to in their mind grass when something gross exponential two. Four eight you know it just. It grows so fast. Well it's not only about microchips. it's also about a virus and When you have the numbers we're reaching out you know. Two hundred fifty thousand new cases every day and each one multiply then you factor in the idea that we may see a variant of the virus that spreads even more easily. Then you factor in right now. The hospitals in california announced this the there many of them are just completely overwhelmed. Beauge we've got pop emergency rooms. You know People doing surgery in in in storage areas. It's really frightening. That's the that's the spillover from thanksgiving now. Amplify that you pick up the times. Yesterday i read about record number of travelers. i mean compared to earlier parts of this year and january is going to be just. It's going to be hell on wheels. And i know that there's anything we can do to stop that. At this point it feels like kind of the path. That this for what we're gonna say we've just never been through something like this before this kind of exponential around a virus and it's all going to be happening we're going through a transition in our national government With a president. Reluctant to leave. And so i think the amount of instability were informed from cnbc point of view for markets. That sort through all of this and try to see the light at the end of the tunnel. I still believe you know the great news. Today joe is talking about this earlier. But you know we're gonna johnson johnson. We're going to have astrazeneca. It would be fantastic. But i'm i'm sixty seven And i'm probably the second big group cohort That that's probably not till the federal maybe march for me. You know. I mean so I'll be able to stick it on. I'm not worried but have what you think of people who have run out of money basically or facing eviction The next two months could be really. I mean Unprecedented in terms of the pain On a lot of people in this country. Tom the I can remember back in the lab. When i was in the lab. We would see some aguilar with a solution with one not one but minimum amount of bacteria and then we grow it and it grows exponentially and the word was within two and a half days if it was left. If it had plenty of of things to live on the entire planet would be covered by like eight feet of that bacteria that that's how it works the thing that stops it though is that it can't do that because it doesn't have the food doesn't have the room doesn't there's there's constraints on and thank god. There are some constraints on the virus. Because if you do the exponential math on where we'd be already since the beginning of the pandemic to where we'd be thankfully we are not there so we we have done some things that we can still do some things. I'm just worried about just worried about christmas. I guess and And what happened after thanksgiving and it's just such a weird thing to watch as the vaccine rollout is head long into what's going to be probably the worst period for for transmission. It's weird isn't it to watch donna. And just wish. I wish one would just go a little bit faster and i i mean i wish the vaccine park go a little bit faster. No no no hope for for anything like that tom to where the dark i we've heard dark days are still coming for so long. I guess i just don't want to want to hear it. I your mind fights against joe because of we aren't you know we've never been up against this kind of a force from the natural allies. There's been some worse things it. At least we got guys sequencing the genome in a day and a half and in making something that i mean you know about the science. Think think where we were with polio. Were flying totally blind trying to figure that out. I mean again. You'll get something. I mentioned once before i think on the show is that i think joe that we are on the cost of an amazing era of creative destruction of shumpert terry and creative destruction. Why never have more. People had cheap tools of innovation access most high-powered computing through the clouds. You'll tom senior. We gotta live a little. We got i think you have to live above. Can we go forty. We gotta go forty years and then we might make it to the to the singularity where we we can be half machine half man and live forever. You want to do that. I don't wanna do that. But i'm very excited columns. You'd be you'd have you'd have so many columns you'd be you'd wanna you wouldn't wanna live if deadline still all. I know it's going to be a lot of amazing innovation after this pandemic and i'm gonna destroy a lot of businesses but it's going to accelerate and spawn. I think amazing new opportunities to be especially in in medicine. Alzheimer's cancer divy the chronic things. The only thing we might not cure his old age. That's the only problem tom. Thank you for joining us. Happy holidays anytime you guys. We'll see it coming up on. Clock pod kovic new more contagious variant. And waiting out the dark days ahead with dr a tool guerande we're in for still surges for another few weeks. Where three hundred thousand deaths already. The next hundred thousand deaths are baked in with new infections in the last week or so. So it's really about. Can we avoid the five hundred thousand deaths Which is just poor. Find even thinking about this. Cnbc podcast is brought to you by t. Rowe price delivering strategic investing approach with a long-term perspective to help advisors and their clients. Feel more confident through good markets and bad expect rigorous research and prudent risk management from an experienced team of fund managers since nineteen thirty seven. T. rowe price invest with confidence. This is squawk clad from cnbc. Here's becky quick. This is breaking news and this is important. The white house adviser have actually struck that deal that visor provide one hundred million additional doses of the covid nineteen vaccine. That deal was just announced moments ago. We were hearing about this last night from meg. Terrell that this was likely to get announced as early as today. but it's actually a done deal now visor already had a deal to deliver one hundred million doses by the end of march. This is for an additional hundred million doses. That i think most of them will be coming in the second quarter. I haven't seen all the details on this because again. The news is just crossing joe again. This is just leading us down that path where we are getting lots and lots of vaccines. This is great news. Because you're going to have dern rolling out a ton of vaccines you could see astrazeneca or j. and j. get one of their vaccines passed as well and approved. And if that's the case you're going to be talking about a lot of vaccines that are coming on the market in the very near future and that would be fantastic news but this is a very good to hear not just for the markets for for the american people and for for hope that we can get through this faster that there is another deal struck between the white house and pfizer an additional hundred million doses at that time. I it's weird. Because i can make both cases time has been crawling in two thousand twenty but also time goes really quickly I've been back your eight months. Becky at the at the nasdaq remember thinking. Wow do i really want to do that. And it's been eight months back off a couple of times when the left and had to quarantine but that it was april twentieth so that went quickly. So i'm thinking three months go by and we'll be getting this thing. We'll be getting this thing. And and and i mean i can't can't come fast enough. But and hopefully jane jay's got a lot like kramer's been saying and be great to have a lot of vaccine so everyone you know that wants it can get it and it'll happen. You know someone who you know. You'll hear that down a walgreens. Oh yeah they got vaccines that day will come to. We gotta get Like in march we need to get through march of twenty twenty before we could get to april and then once we got to april became december. So it's crazy right right. Although it still feels like march in some ways to write a couple more months if we can get just get through this This is really promising. Really news joining us right now to talk about more about what this means for virus testing and the vaccine is dr togo one day. He's a surgeon at brigham and women's hospital he's also a staff writer for the new yorker and he's a member of president-elect biden's cove advisory board and dr honda. It's good to see you. Thanks for being with us today we. We've been concerned this week. Hearing about this new strain that's been circulating pretty rapidly in the uk. Cdc says it's probably here undetected. And i mean. I think it's probably hard to argue against that right. That's right i concerned and it likely is here. We have not got a The gino typing. The testing deployed widely. Enough to know whether it's here. But i think that's happening now. From what the cdc indicates in the next couple of weeks what what does that mean just in terms of how we we handle this. What what the numbers are going to look like from here. president-elect biden saying yesterday that the dark days are ahead of us still. Yeah here's what to understand about the This potential they call it a variant of concern This viral mutation Seems to drive a faster spread. It takes less virus to cause an infection. At a time where we already are at skyrocketing infection with millions of people infected The measures we normally take will be slightly less effective in stopping it at a time when our hospitals are already in more than a third of the country full to overflowing so The main concern is that it will accelerate The surge on surge that we've been having an extend the period of hospitalizations and death rates. That we've been seeing. What do we do about it. It's still the same practices that really work. It's just it requires an even higher level of vigilance. If if this does prove to be an. And there's a lot more evidence that this transmits more efficiently. Now it does not appear to cause as of this moment. And they're still you know more monitoring to do but it does not seem to cause increased death increased serious illness and so the main concern is that it's just even more easily spread know. There's a lot of statistics that we've been running through. I i heard earlier. This about how shopping mall traffic is is down significantly from where we were down forty percent from a year ago but then anecdotally you see things like pictures of of local malls where there are big crowds in the food courts or other places or at at newark airport brian sullivan. One of our anchors was traveling last weekend and tweeted out some pictures where people were crammed on top each other for it seemed like miles trying to go through security. Are we doing this right or not. Well there certainly signs that people are doing a lot better than a month ago. We see mask use up. We see people Restricting how much they're indoors cutting down on eating with people outside their household in in restaurants and bars and that just has to happen and that is increasingly happening. And so we're seeing In places that had skyrocketing levels they're starting to come down in many parts of the country but there are other parts of the country where it clearly is We're behind behind the eight ball behavior starting to change. But it's extremely hard around the holidays. And and i think we're in for still the surges for another few weeks. Where three hundred thousand deaths already The next one hundred thousand deaths are baked in with new infections in the last week or so. So it's really about. Can we avoid the five hundred thousand deaths Just horrifying to even think about you're involved with the moderna trial. I guess you you're part of that and has gotten either the the actual vaccination or or the placebo. That's right. i'm. I'm not involved in running the trial. I'm a i'm a patient in the trial my mother At eighty four said. I want to give back and so she signed up for the trauma. Said if my mom can do that well then all sign up for a vaccine. Trial happened to be Madonna available in our area and And so i took the I entered the trial. I received a shot. But don't know if it's the placebo or if it's the vaccine and And and happy to wait and find out. How long ago did you get the shot. And how'd you feel afterwards. Well so i shot was in. August fell almost nothing The second shot which is the booster comes. Twenty eight days after the first so i got that in late september and that one really knocked me down. I mean two days later. I had fever chills and then And you know needed stay home. I don't think it's been I haven't needed to take a day out from my surgery practice or my public health work for more than a year. I get anything. I barely ever let anything. Knock me down but that will knock me down and and then about twenty four hours later I was back on my feet and doing okay. So you know it does For a lot of people. High percentage especially Younger people under sixty five You do seem to have with these vaccines a significant reaction That's the immune system kicking in and your antibodies being generated to the virus. And now i think that tells me i might have received it honestly in may well be that i had a placebo. Just imagine you know. I had that reaction has your mom do with it. My mom you know so. We of course have compared notes and and she had barely any reaction Now in the elderly you see less than half having a major or significant reaction. So you know. We don't know what to make of it about twenty percent fifteen where are going to get the percentages wrong but there was a significant percentage in the placebo group who had these reactions and so it is interesting. Psychologically to see how it plays out. But you know we're both sitting here thinking. My mom may not have gotten it. And i did. Ironically at least you've do you admit it but that is kind of it. That would be humorous. You gotta admit only mother finally got it. Thank you got the placebo. Oh back at my. You can bet. My mom is the one who wants to get blighted and find out. You know you gotta if that's if you find that You know actually you can't you can't come back and tell us that because it'd be laughing at you. Hey told the the the good news though in terms of this new virus strain in the uk. A best guesses. Are that it. These vaccines will still be effective against these new strains too right. Yep the preliminary indications are that There it drives the still an immune reaction. Madonna and pfizer are now conducting tests to confirm emir immunogenetics an immune reaction That that generates the effectiveness of the vaccine And we have reasonably. This'll be the case but again. This is just be early days of doing testing. We have twenty twenty things things keep coming out of the woodwork. that that That show the fight is harder than we ever at. Keep thinking I am hopeful on that score. I'm concerned i have clear concerns that it is a highly transmissible much much more easily. Spread dr glenda wanna thank you. Thank you for your time today We always appreciate seeing you. Happy holidays and we'll see evacuation. Thank you next on squawk pod. It's the most wonderful time for ecommerce. Giants head of the sports swag company fanatics on pandemic holiday. Shopping was interesting. Thing was the debate. Could have been better if the ship. It never had worked acid so much pressure on the shipping ship. Plus who's the best selling sports team this season. I will think. I'm going to be able to get this The bengals danley dot net. You won't get it. We're back after this support for this podcast comes from goldman sachs through launch with gs of five hundred million dollar investment strategy grounded in the belief that teams with diverse leadership drives stronger returns goldman sachs remains committed to facilitating connections and increasing access to capital for women black. Latino ex and other diverse entrepreneurs learn more at gs dot com slash launch with g s. You're listening to squawk pod with joe kernan and becky quick. Here's joe maybe it was. One of the bright side is in good morning. Welcome back that. If it had been three months we you know we wouldn't appreciate every single thing that happens in the year. Now every single thing we we've been sort of we missed out on for an entire year. So is that everybody's missed a birthday. Everybody's missed anniversary. Everybody's missed graduation or at least a step up from whatever grade. You are in an equaliser Every one of the kids got hosed on something yup but one of the biggest shopping weeks of the year consumers are leaning on ecommerce to deliver for the holidays emarketer projects projects online sales grow more than thirty percent. This year joining us now michael rubin executive chairman of fanatics michael. We're going to get to your new partnership with barnes and noble education. We're going to do that. We had plans earlier. Things happened but i we want to ask you about retail in the final push before christmas. Who's with what's the biggest selling jersey. What else is going on Anything else going on in in the nba. Did i miss something to the. Are we playing again. How the sixers looking start and go wherever you want short first off. It's e commerce. I think everybody knows been trip. I think we definitely skipped ahead two or three years of four many commerce perspective. I think general retails pretty strong to one. Big difference has holiday season is. There's been so much fresher on different shipping networks to deliver. I think there was even more demand that could've been is good as businesses. good better. that's pretty interesting of mar business. I think it's been very broad-based josh. You year generally very good knowing what teams the best. What the best players would you take. The number one selling game is today. Cross our entire business. You mean a across all sports all sports. Doke get this wrong. Speak fresh right here. I don't think i'm going to be able to get this You know the answer. Only so good the bengals daddy not even a possibility not new ever ever be number one team. It starts with the same first. Initial ounce. buffalo bills are the number one. See i would have never gotten that. I would've never. I would have said the browns before that because all the silent about the buffalo bill since saturday the number one team. They've actually war business this week in never two three and four combined i would never be five years. Dodgers doing lakers. Doing great chief steelers cowboys. The big surprise. I thought it was the first time i could ever stop hot. Steam was that i would not have. I still think. I'm still thinking of mahomes and and And brady i think is probably making a greater number one tuned. nothing changes. It's always top number one or two and mahomes never wanted to go rake us lebrun to is new to the list. He's really well. You bet continues to do greatest while there's the top five selling jerseys today but overall back to overall question i think e commerce you're gonna see thirty percent plus across the board of we had a terrific year up again. The most interesting thing was the debate. Couldn't even better if the shipping had worked but with corona to deliver a vaccine. First time. there's so much pressure shipping efforts to shape still thinking about buffalo. I guess you'd think that they could. They could do it. You think remember in the old days. I it was said jim kelly. They'd get there and it never happened so you think they could do it this year. Who who do you one thing. Buffalo bills fans are really excited. This week the lakers spans and the dodgers fans had been our top teams. The build spain's came out said we haven't been there for twenty five years. We're gonna show you how excited we are we care. And they're the walls up in a big way when he said it begins with a b. I almost said barnes and noble to give you a really good segue Into into this partnership about yeah. We're super excited. You know for us at fanatics lives together and watching what we want to do. Scrape the single best experience. The seven hundred seventy five universities. The barksdale blige -cation works with and also for their college students. So what we're really doing leveraging three great companies coming together to improve the experience for again college students and seven hundred seventy five universities raw pressure to make more money to innovate. We're going to take all the commerce capabilities of financing. Put it behind the seminary by universities to help them. That single up better technology better mobile water assortment enhance your marketing vision. Which is the number one. Retailer of licensed stores understands the consumer. Bring that the college campus cases a couple. We've been meyer fall longtime pretty seven hundred. Seventy five can't stores a of work together to strengthen the offering to benefit the students. That the i think that'd be terrific and it's great company might use being tim. Donald duck lewis job. Did the kind of been under understood and so my perspective. We looked at it and said we really work together to strengthen this offer well when it rains. It pours in terms of sports. I don't know if you look at what's on a day in. I guess it's coming all the way back. Michael can you tell me when twenty when in twenty twenty one. But i guess vaccine rolls out to do the ratings immediately come back or or is it fragmented from streaming and all these other outlets. What's really going on. Yeah well. I think couple things happen i is. The ship encounters only confused sports fans. I think in general going back to room counter. I think is going to help ratings. In addition what. I always talk about it. So look at television rating oli again that the same thing of looking at a brick mortar retail sales without looking at e commerce. Today i consume most of my sports slips through social media. You need to look at all media pieces cobbled together into one number so i don't think there's always gonna be pressure on the road cast television partner media radiance boost social media visual consumption. Continue to get bigger and bigger. But i do think in general sports are gonna have the fans mapra sports. I think he's going to be tremendous consumption. I do think it's gonna be exciting. The second year get fans back in the stand with normality kind of return to some level of what the newest really quickly. You've got more eyeballs. That are coming from social media. Networks are those as profitable or is it a losing proposition just in terms of profits today. The dollar seating social media ibos definitely smaller than traditional broadcast. But that's our job as entrepreneurs and innovators to figure. I didn't do more interesting. Things to indicate with a fan. One by one were interesting via digital media and social media than traditional broadcast. Today's smaller. I think sports leagues teams ownership for a create. A better experience. Actually make money from that walter. Thanks mike that's upon for today. Thank you for listening today. As always squawk box is hosted by. Joe kernan that he quick and andrew. Ross sorkin tune in weekday mornings on. Cnbc at six am eastern and to get the smartest takes an analysis from our tv. Show right into your ears. Subscribe to squawk fog wherever. You're listening right now when we evac here tomorrow christmas eve this. Nbc podcast is brought to you by t. Rowe price delivering a strategic investing approach with a long-term perspective to help advisors and their clients feel more confident through good markets and bad expect rigorous research and prudent risk management from an experienced team of fund managers since nineteen. Thirty seven. t. rowe price invest with confidence.

president trump elect biden cnbc T. rowe becky congress tom friedman joe eu new york times Katie kramer Michael ruben Kernan andrew biden President trump white house
Pfizer CEO & Combating Global Infection; Transportation Secretary Pete Buttigieg; Fighting Inflation Fears

Squawk Pod

35:46 min | Last month

Pfizer CEO & Combating Global Infection; Transportation Secretary Pete Buttigieg; Fighting Inflation Fears

"You gotta take a listen to this. It's swap pod that's right. Cnbc's flagship business news. Show is a podcast squawk pot. This control to is not just the show folks might be even better because it's only audio join me. Katie kramer as i take you inside the squawk box control room and beyond the headlines of tv broadcast with joe kernan becky. Quick andrew ross. Sorkin subscribe to squawk pod on apple. Podcasts spotify stitcher. Or wherever you get your podcasts. This squawk pod. I'm cnbc producer. Katie kramer today on our podcast. Vaccinations continue in the us. But there remains a covert infection. Crisis abroad pfizer. Ceo albert lagos beyond borders dynamic. You are as protected as your number so setting aside the moral issues if we were not able to provide services for nba. We're going to be able to become pool. Where the virus replicate and the hottest topic in washington. It's infrastructure for. Everyone says transportation secretary pete buttigieg. This isn't just an issue for all of life for americans. This is an issue for our business. Competitiveness you look at our allies look at our strategic adverse definitely china they were not shied the infrastructure those stories plus hackers in dc minimum wage hikes and coming soon new ceo game. Stop you want to be considered for the surge. Do you have ideas. It's tuesday april twenty-seventh twenty twenty. One squad begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick with joe. Kernan and andrew. Ross sorkin today. On the podcast. The s. and p. five hundred index of the largest publicly traded companies in the. Us hit a new record high monday. Investors are optimistic looking to a more broadly reopened economy. Dozens of companies are reporting quarterly performance. This week but one soft spot to take note of the consumer products sector declined yesterday including some big brand names like coca-cola and proctor and gamble this comes as commodity prices are surging. Corn futures hit their highest level in more than seven years copper highest in a decade the cost of materials that are needed to make consumer products and transport consumer products are going up. Data from bank of america showed that the number of mentions of the word inflation during this reporting season tripled since last year. That's the biggest johnson's the bank started monitoring this in two thousand four. The story yesterday was inflation. It was the consumer products companies that dragged down the dow. You had proctor and gamble at coca cola. You had walmart all lower on this remember just last week. We heard from both proctor and gamble and coca cola that they're going to be raising prices to deal with these higher commodities. 'cause we've been talking about it for quite a while the ten year note right now is still hanging steady. It's yielding one point five seven nine percent guys. This is pretty interesting as we have a fed meeting today to try and determine what they see happening in the market to. And i think one of the big questions is how much they're going to be focusing on inflation but again watching all of these things play out on a daily basis and looking at cornyn copper hitting new highs one more time corn price in a previous life i was a commodities broker in at six bucks for corn is. It's like it's like the old expression beans and the teens but you don't immediately think you immediately think higher prices corns up but you know chips tortilla chips and and like It's worrisome worse. Don't don't don't need that. But but the inflation concerns attention. Yeah way to sega hard shell tacos. Things like that but inflation. That's in the back of everyone's mind. That's the one thing that most guys are in gaza pointing to this point for the future. Worry breaking news this morning out of washington right now and it's on the minimum wage image average with some of that news for us amen. I will reveal the news for you. Andrew with this was on embargo until six. Am but the white house saying now that the president will be signing an executive order today to get to a minimum wage of fifteen dollars per hour. Four federal contractors remember. The president wanted to do this for everybody earlier in the year. They couldn't get that done due to senate rules up on hill so this is sort of a drop back position for the president. He wants federal contractors to make fifteen dollars per hour according to the officials who briefed us yesterday on this. What they're hoping to do is put this in federal contracts as of january twenty twenty two that all federal contractors must be paid at least fifteen dollars per hour. They're saying that that will be indexed to inflation every year so it will automatically go up. They don't have to do a new executive order. Every time biden officials say they are confident that it won't kill jobs as a result of increasing. This and i asked him biden officials who were briefing us yesterday what their message was to taxpayers. Who presumably would be on the hook for the extra wages. They insisted though that there will not be any additional cost to this because they say all sorts of efficiencies and other benefits will come as a result of having that so taxpayers. They say will not be on the hook for additional cost here but joe biden expected to sign that executive order later. Today is back of you. Just go back for a second one. What do you mean by. Additional costs additional efficiencies. So they're saying that there's going to be improved all sorts of improved benefits in terms of federal contracting as a result of hiring these workers at a higher price point and so therefore the overall hit tax payers. They say will be a net zero right. That's the argument in the federal government. Doesn't why would they ever leave anyone off. They don't have budgets they don't mind the ps and qs. They don't have to don't have a boss that say. Hey wait a second your. Your division is spending too much remember the federal government. I guess your job remember. We're talking about contractors here right so these are private companies that are working for the federal government's himselves directly fifteen hundred dollars per toilet seat and no one asked any questions. Let me ask you one other thing. They were the january. The january twenty twenty two number. Can we make that the go-to month for all this stuff. Like the tax hike on the capital gains. Would you mind if you could suggest that. Just give us this year. We may have a couple of things. We need to do long term. Everyone gets a free flies. If you've worked at comcast for the i mean. There are certain things that might you might have to do with that. Not saying at that point. I'm sure you've got a little paperwork to fill out. Joe but interestingly jen psaki yesterday at the white house was reluctant to put some specifics on this capital gains proposal. She ducked two questions. One was on the timing of when it would kick in and the other one was on this question of whether the million dollar threshold they're talking about applies to individuals or to households right so the big difference there at the top end dealing with very few people but still there's a big difference for those people who are on january twenty twenty one refusing to answer those questions and saying the fact sheets later on on exactly what their proposals that wouldn't be fair with it if they if they blindsided people instead john. Too late you're already on the hook because it'd be too late. If they go retroactive raise taxes on people you're going to raise taxes on people right and the question of fairness is elections have consequences. Right hello i mean. Even they said that. I think somebody from the administration had said earlier that they wouldn't do it without giving fair notice but is somebody pointed out yesterday. Look they told you. This is what they were going to do when they were running. Is that fair. Notice that that this was things that they had campaigned on. I mean biden campaigned on it right so the idea is that this is a democratic process. And we said we're going to do this. We won the election. And now we're going to do it. The question is whether it's ever gonna happen right. I mean you gotta get this done up on capitol hill and so you know. Think of this as a starting point in negotiation and we'll see where we end up. I don't think people should be assuming by out. There is the final final answer that they also you know. We promise you won't be on the backs of americans so it's not going to be americans that are that are going. This will only be those point three percent and they. I don't know what they are. They're just say that. There's some type of on americans i think. That's what you call an unfortunate phrase those people so don't worry because regular mary. They're not they have nothing worried about but these people she did. She did say that and imagine that she wants to take that back but the argument that they're making yesterday. Is that zero point. Three percents of americans are going to be paying this tax. So it's not a big problem for the vast vast majority of americans the un-american americans. No we're talking. I mean we're talking about five hundred thousand americans and that's what we're right in american. I think it's five hundred thousand american families or five hundred thousand american individuals. That's yesterday but i'd have to go back and chow so since since tap million households in the country that will pay higher eight and and the truth is a lot of those households watch. Cnbc we appreciate that and but nonetheless actually separate question We also want to ask about this other. Developing story which i'd forgotten about the washington dc police department is now the target of a ransomware attack yesterday. Hack data being leaking onto the internet that daily included chiefs report list of arrests elicit persons of interest accurate. Threatened to not release information about police informants to criminal gangs. What is going on here. Yeah that's a tough one. And we've seen these hackers working their way through the municipal governments around the country hitting them really hard a lot of hospital systems. Where you see people you know. There's life and death at stake hospitals. Go down in this case though. It's brutally tough for police department right. I mean you talk about your list of informants potentially being leaked out to criminal gangs and retribution. All across the city for those people having spoken to the police and that could be a potential wave of violence that you're looking at so if you're a police department you've gotta decide. Do we pay these criminal hackers and that's just a tough decision especially for the police because you're the police department and you would be sending money directly to criminal gangsters That seems like an untenable position for a police department to be. And we'll see what they do here. But you think about the goal of ransomware right. What is the goal of these bad guys on the other end of the computer. It's usually just to raise money. This one feels like you talk about hackers cooperating with nation states. This one feels a little bit more political in nature because of the police department because the destabilizing nature of what. They're talking about potentially doing here. This sounds like an an effort to generate chaos as well as an effort to generate revenue for the bad guys it has a political undertone to it. So i'll be curious to see what we learn about. Who's behind all this okay. We'll aim and we will look forward to you watching that for us. Meantime game stop shares. They're jumping take a look at. This company raised five hundred fifty one million dollars in a new stock offering. It sold three point. Five million shares. Says it's gonna use the proceeds to accelerate win. It's calling shift to e commerce now last week company announced that it ceo. George sherman will step down by the end of july that the board is currently in the process of a ceo. Search so Stocks now at one hundred eighty one dollars. I don't know either of you want to be considered for the ceo search. Do you have ideas about. Kramer has ideas about how he went. Transform that company. I don't know if he's on the list. He had like detailed ideas involving bitcoin and all kinds of stuff for games that it does mean something to be able to sell it. Those prices i think. And if they're making a transition that'd be more shares of stock up but if you are making the transition and you really are serious. It'd be good to have any. I think somehow put say marker up nine or ten i think because we've just got diluted the no but it sort of makes me more of a believer does that. Maybe there's something. There does this because i don't know maybe there's one born every day but To be able to raise my cake escapes out there. That's horrible coming up. It's at becky quick. I think isn't it at your twitter but much more on. She's going to be in a suit next time she comes on. You can follow our gang on twitter at becky. Quick at joe squawk and at andrew arse work can follow the show to at soi. Cnbc coming up next on. Todd not everyone is lining up for their vaccine pfizer. Ceo albert birla has a message for those hesitant to get their shots. Looks at data. Buca competent newsra. What's up around the and seeing wise before you make a decision but will affect people around. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast today. This is squawk pod. Here's andrew ross. Sorkin we're leading up to the launch of our special event inspiring america this saturday night on. Nbc and on sunday. Right here on cnbc we're highlighting extraordinary people making positive impacts on their communities and this morning we are joined by a very special guest in meg. Terrell is bring him to us. Meg andrew. This morning we're joined by. The ceo of what is undoubtedly one of the most influential companies of our time. Right now. pfizer's vaccine is keeping people safe and helping people get back to normal all around the world. Albert chairman and ceo pfizer joins us now albert. Welcome this morning. We'll all never forget that day. Your vaccine was found to have more than ninety percent. Efficacy it as a day. I think a lot of people are marking as a historical one in their lives and here in the united states. You're vaccine is really helping us get back to normal. How are you looking at access around the world to your vaccine particularly in india where it is just a horrible situation right now in india's horrible situation on the other places of the world the been threatened with nations right now and they ability vaccine Houston lower and the way i see. It is a very big problem. Not only because ethically unacceptable but also because the pandemic you are s protected your neighbor so setting aside the morale listeners. If we were not be able to provide service for india for another be able to provide store africa they will become who where the virus will replicate and we're the generate volumes. So this is something with needs to be addressed. Are you seeing Work moving at a good pace toward actually addressing that to getting vaccines either yours or others. In higher quantities to india and two countries in africa and others around the world. That don't have access. And how do you see that system really working. What is the best way to achieve global access when manufacturing is still getting ramped up everywhere. Absolutely i think that everybody's doing great progress. But i can speak about ourselves as you know when we made this anonymous about the vaccine will forecast to build one billion dollars for this year. Then we did. The tremendous tremendous progress in improving the process in building infrastructure. Will this be the flight in man. Resolving east of third party suppliers right now are very constable that the this year we will produce twenty half billion doses if not more but at least have been on those that means on your life basis three billion dollars coming from only one company is the doses clearly They can be used only in a part of the show the south leo their rates. But those were the second so the first one and the second line is to make sort of a price barrier and already from May june win now we could signing first commercial contracts pfizer implemented a tear rise so the high income conference are like the us europe upon. It's about the they're having. Fdr pricing of what they call the cost of. Neil which i think is very reasonable and allows every government but tens and middle income countries respect the price which is and the low income countries. They ara having a practice. Which is at number of so with us. Do i think we are marketing works. 'situation solution can be tom our in new york paper. It's the post. Covid cure may be ready this year from the pfizer drug and it. It's a i you know which one i'm talking about. Pf zero seven three two one. Three three two is what it said but it prevents replication of of covert in the nose and could be an oral medication and they're calling it. A cure could be ready next year. Is that headline accurate. Excuse documented watching a man on the viral and the what an extra onto wanted executable and the other one is said is an aura and particularly the testimonies on the oral of the world and of us because provides several advantages. One of them is that you don't need to go to the hospital to get the the treatment of which is the case with all the things excellent so far but the you can get the call thought could be a game changer. The compound of you're talking about and you there well. The numbers need is a processing. He The good thing is that this is the first Molecule that is coming from this type of a class This is a good thing because you can combine it with other drugs. Also that make an oxygen decides that the is not expected to be subject to mutations particularly because it's not acting on the spy as we all know all the mutations that we are hearing great now are saying in the province of the spy. This one doesn't work there so that allows us to believe that there would be way more Effective against multiple variants so all good news now progressing the status and the we will have more news on some around the summer. I what do you think is reasonable timeframe albert for a small molecule antiviral pill like that to get through phase three and actually to get out there and potentially be available if all goes well if all goes well and we implement the same speed as we did so far and we are and the regulator so also do the same in the are by by the end of the year. I really quickly for you. Because we've got to go. But i just have to ask you a lot of folks wondering about your timing for the vaccine for kids. You've had data in kids ages. Twelve to fifteen when you expecting an fda potential decision on that and went. Could this get out and available for teenagers. Rose you said that it is in the hands of fifty eight hundred. Ama the hints off other leaders. They are denies the day as they suit on domestic. Because i know they were They were having conversation efficacy. The good ability in the safety provide Based on fact. I believe the the ama would move veteran plus sorts of question of weeks and the other question for you here albert in the united states is. We're getting to this point where the folks who really wanted a vaccine have probably at least been able to get their first shot already. How does visor seek to reassure people who might be hesitant about the long term safety of your vaccine That this is something that will help them. It will protect them. How do you Counter when when folks asked you how can you be sure. This was tested so fast. What do you tell your friends and relatives who might think that daily want these. I think that you should never take. You should never try to kill them or go. Challenge their jobs or to the same them because for this season they are good decent people and the either they cover a real fear or they have been misinformed. So you can tell a lot of things what not is not me. But i'm the best convinced me but if this others that they do not have thirsty. These scientists journalists is a political leaders leaders of the community. But of course it's from me. And the i found that what really resonates with us. People it is when you explain to them okay. You make up your doubts but you're the season he's not going to influence only your your decision to get vaccinated wanted The health of others and the likely the health of the people that you like and the most because they're the people that interact with so thank you twice. Looks data look at companies. Look what happens around the world and think twice before you make the seasons affect people around right albert birla. We appreciate you being here today. Thanks again we'll see you next. On squawk todd transportation secretary peter budaj defining infrastructure and autopilot in the wake of a deadly crash in texas policy needs to evolve with the technology around automated area. Important out of anything available on the day is designed to assist driver not not to replace the driver and have you voted for us yet for the webbie's people's voice award head to webby that's w. e. b. b. y. Awards dot com. We are in the podcast. Categories would love your support. We're back after this. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but it's thing you'll hear all day subscribe to the worldwide exchange podcast today. You're listening to squawk good morning. Squawk box right here on. Cnbc andros organ along with becky. Quicken joe kernan all right. President biden is scheduled to make his first address to congress tomorrow. A major topic will be more than two trillion dollar infrastructure proposal which includes spending on everything from upgrading roads and bridges to broadband to home care services but congressional republicans aren't fans a group of senate. Gop lawmakers has unveiled a roughly five. Hundred and seventy billion dollar counterproposal. joining us. Right now to talk about the competing plans and how president biden plans to pay for. His plan is transportation secretary buddha. Judge mister secretary. Thanks for being here today. On those to be with you it's good to. We can talk about the republicans plants but i think everything kind of hinges on what democratic senator joe manchin is planning and doing right now. People have been watching him very closely especially in recent days as it looks like he is really starting to tap the breaks on things You all can't use the budget reconciliation without his vote. Because it's such a close senate at this point. And i just wonder have you or anybody else in the administration reached out to joe mansion to see what his thoughts are and how quickly you might be able to sway him. Sure ruined touch with him. He prefers a bipartisan approach. In so do i and so does the president. That's why we're not only in dialogue with our fellow. Democrats the spectrum of course we're in dialogue but republicans are glad. They came to the table with a their version. That's the starting point but we also need to be moving pretty quickly here. Because i think the american people expect results quickly. We've allowed our infrastructure to fall to thirteenth place in the world and one area that. There's strong bipartisan agreement. Definitely add in the country Among the american people is that we've gotta act and we've got to invest in a big big way. That's what our plan does. And that's what we're discussing every day with people from both houses and both parties. I think you're right that there is definitely some bipartisanship when it comes to infrastructure but that depends on your definition of infrastructure and the big plans and moving forward quickly. Probably don't correlate correlate with bipartisanship at all joe manson wants to slow down and talk to republicans and embrace a at this point. It looks like something between six hundred billion or six billion and a trillion dollars in infrastructure. Is that something that you're willing to give him time to to sort out with the signed for you know we're we're eager to have these conversations and we gotta make sure that it's big. We gotta make sure that these investments over the baseline of what would have happened anyway and these are exactly the conversations that are going on right. now I think it was. A mayor who wants said has no such thing as a democratic republican hole in the road. So i've got to believe that there's any area artisan cooperation left. This is it. We know that our roads and bridges me. We know that our ports our airports are not what they could be. We know that americans have been asked to settle for less rail on transit. And by the way this isn't just an issue for quality of life for americans. This is an issue for our business competitiveness. To look at our allies you look at our. Strategic editors definitely china. They were not shy to make big infrastructure investments in alaska. Lot's going to depend on what we hear in the early. Twenty twenty two secretary if you look at infrastructure again. The bipartisan angle is one that's a much narrower definition of infrastructure and probably one. That fits into your purview as transportation secretary a little bit better to would you be okay with a stripped down. Version like senator manchin has said that he wants that does not include some of the at home services and some of the in the community services that really just looks at more traditional examples of of transportation. Things like bridges roads even broadband. Would you be okay with taking a trillion dollars or less of a package and focusing just on that. We believe these things together. That's why the president plan them in a package that goes but there is a a a really complex process giving take legislative mechanics and we're going through that process right now but i will say is i. Think the debate over whether to call something. Infrastructure is little beside the point. You know the truth is a strong majority of americans believe in making sure that something. Like elder care is more affordable. I think that's part of our economic infrastructure because a lot of people aren't in the workforce because they can't afford to take care of loved ones but if you don't think that's infrastructure and we still agree that it's good policy than my message to those republican. Legislators is a vote for it anyway. Call it whatever you like and we can celebrate doing something good for the american this. This is the process. We're going through right now. And and i do think we're going to get something that's gonna be good feeding american people and going gonna help us forward the secretary. I agree completely with with something you said earlier. And i was really happy to hear you say that that infrastructure improvements will benefit our corporations and their ability to to compete globally. Which is what we really want them to do. Then i think about probably your support for raising corporate taxes. Back to twenty eight percent ed in state taxes and it goes up higher than that you put in the guilty part of things a g. l. part of things you can get up to where we're the highest tax a nation in the world in terms of corporations and i'm just wondering how do you square those two that you you understand. We need to be competitive our corporation. But you don't think that it's many people on both on the other side and nonpartisan even some organizations definitely think. We're going to hurt our competitiveness if we raise corporate taxes to those levels square them by looking at the data and the evidence from the united states look american corporations and business sector was competitive in the sixties headed in the nineties competitive the two thousand all periods where we have thirty five percent or much higher rate so tell me that something has gone wrong in the american business this business sector was incredibly competitive at thirty five plus as suddenly lost its capability to be competitive at twenty eight. It just doesn't seem to square with the evidence but remember there was a when twenty eight was what conservatives were hoping but three to the world going down you know that's what that's why they call it a raise. The bar and the rest of the world has been cutting and competitive one thing. American businesses will always be competitive. I'm talking about less competitive than they are right now and we did see some benefits from the recent cut. So i guess so. The race to the bottom is a real issue. And that's one of the reasons why the president's plan adjusts the issues that are incentivizing parking dollars overseas but again there's every evidence that american business can handle this and this has been modeled right you look. At moody's analysis apple shows. America creates more jobs if we do this including the tax plan. Then if we don't do this because the biggest thing holding america back right now at least in terms of our long term outlook for editors is the fact that we've tolerated a deterioration infrastructure. Look you can't get something for nothing but when you add this all up. I think it's going to be a win. Not just people. But for businesses to even if some of those corporations that have paid zero taxes on goings of dollars off last few years after pony up a little bit make sure it happens and mister secretary question about the framing of this right now. The higher taxes are being framed as effectively pay fors for the infrastructure package and some of the other ambitions by the administration. The question i'd ask you is. If for example. The price of the infrastructure package ultimately came down by half or even even less than that. Do you believe the tax. The tax raises should come down as well or the tax raises. Something very different. Which is just to say that we want to bring in more revenue. More broadly deal with debt deal with other things or do you think of them as directly tied. Well there's a reason that the the amount were proposing to invest and the amount Proposing to raise in terms of revenue are connected. They line because president leaves the division. He's putting forward ought to be paid for. And then when you run it out past the fifteen year window a where we'd collect those revenues For for these purposes It's actually serving to reduce the deficit starting in in year. Sixteen now i know that. That's that's the template that's the plan we put forward. Congress will have all kinds of ideas about the pay for is the revenues ends ending. And that's part of what has to be a disgusting associated now. But i just want to stress that the plan the present or the vision that we're arriving at this negotiation is one. That's fiscally responsible in that we've actually identified how to pay for everything posing to mister secretary. Can we ask you about another issue that we spend a lot of time focusing on and that's the the the crashes that we've seen from some of these autopilot of vehicles these vehicles that let you drive yourselves right now. Nitsa which is under the control of the transportation department is looking into. I think twenty four different cases of crashes like these and there's been a lot of public commentary after a crash over the last week in texas in the meantime the head of the. Ntsb has said that he thinks that there needs to be more control asserted on what companies can and can't say about what autopilot is. I just wonder what your thoughts are on that matter. Yes so the texas crash is under investigation. And this is involved in that so i can't speak to that directly at bologna mentioned two things. First of all policy needs to evolve. He bumped with the technology around automated vehicles. Automated vehicles present a tremendous opportunity including by the way theoretically a huge safety is human drivers Have the best track record seeing. You know well over thirty thousand. Fatal crashes year a but that's talking about the future in terms of the technology that you can get right now when you buy a car with these ants beaches very important to point out that anything available on the market today is designed to assist a driver not not to replace driver. It counts on you being in your seat paying attention. And that remains the the main issue of safety today is having attempted drive attentive drivers not distracted unimpaired. And we're gonna continue driving that with nets even as we're looking ahead to what's going on with technology and and frankly we need to work with congress because the authorities that we have are designed around vehicles. We've known up until now we've got to be ready for secretary footage actress fantasy today. Thanks for your time. And that's squawk pond for today. Thanks for listening. Squawk box is hosted by joe. Kernan becky quick andrew. Ross sorkin tune in weekday mornings on at six eastern and to get the smartest takes and analysis from our tv. Show right into your ears. Subscribe to swap pod. We're on apple. Podcasts spotify stitcher. Cnbc dot com. Wherever you listen to podcasts. When we you back here tomorrow you gotta take this swap pot. That's right. cnbc's flagship business news. Show is a podcast. Squawk pot control to is not just the show folks might even better because it's only audio join me. Katie kramer as i take you inside the squawk box control room and beyond the headlines of our tv broadcast with joe kernan becky. Quick and andrew. Ross sorkin every weekday. Subscribe to squawk pot on apple podcasts. Spotify stitcher or wherever. You get your podcasts.

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One Year into Covid: Pfizer CEO on Vaccine Efficacy

Squawk Pod

27:50 min | 3 months ago

One Year into Covid: Pfizer CEO on Vaccine Efficacy

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is squad pod. I'm cnbc nbc producer. Katie kramer today on our podcast one year into the covid nineteen pandemic. It's been quite a year to think where we were three hundred sixty five days ago if someone gets within five feet of me. I'm like you know what's your deal person. What is your deal pfizer. Ceo albert orla on the year. That was an attempting to lead americans out of the pandemic price or all americans Free right now. The tries to the government is a fraction of what the economy is the gaming. Plus the drinkers vaccine efficacy. What is our vaccine. He's protecting against automatic sanctions and ninety four percent. It's thursday it's march. Three hundred seventy at something for life folks. It is twenty twenty one squad. Pod begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew ross sorkin. We're going to start things out this morning with the money. It is about the money. Let's talk about the markets gentlemen. Let's take a look at the squawk stack this morning. Not sure where we left things. I think tesla was in yesterday. We're back to game stock which is down ten percent this morning. Anything anybody wants to change up or ad. I wanna game stop because yesterday i think it was three fifty at one point. So maybe we can't. We can't really fit in a chart there but we could use one ten year as you say right about where it's been but because ten basis points is such a small amount but it looks way different than one six one five all of a sudden k. We're off on monday when we started talking and one six on monday. Four straight days of big gains so so far it looks like a pretty good call. The what roadblocks we should. We should add roadblocks for the day we could maybe today and what else we might have. We might actually have to put up kupang later today and at some point we should. But we're going to have to get steve gleason or somebody to do polling for this she get it. Percentage of americans vaccinated vaccinated. That's very good idea this. I wish we had you know the other thing. I'd like to keep an eye on. Is that people. And it's got to be something that tells you about how much liquidity there is out there. I think we should get a not. How many people vaccinated. That's too complicated. That's one shot two shots. I think it should be. Everyone vaccinated with either one or two and everybody. That's had cove it because we don't wanna see. I wanna see because someone said could be sixty percent sixty five percent so we know texas open all the past twenty five million who have had covert already and they think that in terms of people who have at least got one shot now and i think you could at least double if not triple might be six times that so doctor. Macari said right then. We talked to gottlieb lady yesterday. Who said it will flip from us people begging to get the shots to to the shooter begging for shots and also some interesting pieces today about these companies that have done so well. We assume that that they've moved up to a new level. And they don't get three steps up maybe one step back. Will it only be one step back for for the stay at homers for. I mean door dash. I will tell you not going to be the thing. I thought was most interesting yesterday. Maybe one of our sleeper interviews was the port the head of the ports down in south carolina. Just talking about how look you are. He thinks it's all because people have been sitting at home one of the biggest things that they've seen coming through. The ports has been furniture because people have been buying for their homes and he does not think it will last. We believe that is we get to herd immunity more vaccinations that people will go back and start consuming more services. You only need so many time. Bikes flat screen. Tv's so i think it will revert to normal But that should not be in our view until june july in the summertime basically and then that is the normal peak season sir remains to be seen if the economy is strong. You know what the peak season will look like this year. I've gotta keep checking in with them to see when he says. Okay we've gotten through this glut and maybe things are starting to slow down because that means consumers. He said they're not spending on going out to eat. They're not spending on traveling. They are spending on their home. If you can watch kind of with the ports the demand dropped down. That tells you a lot about those stocks. That have risen. Just like you've been talking about. Joe there's going to be some give back on the the sentiment on on the stay at home sector and and maybe there is some disappointment and sleeper interview. How about the just eight just the slightest bit less than our normal blockbuster interview is that possible. I'm just the people paid enough attention to it. I was my favorite interview from yesterday. But i don't know people to favorite i learned asleep. We've never had a sleeper interview. We have unbelievable late famous. And when you look at our big guest list yesterday you might not have assumed that it was a favorite but it was my favorite interview yesterday. Because i learned something totally different. When was that was yesterday. Okay becky if you haven't bought your peleton yet. I don't know if you're ever buying peleton so to me. I started saying it. Yeah that's yeah that's yeah. Don't you think it can be on the same team that no we don't wanna be we're all on the same. We ended up getting a treadmill during during the pandemic. but i. I can't imagine there will be people who will need to in things a treadmill a good treadmill. You didn't get. The great is great. But i think a lot of people who wanted to do this. Didn't now and to think that over the next twelve months eighteen months somehow that kind of growth is going to be sustained or even look similar. I think it's hard to believe but who knows today. March eleventh is milestone. president biden will make his first primetime address tonight to address the next phase of the us in response who also commemorate the one year anniversary of the at the time. Unbelievable shutdowns taken across the nation at the beginning of the pandemic. Here's the head of the world health organization one year ago today w joel husband assisting this outbreak around the clock and we're deeply concerned both by the alarming levels of spread and severity and by the alarming levels of action. We have that. For the assessment that covid nine nineteen can be characterized as a pundit march eleventh twenty twenty. The us had confirmed one thousand cases of the novel coronavirus in the year since nearly thirty million americans tested positive and more than five hundred twenty. Nine thousand of our fellow citizens have died also during that time. Three vaccines were developed and approved by us. Regulators in nearly ninety six million shots have been administered. Almost twenty five percent of the country's adult population has received at least one shot. It's been quite a year quite has been to think where we were a three hundred sixty five days ago joe in your brain trying to figure it out at there are things that i think have been field. Seemed like they were ten years ago. And then there's things that i mean easter. I swear we just we still do. We still hide eggs in our house. My kids are twenty one and nineteen. Yeah twenty one eighteen okay and they have you know maybe candy. Maybe a message like a nice message. Something to think about her. But i swear we were just. I actually don't do it. I was just watching someone do that. Clyde all of them it seems like easter easter bunny. That's right easter plenty. That seems like last week but then other things seem like this has just been the endless endless mask wearing and i don't know i'm still walking around outside the park yesterday if someone gets within five feet of me. I'm like what's your deal person. What is your deal. Do you not understand the pandemic around me. Nobody there will be some some of. That's going to be hard to to change right. Feel really weird. Yeah crowded article yesterday about. We're going to have a hard time coming back out great. It's look i. I'm not going back to kissing people anytime soon on the cheek except for my immediate family. Right do you think that restaurants bums for life. Do you think restaurants go initially have more business than prior to it and does door dash initially go down. Below was before it started or or is it s going down but i think restaurants will have more business. I've cook dinner. And i think now three hundred sixty nights in a row at home and i'm sick of it that not everybody is done that. I've been out a lot. Not everyone has but you've got obviously you know your parents and everything else but we have somebody on protecting and yeah you must be just nuts. Sick of imagine how sick they are of my cooking. My gosh you got any better. You said that sucked us kinds of recipes now. I have new recipes. I've tried it's just breaking out of your habits. you gotta. you can't have the same four meals or six meals. They got a break out and find new things and much better. I suggested someone sent me one of those slow cookers and has my face on it so this years ago five six years we all got art embarrassing slow cookers. You can make anything. You could put a shoe in there. It'd be like wow this you put enough chicken broth and maybe some mushroom soup and let it go for for like twelve hours. It'd be like the soul might not be as good as the leather pump. But i mean pork chops in there you can. We've got some really good slow cooker. Have you done slow cooker becky or you just an chicken and dumplings you can make chicken and dumplings to and there's a really good beef stew you can make an There's just beef that if you let it marinate for twelve hours become super tender get sorkin now let weighs less. I guess that's the treadmill everybody else's gain weight. The treadmill is life changing guys. Just you know next on. Swath todd a year into pandemic and pfizer's journey to today's vaccine. Ceo albert portland. This is the first time but there are coming with a concert. Mason of surreal world labor leap of the minute. You never expect the high number man force at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at chain healthcare dot com slash cnbc change healthcare insight in avation transformation. Welcome back to squawk pot today. On the podcast. One year and on this anniversary of a once in a lifetime global pandemic a year that has felt difficult even endless it's staggering to think how close we are to the other side. President biden has said every american adult. Who wants to be vaccinated. Should be able to receive that shot in the arm by the end of may in this country about two million shots a day or being administered late last year just in november pharmaceutical giant announced that its covid vaccine developed in months was more than ninety percent effective for doctors monsef slough who advised the trump white houses operation warp speed initiative and anthony fauci head of the national institutes of allergy and infectious disease. News of that breakthrough was a powerful moment. The closer you get to the result the more you become a whole my god. Oh my god this is gonna work or not. I was outside in the back yard with my mask on of a friend's home. And i got my my cell phone went off and i got up and i took it because the people at my cell phones of people who who i should probably talk to and it was album. Birla who is the ceo fiso and he said you're not going to believe this but the results are absolutely amazing. Zits well over ninety percent birla just as the press release was coming out and say you know if his ninety percent and i it was incredible honestly it was one of those moments of joy that remember forever it was like oh my goodness gracious was sort of like a bright ray of sun pushing all the clouds away. That was an incredible feeling that night it was kind of liberating. Because that's the minute you know ultimately we're going to take back control of our lives from these virus monday november nine two thousand and twenty and squawk box begins right now breaking news from pfizer this morning about its vaccine and ninety percent efficacy ninety percent efficacy ninety percent effective. This is good for a nine hundred thousand points on the dow albert birla the ceo of pfizer. A great day for science is a great for humanity. I think we can see lives at the end of the tongue woke up that said you may be rather emotional about something today. I swear to god. I swear to god pfizer. Ceo albert birla is out with an open letter. Today reflecting on the loss of human life from covid and the incredible record pace axiom scientists. He also praised the power of collaboration. Particularly pfizer's partnership with germany's by contact that resulted in the world's first approved cohen. Nineteen vaccine and he says thanks to those efforts. Liberation is on the horizon. Albert joined our squawk box. Tv anchors and cnbc's meg tyrel today. Meg kicks things off albert. Thanks for being with us this morning. This one year anniversary mark You know and you have this amazing vaccine and more data coming out this morning from real world use in israel and i honestly had to check this stat multiple times to make sure i understood it. Ninety four percent effectiveness in preventing a symptomatic infection on the ground there in israel. Tell us about what you're finding there and what this means for stopping this virus. Thank thank you mcginty. Zoom the bullets unity thing that the day of the first anywhere. Serve the some of them me. We do have a message of hope coming from a country where they vaccinated almost the exact actually on monday. Five million of their people my loose more number worker israeli that means that they have actually made more than sixty five percents gumbo lesson more than almost eighty percent of the elizabeth booker lessons. Sixteen the the database cow turning us. Three things i would say the fastest of their confirming. They actually the advocates. So far in israel. He's coming in the ninety seven percent and that is not the f. against deaths or hospitalizations but also on a mild disease so everything or three measures mar crystallisation and deaths are northbound ninety seven percent in real life as millions of people in the second lead. You pointed out likely most important the hall. If these the them thing ninety four percent efficacy on a symptomatic this is ninety four percent or dexin against you getting infected. Even if you don't disease six seventy more them for you because you will not have a distance but for society because so the demonte a carriers that the patients are the ones that they are Spreading the disease main so this Is the first time that we were expecting. Have something good in them so for preventing us from i think about the. This is the first time that coming with conflict. Mason on syria world levied study. And of course we never expect the high number man and also very interestingly. This was This evidence was collected during a time when that be one seven highly contagious variant was dominant in israel. And it shows that you're vaccine is equally or even more effective than we saw in the clinical trials against that variant. Tell us about what finer is doing to stay ahead of these mutations in the virus what you're looking at in terms of shots and what to expect in terms of the efficacy against some of the other concerning variance. You're absolutely right actually. This is a fair very important thing comes out. They society but the age percent of a strange that domino's was eight percent of the uk strain over there and we ought to throw the results of this promising against variance What are we doing against their own. Sweet have already initiated the establishment that we will dry things if we boost our vaccine the same dose of the next six months and if we boost our vaccine with a adopting vaccine for the south africa variant which seems to be the toughest one against six months and we will see first of all. If we don't need to boost goes we have good protection already with do those is Is not schedule. Lease or efficacy. Better perfect some by giving fair thinking better protection by moving to a new vaccine but they were boosters in the all of their studies. We're having those with With a boost We will jump into few weeks into they. They knew variants and we will have some evidence. Either there is a need to do something different than what we're doing right now. So you're testing those booster shots at six months. I wonder how you're looking at the virus right now. The immune response generated by the vaccine. It's only a year into this pandemic a brand new virus. We've only had the vaccines for a few months. So it's it's hard to know. But what are you planning as a company in terms of meeting to make enough vaccine for potential boosters. Are you modeling that this could be twice a year shot that people have to get course modeling and we believe led. I'm above the other optimistic music pretty soon. They supply base may face Logistics outdo makes sure. You've actually lead those people or we make sure that people that they are not convinced that they get They need to give the vaccine needs to be convinced but supply after a few months any soon at least from our side right now as we can denounce the world who are about to make More than to be on those is actually i use with my team Our manufacturing readiness recently and right now On a steady state for example the entire trendy tool we will have a capacity of serbian does start would be if you have their on to whether it's going to be north of billions on his year For your advice to beat on those diseases A good enough alive. Very very big. Part of abso- Our very quickly. Just we have been arguing for some time that it doesn't matter which vaccine you get if it's madonna if it's pfizer if it's j. even though j. and j. had lower efficacy numbers because we said it wasn't really apples to apples that they were being tested at a time when all these new variants that were were out there and when the case count was higher too so that likely the the effectiveness was much more similar based on this new information. That you're hearing. Should i still feel that way. I mean i would still get any shop. Because i know that all of them are likely to keep me out of the hospital and i won't die if i get any of them. I won't die from cova but if you do pick up a mild version of it even if it's not something that sets you down could you be more likely to transmit it to somebody else in your household or someone else you come in contact with who has not been vaccinated getting this question I don't think he's elegant for me to speaking about the other mexicans but all misty what them delta with my relatives or my my family about what to do and i tell them you get a you. Try to get an appointment for five vaccine and the senate. We'll give it to you in two months and you can get an appointment james eight. Let's say this week. I as you say i understand that entirely and i think that that is the right thing to do and i think that is what i would do but if you have someone who can't get the vaccine because they have some of their issue they have cancer or their child still can't get it if you get a mild great version of this. Are you likely to transmit it to somebody or does it really cut down no matter which vaccine you get cut down. The transmit ability are the same in that level. I don't know what these our vaccine is blocking. Gerber is protecting against symptomatic. Infections denied the percent. I don't know about zan's. Am albert great to see you and again thank you. Just on behalf of everybody. My question he was there was a great story about you and five cover of business week. Last week and it an issue there was interesting question embedded in it around the profit incentive. And how to think about that company's gonna make a very good and healthy more than healthy profit off of this over the next couple of years. I know you hope. And i'm sure the board hopes. Jj chose not to. And i'm curious how you think about that. In this context. I think about the everybody greatest To make comments about other st now our case we have made the following. The seasons one was that we didn't take any taxpayer money to develop with the risk on our soldiers within doing that because that would allow sobriety because as you can see we bryce the actually even smaller prices than other signal accents or what we have the. Us dispense some similar law so it was the case it was the case. It didn't take the money because we felt that this will allow us to liberate our scientists from. Let's say that the orchestra of having our seventy degrees with those that. They gave the money. What will be the stunt they designed and as a result i think there s but we were able to the finish line. The second dishes that we made was to give the gospel as you know the price is known in the. Us is the price of meal clearly. The value of the vaccine brings to the world is Way way higher they. Rami cloudy madani. The cloud that brings the world is tremendous. Oh decided to capture vetted small bar or designed to because we didn't want to abuse let's say is some the we will do that. So that's all i can say. I think that the price for all americans is free right now. the price. The government is a fraction who after the economy is the gaming about the other but the thing is appropriate to discuss prices. Excellent saves the world as a fascinating discussion in in different approaches to doing something like this alvar. But one last question for you. I know you were waiting in line with me long. I wanted to read something like that in the low income confidence likely offer gas or some kind of me. The least we do give it at cost right so for those. Even the the low price of a meal is a problem with give goes. We don't give it a cost but we give it a very very low rise. As i said the high income comes but they kept significant gains from sort of men. Have you gotten your shot yet. I did i did. I did my second so the days ago in the three hundred and i felt liberated. Why not worry about my. My family received it yet but the club time just to get them name. I hope so too. And the eighth matic. Transmission is cut down albert. Thanks again thank you meg. Thank you thank you albert. Not only for coming on today but more importantly for what he has done with this vaccine he and his team at the other companies. I mean they have given so much hope to get my shot to squawk pot. We'll be right back at change healthcare. We're transforming the healthcare system for the better our platform powers data analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at change. Healthcare dot com slash. Cnbc chain healthcare insight innovation transformation. And that's the podcast for today. Thank you for listening as always it's been quite a year. Thank you for being here. Squats hosted by joe kernan better andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern to get the smartest takes and analysis for our tv. Show right into your ears. Subscribe to squad. Wherever you get. Your podcasts will meet you back here tomorrow at healthcare we're all about making the health care experience better for everyone. Our data analytics driven platform streamlines the billings in claims process. Payments are made quicker easier and more accurately saving valuable time and administrative costs. It also helps. Healthcare providers share an access relevant data more efficiently leading to more informed. Diagnosis and better patient outcomes learn more at change healthcare dot com slash cnbc change healthcare. Incite innovation transformation.

pfizer becky Katie kramer Ceo albert orla steve gleason Macari cnbc president biden cnbc andrew ross sorkin Kernan Swath todd Ceo albert portland President biden
Defending the Vote; Modernas 90%; The Crypto Revolution

Squawk Pod

36:08 min | 2 months ago

Defending the Vote; Modernas 90%; The Crypto Revolution

"Exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast today. This is squawk pod. Cnbc producer katie kramer. Today on our podcast another letter to legislators from the c. suite on voting laws in america. This is a very thorny line to toe for corporate america so interesting to see who signed didn't who still speaking out and is that going to be enough just two weeks after black executives. Vocally opposed georgia's voting law. A larger core is speaking up if the ideas that we're going to export a democracy if the ideas that our democracy matters more than anything else. That's what should be a shining beacon the rest of the world. it's actually important. american companies. Speak up and say show maderna's covid vaccine more than ninety percent effective six months after the second shot vaccine pipeline and safety with ceo's voncile look at the data how sixty four point five million those is that have been at least two people around the world and we have not seen any data suggesting any association. We've eagle competitions plus cryptos day has come coin base is set for its massive debut longtime bitcoin bold. Mike novi grad says. It's only the beginning. This is a really important day. For the whole crypto. All right this is say. This is an asset class. It's an asset class. That's here to stay. Quaint based isn't a fintech company right. It's a crypto ecosystem company. it's wednesday april fourteenth. Twenty twenty one. Squawk pod begins right now. Good morning and welcome squawk box right here on. Cnbc andros organ. Along with joe kernan and melissa becky's off today this morning powerful message hundreds of companies in executives from around the country signing onto a new statement opposing discriminatory legislation that would make harder for people to vote. The new signatories include timber largest companies in america. Amazon black rock. Google warren buffett signing that letter personally general motors. The list goes on and on and on. The new statement was organized in recent days by former american express ceo. Ken chenault who helped organize a letter. Opposing suchledged legislation signed by dozens of black last month. What we have heard from corporations is general statements about their support voting rights and against voter suppression. But now we're asking put those words into action when it comes to protecting the rights of all americans to vote. there can be no metal ground. He came on our air with ken. Frazier who also helped. Organize the statement. We're actually making it much harder for people to actually cast their votes and then on top of the fact that people are standing in line for ungodly hour. We now make it illegal to give those people water where they're standing in line because of course we know from experience that only fraudulent voters get thirsty. With standing in line there is no substantiated compelling evidence of voter fraud to justify these restrictions. Democracy depends on every voter in this country. Having free and fair access to vote without discrimination and without undue hindrance the statement we shouldn't say does not address specific legislation in states but among the notable companies who declined to sign the statement. And this is where things get interesting coca cola and delta both spoken out against georgia voting wall up but decided not to in part because of the remarkable blowback that they received after this mitch. Mcconnell has come out quite publicly against companies on this as well a. j. p. morgan Was not a signer. In this regard nike not assigned. Or there's a number of companies that do business in china for example That were concerned about being described as a quote hypocrites if they were take this here in the united states but elsewhere. But i have to say when you really look at this. This is not seventy two black. Americans black business leaders who are coming out saying this as they did just two weeks ago. This is now some of the largest companies in america that are concerned about what's happening in now. Forty seven different states that have a number of different proposals on the table relating to voting laws of ostensibly meant to protect the vote and make vote more secure but in many instances. I think it's impossible to suggest that in some cases they suppress the vote for one particular party. I should say that all of these things. All of these voting proposals have been put up by the republican party. I know that both of the cans. And i believe all of these companies would say this is a not a partisan issue. This is an issue about democracy and about making sure we don't have a corrupt democracy and that the process unto itself is not corrupted. But it's it's fascinating to see so many companies. I decided to stand up and to speak out specifically on this issue and their concern really about what they say. And i should say this what they say is the big lie and i don't want to make this political but i think there's a real concern that a lot of these laws have been drawn up in part because of the view that has been espoused over and over again that the last election was not secure and that leaving that history or or by creating new laws it almost embeds that as the accurate history. Which of course i think we know. Now it is not right It is interesting. Though in this in this culture now corporate culture of having to take a stand on social issues to see which companies are willing to go ahead and sign that satan in which companies did step back. They spoke out against it. But you know you sell coca cola to democrats and republicans There can be blowback as you mentioned in terms of being viewed as a hypocrite especially when china's pointing to the. Us is being a hypocrite in and of itself in terms of human rights and civil rights. violations This is a very thorny line to toe corporate america so interesting to see who signed. Who didn't who still speaking out and is that going to be enough in this environment. It'd be very juicy. Whether changes the dynamic or whether you look at a state like arizona michigan other places where you're seeing some of these laws. I'm not sure. I don't know how much it changes the game. You think that this particular was a pretty generic statement that i think almost anyone would sign that yeah anything that that discriminates or suppress vote. The vote you. You would not want to pass anything like that. But then you're going to get into the issue of whether asking for identification suppresses the vote and day factor. it probably. Does i guess because there's a lot of you know in georgia alone. There's two hundred thousand Black america is it that do not back jordan. Don't have a driver's license. So would they get the state owned. Id or the state issued id. Probably i don't know how many would but it does raise a lot of questions that not you know. Not giving enough credit to people that they would get a state. Id i mean. I'm sure you if you could eventually do that. It is a weird point that we're at andrew where people are talking about mandatory vaccines. But you can't ask for an id to vote. I mean it's just it's hard to square. I think i. I would just make one distinction here. Which is i think that. And i've spent a lot of time on the telephone with both ken. Chenault and ken frazier. And many of the ceo's who signed this letter. I feel like since saturday. I've been on the phone. So many of them trying to understand their particular view of this many of them believe that there are elements of these laws. That are helpful. And i think the ide- element of it unto itself is not something that in every case they're objecting to it all wrong in the state of texas part of the for example is a college ide- doesn't count and there are things that they're just issues around as we've talked about you know. How many absentee ballot locations are way. Can you get access to them. Can working people actually get access to them if they close at five pm. Of course they can't especially when they're in the inner city if you if you go from having forty of them to eight in particular locations by default that's made it harder to vote and how many on you would need to look at each one individually. I don't think that's being reading well. How many did you say there were seven and it just think in in georgia. For example i think many new voting. How many different states are considering diggings. Forty seven different states. And you have to. You have to go state monthly. But i think you're going to do is see companies do that and you know one one very famous. Who on the show with a million times said to me. He said look the craziest part about the situation. Is if we you had a manager inside your company who was running around saying that the ceo or whomever did it deserve to have the job and got the job through through all the wrong reasons and was lying about it. You would fire that person. He said instead what we're doing is we're creating laws that effectively effectively enshrined. That is truth. And i think that was actually fascinating. Just because he put it in this sort of management context of a business in the way he runs he runs a also. I think there's a view that you know. We can talk about china but if the ideas that we're going to export democracy if the ideas that are that are democracy matters more than anything else in. That's what should be a shiny beacon the rest of the world. it's actually important than american companies. Speak up and say say so and try to make sure that it is. You want wanna guarantee one person gets one vote and that's why we're whether there's a narrative that there was the big lie and it didn't really happen. You still want to make sure that one person gets one both because if there was any type of a fraudulent voting franchises that disenfranchises the person who accepted accepted. There hasn't been evidence that that there was in fact this last election. Not there wasn't evidence that there was a massive amount that would have changed the election. No one saying it wasn't that there's zero and to try to just compare signatures as if i mean it's a. It's a sticky thorny issue that it's weird to enter delta in coke. Initially they said we've worked with the georgia's legislature and we've made this a better law. Then there was all the pushback and they said okay. We condemn it completely. Pushed back again that we're not gonna and and now they didn't sign this letter so they're you know they're on what michael jordan say. Republicans buy sneakers to. I think he said that about. I think there was the blowback. I think there was a view of. We put out our statement already. Why do we need to say it again. They didn't sign say. Why wouldn't they signed this. That i would sign this that anything. That is discriminatory in terms of voting. You would obviously that it's so generic that anyone would sign it but then you look just suggest you if the if these laws were were what they say they are. I think we all agree that what you do is you could come up with ways to both secure. The vote and make ten actually expand voting. You could say we're gonna have more drop boxes but we're gonna have security at dropbox we're going to open them twenty four hours a day. We're gonna work with people to get them idea if really. Id cards or something people wanted. You would say we're gonna spend millions of dollars to actually create campaigns to go out into the. I mean there are things you could do but that is not what is happening. In these instances allowed people were discussing this not really out in the open a lot. Either next on squawk pod. Johnson and johnson's vaccine paused. But maderna's still going strong showing over ninety percent effective six months after its second dose. Ceo stefan on sell which is yet another proof. We american people that we have a best regulatory agency in the world. That conversation right after this. Welcome back to squad fahd from cnbc a vaccine news today. Maderna's said it's vaccine is more than ninety percent effective at protecting against cove it and more than ninety five percent effective against severe disease up to six months after the second dose. Yesterday we told you about the federal pause on johnson and johnson's single shot vaccine after six women who received it developed a rare blood clotting disorder that let me get it over to dr fauci. This was out of an abundance of caution. Dave is the important issue here. We are totally aware that this is a very rare event. Johnson and johnson seen is built using traditional technology in actual piece of virus is included. Just under seven million americans had received the shot from. Jj the white house says this pause is temporary and will not impact the goal of vaccinating the whole country quickly. The people on the back seat is i told. Y'all i made sure we have six hundred million doses of vaccine that is awesome basically one hundred percent on questionable for every single solitary merrick. The vast majority of vaccines administered in the us over one hundred million so far have been from visor and madeira. Which both use what's called messenger. Rna it trains the bodies. Genetic material to recognize the novel coronavirus and fight against it. Maderna's updated efficacy data. Today comes from a phase three clinical trial and it brings the biotech company. This kovachev is their first ever vaccine. After years of development one step closer to filing a request for full approval beyond the current emergency use authorization once it gets full approval. It can start marketing. The shops directly to consumers and selling them to individuals and private companies in the us maderna's ceo joined squawk box today with joe andrew melissa lee and cnbc's terrell trout joins us now with a very special guest. I guess meg what it's going to be. We're gonna wanna know. Every six months about lasting immunity antibody response to these vaccines. We're just gonna have to 'cause it's going to be our life from now on. This is a brand new virus and so every six months gives us new information about how long these brand new vaccines will last on. Sell the ceo of modern joins us. Now he's got that information stefan. Let's start with of course the big news of this week. what. Joe was just talking about The john jay vaccine in the safety concerns around those six reports of these serious but rare. Blood clots you've looked into your data. Your vaccine has been given to millions of people. Do you see any similar. Risk of blood clots or any kind of safety event with your vaccine as of now. Good morning meg. Indeed we are following very closely. The safety as we should. And i will send dialogue. We've cdc in the fda indeed are we put a statement out yesterday that look at the data how to four point five million as that are being at least two people around the world and we have not seen any data suggesting any association. We broke latigo trump waikiki events. What is your interpretation of sort of the fda move here. There was a lot of criticism yesterday that this would lead to vaccine hesitancy a lot of messaging. Also that because we had not seen this with the vaccines people will be encouraged to get those as this gets worked out with the jj vaccine but are you concerned about hesitancy about vaccines as a result of this situation. Actually believe quite the opposite. It's if you think about it. This is yet another proof to american people that we have a best regulatory agency in the world. And the deputy about the Medical safety of our products and they reject any signals. Like we saw last fall if you remember. Some companies at pause on the clinical trials because of the wanted to proceed safely. I think you see the same thing. So i think it was just short games. We american people dead year will not hesitate to be very cautious to analyze the data. Who takes the time required to do so protect. The safety of the american people of course puts more pressure on madeira adviser. Here in the united states to deliver vaccine doses perhaps around the world as well This might just. Last a few days for johnson and johnson and then it might be back up and contributing to supply but as of now. How does your manufacturing look. Are you confident. You can hit all of your targets here in the us. And are you looking at the same goals around the world. is there any way of increasing output. This year yes. So as you know We had one hundred million doses for squatter. We finished after a few days before beyond the which was a new amazing default by all teams in both nails. Just put it in perspective in twenty nineteen. We made less than one hundred thousand those for food year so you can imagine that that ramp up that the team had to do and that confirmed that we're on track to deliver a second trash of one hundred million doses to us government by the end of may and on track for the failed one by the end of july. And if you look at the data which you know. I do every morning on the website or vaccinations are. It's very hot wyoming to see that we have no run eighty percent of adults above sixty five years of age in the conference that i've already got one does and so i think we're getting to a point as we know most states will allow vaccination in sixteen overs of next week. So if he getting into faith. I believe in the next few days each. I really this countries grow from situation of not having no vaccines potentially too many vaccines still find the when we look at the efficacy. We can't help but think both as individuals and as populations so ninety percent is such a great number but as an individual. You would think wow. I've got a one in ten chance still. Even though i've gotten the madonna vaccine got a one in ten chance of still getting cova that that might be what you draw from that conclusion but in reality if you had ninety percent of the population vaccinated and had that type of efficiency there is a number where the virus just sort of burns out. And i'm sure it's much lower than ninety. I'm not asking you to be an epidemiologist. But what is that number for. Like six months from now. We may not be ninety. We may be eighty six months from then we may be seventy. We may be sixty but isn't can't you. Keep this virus under control even at fifty percent so i think it'd be too early to know joy. Exactly what is required as another thought. She unveils say what i think. These warning shows is what we have been saying for. Now malls is that we believe we go open ended boosting and as you know more than that has been very active needs boosting strategy. Wet this thing. Creating fronts the impala to make sure we think the best one with testing and scenic right now boosting were currency of a rise in. And we believe that's going to be because the business even a boost organising bodies to people receive vaccination and you know a new program of emanates. Well seventy three dots frequency one which she's one hundred percent of of food spike protein off the virus barents in south africa and was the best thing of combo of those two fifty fifty mass ratio for the coach. The tweet ever and so. We actually put out yesterday. Brush showing the those boosting spreading barnes. Vaccines show is rising at zebra. So we operate buffy. That doesn't get a dave coming risking in humans which is part of the promise of this very agile technology the messenger and technology so you could boost just normal immunity to the original covert and combine it with some sequences for some of the variants in the booster and do that fairly quickly and fairly easily correct and the regulators have given very clear guidelines. They not neither Neutralizing antibody in newport extra vaccinate ago rattling. These grant me. So i think he's going to be a few months to getting ready to file to. The regular also goal is to work very hard to get these ready before before. I want to make sure they Boost vaccines available In the fall. So that who protect people as we're going to win next next on in the. Us a lot has happened in the past. Twenty four hours which has led investors to rethink. How they value your stock. Yesterday's boost was a four billion dollar market cap. Looks like another couple billion this morning on can you. Can you walk investors through how you think about first of all the move closer to full approval which would allow you to sell the vaccine directly to private companies. But then also the notion that johnson johnson nassar zeneca makers the competitive pressure is largely abated and so therefore the pricing pressure. On your vaccine mode and visors vaccine. Pretty much goes away or is ease. How should we think about these two of news and how they impact your forecast is. That's a great question. I mean as you know real now you know fifteen sixteen months chasing these varas and if you look at how the different technologies. I figured out potato. Vaccines are not approved yet. the adenoviruses vaccines loy. He could see and potentially this is again for very good adult online or some some rare safety issues and also potentially more manufacturing china is as you know one the a great defensive amani. He's we do not need sales to make. The product is made in the world. So we've enzymes. Mitchell scalable and monica companies on the markets have been able to deliver whereas if you look at companies across the globe. That'd be more chinese over technology. Says i think these race against his response news and accelerate because just say the rents are going to be very space nothing everywhere. I doesn't any worried deeply about the next six. Small as seventy means they're moving to its spore and winter. We're going to see a lot of cases in the southeast pfizer on the world and you're gonna see many more vines thumbing because many of those people docs native and many of those people are immunocompromised like visit loss of hiv Patient in those countries. That i'm not surprised to see vines up sunday in brazil in south africa and india and the replay season so i sort of rice against this virus in a. We've increased on many fat free. You don't see you weeks ago And assuming the rants the strategy the team program does albedo which is worth listening right now. We could have up to two point. Eight billion those is publishing in twenty point two so I think that's as The rise again is virus hilton us and need a very space. I already think business. He bits opposition. If you could see safety many factions it'd be and speed stefanik got a follow up question to that. Should investors increase what they think about sales given what you said about about the next six months potentially but also based on your time for now for full approval for the vaccine as well as the idea that pricing pressure has has largely gone away. One of the worries of the bear case for moderna. Yeah i think the most people that peace piece for me is the boost. Invest have not believed. We're going to be selling boost next year and in twenty three twenty four these virus as i've said before and many Said is not going away. It's not eating the planet we have tweets and whenever we do we're gonna get on your posting. I anticipate that in the next year. So we're going to see a lot of errands but that's more and more people get vaccinated on naturally infected the pace of events. He's gonna go down in the virus stabilize accuracy or we flew in. So what's muttering to do what modern actually is to get the flu vaccine in the clinic this year and then combining of food vaccines of covid vaccine that you only have to get one boost at your local. Cvs stole at your gp area. That would protect you to prevent of concern against and the seasonal flu sprint. And we believe we can get a high efficiency flu vaccine as you know the flu vaccines today. In good years of sixty percent advocacy in beverly hills is down to thirty forty percents which is by the way why many people don't take their food shots and we believe we should be able to get the highest ac- fu vaccines combining the same shots. We've covered the barents high efficiency so that you can take one does and then have a nice week though. Just one last question for you you. Of course today are laying out your research and development in other vaccines using marnie across diseases from rsvp mvp hiv and flew. As you just mentioned. I wonder if you could just say. Do you expect to work so well. All of these other viruses you've set a pretty high bar in covert and your first horse out of the bar here so we fully. We believe so. Meg and i think there are three reasons. One is the philosophy of biology women making virus protein in the human not like protein vaccine inner bacteria. Sally korogocho san were making these Human cell your own body so it's totally mimicking natural infection without giving you avars park number one number two hundred because he is. We can make very complex protein as you know meg for cmv vaccine. We have six money in the those and five of those come together from pattama from a very complex protein. That is very very hard if not impossible to using recombinant entities made in your sales. Exactly like if you're the natural infection and the less species combination we can combine films and so if the right biology for this virus is free for five antigen. We can do that. we can over barrow. Oh gee to ensure high efficiency. So do i believe. Most of those vaccine are high chance get high. Because it's market. I do believe so right fond benzel. It'll be quite a story to watch. We appreciate being with us. Thank you coming up on squad pod bitcoin bowls everywhere or on the edge of their seats for the massive coin. Base debut crypto investor. Mike novick rats breaks attempt right now. Total crypto wealth is roughly two trillion dollars. So that's one. And a half of one percent of all wealth get an edge. Invest like pro access. Cnbc's livestreams around the globe. Unparalleled access to see nbc. Experts actionable investor inside and ideas. Start your free trial today at cnbc dot com slash pro. You're listening to squawk pod. Here's joe kernan. What are the biggest direct listings of all time. The crypto currency giant coin base is going public today after getting a reference price of two hundred and fifty dollars join us now with more insight into the crypto world migrates galaxy digital founder and ceo so bitcoins almost sixty. Five thousand. This is this is not the the evaluation bandied about the hundred billion dollar evaluation. But still pretty good. Who's who's helping. Whom is is the coin. Base listing juicing. Bitcoin is joined juicing coin based listening. Or both let's let's step back and let's not make miss the big picture. This is like the netscape moment for the crypto currency economy. They remember netscape in one thousand nine hundred five four years before we had this crazy frenzy. basically signaled the beginning of the internet age. This is a really important day. For the whole crypto world. Right this is say this is an asset class and an asset classes here to stay and so listen. It's somewhat irrelevant where we're winning traits day. Right don't belong that. I'm sure i want a one. One point won't take profits but mostly institutions are from flooding into this space. And we're see every day we're seeing in bitcoin. We're gonna see it. In the public equity markets point banks is the first big marquee equity that mutual funds are say. Hey i can make my statement in crypto this way and so i just think you don't wanna miss by looking at the small technicals or what happens. They kind of the magnitude of the moment. I'm willing you know two and a half percent to buy bitcoin with a huge spread versus setting up my own whole deal and figuring it out. It's worth it but that's not gonna stay like that. There's just no way it's going to be driven down to like everything at some point. Wouldn't you think and so the amount of talent coming into this space. The amount of competition coming to this is going to drive prices right but don't forget the amount of invasive like klay base isn't a fintech company right. It's a crypto ecosystem company and none of us really understand how big the tam of that ecosystem is right. All of a sudden out of nowhere comes tease which is going to be a huge part of the crypto economy. And so i think right now. Total crypto wealth is roughly two trillion dollars. So that's one half of one percent of all wealth if you don't think in the next two to three years that can be two to three percent. You're not paying attention to the trans. And so the amount of growth that we're gonna see in our space is staggering. We're just getting started. And what's important is institutions now realized this is an asset class. it wasn't an asset class. Eight months ago. I was hoping it would be prayed it would be. I was trying to convince people it would be. but now it's an asset class it every single participant. We talked to getting involved. Mike you made a reference to netscape when comparing a coin based to this moment but it struck me because one of the things. That's fascinating about netscape was it did create a moment and was hugely important in that moment but of course quickly disappeared from the scene. We don't talk about netscape anymore. Got swallowed up with a oil and everything else so when you think about coin base do you believe we're going to be talking about coin base a decade from now two decades from now allowed that a lot of that depends on how good brian armstrong continues to. It had good. He is talent he attracts. How quickly innovates. There are some amazing entrepreneurs in this space. Sam bagman freed is doing things every day. Right how kim and in korea and so let's there's competition every space. This is going to be a really interesting place to make a career goal businesses and so. Listen brian pretty damn good job so far and so i think a lot of people are going to bet on him but like time will tell he's kind of an interesting story. It was six billion dollars. I remember going up to tiger and to leave digs out was one of the great private investors ever and i thought he was overpaying. Six billion if you don't understand this they have the brand. And so i'm buying the brand and listen. Leaf excel as probably celebrating today with abolish. Paintings should be a great call on his entire desk. I'm sure happy so right now. We're in a crypto summer. Right now in terms of where the cycle is clearly. I think maybe i'm wrong about that too but what happens if we do have a crypto winter again and do you think we almost impossible to think about. Well listen there can be. We're gonna listen. there's a lot of froth in frenzy right now. You see some of these coins. Don't even seem like doj going last night went up one hundred percent right so retail is as a as in a frenzy. We're going to see volatility soon. Braces will not go straight up every day. They will up down but there is a constant lineup of real players. Moving into this space that gives us a support floor taxes moving into this space tech companies are moving into the space. And so while i think we can have. Volatility in prices were not going to have volatility in the people that are joining this new economy. Right we've just determined this as an asset class building out infrastructure. I talked to six different central bank governors in the last few months everyone working on their own central bank issued digital currency and so just to build that infrastructure is a huge left and so this is all about big wine. Bitcoin's a big part of it it's about building a new financial markets infrastructure on blockchain. It's about building a new infrastructure for us to buy and sell ip are collectibles on blockchain chased. That's what this whole revolution is all about. We got to go right now. Thanks mike that squawk pod for today on our rundown tomorrow are you ready. The next chapter in this crypto revolution. The first big crypto currency business goes public in the us hopefully based going how laken having direct listing is going to viewed as kind of a landmark moment or hurt those space. Where hey this. Technology is here to stay brian. armstrong the ceo of the company at the center of new crypto economy in a rare interview. Don't miss coin based on the podcast. Squawk box is hosted by joe. Kernan becky quick andrew. Ross sorkin thanks to melissa league for sitting in tune in weekday mornings on cnbc at six eastern and to get the smartest takes analysis from our tv. Show right into your ears. Subscribe to squawk pod. Wherever you get your podcasts. We'll meet you back here tomorrow. Get an edge. Invest like a pro. Cnbc's livestreams around the globe unparalleled access to cnbc. Experts actionable investor insight and ideas. Start your free trial today at cnbc dot com slash pro.

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Building Robloxs $30 Billion Biz; Antibody Treatments with Dr. Scott Gottlieb

Squawk Pod

37:45 min | 3 months ago

Building Robloxs $30 Billion Biz; Antibody Treatments with Dr. Scott Gottlieb

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is squawk pod. I'm nbc producer. Katie kramer today on our podcast. Big news about elise covid nineteen treatments because this is already authorized this is really adding more support to potential use of these antibody drugs and an optimistic vaccine time from dr scott. I still think that eligibility is going to be wide open sometime. In april people be able to go online. Getting appointment doesn't mean that we'll get back saying nato but it's going to be wide open plus tesla's on a wild ride. Inflation concerns and gaming goes social online platform. Roadblocks has built a world and business valued at nearly thirty billion dollars. The only conversation that happens in the sorkin family is about robots vol. things are gonna to play. I'm kind of psyched about this. At least figure out how to build things. Builder man roadblocks. Eeo david busy ski on. Its debut day. It's a unique category because it allows people to come together even when they're not together in real life and do things together. It's wednesday march tense. 2021 squawk begins right now good morning everybody. Welcome the squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew. Ross sorkin first. Up today on the podcast. The markets and understanding is certain. Divide the anticipated one point. Nine trillion dollar stimulus package set for house passage today and recent rise in bond yields due to expectation of inflation higher. Prices have worked together to create something of a market split in the last few days as investors favour stocks tied to a recovering economy think industrials construction over the tech stocks that shine during the pandemic. Think all the stuff that powered are stay at home lives. Yesterday though technology growth stocks ward back and tech heavy nasdaq rose three point seven percent. Its best day since november it actually fallen into correction territory just the day prior that means a drop of or more. Recent highs tesla surged nineteen point six percent apple and facebook. Each rose by more than four percent and amazon gained three point eight percent. So tesla treasuries meam stocks in all combines to create a dramatic market menu and for a helpful shorthand joe becky and andrew or watching certain list of data points each day to understand the markets data points to be exact all stacked up. We had the squawk stack the joe called for. Here's what we set up in that stack of pancakes ihop. Go ahead get it running. The dow the nasdaq the tenure. Bitcoin and game stop. Well what do you think anything. We should change to this today. I had a tesla just to see what happens. I said keep game stop because we're almost back to three hundred on game starts almost twenty billion. It's almost twenty billion on game. Stop but what's the upper limit on. How many things we can put in this tax code. they're probably out knocks out. Yeah so what. Would you get tesla and instead of bitcoin today because you know it's a very similar you're watching that's right the ten year we're gonna need to watch. Nasdaq you. Gotta keep people think we should have the The s. and p. In there i had no idea it was generated by a smart person. Now we need a squawk stacks back. It helps us invest in stock. And i'm trying to think of who. We want to go to heaven token that we could sell. But i want to the singing farley farley knows how to get but then andrew. I thought you know we should get. We really went some big fees to get rich. Let's get your math to really juice up those fees for us so that we can totally take it to right. You know all the spec types who who should help us with this. Do you think the squawk we should happen. Swaps you may have something called. They called the spackle. Would you send them a bake off for sale of a companies now a spec off i was gone so talking about things that back up we should be. We malvo's back off. All the specs can come and dance in front of us and then we can. We can decide who who take. We also do an etf. While we're at it with this we could do. We could do some kind of. Etf that these things together as well portnoy's doing that with his buzz. Yes his z. T. f. I feel like i should be doing both frankly more than barriers boxy or not. Know how we're not. Maybe we better Just watch these things. News getting like financial involved in anything probably not a great Not a great idea although everyone else seems to be doing getting involved and then which may also not be great idea. Mother said if everybody else was jumping off a bridge. Would you jump off the bridge to right. That won't hold. Maybe roablocks is eventually going to be on the squawk stack depending on what happens today thing today. Now it's online gaming. Will they have to deal with game. Stop since game stop is now going to control. All online. Gaming is that It must be. That must be what's going to happen to be worth. Twenty billion what ultimate the ultimate direct to consumer product. I don't think they'll ever be going through game. Stop twenty billion if it's direct. See if that's the way we're going. Which way are we going. This way that wake. I think we're going. The roadblocks way i can tell you there's there's lots occasionally i tell. I tell the kids what we're doing tomorrow. What's going to be on the show who the guests are going to be there trading. No okay day. They they they want this guy's autograph meaning the oil conversation that happens in. The family is about roadblocks constantly. I mean we almost wanted to stop the conversation because just incessant my one son who's trying to develop games. I've another just playing them and we're obviously would trying to stop them from playing. And it's not brick breaker. It's it's other stuff. It's there's new stuff up all sorts of games. I don't know becky. Are you guys playing with blocks. In the in the ca- kyle's big into it. He's built a million different things. I don't even understand how it works. But he has built some beautiful and saying and all the things are going to play. I'm kind of psyched about this. At least you figure out how to build things. That's that's true. I'm i'm gonna. I'll find out do some research at home on this list directly by the way the new york stock exchange after deciding against a traditional ipo that means shares are gonna begin trading without the company raising any capital. Roadblocks changed this. Ipo plans after a new infusion of venture capital funds five hundred twenty million dollars in early january. The nyse set a reference price so-called reference price of forty five dollars for the stock. And it's got a ticket you could probably figure out our b. l. x. And people with tween children may already or if they're precocious young ones. That may be familiar with this company. Already it's a free on platform that features. Tens of millions of multiplayer games made by its own players with tools. The company provides company has nearly thirty three million daily active users. Fifty four percent of which are under. The age of thirteen is unbelievable. I it generated nine hundred twenty four million dollars in revenue in two thousand twenty up from about four hundred ninety thousand daily paying users. I've been fascinated by this company for a long time and he's going to make a lot of money today. These kids are all trying to grow bucks. They're not trying to make a real box. They they make something called road bucks but in our family. This is well new york. That's how they start with our kids. That's great that's really great. Big part of the dramatic market story of pandemic twenty twenty and game. Stop by two thousand twenty. One is the rise of the retail investor. The little guy. Senator pat toomey. Republican of pennsylvania is ranking member of the senate banking committee. Which had its own hearing yesterday. Becky housing affairs committee will come to order of this. Hearing is in the virtual format on the game stop phenomenon. Toomey says he welcomes stock trading apps that make investing seem more approachable rejecting complaints by some that brokerages like Hood have led to the so-called gamification of the equity market to me made these comments yesterday on our squawk box tv broadcast. There's a lot of criticism about gamification as you know the idea that you make the experience of investments enjoyable and easy is somehow problem for some folks not for me. There's the suggestion that because gain stop is obviously overpriced. The sec should do something about stopping people from investing in. Well i was tesla daily. Fairly priced at fifteen hundred times earnings. Is it fairly priced the day at thousand times earnings. I don't no neither does the sec. Neither of us should be telling people what they can buy and what. They can't so for approachable stocks including the popular tech. Names that rebounded yesterday. Let's get back to becky quick. Let's talk tesla. The stock rebounded in a big way yesterday jumping by nearly twenty percent. It's nafta five day losing streak and added about seventy five billion dollars to the company's market cap in one day helping move the helping this move higher upgrade from the new street research from neutral to buy with a price target increase to nine hundred dollars all the way from five hundred seventy eight so it wasn't just the pullback they were seeing but again huge jump yesterday tussle what you guys think of to me yesterday where we nodding in agreement or was that like an outlier sticky. Said when he said who's to say we're game stop. Should be look at where tesla which stock is overvalued in. Which isn't it's weird today. Necessarily a republican. Senator would say that i think there's a he's her baby. We're wrong maybe i who's to say. I think his point is a fair one who is to say what's fair valued overvalued if there's a market for it that's why there's a market there are always two sides in a market somebody who thinks it's undervalued somebody who thinks it's overvalued i it's kind of refreshing to think that there's a potential regulator or somebody who could be writing some of the rules who thinks that to its job to figure using any maybe are thinking is totally wrong. Then i mean on the one hand you got you know the kathy woods view that the entire world is you is going to be this. Like tesla sort of mode with getting your electricity from your solar panels which are going into your electric car which change it. And then you've got another thing that looks to most people like it's being totally disrupted gangs up a complete so you got one. That's on this incredible and you can make a case for as a dream. Stock a story stock. And you've got the other one where it's so hard other than chewy. You can't figure out what the real civilised for for game stop. It's just weird to being totally objective. I guess he's he's right. Who are we to say. Which one is more of a dream stock. Tell me andrew which which has more potential game stopper tesla course ones tiny one twenty billion and one trillion was a trillion. I would think tesla does it. But it doesn't feel like henry. Henry blodget on this feels like ninety seven ninety eight ninety nine. There's a dream going on. And by the way the dream may not be wrong and so far as the internet became obvious. Hey very big deal and it but it took awhile and there were bumps along the way and some companies are still here very much today. Some companies aren't so that's i'm right now bidding against becky on the on the ground collection of the nfc football law of the super bowl moments. I'm trying to still get. The i had a conversation with glenn hutchins after the show yesterday and again i give them total props because he has digital pioneering figures the stuff out but i personally i wouldn't pay for an f. t. Listen listen i tend to be more concerned with andriessen. And -til i told you about all those guys with bickering and glenn is the guy you decide to listen to on. Look i will hand it to all of them. I still don't. It's not something i would invest in. It's not but i am more conservative. So i get it but if you conservative you should worry about the fed printing all this money and then now you're back to digital but anyway coming up on squawk tom just another step in the road out of the pandemic. Eli lilly's out with some great news about clue nineteen treatments. We'll talk to dr scott. I think all along there has been sufficient evidence in a setting of a crisis to support these drugs. We had evidence that they were effective. We know they're largely safe at change. Healthcare we're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at chain healthcare dot com slash cnbc change healthcare insight innovation transformation. You're listening to squawk good morning. Welcome squawk box right here on. Nbc jerusalem working along with becky. Quick joe kearney. Joe thanks andrew breaking news from lilly on its antibody cocktail. Cova carroll joins us now was more. Let's hear at meg more news supporting the benefits of these drugs. This combination cocktail from away lily of two. Antibodies was shown in a late stage trial to reduce the risk of hospitalizations and deaths by eighty seven percent. It was given in the setting for which it is authorized people early in the course of the disease who are at high risk of severe disease so folks who are recently diagnosed and so because this is already authorized this is really adding more support to potential use of these antibody drugs but as we know guys it's been difficult for many patients to get access to them. Supply is increasing. So that is less of a problem. Now it's really finding the access to these antibody drugs Both eli lilly's and regeneron are authorized For us here in the united states and the supports in the right setting early in the course of disease It can reduce the risk of progressing to severe disease and death. Guys this is. This is further for the news. This is the one that we had the discussions about home infusion. And how to do it because it's for serious people but it can only be given early and can be given in a hospital also. It's kind of like a catch. Twenty two this is this is the lily version. Which as you said was a cocktail. It's a couple. I think gottlieb called it. A couple of episodes or a pit pace from the latin epa dopes and the regeneron. Regeneron is a single. I think in regeneron the one that president former president trump got right. It's at a cocktail. They're both cocktail is a cocktail lily. Started with a single antibody. Till the entire time i see so this is the sort of leader stage version of the lilly. Drug which combines two different antibodies. So now we've got to cocktails out there and that's thought to be stronger. Approach and one of the things about the consulate purge. Redon was to avoid the idea that the virus could get around it with lily. One we have seen. It is susceptible to the b one three five one variant but against be one one seven. Looks pretty good. You rattle those off. You don't even have notes for those so those are the two the two variants and so so trump got a single trump. Got the cock. Regeneron talk tough. Okay all right all right. So that's more more of that and now we just gotta figure out how to identify people and get them into a setting where they can get it right. Yeah get testing. Worked out quickly and you know it's win within the first. Ten days of symptom onset For high risk folks. Who should be getting these antibodies. So figuring out that system could be really helpful it it works where it was under emergency use that we already had a way to do it but now we're getting closer to to a full approval. I guess at some point. Possibly i mean these phase three results are typically what you look for to be able to file for full approval and so it it got the emergency use authorization on earlier. Data and these are bigger study Hundreds of patients showing that the dosage levels which it's approved reduces deaths in hospitalizations by eighty seven percent. I just want you to give me the thumbs up on. Yeah we should approve it. You're you're not. You're not an fda panel you don't you probably should but i don't think i have the qualifications. Thanks speak to someone who probably could just give it. A thumbs up dr scott gottlieb about the news and much. More talk about maryland places Opening up i don't know is easter going to be an actual holiday this year. Beck what do you think. I think it's probably a better proclamation than last year when it was declared the opening time i realize now that i've been doing this having fun with basketball for wa- because you know what i remember. I remember when no there was no martinez. But i remember a year ago. I was watching a game and they didn't come out for the second half. That's they canceled it right in the eye that because i'm just thinking about that the i don't remember there's been so many there's been so many but they did not come out for the second half everybody just went home and it never resumed. That was the end of live sports. Right it was a saturday right. I remember i remember. I think maybe it was. Yeah well this year. We're we're going to be back and we'll do the buffet thing and i'm gonna do you know i've had so much experience. I think maybe i can do that. Get all of them with warren and wind like a gazillion choosing the entire bracket. Yeah yeah yeah. Because i've seen i've seen almost every team is not even points involved. All i gotta do pick the winner. What you know. And how red red. And you are haven't learned that yet. I will take the other side of the sixty four right. I win last night. Big triple parlay win last night. Five dollars turned into forty two dollars. Yes anyway big all right joining us right now. Is dr scott gottlieb. He's the former. Fda commissioner cnbc contributor and he also serves on the boards of aluminum adviser. Dr gottlieb really amazing news to hear this. It's already been authorized. The big issue is people aren't using these drugs. I personally have tried to get a few people who come down with covid to go ahead and go in for this and it's really complicated. It's hard to get the doctors to consider it and people don't particularly want to go into a hospital to get to get an infusion especially when it's early on and they aren't feeling all that sick how do we get over some of that. That's all right. It's been difficult to these drugs. Used we made some mistakes in terms of how we distributed then we distributed them through hospitals. They're really outpatient drugs. And we needed to figure out a way from the outset on how to distribute these drugs through outpatient clinics and outpatient settings. And it's also been reluctance among doctors. There's been a handful of thought leaders in the field who've been reluctant to promote the drugs into prescribe the drugs arguing that there wasn't enough evidence to support their use. I think all along there's been sufficient evidence in the setting of a crisis to support these drugs. We had evidence that they were effective. We know they're largely safe is a good theoretical basis. On why antibiotic drug should work in this setting. It's sort of well established in in medicine and other settings with the bola and other kinds of therapeutics that we've been able to develop against viruses. And so i think this is going to push it over the edge in terms of doctors now recognizing that these can provide a benefit and some of the issues around. The delivery are getting worked out. But it's unfortunate because a lot of people who could have been benefiting from these drugs probably didn't get them. Is this a fixable problem. I think this is something that is is going to jump those hurdles especially the idea of thinking. Okay i'm gonna make sure that. I don't have to go to the hospital for covid by going to the hospital now and getting an infusion look i think. It is fixable. It's getting fixed. it's been slow but you know it's hindsight's twenty twenty looking back. These drugs would have been really beneficial at the peak of the epidemic. When we didn't have a vaccine you had a lot of high risk individuals getting sick. Now you have fewer high risk individuals getting sick because we are rolling out the vaccine. But there's still a place to these drugs there's still people who could benefit from these drugs either because they didn't get vaccinated at high risk and didn't get vaccinated got infected or even people who did get vaccinated who can who get symptomatic anyway. Who are high risk of a covert outcome. These antibodies can still provide an additional benefit. So there still place for these drugs. I would expect them to be used. This data is fairly definitive. Now there's now a rich body of data all the trials we've turned over on these drugs have shown a benefit from these. It's not just the lilly. Drug also generate antibody. We will worry that we would lose these drugs as p thirteen fifty one to brazilian very in the south african very became more prevalent. They haven't become that prevalent yet so these drugs are still going to be effective against the strains of the circulating here in the united states. Scott we now have sixty one million. Americans have gotten at least one shot. That's twenty four percent of the us adult population which is great news. Is this progressing at the pace you. That expected to make sure that we're more likely to be able to get everybody vaccinated by may. Yeah i think so. I was saying by the end of march. We'd probably be able to vaccinate. One hundred million americans get at least one shot in one hundred million americans. I think we're still going to get close to doing that. We'll probably fall a little bit short but that was always a stretch goal. I think we'll get to one hundred and fifty million americans think above that. It's going to be tough. We'll have to really market the vaccine and try to coax people to get vaccinated especially against the backdrop of declining prevalence heading into the spring and the summer people going to be less motivated to go get vaccinated a lot of people. Just say look. I'll wait until the fall especially younger. Healthier people who are the folks who are going to be opening up eligibility to. I still think that eligibility is going to be wide open sometime. In april people will be able to go online getting it does mean everyone will get vaccinated and april. But it's going to be wide open. And i still think the issue is going to become demand supplies ramping quickly. We're seeing pretty good uptake. Among the older population we vaccine now about sixty percent of those age. Sixty five about seventy percent of those above the age of seventy five. That's pretty good uptake. Now people are starting to go more targeted efforts to try to go into hard to reach communities and get elderly individuals vaccinated will pick up some more percentages by doing that but we've had pretty good uptake among older americans. I mean that's unbelievable and we gotta go but we're going to flip from people are are want to get it so badly right now and it's so difficult and we're actually going to get it to where that flips to where we're we're begging people to get it there will that is crazy that that will actually happen at a point in time and you predicted that will happen. It will happen. we're already seeing states. Alaska just opened up eligibility to everyone sixteen and above within a month. I think we're going to see that flip and we're gonna seep demand as demand for instead of begging me begging people educating people yeah i know but instead of people begging to get it. We're going to be baby people. Please get it that's crazy. It's just crazy that point in time. Will it will flip. Thanks sorry got very quickly very quickly. We have seen the cases the testing come down and there are some people out there that say. Hey the reason you don't have more testers right or more cases right now is because the tests are down. It's not necessarily the case hasn't come down. There's actually more testing being done. A lot of it's being done in the outpatient setting it isn't getting captured but when people test positive they reflects the pcr and then it gets captured. So testing is in down. Thank you put that. Put that the rest. Thank you and we will see you soon. And today's edition of the healthy returns. Livestream make tyrrell's going to speak to dr luciana borio former fda acting chief scientist and dr gottlieb. We got him. I but big conversation. You don't wanna miss you can visit. Cnbc events dot com slash healthy returns live to register next on squawk on a future of screens but not of solitude. Ceo of gaming platform roadblocks on the world. He and his users are building literally. We're in a whole new category. We sometimes called the human experience category. Some people were through this as the future metaverse category. We'll be right back at chain healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at change healthcare dot com slash cnbc change healthcare insight innovation transformation. You're listening to squawk pod from cnbc. Here's andrew ross sorkin. Today is the wall street debut for video game company. Roadblocks it's happening by a direct listing on the new york stock exchange the exchange city reference price in forty five dollars a share value blocks at about thirty billion dollars. Joining us i on. Cnbc's robots founder and ceo david brzezinski known in my house as builder man. David you know this all we talk about in my household with my children is your company. They're more excited about this interview than any other interview. I think we've ever done on squawk so you've got that going for you. Congratulations on the listing. Today let's talk about the story though and what happened to this company in a post pandemic world you've had incredible growth this company value to just four billion dollars. Basically you're go now worth thirty billion dollars. The revenue has also been on fire. But of course Losses pile up at the same time. Tell us how you're thinking about what this company that looks like a year from now given how unique this past twelve and eighteen month period has been. Hey i enter. Thanks for having us on the show. And what a great day for the roadblocks community as well we know a lot are watching us. We're just so grateful to be here and we appreciate it. We hope cove it ends as soon as possible. We want to get back to normal. Roablocks has been growing for fifteen years driven by our community driven by the awesome content driven by creators and driven by the ability for people to do things together. That's a term growth path and we believe that continues forward even after cova. So what do you think. The user growth looks like. Let's say a year or two out from now and let's also talk about monetization over that period because one of the things that you've said in in the perspectives itself is at one of the risks. Is that any post pandemic world. You're not sure you're going to make as much money. Yes so first off. Our users have been growing virality. As i said. And what's really exciting is a lot of the stuff. We've seen in cove. Vid roadblocks being used to bring people together. I'm chatting with bobby our camera person and hide your daughter. Bobby who's used roadblocks to stay connected during the middle of this a lot of that's going to continue going forward so we're very optimistic about the growth and on the monetization exciting about roadblocks is. It's free for most people but people who want to end who are interested can use our virtual economy that virtual economy has also been scaling with our user and engagement growth. And we're very optimistic about in terms of developers and full disclosure. My son who is ten years old is developing on your platform right now and. He's trying to make some bro bucks constantly. We have debates about that by the way i should say he thinks that because of this this offering you should be giving out row bucks extra bucks to all. The developers is party. He we were talking about how airbnb sets them. Set some of the offering aside. That's his own suggestion. I'm supposed to tell you that. But david the question that i ask is just what you think. The risk is Or how you see the playing field in terms of how kids who are developing a robot roadblocks today whether you think that they then later on go to a competing system start developing and other systems how you see that evolving. Yes i That your son is developing. We have an amazing creator community. Millions and millions of creators. What's exciting about our creator community. They're not just learning to develop their learning to code. their learning stems skills. They're learning to be artists getting motivated to continue that as a path in life. We're optimistic about our developer community both the origination of awesome organic new developers on the platform. But we're seeing developers come into the platform as well so we think it's a good future for that developer and creator community straight up just on the math. What is the path to profitability. Right now really interesting and in our prospectus. We shared two different things. We share a bookings and cash flow description. We also share gap accounting and these. This is a great educational moment for families. Around this on the booking side. We generate a lot of bookings almost two billion in twenty twenty and we generate a lot of cash on the gap accounting side we show revenues. Which because a lot of the items purchased on roadblocks in our economy are durable we defer that revenue over twenty three months. So there's we're positive cash flow we're making cash and at the same time we show revenues showing a loss right now. He turns of how how investors should think about this company. What what do you think's fair com or comparable for your company and you look at activision blizzard or is it something very different. This is a good way. This is an exciting thing to try to calm in that. We're in a whole new category. We sometimes call it. The human co experienced category. Some people refer to this as the future metaverse category. It's a unique category because it allows people to come together even when they're not together in real life and do things together. There's an amazing amount of engagement in the category. There's elements of social connectivity. Immersive three but we believe it's the forging of a new category. How do you think investors to think. About what roadblocks does relative to example. What epic games does with fortnight. Yes there's so. Many unique things about the roadblocks platform it's driven by a creator community. All of the stuff on roablocks the avatar items clothing and all of the experiences that people are creating created by that creator community. It's a really unique aspect along with our digital economy virtual economy the level to which we lean into safety and civility. we believe is unique to roadblocks. It's the foundation of really building. A civil society on our platform will now is one of the person i was gonna ask one of the reason. I allow my kids on the on. The platform is for the most part. It seems to be better than than most. But i imagine to police it costs. It costs money and increasing increasing exponentially more money as more people come on the system. Because there's so many humans involved in this. How does that change over time or does it. We're we're really excited about the opportunities to create a civil society on roadblocks. It's one of the first things eric. And i built over fifteen years ago. When we created roadblocks we have thousands and thousands of real people. Twenty four seven. We have automated computer systems. We're we want to be the best in the world on this to make roablocks this awesome safe and civil place and we believe it scales really nicely with the business and david you probably hear us talking the six o'clock hour. We're time at game stop at the time. Do you think the world of gaming is just all direct to consumer forever or do you think that there's going to be in real life components to this where people go to stores and buy things that then go from being you know like lar are out. I r l to to your system for example. Yeah we're we're big believers in the all people understanding both what the physical future economy is and the digital future economy. We think people more and more will understand. Both game stops a great partner. We think there's going to be a lot of people doing a lot of things in person forever and at the same time on platforms like roadblocks in addition to maybe reading a book or watching a video. More and more people will when they're learning goto ancient rome together or rather. Because we can't do it in real life so we we think there's a mix and that's going to go forward you say game stop is a part of your wages way we know they sell our roadblocks gift cards so we appreciate that fair enough and final question on behalf of basic my wife but also i think all parents out there how what is a fair amount of screen time i think we're all grappling with this during this this pandemic that's the family based question we've had our own family discussions around this it's changed with our kids i feel it's a decision every family has to make were excited that roadblocks screen time is very social and can bring people together so it's really every family needs to make that call david. What is your your family policy. Well it changed over time. And i feel we. We started pretty strict and we loosened up overtime. That's what's going on in our family at the moment but david we wish you luck with this. I tell you my kids wish you luck with this and we'll talk to you hopefully. Hopefully we'll see you in person very soon. If not on my wish we were is. Her name is builder man and they follow you. Find you playing games on there. So appreciate it joe. Yeah you're so dead paying you never make so game. Stop can benefit from roadblocks because they sell gift cards. Okay and did you like. Did you not like that. it's oh well. Hey that's awesome so they're selling stuff to get even more into robots and that's clock on for today. Thanks for listening. Squawk box is hosted by. Joe kernan becky quick and andrew. Ross sorkin tune in weekday mornings on cnbc eastern and to get the smartest takes and analysis from our tv. Show right into your ears. Subscribe to squawk pod. Wherever you get your podcasts. Everybody listens to podcasts. Like your mother said if everybody else was jumping off a bridge. Would you jump off the bridge to limit you back here. Tomorrow at change healthcare. We're all about making the health care. Experience better for everyone. Our data and analytics driven platform. Streamlines the billings in claims process payments are made quicker easier and more accurately saving valuable time in administrative costs. It also helps. Healthcare providers share and access relevant data more efficiently leading to more informed diagnosis and better patient outcomes. Learn more at change healthcare dot com slash cnbc change healthcare. Insight innovation transformation.

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Introducing Squawk Pod

Squawk Pod

02:52 min | 1 year ago

Introducing Squawk Pod

"I'm becky quick. I'm Andrew Ross Sorkin. I'm Joe Kernan and you're listening. The SQUAWK pod ends great. Thanks now what they're going to get a high. You can't use squawk box the most powerful business show on the planet and now it's a podcast. PR TO CBC control to bring in show musically coming the becky and three this is squawk pod brought to you by the team behind squawk box. I'm CNBC producer. Katie Kramer daily are anchors producers and crew will bring are you the best stories debate and analysis from the biggest names and business and politics joining us right now is Berkshire hathaway chairman and CEO Warren Buffett and J. P. Morgan Chase chairman and CEO Jamie Amy Diamond joining us by the company CEO Ginny Rometty joining us on the IPO Day Uber Dark House for shy. We are joined this morning by Melinda Gates. Mr President are are you with us. I am with you. Jill great to have you on. Thank you doing Joe Becky Andrew as they discussed the moments that matter setting the agenda for the Business Day Joe Kernan have been here forever. I am one of the CO anchors of squawk box which has evolved into. I think the best thing on TV at least in the morning maybe all day long. I'm becky quick and I've been with squawk box for fifteen years. I've been working with Joe that whole time been sitting next to Andrew for almost eight years at this point for me. squawk box is breakfast with most interesting people in the world. These are the people who are coming up with the next ideas in business the next ideas and finance next ideas and how we should be running this country. It's a privilege to get to talk to them every day. It's more entertaining than any other morning show but you actually might get some useful information. Squad cod is everything everything. TV viewers expect more three hour morning. Show plus behind the scenes content from the production team curated in a thirty minute podcast. Hey Andrew it's Katy. Can you hear me how are are you good morning. DC yet my name is MAG. I'm the tech this is Angela Syndrome. I am the production system for Squawk box and we're just about to get our next guest onset. Is it a two way conversation. Power Pauses on podcast workout. Pregnant Policies Work Related Andrew. It'd be much better at this much more tech savvy craziest show in the world now you get it in your ears to get the smartest takes and analysis from our TV show in your podcast feed every day subscribed squawk pot apple podcasts spotify stitcher or your favorite podcast APP follow us on twitter at squawk. CNBC and start listening. We are clear thanks guys. I'm David favor join me crawl into me a and Jim Cramer for the opening bell our of C._N._B._C. squawk on the street the podcast subscribe for free wherever you listen and you can always catch us live weekdays at Nine A._M. Eastern C._N._B._C.

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Bonus Pod: The Apes and AMC

Squawk Pod

23:21 min | Last week

Bonus Pod: The Apes and AMC

"You gotta take a listen to this. It's swap pod that's right. Cnbc's flagship business. New show is a podcast squawk pot this control to is not just the show. Folks might be even better. Because it's only audio join me. Katie kramer as i take you inside the squawk box control room and beyond the headlines of tv broadcast with joe kernan becky. Quick and andrew. Ross sorkin every weekday. Subscribe to squawk pod on apple podcasts. Spotify stitcher or wherever. You get your podcasts. This is squawk pod. I'm cnbc producer. Katie kramer go ape. It's a bonus episode. The emc stock rollercoaster has been driven like game. Stop before it by a crowd of retail investors. This time around. They have a new moniker. Amc apes who are they. Why do they believe in this trade agenda from their own retailer ranks. I'll consider myself a leader of the as best wreck. Consider myself an eight trae collins. Host of youtube trays trades fresh off his own interview. With the amc ceo to all the apes out there. Welcome back to trace rates coming down here again to give guys the second interview for atom. Aaron nearly four hundred thousand views and a couple of hours later trae collins is here with his tank on the meam stock momentum. Reject predict the volatility. Either up or down either direction for amc stock what. I'd say it's a better odds lottery ticket that you've got doing something else. It's june fourth twenty twenty one. The apes are rising past the popcorn. This bonus squawk pod begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan andrew ross sorkin. We've got a lot of talk about and it is Got three three letters. Amc yesterday the company sold an additional eleven point five million shares. We told you about that during the show but the price tag they ended up getting for all of at five hundred eighty seven million dollars and then last night. Mcc atom aaron sat down with trae collins. Who's the owner of the trays trae channel on youtube. He's one of the the. Amc apes collins has more than two hundred eighty thousand subscribers and many of them own amc stock among the topics they discussed. Aaron argued that millions of shares was in the best interests of. Amc's future take a look if you are a tool to go find value creating opportunities for showers. We can do that if we're not art this tool. Then you're tying our hands behind our back you'll make it just that much harder for us to land some of these attractive opportunities benefit at american making the case directly to shareholders and this is a new phenomena effectively telling shareholders. You need to give the right or the access to be able to sell more shares. That would happen in twenty twenty two. This goes back to an explanation. Explains what we talked about on the program yesterday about that and hold investor connect idea. Which is he needs these folks to give him authorisation. They're out of shares. The shares can be sold to the public as of now so they can't raise additional money that they are asking for five hundred million additional shed digital shares. The interestingly you remember two days ago. I'd said one of the reasons they were doing this. Because they were out of shares one of those shares are i thought they were out of shares and i think the market but they were shares. Was these these shares that they ended up selling that we're supposed to be used for their incentive plan for employees that had been put to the side so they've actively said you know what we're not gonna do that and he made actually a great case on youtube to the shareholders. Saying we're in it with you. We're not taking anything here. But now you gotta give us more access and trae shares that we're going to go for the employees be replenished by the five hundred million unclear. I don't think that that's what they would necessarily be used for. He's that was not the argument that he was making. We'll see but and they wouldn't be paid in twenty twenty one so there is no incentive program into one of course the incentive programs to keep is to keep the company a alive and be the share price higher because all of these What was it beneficiaries reacting positively to the previous stocks because it was giving him some money and it was up in the low seventies. They announced this. And you know. We're not really sure when i mean it could be From time to time we may sell that knocked it down at all the way down fifty and they they hit that bid quick as they could even get fifty fifty is not six seventy two if they were in the market buying a selling at about nine thirty ten yesterday. That was the plan which was from the time. And you know when we were talking about like oh knows when they you know maybe they get some good prices. Here good was done. Did that was smart to be offered. It was it was and they get to retire billion dollars of debt and everything else. But it's just funny the way and you know that the pushback that we get from. I had to look up. I thought it was dirty. But it's not it's just. We thought on crypto we do on. Amc we do fudd on tests we got more fud which is if you don't know your uncertainty uncertainty and doubt is that how do we instill it both ways on the table that like and the people that don't like it we're we're we're just fudd mass difference from this and maybe two thousand back then. Everybody accused of being cheerleaders. We'll get we'll get into armies depends depends on whether these people with crypto that or the stock. They got probably half of them. Don't even have around lot in this. And yet they are ready to tweet nonstop force. Well we're gonna have an opportunity to talk to the leader of the apes trae collins. Who did that interview. He has half a million people. You know watching youtube videos where he sits there and he goes through the technicals of why he thinks. The stock is going up or down or the sort of short squeeze dynamic. I mean he and this is you know we talk about. The retail investor trae collins is representing the retail investor. We've got a lot of questions for him. Obviously this stock but also the larger happening to might not have been a great precedent for all these people to think it can be done again again again because you remember the professional investors. Everyone's head hurts worthless. There's no reason to be going into this This equity of bankrupt company all those people that did that. Now that it's coming out are going to do very very well. And they think this is gonna repeat itself again. And maybe there isn't here. Value hurts have inherent value. Maybe i spoke to trae last night at length and commissioning to hear what he has to say but i don't i think the interesting thing that i learned is in a way this is. I don't think this is a fundamental investor philosophy. I think if the traitor philosophy. And i think you'll hear that i don't know if that'll change the dynamic of how you think that. That's why we're called cutters constantly because we kept making that case all day yesterday about gambling versus the and. Nobody's but i think this is a and sit around and say this makes no sense on analysis. This is completely insane and for the trade wise. No no but i'm saying why be long. What's the rationale. all i'm saying is that i don't think that they thought happened before. So they think it can happen again right. I mean the same a game. What's the rationale there. I guess you can see it. But what is it for amc. Exactly i. but i'm saying is. I don't think that there is irrational. Then it's the greater fool. No but that's what i'm saying. It's a traitor traitor technologists that and so think. There's an element of that people you got to be. Nimble i guess very very nimble who who who's left holding the who presumably would be left. That's the i don't know how many billions of dollars of questions that will be worth thinking about. You know we were talking about. How options has that commodities represent some speculation. These are options on am. See that a lot of people have so. That's even the second riv- you're doubling your logarithms. Your maybe you're doubling down on the specs. You're speculating on a speculative underlying next on squawk pod you'll hear from twenty-three-year-old retail investor leading the group or troupe of ape says it were trae collins. I truly do believe that the mental value basie would be somewhere in that twenty to twenty five dollars raise. But that's half of where it is today. We'll be right back. Invest like a pro access. Cnbc's livestreams around the globe. Paralleled access to see nbc. Experts actionable investor inside and ideas. Start your free trial today at cnbc dot com slash pro. You're listening to spot todd. Good morning and welcome back to squawk box right here on cnbc. I'm andrew sort along with becky. Quick and joe kernan amc entertainment co. adam. Aaron sitting down with trae collins. The owner of trade channel on youtube to answer questions from the company's largest pool of retail investors interview offered aaron unrestricted access to collins. It's more than two hundred eighty thousand subscribers. Many whom are owners of amc stock. Aaron use that opportunity to try and persuade shareholders that allowing the company to issue millions of new shares was in the best interests of. Amc's future you know the real the shareholders king. You are fully in church. That's why we're not asking you for five. To authorize five hundred million shares were authorized. Neater vote for twenty five years because we don't think you'd vote to approve today shirts. We think you might vote to approve. Twenty seven insurance. And that's why we take what you think we take what you have to say very carefully and we give a lot of thought to what you guys think and spur simple reason we've just in the capitalistic free market system effectively. Making the argument not only for what has just happened over the past week in terms of the shares that they did sell but for the opportunity to be able to sell some more shares in the future talked about 'em and a opportunities the tool the tool being cash if they can sell shares to the public at these types of prices they can use it both to pay down debt but we also talked about all of the other movie theater chains. That effectively are going out of business. Many going bankrupt during this period and the opportunity to actually consolidate and try to buy some of them talked about one of the theaters in la. We'll i think is the second second largest grossing theater perhaps in the country. Apparently that company owns that theater is on the rocks and he was saying look. We'd like to go by that. They're all over the country popcorn expense to cover that popcorn easily. The free popcorn right with the with the yesterday's that i mean even butter probably a little. Even some of the kind that has you been no place. That has like ten different kinds of voters. Don't different popcorn either. You have you been in a while but popcorn connoisseur. Joining us right now is maybe what could be described as the leader of the apes trays traits host. Trae collins trae. It's good to see you this morning. You've been early and thus far on all of this right. Hundreds of thousands of people are watching your videos daily. I was just looking at some of the numbers on on your latest post over half a million millions of people collectively have been watching this. I wanna to talk to you about what's happening here The technical what you're seeing and what you're saying. But i also want to talk about some of the larger public policy issues around trading versus investing and speculation. And the like before we get into any of that us a little bit of your background. Who are you land. Your first off. I'd like to say thank. You obviously come on the show here. I'd like to just make one small correction to the headline. I don't get myself leader of the age. You know as real best reconsider myself. Abe and just just the same as everybody else considers themself in ape if you own dentures one hundred shares thousand years ten thousand shares. That means that you're in a and i think that's the huge bodyman of the movement. Let's just one small thing that i wanted to say. But you know my background in investing. I'm a twenty year. Old guides are three or four this june. I did not start too long ago. And i actually take pride in that because i think it shows that retail investors the guy quote unquote could come pretty far in a very long period of time. You know i worked. At eight to five government facilitated job. I'm doing this interview with you before. Actually go to work. And if if just the regular joe on the street can learn this stuff about stocks and make money doing so. I think it means that anybody. Can you know. Because i came into this and i had to know before. Amc started in here. We are now so there's a lot of people who look at this and say is this investing or is this speculation. Is this gambling. What do you think you know i think. Afc that sits right now is about fifteen percent fundamentals eighty five percents technicals and data. So when i say fundamentals are important is because back in january. When the short squeeze thesis began right the schwartz had a pretty decent case. Amc was fundamentally pretty weak. The bankruptcy was on the table but with each passing day. Each passing month. They've continued to generate cash. Five hundred eighty seven million dollars as soon as latest offering into the market and with each passing month as the raise more cash. Cash is king the short thesis weekends. And that's where fundaments come into play now. The technical has come into play when you consider the algorithm trading. That's taking place they've see the failures livers that takes place when run from out the money in the money as we know there's insane call off and trading this taking place lots going to amc stock which can drive some some volatility and price action on amc and then lastly obviously for a short squeeze the happen. You have to have short interest now interesting to see as it is right now last night. Check this morning. Seventeen point five percent of the free flow now. You can't have a short squeeze about shorts covering that's as simple as it is. Which is why. I firmly believe that. There's still more room on the table. Don't get me wrong. There is risk involved with every sort of trade that that's not based on fundamentals alone but there's money to be made on on on momentum. That's what this is right now at the momentum play and it's a movement it's it's a story man i mean i think the hr trying to tell the story about why they think they deserve to to you know be hurt to make money because short sellers have been betting against retaliation for a long time and i think it just seems like three investor has the upper hand. Well the baby ask you about that because at some point the music's going to stop right. It typically does in almost every case and so when people talk about speculation when they talk about momentum. They often say that. It's a bit of a greater fool theory right. You can win now but somebody's gonna lose on the other end and i wonder what you tell the other retail investors about this. I know that this is a story and we talk about diamond hands and paper hands. Some people are this because they're trying to make money others say as as you just described that they're doing this part of a larger movement if it is a movement what is it trying to prove movement is trying to prove that the dumb money gets thrown around a lot by financial media regarding the retail investors because of the casino vacation. He says the gambling aspect of this investing. I this is the message that i preached for myself. something. I've tried to live by. Is you only invest in the stock market. What you're willing to lose i view. Amc right now. Essentially as money that does not exist in. I might never see again absolutely okay with that and if you view. Afc stock that way. You're walking away okay. So once you take that emotional aspect out of it. The gambling casino vacation. Which i've never you know you don't have that aspect on the table you can come into this and truly rest easy knowing that we're ever going to go is where you want to bring it individually as a person you you get to sell. You gets to buy whenever you want a big decision. Ultimately it's up to you. I think the message with all that beat said george zeller saying look. We see some of the mc trading. We see some of the liberties that have been going on. We see a lot of these refines reports coming out and talking about you know mau mau reporting of different down different short interests and they see that they want to speak out about it individually as real beyers as the apes. I get that and i appreciate it. Let me just push back on one piece of this. Which is roy. There is a there. Is something happening here. Which is a divorce from reality in terms of the fundamentals of the company of the business. In fact yesterday adam adam erin and amc said that effectively when they sold their shares to the public by the way who've who've given them now potentially a new lease on life will see in terms of the cash that they're raising but for the company. It's not a game right. It's not a casino vacation or a speculation. it's a business with employees in. So how do you think about that piece of this. You know i think adam aaron and i get a lot of i get a lot of flack for this i. I can call the twenty three night. Kid for trusting with the does take that every single time because i believe in history trends at facts and the facts are that adam. Aaron is setting the bar in terms of ceos you know reaching out retail investors and carrying about what the retail investor is asking for what they're looking for what they care about as well as watching out long term health but the company. They've raised well over a billion dollars at twenty twenty one a loan which is really going to help. Set them up for the next one. To five ten years they can acquire for failing movie theater chains who did not survive kovin not survive the currency process who might never open their their theaters again right and really do some great longterm success now with this short term momentum trading their inevitably will be people that don't invest in as long term. But i think they're going to be lots of people who do invest in asia long-term myself being one of them. Because i truly do believe there is a long term fundamental value for afc. Is that right now. I don't think so. I mean. I think that most of the retail of the apes understand that this is not the true fundamental value of see. That's where the risk of translating value. Do you think the real value of amc is and you look at some of their competitors that are also publicly traded companies. You could look at the bonds which you know which which are trading at a pretty steep discount right so the the market cap for amc. If i remember correctly was just over ten billion dollars not too long ago and you look at companies like cinemark which were trading at about one billion dollars. Now i i think that you you look a couple of quarters down the road. We we get more quarantine restrictions to be lifted and the revenue back in for amc. You've got two things start happening. You've got a lot of these movies. That are coming out. You're going to roll in some great revenue. If you've got a new fact that can't really be accounted for quantified which is social and cultural sentiment towards the company itself. There are people that genuinely love. Emc stocks simply for the coach that it's built the people that have come together for you know some sort of love for the theater and the money that's made people. I think there's going to be gratification towards the company that's ultimately going to help them make money with all that being said. I do believe that the fundamental value. Abc would be somewhere in that twenty to twenty five dollar range. You know in two thousand and twenty one. Point twenty one. They're fully back and capacity fully. Bring in that that that cashflow and that sort of nature but that's half of where it is today. Right what do you what do you tell you. What if you're saying that the value of its half of what it is today. What do you tell your followers who are buying today. Who eventually at some point. It's gonna go down right. Wanna mental value is different than momentum trading right now just because this is this is the fact. The market is the stock market. You exactly every single security in the market is worth and that given moment so this given moment. If there's somebody out there that's willing to. Amc stock is trading at forty seven dollars right now so just went to buy instant stock and forty seven dollars. That means that moment. It's worth forty seven dollars. Somebody you know the momentum stradey aspect of it even if it doesn't necessarily reflect on their current earnings or the future projected earnings. That doesn't mean that there's not money to be made in fact. I know there's a lot of people who made money out. There heard some of the stories. I've heard of the people become millionaires of being stock. You can take advantage of momentum creating in fact this is a new cheese desi. But am i think the question. I'm asking it is i. Am i supposed to be concerned. That i mean people have talked about these types of things over the years is as pump and dump schemes where people talk up a stock right and there's some people who are very educated trade you to know a lot about what's going on it by the way they're a lot of people online trading this right now that do understand and understand all of the dynamics but then there's seems to be a lot of people who don't and by the way people make mistakes along the way yeah. Yesterday i noticed you said at one point that you thought when the amc. I put out that announcement about the eleven point. Five million shares. You'd put out tweet telling everybody no no no. That's actually old news from a different different from from an old filing that proved to be wrong. And so i asked you that. Because i think that there are people who are listening to you and in terms of how you think about your own responsibility to all the other apes right and i appreciate you andrew. That's that's that's totally okay. And i hold that weight very very heavily in being careful about the things that i say. Put out online. No now the the big message that i've always breached tried to live by the last six months and i think what really takes any sort of risk overexposure to amc stock off. The table is only investing into it. What you're willing to lose you know especially call options. This has been something that i've talked about. The call options chain over the last three months is view. These call options. You know buying a seventy dollars. Eighty dollars hundred hundred ten dollars call. He's actually has a decent odds lottery ticket. That's what those are because we can't predict the volatility. Either up or down in either direction for amc stock. But i'd say it's a better better odds lottery ticket that you've got doing something else and i'm never gonna pretend that's not what it is right. Because that is what coffins all your betting the stock is going up puts her bedding. You're going down. You know so as long as you really limiting your exposure in managing your risk managing exposure to the stock. And you're not putting yourself in a situation where you can't pay your bills. You can't think fans you can't feed your mouth right. I think that you're sitting okay and that the fundamental value. I would argue that in the least bit. The fundamental value the stock is not worth reading right now but it will come back down to that eventually. Won the squeeze by the story line is not been written yet. Trae we appreciate you being with us offering your unique perspective on this. I think it was. It was a lesson for all of us to talk again very very continue following the apes. You bet thanks. That's it for this bonus. Squawk pod thank you for listening spot boxes hosted by joe kernan becky quick and andrew. Ross sorkin this podcast gives you the smartest takes and best analysis of our morning. Show wade into your ears. We'll meet you back here next time. You gotta take a listen this it's swap pot that's right. Cnbc's flagship business news. Show is a podcast squawk pot this control to it is not just the show folks to even better because it's only audio join me. Katie kramer i take you inside the squawk box control room and beyond the headlines of our tv broadcast with joe kernan better and andrew. Ross sorkin every weekday. Subscribe to squad on the podcasts. Spotify stitcher or wherever you get your podcasts.

trae collins amc Katie kramer joe kernan youtube Aaron Cnbc becky Ross sorkin trae Kernan andrew ross sorkin cnbc amc entertainment co amc stock collins andrew aaron Trae collins
Silicon Valley Whisperer Kara Swisher & Whos Hiring

Squawk Pod

36:58 min | 1 year ago

Silicon Valley Whisperer Kara Swisher & Whos Hiring

"What kind of Tech Company does the world need today one that applies smart technologies is partnering with Clients to Develop Smart scalable technologies that help businesses bringing show musically this squad this from the biggest names in business and politics are coming to enact today jobs wisher journalist and podcast or on Apple TV plus his big launch and that looks so expensive community we've got those stories and more from culture at we work led commuting time I'm CNBC producer? Katie Kramer it's jobs Friday November I twenty live from the Nasdaq market site in Times Square I'm becky quick along with Andrew Ross Sorkin joe is out investment partners his take on all of these things we're going to get through the morning as well as the latest unemployment number jobs Friday is always on a Friday and the it's have key content CNBC's lawnmower was live at the Labor Department in Washington really beating expectations the unemployment rate ticked up slightly just three point six percent race over the year the worker strike at General Motors had an impact on last month's this the employment in motor vehicles in parts with down by forty two thousand if the strike last week so it won't affect next month's report but something to keep in mind today the policeman surprised and optimistic give it to the potentially each higher sustainable rate Kate Moore who is asset manager blackrock it doesn't turn out to be the case I mean I think this is an unequivocally strong report pretty rosy ah look at where we are the thirty thousand foot yes we're stronger than we thought we were yesterday the numbers another metric watch today manufacturing hires the Institute for Supply Stories and other workplaces that came out after broadcast today slightly below forecasts just if the market reacted negatively to a weaker than expected I am and the last element of rate came in at tick higher than September's clocking in at three point six percent overall monthly workforce report and this time the focus is on a sector of big important for the upcoming holiday transportation sir guess is surprising it is surprising to me yeah I mean I think walks and you would have to assume the transportation is going through this massive change of probably people it is much more if you look at the top people being hired right now transportation the biggest growth watchi- rise above the rest story the places that are doing the hiring are Chicago Dallas is on that list is that because you being there that's exactly right they're there is big hiring they'll seasonal jobs sometimes turn into a fulltime jobs just to residences and believe what drive by his right to our door right away is something that we now all we've grown to be like yeah of course let's see what we work because this is a fascinating story ousted we work Adam manning against her and other women for becoming pregnant and taking maternity leave saying new mail that was hired the same position when she was the job interview and referred to her maternity leave as vacation she said it has zero tolerance policy for discrimination intends to vigorously defend itself this read the suit where you say to yourself this doesn't make sense you think to yourself are I don't know if anybody knows the rules I don't know if anybody understands what's right and what's Eh the behavior is repulsive freight and the impact on the mark there has been an impact into mega cap technology large-cap technology finding that's coming out of the IPO market is accenture hoping the venture capital that's a good thing ultimately but it's gotTa wash out a lot of the garbage that kind of got put in where people apor work to change his residency from New York to Florida court documents showing the president now people of New York and always will but unfortunately despite the fact that I pay millions of dollars in a statement good riddance it's not like Mr Trump paid taxes here anyway he's all the full history of his taxes for in part because we won't tell us about all trousdale but by the way he did that so with like just call a spade the Florida swing state you need Florida and using by becoming a resident somehow get it you're never going to win New York go with it but I thought the same thing he's the victim of the tax a lot of guests lot. I'm just hoping that that if this is really true does this choctaw shopping commuting traffic there's you yeah well maybe they knew this was coming the latest salvo a critical letter from Cooperman to Warren and the senator tweeting in her to Senator Warren yesterday saying her quotes Soak the rich and vilification marketer up twenty five percent all the billionaires that I know are self made and give back what in a bit more cooperman writing now in this letter that as the son of a plumber from the South Bronx didn't earn their riches and now don't pull their weight socially indicates that you're either grossly passive he'd be willing to pay more though not through wealth tax more so through eliminating the step right Leon is wrong I'm fighting for big changes like universal childcare investing public schools so interesting to me about this is Leeann sends a letter and who leaks the letter is going after the wrong guy I understand her views on the world and what she's trying to do but I was also GonNa say his views on progressive taxes are actually pretty mean a lot of those things are some of the low hanging fruit that we've talked about on this show and given his who's going to do nothing but use it for pollute email she must jump Lee offered he invited her to engage in a conversation she completely sit down this is what I was going to say is what happens talking about her base I for free no no this was the point he went to Hunter College for free this is equivalent dollars back in two thousand thirteen if you don't think he's paying his fair share you know go find somebody else I the question is to what effect clearly there are people like even to the email I was getting last which was I am willing to pay more I believe in fact we do have a progressive system but he believes he's paying about fifty percent right now I don't think personally curric- Howard your character character worthy and what's just over the top it's all about the content and the question is if you're gonNA technologies at scale with purpose expertise not just for some but for businesses work better together let's expect more from technology let's squawk pack up and enter Hugh Good morning welcome back to squawk box right contributor Cara Swisher is here in the house she's executive editor Co founder of course of recode apple is rolling out its streaming service costumer who bought a new apple product and it's priced at five dollars a month for everyone else correa Swisher in Ed Lee of the New York Times carrots great to see you good to see you thanks for ah this is more akin to kind of Amazon it's including them prime we'll see if it works it seems like a lot of us that it's very traditional television I think some services and that includes the music service all the other things I feel like it's a different measuring stick success in this one doesn't necessarily mean that halo effect of everything that they're trying to do I have a subscription question actually for both of you can remember they got all the big news organization right to join with exceptional once you get this lands and if that's an example of subscription to any I mean maybe that should not us service so nearly off the I think that was sort of an interesting number relative somers until they get to what they feel are good milestones release or they may never release those numbers if they don't hit actually very good I have kids and they've moved apple music I don't know why they did through with consumers now the question can take that from gave up spotify or they added the music versus television or news is that the music stuff I mean it's commodity right you're be getting different shows you're supposed to be getting things are exclusive either to apple TV plus or to Netflix doesn't shows a at the start it will build up over time but they're good those shows Golfer Spencer yeah and I think it's interesting a lot of the ones that are getting better reviews are things acce the Dow there's tons of these things and they bought some shows friends I think they have the better shows on apple will I move is it an either or or can there be multiple from those gacy content don't they they have a lot of good content but HBO has great we love Hbo's content like Hbo is going to be the most Max is going to be the most expensive it'll cost the same if you have cable right it's let's what you cost you that's to me that's sort of I in that because they're trying to bundle it into the things right serve you that'll be a big part of it the fundamental relationships they're gonNA start putting them into the the monthly bills when you get them on and then there's a separate brand issue which is that Hbo I think always had sort in a good way does it then take away on the other end I mean that's sort of a to someone or should it sell to someone to get better distribution and link it with distribution I think that's mark that they've said for the US December sixteen ninety million right so they're already hitting that mark they're they can sort of you know dominate with the so can we expect to see Netflix at a lower price point it needs to do more self-funding to all the content that they're spending eight to ten billion policy for political ads on facebook going to change his mind you think you will change percents three two one up Andrew Welcome back to squawk between the NSA and big tech companies facebook's internal purpose whether enrichment and damn the consequences this is actually precisely no I think he's sort of religious about what had happened to information all about people finding each other and a very different one and when it changed into this mass surveillance was he a whistle blower given currency land. I don't know if you spoke to about encryption sir absolutely no no no he wants he just he thinks and it moved to facebook and Google and the whole Internet and so he feels that uh-huh worse and worse than me became a full surveillance state here where do you come down on that question you raised I'm sure you've

Senator Warren smart technologies CNBC Apple facebook Katie Kramer Andrew Ross Sorkin producer Cooperman senator becky Google six percent thirty thousand foot twenty five percent fifty percent five dollars
There is no middle ground: Protecting Voting Rights with Ken Frazier & Ken Chenault

Squawk Pod

30:25 min | 2 months ago

There is no middle ground: Protecting Voting Rights with Ken Frazier & Ken Chenault

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is squawk pod nbc producer. Katie kramer today on our podcast corporate. America's black leaders speaking up for voting rights merck ceo. Ken frazier urging wall street to sit up and pay attention to new voting legislation in georgia. I want to explain how this law could be the prototype for a lot of bad laws. What's at stake for. Non white voters essential workers. And maybe our democracy. We're actually making it much harder for people to actually cast their votes and then on top of the fact that people are standing in line for ungodly hours. We now make it illegal to give those people water when they're standing in line because of course we know from experience that only fraudulent voters get thirsty. When they're standing in line frazer's case opposition in and out of the boardroom. There is no substantiated compelling evidence of voter fraud to justify these restrictions and former chairman and ceo of american express. Ken chenault after the george floyd murder. Obviously countless ceo's called his for advice of what can we do. We can't be silent and corporate. America can't be silent and if they can't speak out on this issue what can they speak out recognizing the role of the c. Suite way beyond the bottom line if corporations at done this throughout our history we would be far further along in race relations in this country. It's wednesday march thirty first. Twenty twenty one. Squawk pod begins right after this at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at change healthcare dot com slash cnbc change healthcare insight innovation transformation. Welcome back you're listening to squawk hot from cnbc. With joe kernan becky quick andrew. Ross sorkin today on our podcast. Dozens of prominent black business leaders in america or calling on companies to fight a wave of voting rights bills currently being advanced by republicans in forty three states. The effort is being led by former american express. Ceo ken chenault and merck ceo. Ken frazier the two cans as will be calling in. Today's show marshalled a group that includes starbucks cherokee hampson former city chairman. Richard parsons tiaa cref ceo. Roger ferguson in about seventy others it started personally with email and text messages over the weekend and today in an open letter in the new york times these executives are calling on all of corporate america to publicly and directly oppose new laws that would restrict the rights of black voters and use their clout money and lobbyists to sway the debate with lawmakers. The state of georgia recently passed a law that introduced stricter requirements limited ballot. Drop boxes and expanded the power of the state over local elections in the days before that bill passed last week. Almost no major corporations spoke out against it. Big companies based in atlanta like coca cola delta airlines at home depot have issued general statements of support for voted rights but. Ken frazier ken. Chenault and others say georgia is a wakeup call. Bringing to mind. The words of dr martin luther king and nineteen sixty seven. They say the fierce urgency is now to be honest. They're frustrated that there has not been more discussion by the business community and involvement by the community on this issue on behalf of their employees. They had about seventy two signatories including virtually every major black business leader in america. Dick parsons so many people that we know who've been on our program for very long time but it's it is historic insofar as the first time you've seen the black business community effectively call out all of the business community and call on the business community to step up appealing directly especially to a lot of the companies that are known to be atlanta based companies today even appealing directly to add aston to delta issued a statement and it's very measured and so's coca cola statement and. I don't want to say it's happy talk. Necessarily but they're saying all the right things but not going beyond just saying things that everyone would agree with like everybody needs to be able to have access to voting delta actually said that they had been involved with the election the legislation and that there had been with their involvement that there had been some improvements made to what was the final law. And i don't i don't i don't the the type of statements that these companies are going to have to try to put together at this point. It's it's and that's the story that that you're making. How does corporate america respond to this. And by the way the particular tsta position between how vocal a lot of these companies. Were over the summer in the wake of george floyd floyd that that is a particular Point of interest. It's hard to say. This is our bali. This isn't what we do well. It is what you've been doing up to this point. We're joined this morning by the leaders of this effort cannon ken. Ken frazier chairman and ceo of market. Ken chenault chairman and managing director of general cattle. Of course the former chairman and ceo of american express and we are privileged to have both of you on the program. This morning with this historic. Open letter to your peers in corporate america to take action So let me start with you. Ken chenault and i guess i'm going to have to call. Call one chenault and one for asure in this case. Tell us how this came to be because this does appear to be the first time. A group of leaders of your prominence have come together on an issue like this in such a forceful way. I drew. This is the first time and i think what's very important is to understand the history of voting rights in america. We all know the right to vote is fundamental but for african americans. They had to earn the right to vote. They had to demonstrate and anyone who has followed american history understands that the vote is absolutely crucial. Just think if we had the right to vote blacks had the right to vote after the civil war where this country would bet. Just think after the brown v board of education case corporations had stood up and said we support the integration of schools. And so what. I think is very important here is that we are asking corporations and this is a call for action. What we have heard from corporations is general statements about their support for voting rights and against voter suppression. But now we're asking. Put those words into action and were asking corporate america to publicly and directly oppose any discriminatory legislation and all measures designed to limit america's ability to vote. Americans must boat black. Americans must vote and it would when it comes to protecting the rights of all americans devote there can be no metal grams. We cannot be in the business of creating unjust an undemocratic laws in an attempt to thwart the will of the people. And so what we're saying. Is this scrunched mentally unamerican and corporations have to stand up there is no middle ground and so we put together a group starting sunday afternoon and this has been a source of conversation or the last ten days in the black community and clearly from blacks in corporate america. So i want to emphasize this is about all americans having the right to vote but we need to recognize the special history of the denial of right to vote for black americans and we will not be silent. Ken frazier when you look at corporate america today and you look at the statements that have been made since the since the murder of george floyd on ever forget you coming on our broadcast literally several mornings right after that tragic day. Go to step across here. Make one point here. Because you know i get to sit on. Cnbc and have this conversation with you. Because a one fundamental reason. I know for sure that what put my life on a different trajectory was someone intervened to give me an opportunity to closed at opportunity gap and that opportunity. Gap is still there. We're not asking people to give everybody handouts but we need to acknowledge that there are huge opportunity gaps that are still existing in this country. I powell jets now. No you do not apologize at all. There has been a silence to some extent as ken. Chenault said. there've been general statements made about it but when it comes to this issue of voter suppression you have not seen. The big companies come out publicly as aggressively as you are calling on them to do especially in states like georgia. Coca-cola delta home depot whatever your conversations with your peers not just in this group but across the country around this topic well thank you for having me andrew. I've had some conversations. I think people are trying to get their heads around it and i think it's important at the outset for people to understand what's wrong with this law because it's a very long complicated law but if you just give me a minute i want to explain to your viewers. Why we feel so strongly about this law and particularly how this law could be the prototype for a lot of bad law so let me start by talking about some facts about georgia over the past few years. The number registered voters and georgia has gone up by two million. Roughly half of the registered voters in georgia live in the nine county metropolitan atlanta area. We know in the past elections that the weight lines have been hours up to five hours in that area. The area of courses is much more densely populated it tends to lean democratic and it happens to be more non white than other areas in fact people who vote in counties that are largely white span on average something like six minutes in line if they come out the work. If you're in a county that's largely non white you spend fifty one minutes. On average black voters stand in line about nine times longer than white voters before we make these changes so now within two months of a runoff a close runoff election. In georgia we make a number of changes that are actually intended to make it more difficult for people to vote in a convenient reliable and secure manner. So let me just tell you about a few of them in georgia. They had secure dropbox. It's okay in fulton county. The most populous area of atlanta. This law reduces the number of secure drop boxes from forty in the county to a an eighty percent reduction and those drop boxes are not accessible all through all time and in terms of hours days a week they're going to be put inside voting places so you have to go inside during voting hours now. Obviously people thought secure drop boxes. Were a good idea. But they wouldn't have made them available in the first place. So what we're now doing is we're restricting. Access to those secure dropbox is in fulton county again. There were mobile polls for people who had to work remember. We're saying that those people who have to work every day bus drivers grocery clerks a few months ago we were saying they were our american heroes. Those are the people who don't get to take off a work so they were mobile. Polls we're going to restrict the mobile polls. We're going to reduce more than half the period for people to request. An absentee ballot will actually going to drastically reduce the period for early voting. And frankly we're going to make it almost impossible to do it in the context of a runoff after another election importantly with respect to provisional ballots if someone moves and votes and another count in another precinct. It used to be that people would then go back to the original precinct. And if you hadn't voted there in other words if you hadn't voted twice your vote actually count so what we're doing is in a situation where black nonwhite voters are ready being denied the same access because they had to stand in much longer lives. We're actually making it much harder for people to actually cast their votes then on top of the fact that people are standing in line for ungodly hours. We now make it illegal to give those people water. We're they're standing in line because of course we know from experience that only fraudulent voters get thirsty when they're standing in line for a long period of time. So if you take collectively all of those changes what you've done is you've made it harder for people who live in the most populous areas largely non white voters to vote and i'll just make the following comment. The other problem with this as a prototype is what was the process. That was followed. Here were their legislative hearings. No were there factfinding commissions. No was there. Opportunity for public comment. Now so there is no substantiated compelling evidence of voter fraud to justify these restrictions. So what we do. Is we raise the specter of voter fraud. And now he restrict legal voters eligible voters ability to cast ballots and. That's what's wrong with this bill because democracy depends on every voter in this country having free and fair access to vote without discrimination and without undue hindrance and this saturday changes in this long bill. And it's a complicated bill. And i believe people think that they can get away with it because most people won't read the bill okay but in totality these changes will make it much harder for certain voters to vote just one one point andrew that i would emphasize what we're asking. Is i frankly applaud. What close to sixty companies did in signing a business statement opposing anti lb lgbtq state legislation Sitting there clear clear opposition to this harmful legislation aimed at restricting the access of lgbtq people in society. And what we're saying is fundamentally we want corporations to do the same thing here will can can let me ask you about that tension. Then ken frazier. But what is it exactly that corporate leaders who are watching this program this morning some of the big fortune. Five hundred companies are watching this program this morning. They're hearing your message and the question. I think they're asking is am. I supposed to go state by state effectively analyze and evaluate. Whatever proposal comes. If i do do i have to do business in that state to actually fight it or not. When you say fight it is putting out a statement publicly is it lobbying is using pack money and invariably the one of the issues becomes how this idea of. You can't a lot of co say. I can't just be one issue voter right. I can't just support candidates on one side because of one issue because maybe maybe there's a state where the taxes are gonna go up and and my guy is going to is actually fighting the taxes going up. But maybe they're also fighting on this voter suppression issue. How do you separate all that. His say this is a horrible issue. This is a moral issue and it is absolutely critical to understand that all rights flow from voting rights and all were asking companies to do is to oppose and be. let's be very clear in every jurisdiction in every state to take a public position to oppose. Ken yeah. I don't think it's too much to say that the business community has the ability to analyze these laws and again in georgia. I'm not here to say every change that was made in georgia law was bad. It wasn't but collectively if you look at the things that i outlined what you're doing is you're taking situation again. I start with the fact that if you're a non white voter on average you already going to stand in a line nine times longer than the white person so there's not already not equal access. What we're saying is that state by state in the absence of substantiated and compelling evidence of voter fraud anti actions that are taken to restrict the ability of eligible. Voters to vote should be opposed. We're not saying. Do a boycott right. We're not being prescriptive about how you oppose it but these companies should come out and make it very clear before this playbook which is running georgia now becomes the playbook around the country and you should know that in forty three states already. There are similar. Bill's now that are now being introduced after the two thousand twenty elections to actually restrict the ability of people to vote. We're calling about companies to speak up and say that voting is a fundamental right again in the absence of compelling substantiated evidence of voter fraud and remember people wanted to courts around the country. Say that there was voter fraud and the judges had no time for it because in court you actually have to produce evidence. In the absence of this evidence restricting the rights of other people to vote should be opposed by corporate america. And it's just a one issue absolutely. I think it's very important. Andrew your point both kenan i After the george floyd murder obviously countless ceos coldest for advice of. What can we do if fundamentally you can't oppose this legislation that's the lifeblood for black. Americans is the right to vote and we can't be silent in corporate. America can't be silent and if they can't speak out on this if what can they speak out on. Cannot you said you got tons of calls after the joy george floyd incident and everything that happened over the summer. Have you gotten those same calls from ceos on this matter. And why do you think it is that the business roundtable and others haven't picked up this situation with the same fervor. Look i think that people are looking at this in partisan terms. And i think they need to understand. This is a fundamental basic american. Right and this is important and people should not be focused on. Will it hurt me if i take a stand with. All due respect many people died for the right to vote and this is one where we're asking corporations to take a moral stand and if corporations had done this throughout our history we would be far further along in race. Relations in this country can phrase are. I think back to coca-cola's actions in the past with martin luther king when he won the nobel prize and there were some white elites in atlanta did not want to honor him at a dinner. Coca-cola took a stand and said this will happen and change things. Is that what you are expecting this time around. You think. that's why the pressure is so great on coca-cola home depot delta and others in atlanta. Well let me start by saying again. Georgia is the leading edge of a movement all around this country to restrict voting access. So i don't want to just focus on the atlanta corporations. I'm sure those corporations wanted to engage on that behind the scenes. I'm not just pointing to those people. I will say that what we're saying this morning. Is that these kinds of bills. Have to be stopped in their tracks. Because you know you have to spend time reading this bill to understand. What's what does and i think corporations ought to take a very strong stand in georgia and every place else as ken said. This is a moral fundamental issue. That goes to the life. Blood of our democracy voting is our birthright and it's enjoyed by citizen unless it's hinder and now there's an active campaign to hinder it in some places and again. It's not just a georgia issue ken. Ken frazier can speak to this though. And i appreciate that. This is a in your mind. And i believe a moral issue. No doubt and. I know you don't believe it's a partisan issue but it it just so happens that republicans for the most part or entirely are the ones that are supporting these laws. Which i believe you believe are going to suppress the vote. And so the question that i ask you a maybe somewhat similar to the one. I was asking ken. Ken chenault which is how. How business deal not just with this issue but also with perhaps republicans who in many states control the state. You're doing business in state. Have you think about that. Well first of all. I don't believe that every republican registered republican in this country is in favor of restricting ballot access. It seems that at least for some republican. Legislators they've actually made two kinds of calculus. The first one is that if we can just shave off some voters by making stand in line longer in certain parts of the state and i go back to my earlier comment before these changes the average non white voter in a county that was majority. Nonwhite was already standing in line almost nine times longer. That shouldn't happen. In a democracy we would go to other countries and we would say that's unfair so that's already the case if we allow party to adopt as one of its fundamental strategies. Voter suppression that. I don't think the answer should be well. We can't comment on voter suppression. Because otherwise we're being partisan free and fair access to the ballot was never a partisan issue. It's a fundamental constitutional right. And so i would simply say that people have to take a stand and say we're not going to accept this from republicans we're not going to accept it from democrats because you know there have been times when in terms of gerrymandering people in the democratic party. Try to concentrate. African americans in district so that they would be safe congressional districts. We oppose that too. In fact when i was a lawyer i five lawsuit. In philadelphia against the democrats for trying to to try to congregate black people into certain districts so that they became safe legislative districts for the democrats. So this is not a partisan issue if one party has decided to adopt voter suppression in the absence of substantiated evidence of voter fraud as it strategy that i think we have to oppose it and not allow people say well. Now you just a partisan can do you or the group to the extent that you can speak for. The group have have a particular view on a federal level in terms of hr one for example. Look at the end of the day. We're gonna leave all of that to the politicians. We obviously support any legislation that will enable people to vote and protects the rights of people to vote. What we think is important is for corporations as we said to take a stand and we do not believe. Let me be very clear that excuse should be. We need to wait for legislation to happen to correct the ills of what's happening in a range of states. So what is important here is. We're coming with goodwill to our colleagues in corporate america and we're saying as african-american executives in corporate america that this is the most fundamental issue for us and we need your support. Ken chenault. Can frazier wanna thank you for joining us this morning. Hope you come on back and let us know your progress. I'd love to hear the feedback. I i imagine if you look down at your phones. You're getting all sorts of emails and text messages from folks who are watching you now and we'd love to. We'd love to continue to follow this in this story. So thank you for joining us this morning. Thank you thank you for having thank you joe. Thank you were andrew. And thank you to ken chenault. Ken frazier squawk pod. We'll be right back at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillion claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at chain healthcare dot com slash cnbc change healthcare insight innovation transformation. Here's an update for podcast listeners. Following our tv broadcast this morning news broke that delta. Ceo at had sent an internal memo to the airlines employees with fresh comments. On the georgia voting legislation. he explained delta had some lobbying influence while bill was being written but then he went further than he had in previous statements. And here's what he said. I need to make it crystal clear that the final bill is unacceptable and does not match delta's values the right to vote is sacred bastion also called out the messaging around georgia's election integrity act of twenty twenty one writing this. The entire rationale for this bill was based on a lie that there was widespread voter fraud in georgia in the two thousand twenty elections. This is simply not true. That squawk pod for today. Thanks for listening. Squawk box is hosted by joe. Kernan becky quick and andrew. Ross sorkin tune weekday mornings on. Cnbc six eastern. They'll all be back tomorrow and to get the smartest takes an analysis from rtd. Show right into your ears. Subscribe to squawk todd. Wherever you get your podcasts will meet you back here tomorrow at chain healthcare. We're all about making the health care. Experience better for everyone. Our data analytics driven platform streamlines the billings and claims process. Payments are made quicker easier and more accurately saving valuable time in administrative costs. It also helps. Healthcare providers share and access relevant data more efficiently leading to more informed diagnosis and better patient outcomes learn more at change. Healthcare dot com slash. Cnbc change healthcare. Incite innovation transformation.

Ken frazier ken chenault america georgia george floyd Richard parsons coca Chenault atlanta cola Katie kramer Ross sorkin merck joe kernan Ceo ken chenault starbucks cherokee hampson tiaa cref Roger ferguson cola delta airlines Ken frazier ken
(Vaccine) Jabs at the White House

Squawk Pod

40:13 min | 6 months ago

(Vaccine) Jabs at the White House

"The cnbc podcast is brought to you by t. Rowe price delivering a strategic investing approach with a long term perspective to help advisors and their clients feel more confident through good markets and bad expect rigorous research and prudent risk management from an experienced team of fund managers since one thousand nine hundred eighty seven. T. rowe price invest with confidence. This is squawk pod. I'm cnbc producer. Katie kramer today on our podcast jams vigilance and patients vice. President mike pence received his first dose of the coronavirus vaccine television. The pfizer biontech vaccine the first shots produced and distributed across the country. But will there be as many as we hope. Cnbc's terrell they're talking about being able to immunize twenty million people between pfizer and madeira by the end of december. And we'll just have to see if the numbers of doses going out. We'll actually make that possible. It's not like we're not in a hurry here. Dr scott gottlieb on what the us needs. And when i think they should be leaning forward and trying to get more vaccine into the market right now because we know a shot today is probably more valuable to a patient than his shot three weeks now and our own squawk team battling social temptations a wave to you. Andrew went when i leave. Don't get close elbow pump. Come on and taking on technical difficulties running around the house. Try to figure out how to fix it really. It's friday december eighteenth. Twenty twenty squad begins right now could morning and welcome the squawk box here on cnbc. I'll tell you. I'm laughing in a second. I'm joe kernan. Becky is off today. Andrew joins us on the phone because his power just went out now. I thought all man. I'm sitting here in the pitch black i have. I have a computer that i figured out how to work. I'm running up of lt. And i actually have returned from. You can see you. You can believe that. Because i was i was just saying amac. I'm gonna make faces at you through the entire whenever you say anything i mean. Obviously there's times you say things. I wanna make faces at me so i can't do that all right so we're going to keep us on us. andrew go out. I just i mean does. Yesterday was the snow did it goes twenty five minutes ago twain. I've been running around the house trying to figure out how to fix the situation. Really realize what okay. That's possible matt. Mack it's possible. It's possible that the branch hit this morning or something. Now i don't under this is not your house so you you don't have general right which you should have right as a professional correctness. We don't give me. I'm hoping it's gonna come back soon. So i'm hoping that we will make it very soon. We will i. I don't know we'll pray but we've got. We've made a lot of phone calls in the last Do we have brought in reinforcements and it was. It was a special request. Because i saw charlie woods swing and i know donald talking about. I didn't have any audio dom choose going to hang out with us. I'm just. I loved seeing that. I love the mini tiger. That was the coolest thing in back in biology class. We talked about nature versus nurture. That kid has both. He's got the jeans and he's got that tiger as a teacher. Did you see that. Finish that kid on the on the follow-through dom it's funny. So so i i. I tend to commiserate a lot with the kind of golf media community and whatnot and and the one thing i saw that people were talking about the most was the follow through on both of their swings and the left and right arm hang they look almost identical. And you know. A lot of that is because tigers coaching charlie that way elephant in processes. Well dumb if i if i finished like that you could just caught me off. Because i'd be stuck in my spine would be frozen. And and here's where i need help. And he's got the nerves of young man to on these. I mean that is just so cool to watch what we haven't seen this yet. I guess charlie you know what we should probably the futures and rhino andrews. But but you know what they're down nine points okay so we're lacks We're allowed to We're allowed to talk about this a little bit anyway dom we'll make time for this later. If you're gonna be around depends on andrews feed right so we'll see what crossed That it's down forgot. No no no no. We wanted to come back. And do i have to do your interviews. You've got some interviews that only you can do. Are you going to do those. Or you want you to assuming that the battery on this iphone that i'm calling in on does go out over the next three hours. You're stuck with me good all right. Good this this'll be. This will be fine. Nope no big deal. But there is a good reason to come into the nasdaq. Now you know back here today. 'cause true we have a generator anyway. Dom hang out. You're out in an in c. This'll be. I'm kind of looking forward to all this anyway. We begin with the intrepid. A meg tyrrell. Who has ready made Stories lately almost every day. We knew the fda advisory panel was meeting yesterday. I guess because there was no sixteen seventeen year old issues they got almost unanimous except for an an abstention meg on on the modern vaccine. That's right joe. So the vote for the dern vaccine last night was twenty yeses zero knows one abstention that one person who abstained essentially thought that instead of emergency use authorization. The vaccine should be given expanded access. Which really is just a more limited way of making available in his opinion to more high risk groups but really an endorsement across the board from this panel. No debates about the efficacy of this vaccine and comments from the chair of this committee that this moon shouldn't be compared with pfizer's in any way. Because of course visors vote included those sixteen and seventeen year olds and that was really the issue. So the putting out a statement last night saying it's informed madonna that it will rapidly worked toward finalization and issuance of emergency use authorization. It's also notified the cdc and operation warp speed so they can execute their plans for timely vaccine distribution remember. This is the same statement. We got friday morning on pfizer and beyond takes vaccine last week. It came even sooner from dern. Maybe we're seeing a faster timeline. Here for this vaccine we were going to be waiting to see emergency use authorization potentially as soon as today now after that comes the cdc meets this weekend to talk about recommendations for this vaccine and then next week five point nine million doses of moderna vaccine. We'll go out across the us. Joining two more million to million more. Doses of visors vaccine on top of the two point. Nine million doses of pfizer's vaccine went out this week So joe the the supply getting out their healthcare workers people in nursing homes starting to get vaccinated and actually on sunday. The cdc meets to vote on the next priority groups. Essential workers people with underlying health conditions. People over sixty five so that'll be a very interesting to watch as well. Joe so maybe. I know how diligent you are. What about this washington post piece. Do you have any idea what's going on with pfizer in the states and the supplies and whether there's a i'm so confused do you have any insight. Yeah i spent all day yesterday trying to figure this out. It's a confusing story. So essentially we've been hearing from governors across the country from california to rhode island michigan missouri. Iowa florida than their allocations of the pfizer. Vaccine for next week. We'll cut by as much as thirty forty fifty percent And the many of them said there was no reason given Now florida's governor onto santa's said it was because of pfizer are production problems. Fire told us they're not having any production problems I heard that this could just be a mix up to the states really that there were some preliminary numbers given The sacramento bee reported. It was in the tiberius software system And that those weren't official allocation numbers and so nothing was caught But there's confusion but joe even as that sort of is playing out. There is major tension happening between pfizer. And hhs and we know that they're in this negotiation for one. Hundred million more doses. Secretary alex as our has said a number of times this week on our air that they are being secretive about their manufacturing needs. Pfizer's got a different relationship with us. They're part of operation warp speed. We have a two billion dollar commitment for those first. One hundred million doses. But they've kept things more arms length at their insistence throughout pfizer yesterday. Putting out a statement saying that not only have they not had any production delays or shipment delays. But they've got millions of doses sitting in their warehouse that the government hasn't directed them to ship and they say that they've been very transparent and even walked through with operation warp speed their manufacturing facilities. So there is. There is tension simmering. Here joe as this deal hammered out. It's unbelievable because we you you said he's been on a few times. Yeah on yesterday. Becky talked to him for most of the interview was about this issue. This is not an issue of cost. it's about capabilities We will. We're working with them. It's very productive. Discussions will use the full power of the government to assist maximize production as we always have been willing to do Very optimistic we'll get to a good place there. I mean we can't hook up polygraphs to guess but someone somewhere is is that i am i right in my right. I mean what's is it. Confusion or someone misleading people intentionally in your view. It's hard for you to say but These you can't these two things don't don't job. The statements were getting from pfizer versus as our. Yeah there certainly certainly tension between them and the i. i do think that there is confusion. Happening with what happened with the state's ordering would be helpful is if instead of i'm seeing your three different accounts in new york times washington posts sacramento v. I have my own sourcing from people explaining that it's a mix up but why isn't the the the mix up in the software system if that's what it was just being put out there very clearly. My operation warp speed or h to explain. That's what's happening instead what we're getting from. Hhs are these statements with these little needling. Sorta jabs toward pfizer saying we'll pfizer cut. Its supply forecast for twenty twenty already from one hundred million to fifty million doses and they assure us they'll have fifty million globally in twenty million for the us by the end of the year but we haven't had a confirmation yet whereas visor saying we have no delays. We've got these millions of doses ready to go ready to ship. Its drama and this is not a process that needs drama joe mayor to be believed and they're actually genuine joses sitting in a in a warehouse. Somewhere that that sort of uncontrovertible right it is and the question is of course. The operation warp speed. They're withholding the second dose for all the first doses that go out to make sure everybody gets their full vaccination that's somewhat controversial to ever a lot of people think that just send out everything and count on the manufacturing supply coming through. They've decided not to do that. But the question is and it seems like the situation is advisor has even more than that. And so why not ship all of what. You can even withholding that second dose. Is there some concern that the cadence work with states. You know those are kinds of the questions. But they're talking about getting up to being able to immunize million people between five and modern by the end of december. And we'll just have to see if the number of doses going out. We'll actually make that possible. Yeah yup i mean you know. It's not like we're not in a hurry here. My buddy andrews gone. I think he's on his way. Hopefully you can get here. He was apparently misinformed. You may be able to make it to the nasdaq. This might be just the catalyst needed to get more people into our studio operations than being that too hard but we do have a place for him. I think it's not going to be here. We we're not going to do. We're still practice the you know. Nobody's sec with me. But we have other places i think we can get fired up Upstairs with cameras. And that's what. I think we're gonna we're gonna try. We got a lot of room here in englewood cliffs. Because i'm looking down set on our main set as you do and it's massive down here i mean you could. You could put somebody you like ten. Other people and socially distanced even with twenty foot distance. I know seriously but anyway all right joe. So i'm going to do this one here because andrew is not here. I'm going to tell you about unilever because it said that it would resume advertising on facebook. In america it withdrew remember over the summer amid calls for brands to protest the social networks handling of hate speech and misinformation more than eleven hundred advertisers joined that big campaign back in july unilever did not formally joined but it did withdraw spending through the end of the year much longer than some other boycott participants had done for example heineken and north face returned after july coca cola resumed advertising on facebook back in october verizon not yet returned in a statement unilever said social media companies have committed to better management of harmful content on their platforms. And so there's a big deal there. I remember those stories. Joe about has one of those. Big companies aren't the biggest advertisers on facebook. Anyway it's all those local small businesses that spend way more than companies like coca cola. Do interesting piece yesterday on Well it's actually today just on all the signing onto to some of these these suits about the way the advertising is is done. Dob dom do you. Don't think your phone listens to you do you you you know what been talking about something in two seconds later what you were talking about an advert comes up. Does that ever happen. Because a- it happens does you know what's even stranger freaks out even more joe. It's it suffered. i talk about or look at shows up on my wife's phone advertising and everything else so and by the way i have amazon alexa devices in our house. I i mean i know i'm not. I'm not a month. The tin hat. You know conspiracy types. But i i tend to watch what i say. When there's an echo device around does that make sense it. I heard samsung. Tv's of the ability to to hear what. I'm totally screwed. If any of this is true. I am. I am toast in this latest. World and cloud somewhere still makes transcripts are in the cloud somewhere. I still make jokes. That couldn't share on air. I can tell you that anyway It was really weird yesterday. Talking about an expresso machine next thing you know. Here's where you buy one. Yeah we're we're it. Scary is facebook and instagram. shows up the most. I don't have any problem with with those. Those two entities one got the screen. And it's just got andrew and he's like it's one of those pictures where wherever you are. His eyes are looking right at me and he's not. We don't have them on anymore. He's just like staring at me. It's very disconcerting. Gotta talk to the talk. Who took that headshot of him. Because i agree because it does feel like is kind of and and they have never leaving it there. I mean he's not on anymore he he's he's on his way here but i mean they could put something else up the landscape or something because it's it's creeping me out next on squawk pod and historic moment the vice president vaccinated but former fda commissioner. Dr scott gottlieb says we could be doing more. The challenge is going to be in january. When you try to distribute it in the community you have to go out and find eligible patients to vaccinate. We could vaccinated many more people. That's after this this. Cnbc podcast is brought to you by. T. rowe price delivering a strategic investing approach with a long-term perspective to help advisors and their clients feel more confident through good markets and bad expect rigorous research and prudent risk management from an experienced team of fund managers since one thousand nine hundred. Eighty seven. t. rowe price invest with confidence. This is clock pod. Welcome back to squawk box here on. Cnbc i'm joe kernan. Becky is off With us this morning dumb chewed joins us from cnbc headquarters and andrew will be joining us. Short late i can see him in. My monitor and i can read his lips. Because he's saying i'm here. I'm here is our legitimately following you. Now they are. Did you see that earlier enter you. You were like big other. I've been here the whole time. What about the jacket. The you figure you all bets are off and do whatever you want. Because you're upstairs. Get the jacket off. Us equity us equity. It looks nice so you do look good in a jacket. We're gonna have some audio issues. I think because you're getting some feedback on you andrew to a little bit of an echo. We'll take care of all these things. it's working. Well it's fine. It's friday and it's two thousand and twenty. Really good shot of you so theoretically. You could be here every day if you chose to. I guess because it seems like it's working very well but understanding that right you we could. We could figure out a way to do this if you want you know. I'm i'm game if we can figure out a plan but once we're in the other thing is still in boxes which yeah wait from each other. Why we i know. I know and i feel that i feel that. Feel the you know. The i miss you. We want to Thank you for sticking around with us this morning. Time and a half i think you. Wow you work close to. I mean you're going to go on to hours pretty soon for a wild man. Anyway you are leaving now to start your weekend. Am i ride. No golf though knows orange ball you get a lot more role If an isis over but if it doesn't is over a very difficult tough conditions. I think that my wife got me doing a lot of stuff around the house for the rest of the day. So yes. I got a very large honey. Do list including resulting the driveway. And everything else so i got that coming up which is nice but you really happy your home or is she like a snowed. You'd have to ask megan all right tom. Thanks thank you for. Stepping in casa sorkin went dark. That's going with this History being made Andrew you're looking say. It is vice president pence his wife. Second lady karen pence and surgeon general. Jerome adams are all preparing to receive the covid nineteen vaccine. This is officials. Public officials looked to show support for the immunization and calm fears from vaccine skeptics. Were both here today. This would be a good day. Andrew i but we can't. We can't jump to line We're not vice president of the united states. Obviously but i would do it but we just all were missing. Is the michigan vaccine. But i'm ready ready to roll up the The shirt sleeve and and do it. I am to here. We go with what's going on with covid. Nineteen this morning and have read all educational materials pertaining to this vaccine for. I have a couple questions for you have ever had a series reaction to any previous vaccines any. Are you taking any blood thinners or have any blood disorders pregnant or breastfeeding are any of you. Immuno-compromised or on immunosuppressant. Right the doctor. Getting the shot. I so those questions. I guess andrew you heard that they They were everyone i initially. I thought it was just too vice. President trump or breastfeeding. But obviously it's wasn't it okay. It's pretty simple. Let's quick quick and painless quick and easy second lady as it's called Intense and the vice president. We may see this repeated. I would think with the andrew with the president-elect and And of the vice president elect and there it is now this is obviously the pfizer biontech since was any second get we could hear about Mcgurn series. so that need you come back in twenty one days for the second one again with any vaccine could have a pretty sore arm of the site maybe some redness but if anything else happens make sure contact medical provider or go see medical care. I think we can skip that. Andrew don't you think the second The busse no. I think we need the booster. No no we don't need to cover it. Maybe we don't need right okay. We're going to bring in. Dr scott gottlieb as the vice president begin speaking. We'll bring you what he says. And just a moment Of course Dr gottlieb former fda commissioner seeking contributor also sits on the boards of aluminum and our own meg. Terrell is with us as well and historic moment to see the vice president Get what's called the jab live on the air and hopefully bring some confidence to the rest of the country. Dr yeah great moment. I'm glad he did it on tv. And i think it will have an impact. I think the vice president will provide reassurance to a lot of americans to go out and have confidence and taking vaccine both of these vaccines as well. So this is a good good thing. Okay at the same time that this is happening. We have so many questions to ask you. Dr ghalib and we quizzed meg about this before. And i know she's she want to get into this as well but just the state of play between what's happening with the statements were hearing from five on one side over the last twenty four hours and the statements that were hearing from. Hhs and alexander. Who came on squawk box yesterday in terms of what is really happening here right well. There was no issue with the manufacturing manufacturing is going quite well. The issue right now is what we call lot elise. so i've said before an alberta the pfizer said on this show that most of the twenty five million doses that have been promised december in the united states. And there's twenty five million doses. They'll be produced outside the us. Most of those doses have been manufactured now. It's a question of lot release and so over time that vaccine sits and it gets released for us and part of the part where it goes on as you keep it for a period of time to make sure it's stable to do some testing on it. This is normal goes on with any biologic certainly goes on any vaccine so hhs put out a statement yesterday saying that there are seven million doses available by the end today. they'll be many more doses available and by the weekend there'll be many many many more doses available. There's doses coming off of lot. Release all the time. So what i've said before is that i think they should be leaning forward and trying to get more vaccine into the market right now because we know a shot today is probably more valuable to a patient than his shot three weeks now because we're at the peak of the epidemic right now we're starting to peak. We know these shots of partially protect protective. Although we don't know how much both medina is a vaccine or partially protective. So you want to get as much protective immunity out into the population as possible. It is the case and hhs has acknowledged that they cut the shipments for next week that they're trying to hold onto a lot of stock in the warehouse and also. I suspect that pfizer was cut down to two million doses next week. I suspect that madonna will get authorized today and they'll ship about five million doses during next week and by the end of next week they'll ship five million of pfizer and five million during. I don't think that's an accident. I think that they're trying to line. These things up. But dr the implication of what we heard from five yesterday was no. It's not us. The government isn't releasing this and effectively. I thought the suggestion was that they should be. Why wouldn't they be well. The short answer is. I don't know if if i was asked to speculate. Which is what you're asking me to do. It's that they don't think that the channel can distribute more than let's say seven million doses next week they want to leave room from dern to deliver their five million so they've they've titrate traded back. What pfizer shipping their throttling. That's the only thing. I can come up with that. They want to sort of test the system they don't want these doses sitting around. So they're trying to throttle the shipments. I think they should be taking some risks and leaning forward trying to get more doses than people's arms both were during and pfizer. And i'm on the board of pfizer viewers that but i think getting as much protective immunity onto the population as possible is very important right now. I will say there's many more doses available the statement they put out last night to the press was that there are seven million doses available. That probably was true as of last night. But as i said lots of coming off all the time and they'll be many many more doses available. Maybe double that by monday as lot released goes on and more doses get released by by the company meg. I know you've been reporting on this last twenty four hours How how does the doctor leaves perspective or speculation if you will square up with what you're hearing and how i mean to some degree. It sounds scott like you are. There's implication here that there's a commercial issue here which is to say we're going to hold back on some of the pfizer drug. Because we know we have madonna coming out to say quickly. I don't think i thinking about commercial issues. I think they're thinking about logistics. And you know they might might be easier for them to have both companies sort of equally distant distribution. That's the only thing i could think of might wanna line up the companies and as of the end of next week if they go on the current course they'll probably have lined up both companies during the authorization today which i think they will an shipped five million doses which has been speculated about already in the press. Make and just add to that went. Dr gottlieb is talking about is my understanding. I mean they want to establish sort of a steady cadence as general purna pokes that In terms of getting the vaccine doses out and you know yesterday throughout the day. hhs was confirming. They still expect again to twenty million people immunized with their first shot in december if Modern emergency use authorization. But then if you just look at the is what's happened already. So we've got two point nine million doses of pfizer. That went out This week next week they'll be two million doses of pfizer almost six million doses of moderna. And that's eleven million doses. You've got one week left of december after that and you have to get out. Nine million more doses. So we'll see if that happens. They are seeing that. They are confident. That will but Dr gottlieb. I wonder i mean you said earlier this week that the problem with the antibody drugs that there appears to be issues being able to administer them could bode poorly for the ability to administer these vaccines in the community as well and i wonder your thoughts about. Are we going to run into these backlogs in the last mile as you've been talking about well it's it's a little bit different situation. I mean the antibody drugs are sitting on the shelf right now. They have a shelf life so they're not being lost. I think that there might be some concern. That they'll ship vaccine and not all the vaccine will get used. I think that that's not going to be an issue here because vaccines right now. This month at least are being distributed into nursing homes by cvs and walgreens and into hospitals to healthcare workers. I think that those parties can handle a lot more vaccine in distributed. The challenge is going to be in january. When you try to distribute it in the community you have to go out and find eligible patients to vaccinate. That's going to be more difficult. But i think they could have pushed out a lot more vaccine through the hospitals this month and what they're doing we could've vaccinated many more people and again. I come back to the point. This is the peak of the epidemic. The vaccines partially protective. Although we don't understand how much but the data does suggest that and most people concluded that based on the data so. I don't think i'm making a leap there and saying that and if we can get more protective immunity into people more quickly over the next week or two that's that potentially can have an impact on the epidemic three four weeks from now we vaccinate more people. It's not going to have the same level of impact doctor who made that decision. The specific decision that to hold back some drug so that there could be the second second round rather than wait for for the manufacturer to keep to keep coming in and just expect it. Was that by votes. How did that happen well. I'm sure it was the people who are running the logistics. So there's people from the military in charge of this. I know the individuals and some people from hhs. I'm sure that the secretary signed off on it. But i think these are recommendations coming from logistics. People i mean. There's there's the logistical problem. But then there's the public health imperative. And i think the public health imperative here should triumph. I think we should try to lean forward be aggressive take risk stuff that channel a little bit the supply chain get more doses in people's arms with having some confidence at the hospitals can absorb. I've talked to hospitals. They're vaccinating far fewer healthcare providers. And what they could be because they don't have the doses available and i don't think they're going to even catch up next week even after the modern doses ship and you start having more supply in the channel may. Do we have any idea how protective just one doses. We did get a sense of that from the documents that came before both of these. Fda meetings That provides. I believe. I think it was slightly more than fifty percent protection. After the first dose the issue is and i've talked about this at length with i've slough from operation warp speed including on our healthy returns livestream earlier. This week is that there aren't data showing if you didn't get that second dose How long that protection would last And you know he is very concerned that If you start just giving one does without the absolute certainty you have that second dose. Then you're kind of going off label and you're going in the face of all these promises to adhere to the the rigors of the clinical trial process and what has been proven. I'll just quickly guys. I mean i think that's a very important issue. But i also want to ask dr gottlieb. Because the reason we're talking about this tension with pfizer and eighteen s right. Now i think is because there is this backdrop of the negotiation over trying to get more doses in the second quarter of next year. Doctor you know you have told us that. Pfizer offered to the us government as recently as november after the advocacy data. We've heard different accounts of this from jay johnson from dr sloughing who say they didn't see the data when they were offered the doses. What's going on now. Are they actually going to be able to reach a deal on this. Why is this taking so long. Why does there appear to be such a bad blood. I'll just say just to back up for a second. I agree with everything that said about the about the dosing schedule. People need the second dose. I mean even if the i was partially protective. We don't know how long that protection lasts. We've only studied it with two doses and we only know the durability to production after the second dose. So you do need to get the second dose but you could take some risk that the manufacturing hopefully is going to keep up. Which should we have not seen manufacturing problems. Once he's manufacturing processes started as far as negotiations. I stand by everything. I said on this show about what's been offered when but there's discussions going on. I hope those are going to be fruitful for the american people. So i just don't wanna get in front of the discussions that are going on between the company and the government right now and i'm frankly probably not privy to all the details related to that anyway so. I'm not the best spokesperson for that. So i'll leave that to a comment on and the secretary and his his college okay. We're gonna leave the conversation there. Dr scott gottlieb. Thank you as always make drill. Thank you as always. And i'm sure we'll be talking to very very soon coming up with the vaccine on the way the squawk team stays vigilant buddy andrews here today and i'm trying to figure out i i'm not gonna wait around after the show sorkin. I would like to give you a fist-bump not i'm out of here. I haven't seen you in. I don't care. I don't care what. We mean about staying vigilant and staying strong. Virtual fist bumps squawk lod is back. Everybody it's elaine. Welter off and i'm hosting a new podcast called built to last by american express where we will dive deep into the stories history and continued legacy of small businesses that shape american culture are debut season. We'll focus on black owned small businesses. That need our support now. More than ever episode we feature the story of black business trailblazer. That has inspired. Modern black. owned business first step is kinky cole of atlanta's food truck turned restaurant celebi vegan. We'll also chat with nathan malemba the cutting edge designer behind the haniffah three digital fashion show. Plus we'll check in with each array are modern day renaissance. We hope that it encourages all of our listeners to support these businesses as well as the black owned businesses in your own communities tune in for these amazing stories and others on spotify apple youtube. Or ever you get your favorite podcasts. You're listening to squawk pod. Today with joe kernan and andrew. Ross sorkin. welcome back to squawk box this morning right here on cnbc. We're live at the nasdaq market site. In times square and vice president mike pence received the covid vaccine earlier alongside his wife in the us surgeon. General here's what the vice president said about getting the jab today. Karen and i wanted to step forward and take this vaccine to assure the american people that while we cut red tape we cut no corners. President elect joe biden expected to get the vaccine on camera in the next week. Joe joe is the freeze jab. Is that he medical term. Because i get people who k- uk. Yeah it makes me feel like i'm jazz. I i don't know. I just like a shot. Well what's a shot mean. They asked me if i wanna shot. I think something totally different. I it's it's a uk term and we had that conversation. I don't know where you were that day with ayman about it and called it a jab and then someone said ayman jabar's and i said i tweeted that and he never liked it and it was really funny aiming jabar's right but i think he thought i was implying that he jabber which i was not doing it was just but i like now. I use the word jab more continental When i say that But it's the same is a shot right. Yeah no i. I feel like some people. They have a triggered by the jab. I don't know why because you'd be jabbed. Maybe i can't. I can't tell you that. I saw a headline a couple of times. It a while back where. I didn't know what i thought that someone was taking a jab at someone i is using it in that type of slang anyway Jim cramer joins us. Now it's only once christmas. Is it a week from today. It's coming up that's all. I know it's coming jim. Is it gonna rain or shine. You think this deal gets done if nobody goes home. Yes really yes. And then i think maybe a second deal for the once. A person look biden comes in will help the states. But i don't think that they can risk and no party can risk this going forward on this. This numbers yesterday. Were really bad and listen to all vaccine stuff this week you tonight today. You yvette. Unbelievable stuff but to me the bridge too when everybody gets it just seems to get longer and longer. I was hoping that doc doctor was going to say. I can't believe how many people this weekend are going to be inoculated instead. I kind of felt from megan. Dr gottlieb it's not. It's not perfect and meaning that when you say i know we got. We got to make it to that. Though do we ever got a stat of trouble and we know how to stay out of trouble. I got a pretty good idea. But you just i can't i would say yes it's not about me it's about us but you you start thinking god. I waited this long. Just my luck two weeks before they even want cursing. It's like you keep up the guard keep up. You know it's hard. I went to speak to people came in. I did not end at the end and we spoke to me. Get outta here. I said why those be. We don't know how they have colder. Who cares we don't know so i mean even people you know take my buddy andrews here today and i'm trying to figure out i don't i'm not gonna wait around after the show sorkin. I would like to give you a fist. Not i'm out of here is where you been is andrew out because david takeovers places injure you being airbnb. We lost electricity twenty five minutes before the show started this morning. that's his story holistic into blackout. I was on the phone with with with joe at six. Am this morning literally. sitting room was completely black cell. I rush over here. We're we're developing country right allowed. Listen californian feels i get a developing but not a developed country maybe. New york's that's very con ed. We have to give them a little shoutout. There is therefore wave to you andrew. When i leave. I'm not Don't don't try and get to don't don't get close to me and elbow pump. Come on i don't think so. No nothing no nothing at all. i don't care. don't care. bonds. This is what we mean about staying vigilant and staying strong. I have hold on my and ninety five year. Hell in ninety five and raise you more in ninety five. I got a really great and ninety five that protects. You not me. I'll wear on top of it but right now that protects me but not not meet every man personnel. Are you crazy. I protect you from me. You've everybody how about if we just stay away from each other better than this. I don't want you to do. This is no offense andrew. I'm not here when you come down from out of far you're the guy in my house. I mean you know five we all sit around it. Yeah outside yeah pitt. Yes yes we do. I could've done this show in front of a firepit. That's maybe next smiling. All that squawk pod for today and for another week squawk box hosted by joe kernan becky. Quick andrew ross. Sorkin mostly special. Thanks today dedom- to and meg tyrel for pinch hitting another eventful day in two thousand twenty. Joe can i come over to your place after the show come over you are welcome years. A reminder to subscribe to squawk pod we are available for free wherever you listen and if you listen on apple podcasts please leave us a rating hopefully five stars but you tell us you can also write a review that helps other listeners. Discovered this podcast. We'll meet you back here on monday. Have a good weekend this. Nbc podcast is brought to you by t. Rowe price delivering a tgi. Investing approach with a long-term perspective to help advisors in their clients. Feel more confident through good and bad expect rigorous research and prudent risk management from an experienced team of fund managers since nineteen. Thirty seven t. Rowe price invest with confidence.

pfizer Dr scott gottlieb joe kernan andrew T. rowe joe Dr gottlieb Cnbc hhs cdc unilever united states Becky cnbc Katie kramer President mike pence Andrew joins charlie woods rhino andrews buddy andrews
Games, Stops, Rebellions & Retweets: Reddit Co-Founder & Mark Cuban

Squawk Pod

46:34 min | 4 months ago

Games, Stops, Rebellions & Retweets: Reddit Co-Founder & Mark Cuban

"Worldwide exchange is now a podcast. Join me brian sullivan. Is we get your day started with the big money stories. You care about all the smart takes on the news from the us and around the world subscribe to the worldwide exchange podcast today. This is squawk pod. I'm cnbc producer. Katie kramer today on our podcast game. Stop won't stop now. It's up one hundred again over four hundred and forty dollars. The rented a rebellion. Still sending them all retailer stock up and making money for a new breed of investors. I paid my mortgage. And i bought a new car boomer right. How's your three percent. Ira doing boomer. Doesn't mean baby boomer boomer means wall street establishment alexa so hainian the co founder of read. It says community matters. I do this is some of the moment. I don't think we go back to a world before this whether it's one platform another. This is the new normal and billionaire mark. Cuban do you look at the numbers game. Stop and say this is realistic. I gave stock has a good chance of going out of business. The dallas mavericks owner and investor on the rate of change. The only thing that's really changed is the speed and the density and the reduction in friction for small traders to trade. That's the only thing that's changed. It's thursday january twenty eight twenty twenty one. Squawk pod begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew. Ross sorkin the us as the game continues with game. Stop the stock dipped overnight that it's back. It's up nearly two thousand two percent this month. This is crazy for a full recap of the game. Stop shorts squeezes read. It's and losses checkout wednesday's episode of squawk pod with the robin hood and bank of america. Ceos so it's pretty much just as crazy as the stocks volatility is the conversation as prompting inside the legacy wall street community and outside. It's a rebellion of the retail. Investors cry some market manipulation cry others it's a pivotal moment in market history still others claim. And so it may be. It's exciting a reversal of the traditional power roles on wall street for once the little guy the occupy wall street. The redder is forcing the hedge fund. Power players hand. People are here for it. Billionaire tech investor. Kamath paulie Says he closed out of his position and game. Stop one day after joining the trading frenzy and then tweeting about it in an interview yesterday on cnbc. He addressed the role of regulators. I think fifty an example of if you are going to so massively oversell accompanied to the. You're selling forty more shares of that company that don't exist and all of a sudden other folks like hey wait a minute. This is going to get squeezed and they buy. That's just a smart trade retail side wall street misfit and they paid the price so maybe what regulators should do they. Hey wait a minute. How can we allow companies to be one hundred forty percent short. That doesn't make any sense. Maybe on wednesday night the online hangout. Service discord banned. The red it subgroup behind the entire game. Stop short squeeze drama wall street bets discord said the group to allow hateful and discriminatory content. After that the sub reddit briefly went private moderators of wall street. Betts said they were unable to enforce read. Its contents policy and responded discord with this statement. If you gather two hundred fifty thousand people in one spot someone is going to say something that makes you look bad. Who doesn't look bad. Maybe game stop at least not to ryan cohen. He's a board member and founder of chewy. The pet supply taylor. Cohen has made a mere seventeen hundred percent return since investing seventy six million dollars in game. Stop late last year. Share price of game stop went from under twenty dollars in the beginning of january just january two over four hundred forty dollars back down to three fifty even up past five hundred. It is a truly wild ride for everyone. Here's andrew. i'm speechless. And i remained speechless. And it's hard to understand another is down market so take it for what it is and it's there's something remarkable but watching Watching the little guy beat the big guys shore but that assumes the game's over and it's not clear that the game is even remotely over crazy. Twitter commentary. I know some of the i got i got a little. I know you've probably got a but a lot that what would you care for. You characterize some of that is hateful short. You know. I read the weirdest stuff you guys you guys usually get your advice from the yellowstone club. I'm like what are you talking about. i realized that like some real hoity toity place where hedge fund guys go until it's all about these terrible hedge fund guys all these you know these people that are just giving it to the man by bidding game stock up to two forty billion dollars market cap. That's the way to do it. That's the way too. But they made some money andrew and they're writing in you know i paid my mortgage and i bought a new car boomer. How's your three percent. Ira doing and it's like okay. You guys i liked. What boomer boomer doesn't mean baby boomer boomer means wall street establishment basically. Well does me. The walser salesman suits. I see suits all over the place suits. Everybody's calling everybody assumed. Hey soothed as soon as there's a. There's a fair argument that wants. I love sticking to the. I don't know i mean look. There's marcy be. The market shouldn't just be for professional and elites in truth. I think a lot of what we do. Every day is try to democratize what the markets are and allow so many people to participate the question and it's hard to say allowed because it effectively. You're almost saying that people being stupid on the other end of this and a lot of people who may be stupid on the other end of this. Who are making a lot of money right this second. The question is whether at the end of the day when the music stops. Who's holding the bag. Everybody responsibility responsibilities to talk about those things. Nobody nobody thinks is worth forty billion dollars. I it's a vehicle to squeeze the shorts. It's just a big huge. Everybody likes hedge funds. Get nobody's gonna cry for them but what concerns me is watching guys like jemaah send you know the masses into this. You know what they've done has been kind of funny to watch at this point but you don't think game stop is worth this and i don't think when she got out of his yesterday when he sold his game stop shares. I don't think he was selling it to a hedge fund my concern who he sold them to how long they stay in it. And what happens next. Nobody's gonna argue the game stairs. The game big worry. The tesla was the first short squeeze that was game and it starts making you valuations. Pleasure were makes you question valuations. They were these guys that need to liquidate. Because they're losing their collective asses the hedge fund guy. They're selling regular stock. So we go down six hundred and fifty point and all these. These sort of put the shutters. I don't know whether they're pre shock to something. Bigger about the overall market and it all comes back to the fed. None of this is possible without the fed and it makes you wonder about everything. I would feel better if timothy and some of the guys who are telling retail stocks squeezing short. I would feel better if they stayed in these stocks. Let them write it out. You know it's not going to be a big deal to them. Forty no one. And that's when they rushed for the exit that's going to be what andrews talking about it. There's something about sticking up the other side if you're greasing the skids to bankrupt when when it all blows up that's not helping the little guy is it and the other question though. Is i m hearing that some there are professional investors as you might imagine who are jumping on this train. Not because they believe in the stock either but they're trying to jump on the momentum train. So i think when this is all over the question is do. The speculators blame themselves when the stock comes down. Because it's it's almost impossible to believe it doesn't unless you've only my fairy tale ending. I have a fairytale ending. My fairy tale ending is that the company issues more shares. They raise billions of dollars. They take those billions of dollars and somehow transform themselves into something that they're not today and magically in fantasy land it they know go from being netflix. Dvd by mail to the net flicks of gaming streaming service gaming land. That would be the chew guy got this all started with. I think with that hope. And and what's how do you describe the hope for tesla described that is replacing every single internal combustion engine in the world with cars that are charged up with solar panels. So that's that's also god but tesla's down five point eight percent. Their earnings weren't that bad yesterday. They the the most of the things in line seven hundred million dollars for the they made seven hundred million dollars for the year in the worth. Eight hundred sixteen billion. That might have something right right. But i think it has something to do with the idea that people are getting nervous and realizing that some of these momentum trades may not continue to go the way they've been going. I think people start asking questions about some of these things. If you had seen those numbers. Three weeks ago. I doubt the reaction would have been the same well. Apple makes a lot of money and a lot of stuff and it's great prophets in a great future. And i think even that stocks now we've got gotta talk about all this. Can you believe that that the the first ten minutes is about game stop. Would you ever have believed that in your life that it would be about such a such walking dead networks. It's about headphones. It's about nokia Sticking it to the man. It's about the fed. It's about two bath on the man. I've i've never liked the man but as you probably know by now the wild moving game stop last week was fueled by the wall. Street bets group on reddit. That online community rallied retail investors to execute a short squeeze that forced at least two major hedge funds to close out their positions at losses. At least that's what the hedge funds tell us joining us right now is alexis. O'hanlon of seven six. He's also the co founder of read it so alexis. You're really the guy that unleashed all of this. It's really been to see you. You're an investor. Who's thinking a lot about this. But you've been watching what's been happening with. Read it and just give us your thoughts on this. Have you seen this. play out. Sure to be clear here. i. I'm no longer on the board of read it i. I am not here to give financial vice purely though like as an observer of these internet trends and having gotten front receipt. Thanks to co founding. Read it you know. This is a combination of a lot of energy and and a sort of kismet situation. Where you know a lot of things lined up. I was here yesterday. Going a pretty good job. Summing up a lot of the sentiment future governor of california. And i think the thing that for me has been so clear. Is that this like a lot of things on the internet that go viral and take on a life of their own has become something much bigger And i think you even just looking at the comments Around the internet is something. That's very personal. A lot of people and a chance score you know. John and joan jane america The sort of retail buyers of stock to flex back and push back on on these hedge funds. And i do think this is a seminal moment. I don't think we go back to world before this because these communities their by product of the connected internet and whether it's one platform or another this is the new normal. And we've we've watched the internet now over the last ten to juniors thanks to rises social media and all this infrastructure Really a bottom up revolution. So many seen this across media across so many different sectors and now it is happening to finance. And i mean it's it's it's nothing short of remarkable and and i really do you think this is really the start of a new era for how we're going to sort of How we're going to perceive the public markets and the interaction of consumers with it. Hey lexus i am all in favor of the pendulum swinging and going back against the greedy guys. I mean i don't know if you remember the corporate raider guys. Yvonne boesky michael milkin and the bunch. My dad lost his job back in the eighties. When yvonne boesky bought out his little. Oil company thomas because the the reserves that they had worth more than the stock fired. Everybody so i am all in favor of sticking it to the guys who've been sticking it to everybody else for a long time but i do have to say when i watch what happens with this i worry about. The retail investors that are following tomasz bidding following other people's bidding. Timothy got into the stock. But he got out of it before he came on yesterday to talk about how he had gotten out of it. I don't know if he will. He thought he was selling those shares. To but i doubt it's the short seller's look the i think what's what's really remarkable here and i've look i've been on here over the years talking about things like bitcoin which which i'm still continue to be pretty long on i i. We're seeing crypto currency is one example of this bigger story where i think people are looking for more opportunities to have a more more influence over every part of their life including in many cases very importantly their money they're investing and the access to knowledge access information access to world class technology to process. All things is now getting democratized to anyone. I mean the the the user who kick this off head right. He eats account called roaring kitty. Who who. I did the analysis on game stock and against up and published. It seems absurd until you actually watch this video and cd. She's been really actually thoughtful about it. And yes he does. Have a ridiculous moniker. But but he's sort of the the original kind of hero in this story that it has been all built around and And i think the thing that has been really eye opening for me is to see for how many people this is personal. Like i said there are stories from the recession from away in the aftermath. That are that were being told during occupy wall street in zuccotti park but that was a time when the internet was still its infancy and and in many ways. Now we're seeing a new reality. and i. i do think. I mean this is. This is without precedent and obviously everyone should be making you know they should be very thoughtful. They're putting their money in their investments. But i do think this is a drastic shifts and i. I don't know where this goes from here. Other than new systems emerged to start to adapt to this new reality. Like there's a part of me that sees this. John wall street bets think they will probably would as a investing block they could outperform a hedge fund if they raised capital their own If if there is a the menu is open with this combination of technology and ubiquity of connected people sharing insights and opinions. And you know i. I'm i hear you and i think it's an important thing They're very important. We played for protecting the little guy. It's so many of these. Little guys are saying very clearly that they felt rather unprotected for so long and this is a way to vote with dollars. Hey i've i again. I'm all in favor of that sentiment. I guess when you see game stop run up to such an incredible levels though it makes you start to wonder what comes next. I know you've been reaching out trying to see if somebody could introduce you to the ceo of game stop did did you ever get that inter no no But the i think there is there is something there is something to be said for the fact that this is this is gonna be a path forward for how companies will have to think about the relationship with the markets in a world where i do think. The trend seemed clear that that retail investors are gonna start to become a larger percentage of of marketing. We saw go up during covid. Is i think more people were getting idle and robin hood accounts for making it. Easy for people to get started. But i think there's going to be a new normal afterwards where even the role of the ceo elon. Musk is obviously one. Who's who's done this very very well is to have a different kind of relationship with the market because it's actually about this kind of community building. That looks a lot more like a type of community building. We're just not used to from ceo's. But i do think the president is there and i think this is the model for what it's gonna end up looking like a alexis. How do you think about the the idea of fundamentals in in this context historically look. I could argue that hedge fund managers would go have these idea dinners together and they would intrusive actually gang up in the same way. Maybe i don't know in the same way. But they would bid up the shares of something and they would argue to each other about what the case that they were making would be and typically they thought the company might be worth ten or twenty or thirty percent more than whatever was trading at. Let's just say it's very rare where they would do that. And believe that the company was worth five hundred thousand times. What what really is they're arguably. Were some numbers that that made some semblance of sense and i think at this point. It's very hard to make that argument in this context. Yeah i look. I'm not here to make that argument. I think what is what was an interesting point. And i would resonated with me is the fact that so much of what's happening now. Thanks to the internet is happening in daylight. And i do think that part of it feels more more transparent. It feels more authentic. It feels more genuine. It some you know. I i was was ranting about this on twitter because as a species like we spent hundreds of thousands of years really relying on the few people around us in our in our family units in our tribes. Like you know. We've been hardwired to be very communal in that way. And this idea of institutions of ivory towers. What are you going to call them across industries not just fine that's That's a pretty new convention in the history of our species and as long as you're willing to agree or as long as you're willing to accept what i believe to be true. Which is that online. Communities are as strong or even more strong than offline ones that that you can recreate the senses of community and tribalism and and sort of confidence even with total strangers on the internet that gives you more compelling evidence for more compelling feedback than a you know some nameless faceless expert who supposedly knows better than you. And that's that's been the story of of the last ten fifteen minutes but alexis alexis if all of these folks if i don't know if all the look a lot of them vaccine made a good deal of money at least on paper right now some actually probably cashed out along the way if there are real losses if it goes from four dollars back down to call it thirty dollars or four dollars and fifty dollars there will be real people with real losses that have real mortgages managers. Yeah you know maybe they have a mortgage on their second or third home. Maybe they're not really the losers in all of this and so if there really are losses does this become a movement or do people say. This was a a one off mistake. Even i the challenge is this is truly leaderless and there are so many examples of this various points around these these moments that happened online that go viral and sometimes it's it's very silly and it's just a meam but other times clearly this has potentially very real world repercussions I i think the problem is we. We're we're at a point. Where i i just i see these comments consistently now and there whether it's you know Tweeted at whenever streaming line like there is I think for a lot of people this is. It's a statement. It's it's almost a kind of political statement. I don't know but but you're right. They're very real consequences here that that folks may not be prepared for and really should be but but a by and large. I think this is. This is going to be the start of the conversation. I don't see any part of this because it is so organic. I don't see any part of that just disappears. I think this is a part of that. New fabric of markets. I'm listening and i mean it. Sounds like a way to justify what what could end up to be some really bad behavior. And you know. I hear all these high-minded comments about what's generating this which which could be nothing more than a glorified pump and dump. It was started in chat rooms and is not motivated by high-minded getting back at the man's motivated by motivated by pure greed. People are making money and then other people make a lot of money. And i saw it. I've seen it in the past with iomega with peyser with tech with. We've seen it all before in. It's different this time. Because it's somehow representing occupy wall street and a a you know we're we're pushing back against the man. I it just sounds these high-minded. I heard shimada and you're a billionaire. He's a billionaire. And it's nice that you guys go. Well maybe not. But you don't know. Maybe maybe with serena whether you've got the consolidated the finances you will be. I would say at this point but but it's nice it's nice to do to attach all these high-minded social implications. What really seeing that. That really is just a twitter. It not a twitter mob mob that that decides to do this and some of these hedge fund guys deserve it and you probably need probably some legislation. it doesn't allow you to short more than than the outstanding than that. That seems very reasonable right. I understand that. But you see what i'm saying. I mean with a straight face. This is all about hundreds of thousands of years of community. I mean all the stuff that you were just mentioning. That's what this is about. Not just a glorified pumping up getting game. Stop which was a half a billion dollars up to forty billion dollars. That's the right way to do this. Lexus i can't say right or wrong but i do think. Look it's impossible. Generalize entire movement of. What's now i don't know how many people have have been involved in this point but at this scale right. I can't generalize all of them but there is a clear trend line here and i think i think we've seen versions of this over the last few years. I think i think you've seen echoes of this. In lots of challenges against mainstream media. You can imagine. I i could argue. They're threads of this behind the rise of the populace right. I think they're threads of this behind. You know this is rare time on the internet when afc was agreeing with some like hardcore silicon valley libertarians. The there is this sentiment. That can't be escaped. And i can't certainly can't speak for any of these folks but on the whole it's clear to me that this is. This is a gesture and in america in the united states. You know we vote with our our votes and then we also with our dollars. And i think this is an example of the ladder and a lot of alexis regulation question and this came from something that to alex stamos who ran security for facebook said online yesterday. Said i don't know if any laws were broken this time but read it now has a problem. It is the home for a community of hundreds of thousands of people who've demonstrated the ability to move billions of dollars based upon the urging of at most a couple of a couple dozen anonymous accounts. What do you make of that. And what does that mean. Well so i. I'm definitely out of my depth in terms of the regulatory standpoint. I can't speak for read it. I think you know as i said from jump this is new territory and i think the thing that the american public on the whole wants is to know that these systems especially the most powerfully arguments country which is finance is is one that is and i. I love hearing. I am surprised that i heard the word regulation already But that is being regulated and being governed in a way that is is looking out for americans for for regular folks many of whom feel like it has at the end of the day right. We're we're in a world now where we're seeing emerging decentralized technology cryptocurrencies but the bigger macro trends here are moving more and more towards giving individuals more empowerment. And so i think you know we the these communities balide across platforms. They are your neighbors. They are your cousins their their people and you know they they transcend platforms. It's it's really. it's it's identity in the same way we could be talking about. K pop fans or a or vegans. Right this is a sense of identity and community. that's that's bigger than one space. How we feel if momentum turns quickly and some of these stocks go back down as quickly as they came up. Some of those. Those neighbors and friends i think with with every every every bit of this along the way and i think that's been one encouraging sign been so many folks just continuing to remind myself included that like this is a very important make informed investment decisions and. I can't presume what everyone's thinking. But look i i. I really really hope that as we work through this. We are bringing accountability and we're also respecting the fact that this is. This is new territory and the genie is not back in the bottle You know retail investors are going to be a. They're going to play a much much bigger role in the public markets than they ever have before. And you know they're connectedness is is is never gonna change. That's that's the new. The new normal now disconnected internet alexis. Thank you so much for your time. Realize you guys are in australia getting ready for the open. We appreciate Early in the morning for us not early in the morning for you but thanks for your time and we'll talk to you again soon. Thanks next on. squawk pod. Mark cuban the shark tank investor in dallas mavericks owner. He loves wall street pets and giving an edge to the little guy now. It's just a flex. They picked the right place to off with sort of dot. And you know. Hopefully they'll go to good companies to and and help them grow and we'll see a positive side of this that hopefully we'll have long lasting effects. We'll be right back. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what the real world actionable advice and a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast. Today this is squad pod from cnbc. Here's becky quick billionaire entrepreneur mark. Cuban says that he's actually a big fan of what's playing out between retail investors and hedge funds around shares of game stop users of red. It's wall street. Pets forum have helped bid that stock up massively this week last night. Cuban tweeted. I've got to say i love love. What is going on with hashtag wall street bets. All of those years of high frequency traders front running retail traders now speed and density of information and retail trading is giving the little guy at eleven year old trade with them and made money mark. Of course as you know is also. The owner of the nba is dallas mavericks and he joins us right now on the squawk newsline and mark. I want to hear your thoughts on this. Because i get it i. I love the sentiment of being able to stick it to the hedge funds and what the hedge funds have been able to do in. Some cases has been really really bad news. But if you're manipulating market prices. I don't see how that's a good thing really in in any scenario. How's this any different than what every brokerage firm does you know. We've been talking about. Get long get loud for for it's not. It's not good for the brokerages to be doing that at all either. I'm not defending that. It's just when you see moves like this. It's a little crazy. I would think that makes a company pretty hard to run to. How do you live up to those expectations now. But they're not expectations at all. I mean look the reality is you just have to run your company and do your bathtub. Doesn't change the fundamentals of the company at all. You know it. So many respect is window dressing. And and if you are an owner of american airlines if you're an owner of came stopped hopefully you know prior to all this. Hopefully you owned it for good reason and you believe in the company and all the manipur not even manipulation all the swings in the price of the stock. It's all just michigan right. I mean if it's a good company at the good company and bad company it'll end up going out of business and you know the people who bought it just to speculate will some will make money some lose money but that's just the way. The market's always worked. The only thing that's really changed is the speed and the density and the reduction in friction for smaller traders to trade. That's the only thing that's changed it. Look good news in terms of crowdsourcing being able to have the same heft that some of these really big wales have on their own if you can get this together. But we don't know who some of the people on the chat boards are in red. It are on the on these threads who are saying some of these things to do you worry that some of the wall street guys could get behind that some of the big guys and manipulate those things but it's not really manipulation. It's it's absolutely no different than what is always happened. Becky you know these folks are picking things where you know heavily sorted stocks go to low float stocks because they know they complex and show off you know and let people see what's going on but look at it the other way. What if they go after companies. That are really good. And or maybe smaller companies that are on you have a great social mission and get people not just to buy them in math and quickly so the stock price skyrockets but also to hold onto a more. You know in crypto currency term hoddle. And so that you know that company really can can grow based off of the valuation that stock. You know so. I think now it's just a flex they pick the right place to show off with scott and you know. Hopefully they'll go to good companies to and help them grow and and we'll see a positive side of this that hopefully we'll have long lasting effects. Okay i think one thing this definitely does is shines a light on on some of the behavior that regulators really should step in and take a look at some of the behavior by the hedge funds. I if you're able to short more than one hundred percent of a stock if you don't have to disclose your shorts ever if you can do one thing and say one thing and do another. I think that there could be a call for additional regulation coming on that. What what are your thoughts there. I mean if you're leading right if you're you're pumping adopting to the upside or if you're sorting and and misleading people to the downside. Yes that's obviously something. The regulator should look at but remember when you show to stock. There's a big on it right. You have to borrow it. And you're paying percentage to the whoever owns a stock in his loan in it out and if someone who's sort of stocks many times you know when that biggest high you know exactly what you're getting into and you know exactly what the risks are you know and you just hope something like this doesn't happen but again it's not the first time that low flowed or heavily shortage have been targeted. It's just very visible and it's just not the normal suspects that are doing. the targeting. There are many hedge funds that that have made a lot of money over the years targeting heavily sorted stock and so i don't think this is anything different. The people who are who are making the police aren't who we expect them to be. And so that's why i like it. You know when you bring people out of nowhere to really show the inefficiencies of the market. The good thing mark mark. Let me ask you this though. You're we all talk about the market trying to be efficient trying to be rational. Usually when people invest in things they are hoping to make money. You have a group of people in this case and this the part that i'm struggling with who are effectively online saying we don't care if we lose money in fact we expect to lose money as long as we quote beat the hedge funds and that's one group of people but then there's another group of people who are riding on top of that possibly professionals but also possibly others retail investors. Who actually need the money like they needed to pay the rent. And maybe i'm a pollyanna and maybe people think what. I'm trying to protect the little guy or or and they think that by trying to protect the little guy you really trying to protect the hedge fund manager but i i'm grappling with this because i remember after the financial crisis the media was blamed. The media was blamed for not blowing the whistle loudly enough. Now you blow the whistle and you know the folks online say you know. We don't need the protection. How do you square all this up. Well a couple of things one you know. Most most people who spend their money on stocks. These days are not investors. Right in most of the trays that are taking place. Our algorithm iq. I you know this is the days of okay you know. Give me a share. I gave my son or daughter share of ibm. And i hope it's going to be worth the time by the time they're thirty years old. Those days are long gone right more people just by just to speculate and trade than actually invest now if we want to talk about changing rules so that we really rewarded vesting and buying and holding and you know by companies for their intrinsic value. That to me is a different discussion. But you know as long as we're allowing companies to trade stocks in milliseconds. We expect this to be an investor's market and until you change that you can't change what's happening with all speed back but i i appreciate that the the question that ask though is do you look at the numbers for example on game. Stop and say. This is realistic. That there's a fundamental argument for a company being worth twenty this company being worth as much as best. I think gave stock is a good chance of going out of business because all the transfer against them but then again again. I'll keep on going back to this. Andrew i mean when you allow when when the average holding period is what now in seconds. Instead of even minute we can't talk about investing investing investing not investing cried this is speculation and trading and when we allow high frequency traders to trade to to locate their servers. You know in you. Such advanced technology that the only thing that they're looking for is to trade based office speed ahead of others. We can't talk about investing. This is not an investor's market right the technology to market in this particular case the technology that's matters more than speed and and you know proximity is the lack of friction and the speed and the density of trades from individual traders like mark. Do i keep hearing the. We're seeing bad behavior so you answer it with bad behavior. And there's a lot of wrongs in the markets right now so you need to address those wrongs with more wrongs. I mean when you look at what. I'm paying joe. Graham and dodd would be rolling over in grave right now. Looking at work games is valued and as a way to stick it to the shorts who are elitists and who have been gaming. The system for so long. It just seems like you're you're you're justifying to wrong at all. I'm saying these are the rules that we have set. And when you have given rules than you have to be willing to accept the behavior that those rules enable if you want to change the rules and say okay you gotta have a one day holding period for any stock. You'll have more investing in less speculating. Now some people might argue. The market becomes less efficient but at the same time. You're going to hear that market back towards the investing and so if if your rules you gotta live with the consequent with all this stuff specs. Ipo's game stop going up. whatever. I've lost track. Four thousand percent whatever. It is any of this half you worried about the fed or the overall environment that we're court. I had the heck out of my portfolio absolutely. It has me worried because you know when you got this low interest rates and we're seeing speculation everywhere because as assets as having played it. You've seen it across a whole range of assets whether it's crypto currency whether it's trading cards whether it's non fungible tokens whether it's housing you know when you've got this low interest rate you're gonna get appreciable at inflating and so it creates a lot of concern because when interest rates if and when they do go up and you knows whether it's years or decades when we'll see four five percent interest rate again know then people will make have different decision criteria and that will certainly give you know. I don't wanna call it a bubble because it's reality given the interest rates but they'll be a deflation of some sort and those appreciable asset and. It's going to be scary when that happens. Hey mark would. Would you feel any differently about this. If the crowd sourcing that was taking place was was kind of taking a turn on this and and and seeking shorts after people. No no not at all. I mean to me when someone shorts a stock that i the beautiful thing right because if the company does well then they're going to have to buy that stock back at some point now of course. There are certain circumstances where the company's trying to do a secondary raise money and diminishes their ability to do that. That makes it a bad thing but more often than not. If the you know i always looked at it as please. Short my stocks. Because i'm trying to invest in good companies. And if they perform at some point they'll have to buy them back your point on what the regulators need to address is an interesting one. This idea of having a longer holding period. I think the holding time the average holding time is like forty seconds or something stupid right. What what other things do you think they should be looking after aside from just making a longer holding period. I haven't given it a lot of thought. So i don't have a good answer for you but you know we have to decide what we want in our market. Do we want this just to be an open. This is just a very liquid market and here are the rules and whatever comes along we deal with it or do we want to encourage investing again and you do that through the restrictions right. I mean you can talk about taxing. And i know that not. There's forget the exact name for taxing on trades but you know if you're gonna tax a trade that held for less than a minute. I think that's not necessarily a bad thing to consider. That freaks out a lot of people. But i think we become stronger as a country when people when we have investors rather than traders and even stronger when those even traders are not algorithm iq. Because that you know as we go forward with ai and gets more in bad vance and natural language processing gets more advanced and we use more sources to as inputs for those trades. We're going to have. There's going to be other times when we get significant one way or the other in a stock or a group of stocks that we can't explain and he'll this could be even worse And because we won't know who's behind it or even why the black boxes these no networks are making these traits and so if we don't make the conscious decision Legislatively to say look we want to have investors rather than traders and i get the argument that all these algorithms create liquidity. And that makes it easier and these things couldn't happen you know wall street bets. Couldn't do what they did unless there were algorithms balancing liquidity. I don't think that that matters right. I don't think. Liquidity is the ultimate goal of market of stock market. Just what we need to get back to investing. We need to make it so that so that people started investing and then in the same breath. They're like i really like what's going on here with this chat room. Stop running these things up. Eight thousand percent. I just don't see how you can say both if we want to get back to that You know just answering the status quo with even more insane. A logarithmic moves in these. I don't see how that helps when our goal our goal is to get back to 401k stocks over time our way of building wealth for your family and for your financial students. It's like it's like changing the rules in the nba or the nfl for what the nfl for pass interference right or replay for pass interference on whatever the rules are people are going to try to use them to their advantage and the way the rules are right now. This is what we should expect. You know there's nothing that's out of the ordinary with what we're seeing right now. It's just you know the natural culmination of of of the way the rules are written and so if we want to get back to investing then we have to change those rules so as long as we don't change the rule book you know great. I'd rather see the little guy start to have an impact and only you know Big brokerages or big hedge funds and look at every single day. There's a call. Made a major heads a major brokerage where they go out and tell their brokers who then go out and tell their clients and you've got brokerage firms with you know millions of tens of millions of clients who tried to do the same thing you know. They go out on the squawk box. And they they make a call and they hope as many of their customers as possible will jump into that stock. This is just a lot faster. The still version just way too much speculation. But while i got you here the lakers well they cover with nine and a half over the pistons deep. Do you think you know you know. I don't know if i'm going to buy any today. It'll i'll have to make later me. Septum bet for tonight warren. Sure bet for the trailblazers rockets clippers heat voyeur. Son sons order a pizza. You'll enjoy it. Sure bet mark real quickly. You said your eleven year old traded some stock. What when you make money on He bought two shares of blackberry and two shares of amc. And i had. I had made him why he liked those docs. But let me just tell you. He got all his information off of tiktok every bit of it he got off and that's why he was aware of those stocks new world. Marco is good talking to you. We'll see later got And that's the podcast for today. I'll give fairy tale ending. I have a fairy tale ending on our rundown tomorrow. Can't believe i'm going to say this lady gaga a conversation you'll hear on squawk pod from new york. I was there when the twin towers were hit and that same kindness. That i saw in new york city is something that i do see in You know the world right now and we need to stick together. Squawk box is hosted by joe. Kernan becky quick and andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern to get the smartest takes and analysis from our tv. Show right into your ears. Subscribe to squash pod. Wherever you get your podcasts. Who meet you back here tomorrow. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast today.

alexis tesla cnbc Ross sorkin Katie kramer andrew brian sullivan Kamath paulie fed ryan cohen
Lady Gagas Post-Pandemic Plans, & Hakuna Matata, It Means No Market Worries

Squawk Pod

30:40 min | 4 months ago

Lady Gagas Post-Pandemic Plans, & Hakuna Matata, It Means No Market Worries

"Worldwide exchange is now a podcast. Join me brian sullivan. Is we get your day started with the big money stories. You care about all the smart takes on the news from the us and around the world subscribe to the worldwide exchange podcast today. This is squawk pod. I'm cnbc producer. Katie kramer today. On our podcast. Lions hyenas walters and game stop tom. Friedman's nature show explanation of the week. That was the really smart vultures eight and flew away when the stock was five hundred dollars. The dumb ones are going to stick around and keep eating and in the end the lions will come along and eat them. It's the circle of life a kuna matata baby and lady gaga the master entertainer is speaking out about rebuilding community post pandemic in a conversation. You'll hear only on squawk cloud one of the most important things that we must various is community. I've always believed in community. I believe i believe in kind community. And i believe that community is one of the ways that were really gonna pull ourselves out of the mental health crisis that is occurring as a result of the covid safety initiative. She's backing to get us back to concerts again. And what. It was like singing at the presidential inauguration. I think it was. Perhaps the biggest crowd ever performed for him the life i can say truly that the heart of the capital is feeding. It was beating strongly those stories. And the continuing power of elon musk's tweets. It's friday january. Twenty ninth twenty twenty one. Squawk pod begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan andrew ross sorkin as we crash into this friday. We have seen the market kind of exhibit a lot of volatility. This week as you probably know. Wednesday was the biggest loss that we'd seen for the markets in about three months thursday. Yesterday we made up some of that ground dow was up about one percent so it was the s. and p. Five hundred nasdaq was up by about half a percent that wild week for gamespot continues as well. That stock is up sharply. That mean. describe the moves that we're seeing that stock is up by almost one hundred percent almost doubling. Its price this morning. A gain of one hundred and eighty seven dollars back to three hundred eighty one dollars. And here's a rundown of what you may have missed if you weren't locked on since yesterday morning. Twenty four hours. A lot can happen in fact at this time yesterday. Game stop was trading at around five hundred dollars a share. It plunged just before the opening bell is word spread that robin hood and interactive brokers were restricting trading and open the session solidly in the red that stock closed down at one hundred ninety. Three dollars and sixty cents. That was down forty. Four percent from wednesday's closing price but rocketed back higher in the after hours trading. Robin hood said that it would resume limited trading of previously restricted securities in today's sessions after the losses from yesterday the steep losses that saw during the day though gainst up shares still up about four hundred percent for the week before. You're looking at these games at this morning so again. This is one that you can't blink. You're going miss something andrew. It has been a wild ride and the ride continues joining us right now for a look at the challenges ahead new york times. Foreign affairs columnist. Tom friedman his latest column made in the usa socialism for the rich capitalism. For the rest. And thank you. Tom for joining us in very many ways. I think you're column speaks to what we've seen happen in the markets this week in what this red army in fact believes what they're they're fighting against will dry see. The whole thing is like i'm watching giant National geographic nature film. This is hollywood. Actually explain it to a young person trying to understand what happened. I mean like a like a five year old I there were these people Call lions there long sellers and they They notice the wildebeest. That dumb seemed to be hobbling. it was called. Ged stock and they ate it the stock was one sixty. Three dollars went down to four. Then along came the hyenas they're called short seller's and they fed off the carcass of jamie and these hyenas their magical hyenas actually made the carcass grow fifty percent larger than it really was then along came a group called short caesar's of new whole new group. Okay and they were vultures who ate the hyenas basically and the really smart vultures eight and flew away when the stock was five hundred dollars of the dumb ones are going to stick around and keep eating and in the end the lions will come along and eat them and the stock will eventually go back to four or five dollars. It's the circle of life. A kuna matata baby. I'm saving this clip. I you've explained it in a way that my four year old would understand. And i think you've done a brilliant job at that. What do you think it says. Low tom about this moment that we're in because it speaks to in some ways about issues that are far broader than the stock market unto them unto itself. Clearly the folks who are playing in this trading in this are not necessarily doing it for traditional investment reasons. Get what what what you see here. Andrews up to nominate we've seen everywhere so Back in one thousand nine hundred ninety nine order book called the lexus and the olive tree and in that book i identified defined two things one is i find cyberspace as a realm where we're all connected but no one's in charge and i said that in the cyberspace you've been great electron kurds And you can get super empowered individuals and small groups. Back gordon straight super part angry man who back in one thousand nine hundred nine. I called identified as a guy named osama bin laden. No what happens is this is democratizing. So you and i know that the news business got democratized by this thing so with this thing. Anyone now can be a 'paparazzi filmmaker publish shirt or a newspaper. And the whole news. Business got democratized. There used to be the new york times. And now there's buzzfeed and medium and everything else so what we're seeing here is the democratization of finance suddenly now with the with robin hood and these other and these tools anyone can now be assured squeezer you know a year ago. Only carl ice could be a short squeezer against bill ackman. Now we've seen the democratization of short-squeezing now the bigger question is think andrew is What happened when when cyberspace first emerged. Back in in in the nineties after netscape or in public We looked at and said well. You know it's kind of cute places. A guy named jeff bezos out there and he can sell books and not pay sales tax. And that was kind of the biggest iss- but what's happened on. Cyberspace is it's developed. Its own currency co. Bitcoin It's developed its own a transmission information system better encrypted called telegram. It's developed his own news sources and these are all many of them outside the scope of government so look around the world and you guys have been reporting this. You got sort of three models out there. The chinese said on. No no no no no. We are not going to allow an independent space. On where you can have your own currency your own encrypted telecommunications and you're on new system what happened in china last year in january when they went after alibaba was very important. The chinese basically said we would rather have alibaba be a second rate global company and under our control alibaba be a first rate company and out of our control object so china basically said they ain't gonna be no cyberspace a russia's the other extreme you've got putin he has a foot in both spaces cyber and the terrestrial world in america. Now we've we because we we do everything sorta laissez-faire we gotta let it all happen. And then we try to regulate it afterwards to try to find some hybrid balance. And i think that's the process. We're in now around news with sport and twitter and now it's that's basically what i see happening. So so tom though. But if you were a regulator a policymaker in this country what is the right answer are you trying to regulate this new area which can be used to create the arab spring and game. Stop in his. You've talked about terrorism and other things good and bad or you trying to regulate the system or break up the system. Which is what some of these people want in the first place. It's a really good question because what you learn about. These things is that they have huge upsides and downsides and the challenge of governors is is to get the best in cushion the worst. I watched what happened in topper square. I was there And there was this self-generated crowd and is amazing. And people plotted brought down mubarak but then. It was taken over by the muslim brother. So you know it was. The these things can easily be manipulated. There's something incredibly efficient. About what the red investors did. They taught me something. I didn't know andrew. Maybe you did. I'll ask you. Did you know that shorts could actually short fifty percent more of a company than the stock even existed now what possible economic and social good can come from that so so i think they've some they're making the market more efficient here all right. Because i didn't know you could do that if there's no regulation against that they're sure as hell should be at the same time. I think there's a real danger in romanticizing them or romanticizing themselves only in the sense. Markets are driven by greed and fear grievance fear greed and fear at the center of this thing that the red enrich initial read it investors. These were really smart people. You know what they remind me of. Remind me of the hackers that cyber companies now higher. Because they're so good and they hire them to test hat other companies. If there are any holes there and so i end i think there'll be a hybrid synthesis year. That's what you find and is going to have to let this sort of play out out all in but both something important tied in tom. We want to thank you. You've made us all smarter. I am going to say that tape totta and we'll see you very soon. Appreciated next on squawk pod lady gaga entertainer extraordinary on getting through this pandemic as a community. I have to say the hardest thing for me has been watching the pain. This has caused the world. It's a disaster in the way it has separated us. We the way that we've had to be apart in order to be here. What it was like singing the inauguration. We'll be right back. Water exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards global trade. The news you need to know. What real world actionable advice and even a little fun and unique content. You won't get anywhere else like the most random but it's think thing you'll hear all day subscribed the worldwide exchange podcast today. This is squad pot in the past week. You might have seen ads about building safety with celebrities like lady gaga. We all wanna feel safe. In the places we spend our time and jennifer lopez so look for the well health safety seal outside and feel more confident going inside the idea behind. The campaign is simple. If a building or event venue has satisfied an array of safety and health checks designed by teams of raw logistics public health officials and architects that building. It's a seal or sticker on its doors and windows if you see the seal outside like j. Lo said you might feel more comfortable going inside. At least that's the hope. Icon up with becky quick. There's so much pent up demand for people to get out back into the world's again a year of the covid pandemic. I think we are all sick of this. I mean we know what we're supposed to be doing. We know the stakes have gotten higher. We know this pandemic isn't slowing down. We know there's new variants out there but mandy emotional Wear and tear that this last eleven months of take on us. I think everybody feels the same way. Please let us get back to some form of normal it's You know the primary thing. I think about every day for my kids for me for my family. I miss my parents. You know i miss. I miss being out and being able to have a cup of coffee with somebody. I i never thought i would miss something like that. Like even the commute to work. Now let us get back to some form of normal because this takes an emotional toll and a steep one. I don't miss the commute to work. But yea lying about that. But i did used to listen to the radio and hear things in the morning. I mean i'm sure. I'm doing it different ways now. I miss having a few minutes of quiet time to myself and that was about it. S yes all of our routines have changed and you spoke to lady gaga. Who i mean has her finger in so many pies when it comes. Not just to to touring and the live concert industry but she does films she does digital staff. She's during talk shows promotions and all this stuff and it was really interesting to talk to somebody about how this kind of pause in life has an impact on somebody who so public in high profile. Yeah i mean it kind of caught me off guard when we first heard the pitch for this. It just seemed like kind of a weird thing for lady gaga to get involved in. She's really got a lot of charitable organizations that she's been involved in high level stuff to getting involved with whol. But i it surprised me to to think of like a good housekeeping seal of approval something that says hey. This building is is good. They're doing things right. It just seems like kind of a mundane thing for such a big celebrity to get involved with but she. I'm very good reasonings behind it. This is the key to being able to get back as people have to feel comfortable. You have to feel comfortable before you're gonna walk into an office building before you're going to walk into a restaurant before you're going to get on an airplane again and there have to be standards that you know if it's not your local pizza guy who you just know really well and it's you know it's going to be safe for your local dry cleaner because you know the person who who's running it you have to be able to feel safe in places and there has to be a standard way of doing that and that makes sense. This is the first time you've gotten to talk to her. And how does it when you're interviewing somebody who's a celebrity and a really known face and really known voice. How does that go the first time while the weirdest thing is what. Why even call her. Is she lady as she lady gaga is she gaga. Take me to call you back here with me. Becky lady gaga. Call me jeep lady gaga. I to thank you for being here. I have to say. I was a little surprised to hear your involvement. It's because i know you have lots of charities that you do but this one is a little unusual. Tell me why you got into it. Well you know what. Thank you so much for having me becky. You know i like to always make sure that i'm working in the service of the global community and kindness and You know i w b is Science back protocols are something that i immediately took to. I think that you know during the global pandemic of the proportions that we've just witnessed one of the most important things that we must re-establish is community. Day i've always believed in community believed ugly even a kind community and i believe that community is one of the ways that we're really gonna pull ourselves out of the mental health crisis that is occurring as a result of nineteen. Yeah i i hear that. I can't wait to get back to people in maybe people. A hug at some point to But the music industry in particular has been hit pretty hard live events have been canceled for nearly a year. And we've talked a lot of people on the show who've suffered from that people like the lighting artists. The makeup artists caterers behind the scenes. People these people have been without work for a really long time. What have you seen. what have you heard. i mean. it's been absolutely disastrous for the lives of many people. There's there's simply no jobs for them to have. There's no Concerts for them to work. that that goes everything everything from cleaning the spaces to concession stands to working behind the scenes to build sets Sporting events are not the same any more entertainment events are not the same anymore. But what's really great about What the well building institute has done is that you know places like yankee stadium are going to be able to have a well. Health safety seal and you'll be able to go and see performers that you love as well as the yankees who my favorite team. Your dad owns a restaurant in new york. City right yes he does he does. It's called joanne. It's a wonderful restaurant and he's very very proud of it. And i'm still very proud of as well. How's he doing through all of this. I know restaurants in cities everywhere have been hit pretty hard. It's been very difficult for my father. You know and know. We're a family. But my father's always been very proud to have his own business and work very hard on his own and he's a Suffering it's been very difficult. But he's not the only one and he understand that he understands that he's also a man of community and the cares a lot about the restaurants in the neighborhood while so you know. I really wish my best wishes to everyone that owns small businesses. And i really hope that The well health safety rating being put on the windows and the doors of these buildings will help really inspire people to feel safe to go out into the world again. Like i said rebuild that community spirit at once we start to rebuild community spirit. We can we build ourselves it. Is this plan working with small businesses. Large businesses What have you heard so far about how it's going to be rolled out what i know about it. So far is that there's one point four billion square feet that are enrolled in well offerings. And we're approaching one billion square feet of real estate with one hundred leading organizations. Eighty five hundred facilities. So it's moving in the right direction. And i think that the most important thing to remember is that we've been inside for a long time at the recommendations of the government and the cdc and we start to see the places have a well seal of approval approval will be able to go back and live our lives more likely used to and i think that this is essential. You know what what what really drew me to. Wb i in general was that this is essential work and in terms of everything that's happening in the world right now even with vaccination rolling out and making making sure that only essential people get i you these types of things that i really care about. Hey l. g. what's been hardest for you through this one of you missed the most you know i have to say the hardest thing for me has been watching the pain. This has caused the world. I mean watching family suffer. Be away from each other watching a people. A loose family members not being able to go to the hospital to be with people that are sick. It's it's it's just. It's a disaster in the way that it has separated us that we the way that we've had to be a part in order to stick to become to be hall it. It's it's it's. It's an epic disaster. But i do believe that we have also witnessed bravery. Unlike we've i maybe ever known in my generation other than during september eleventh. So i haven't. I'm from new york. I was there when the twin towers were hit and that same kindness. That i saw in new york city is something that i do. See in a you know the world right now and we need to stick together and i. I'm a part of this is wbz advertising. Because i believe in it. And i think it's super important and if we don't do work like this. How are we going to know what's safe. How can we make good decisions. How can we work together. I think this is a sign that we're going to start working together. I think that's great. And i certainly hope so too at loved your performance at the inauguration have to ask you. What was it like seeing such a small crowd. That's not really the norm for you. Oh i didn't think that crowd was small in any way. I so different from tv because we couldn't hear the background noise. But you senate it amazing. It was it was It was the great honor of my life to sing the national anthem between poets. Forty five and forty six. I i in no way felt that that was a small crowd. I think it was perhaps the biggest crowd i've ever performed for my life and i can say truly that the heart of the capital is beating and it was beating strongly the super bowl's coming up to and i was thinking back to your performance in two thousand and seventeen and the question. I've always been wanting to ask you is. How in the heck did you have the guts to jump in from the roof. I i almost threw up when i watched you do it. Well i don't know. I guess i i always like challenge. You know some of the challenges to me i. It's funny look back on moments like that on my life. And i think that the time i thought well here we go. This is going to be very difficult but As it gotten older you know thirty. Four now I'm faced with different types of challenges challenges that are much much deeper meaning to me and You know working alongside the world health organization with global citizen for example during a the beginning of the covid nineteen crisis. You know it's part of what led me here to talking about you. Know an independent health and safety rating Because you know it's it's this is essential work. I'm not saying that it's not essential that played the super bowl. But it's much more essential. I think that we raise money at the beginning of the year. I spent six to seven weeks with house of gaga and my partner michael of raising one hundred fifty million dollars for the world health organization for the solidarity And this is something that we care deeply about it. So i take it. You're really happy to hear that. The united states is rejoining the world health organization at this point with the new administration. I am a firm believer in dr headdress. In all his work. So yes you know one thing just in the business world to ask you about. We've seen so many artists with incredible legacies. Like don and neil young who sold their catalogs. Recently i think that's something that your generation of artists looks to as a possible future. Are you watching. What they're doing it kinda taking no Rapid out now sorry about that. Okay l. g. I wanna thank you for your time in the work that you're doing on this etiquettes incredibly important i think you doing. It gets a younger generation to really pay attention to the stuff to too. So thank you very much. Thank you back in. thank you for having me. I really appreciate you taking the time. Talk to me about the importance of building community with the well. Health safety rating as a science based strategy that we can implement together I am looking forward to talking to you again. In the future and continued to raise awareness about i w v i n it's partnerships with many other entertainers and performers that care so much about the world. Let's hope we're all back out there watching performances and getting everybody back to work soon. Just getting sir. We appreciate your. I'll be there so that was an interesting end to the conversation rather abrupt We knew we were working on a deadline that that we had ten. That's that's what happens when you do these media whirlwind tours you know everybody's got their exact time mapped out you get fifteen minutes you get ten minutes you get exactly what it is and you better not go over because you know i understand. It's the move onto the next person. I thought i had a minute left. The idea of celebrities with huge catalogs rate decades of work behind them. People like bob dylan people like mick fleetwood of mac all of these artists that we've known for generations are all looking at ways to change their revenue streams a little bit after twenty twenty and it's a fascinating story. What they're doing. Yeah look all of them are putting the rights to their catalogs and selling them and guess what they're getting really big bucks for it. These are guys who are looking maybe at the pandemic and what happened. But they're also really smart and savvy investor types of business types. And if you look at what they're getting for those catalogs it's gone up enormously when you see a bunch of the old timers doing it. Don't trick yourself into thinking. They're getting senile. These are the ones who are smartest artist at business because they have been around the longest and they had survived and they have watched this in every one of them is an absolute business killer. This was so fun to to hear lady gaga. And we're all excited. I was really looking forward to it. Didn't disappoint tweet by elon. Musk ascending another stock soaring. The tesla ceo tweeted a photo of his firm's new sedan. The plaid model less and suggested it would be able to run several video games including cyberpunk then. Musk tweeted that the aesthetics of cyberpunk our incredible. Okay that was tweets ending the stock of the gamemaker sharply higher. The german listed shares of cd project jumped more than twelve percent in yesterday's session. I probably would've put this story. I but my musk also sending bitcoin and the reason i would have put it first because look where it is on his cover page for his twitter account. That was not there before. Hashtag bitcoin right there and he also he added that has to bitcoin twitter bio and then he also sent out a cryptic tweet cryptic he said. In retrospect it was inevitable. So i don't know what i maybe it is cryptic at not going to ascribe any motivation. What he means by that. But i can come up with a few bitcoin in the space of thirty minutes from the low thirty thousand to above thirty seven thousand. Something else i was thinking about already. I already forgot already forgot anyway. There we Did you see that andrew. That happened this morning. It seems did. I did what i was gonna say. Ilana so clever. Remember the movie. Get shorty that not suddenly. I'm thinking wow. They made a film about this chili palmer and john travolta and everything else but is that not an appropriate term for what's happening here. Get shorty and they are get shorty. you know when. Think of get shorty and all of our conversations about minivans. That's what i think about that great. Yeah the rolls royce of minivan. The deal is like might have been the worst of all of all the minivans. But they're all bad becky c. You could be with the man you can be cool with the minivan. Yeah joke that was to choke. You cannot be cool. Danny devito actually thought you could you cannot you cannot anyway and that squawk pods for today game. Stop and gaga. What a week. Thanks for being a part of it. Please share any of our podcasts. In the last few days with anyone wanting to understand the predator rebellion squawk box hosted by. Joe kernan becky quick andrew. Ross sorkin this podcast is produced by me. Katie kramer cameron kosta and carolina. O'brien john laceration is our editor. Subscribe to squawk pod on apple podcasts. Spotify stitcher or wherever you listen. We meet you back here on monday. A good weekend. What exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards global trade. The news you need to know. What real world actionable advice and even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribed worldwide exchange podcast today.

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Unmasked: Texas Governor Greg Abbott & His Defense

Squawk Pod

28:09 min | 3 months ago

Unmasked: Texas Governor Greg Abbott & His Defense

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is squad. Pod i'm nbc. Producer katie kramer today on our podcast. Texas unmasked choice to end a mask mandate in the lone star state. We'll hear from governor. Greg abbott on why he did it and why now. More than ten million texans have recovered from covid and have the dna ability to be able to defeat covid and then on top of that We are administering more than a million vaccines per week. The vaccines is what will slow the spread of kobe. He says that for texans. It won't make that much of a difference. Before i limited this past mandate there really were no enforcement. Mechanisms or this so-called mask mandate plus security concerns the capital and market moves to prove that investors are hoping for the pandemic. End watching this very closely. Because obviously this is a A bowl of a vote of confidence in what's happening with reopening it's thursday march fourth twenty twenty. One squawk pod begins right now. Good morning everybody. Welcome to squawk box here on cnbc. Along with joe kernan and andrew. Ross sorkin and we're going to start the markets this morning. The tech stocks really got slammed once again yesterday dragged the dow down by about one hundred twenty one points that was a decline of zero point. Four percent the s. and p. was down by one point three percent and the nasdaq was down by two point seven percent. That's the second day in a row that you've seen the biggest hit taken on the nasdaq. In fact the nasdaq over the last two days down two point seven percent down one point seven percent the day before and that's the biggest two day loss that we've seen in two months among the big losers yesterday you had net flicks which was down by five percent also apple amazon microsoft alphabet each of those stocks down by more than two percent technology. Stocks have really taken it on the chin this morning. You're seeing some additional pressure across the board and guys a big part of this has been this rapid acceleration that we've seen in treasury yields once again yesterday. The ten year picked up about eight basis points. And that's when you really start to see the selloff in stocks got all the way to one point four seven percent and this morning the ten years sitting at right Just above those levels one point four seven six percent watching this very closely because obviously this is a a vote of confidence in what's happening with reopening hoping to get back to get the economy reopened but those quick moves in treasuries that does have some concern about what that means for the valuation of stocks. And we've certainly seen that play out recently. Hit one six. Whatever it was one sixty five and then at allayed some fears but now i see it just as people just front running the eventual move high. And it's like do you really think it's going back below one four or it might might might might do any of this but i think there's the notion is okay. We got the wants that we're not. We're not permanently staying back down below we maybe we will but i think there's just the idea that look. It's just a matter of time. So why not. If it's going to hit these high flyers and momentum players all that stuff then you wanna get out in front of it. That's what it looks like to me anyway. That just yeah. We're one four seven today but knows how long that last night knows. You really don't know who knows what strains and everything else. So but it seems like it makes sense doesn't it to tables straights or hey the dire. Maybe it makes us the. Us house of representatives won't be in session today. the chamber canceled. Its work due to security concerns at the capital. Thanks to a new intelligence warning. Domestic groups could present a risk. Some cunanan conspiracy theorists believe that today is the day that former president trump will walk back into the white house and control the government once again march. Fourth was historically inauguration day. It was moved up to january during the roosevelt station via the twentieth amendment to the us constitution in a senate hearing yesterday on the january. Sixth capital insurrection. Fbi director. chris. Wray offered a pretty stark description of what intelligence officials have to wade through when it comes to domestic terror. There is so much chatter often attributed to somebody in a neatly identifiable way where people are saying unbelievably horrific angry combative things using language about the heading shooting and explosives and all kinds of things like that. Us capitol police have upgraded security to prepare for any potential attacks today and beyond stuff. Joe i have a hard time taking that seriously. The walk back in but We'll see texas rational human still. Have the razor wire up around the capital at this point. It's nuts but they still have the razor wire around the capital because they actually believe this right. I have no idea whether anything's really brewing or not. I don't know. But i doubt whether trump's anywhere near think he's near washington He probably won't be walking but he's not doing much to tamp down any of these rumors when he goes to cpac and says that he still thinks he he that he still thinks he won the election. Not things texas. Making headlines for eliminating the mandate and opening businesses one hundred percent but not all businesses are on board starbucks target hyatt hotels cvs all among the major companies. That say they have no plans to drop mask requirements Other companies including jim operator. Lifetime names familiar Albertson's grocery stores albertson's grocery stores and a number of local restaurants plan to ease restrictions. Some school districts are now debating whether to drop mass requirements yesterday president by and said leaders in texas and mississippi. We're making a big mistake. Being able to fundamentally change the nature of this disease because of the way which you're able to get back seeds and people's arms we've been able to move that all the way up to the end of may to have enough for every american to get every american. Get a shot in the last thing. The last thing we need is the fall. Thinking that in the meantime trying take off your mask. forget it. it's still matters in texas governor. Greg abbott is going to respond. He will join us he looks more chromatic and really going all the way back to I don't know. I thought i thought we are. View of neanderthals has been elevated recently. They were more sophisticated Than we thought. I think some of that muses. That's come out recently But goes neanderthal cro-magnon and then modern men does it. Not because you remember. i do not remember neanderthal. I don't think it's So it's not a compliment. No no no. It's not andrew. I saw you bring up an interesting question on twitter about this Being on a phone call last night. The question he said came up. Yeah go ahead explain. I was on the phone with somebody said to me. You know in a state that perhaps prematurely and they were referring to texas but others side to effectively open up prior to the cdc guidance whether if in fact later as a result of that they run into trouble and people get sick and they need federal help. Should they get federal help if they do something. That's that's effectively against the cdc guidance. And i just posted on twitter and i- thousands of people had all sorts of responses. It was it was actually fascinating to hear soon. Various views across the across bring. We can ask reggae. That's you could ask him that early on or whatever you wanna do. Y'all fascinating to it'll be fascinating. I think the thing that's concerning is gonna be two issues. One is i think i was talking to some some executives yesterday who have retail outlets and other things in texas where they plan to continue asking just how much harder it may be to chew require even if they require it to enforce it may be difficult because some of them said that. It's it's already hard to enforce it so it may be hard even harder still airlines is going to the airport. Federally you show up at the airport. And austin put put a tweet out in the other big airports between testing. If you chip airport you're still gonna in texas. You're still going to have to wear a mask. It just makes it so much more complicated. Because if there isn't were sickness in texas result and really. We're still two months away from this hope. Hopefully landing the plane if you will and getting rid of this and really reducing it if you have people who are who if texas is sicker and people start getting on planes and going places it. It makes the whole thing that much more complicated than the people are still gonna wear. It finally happened to me the other day and i walked into kind of cheating on my diet. I had to wait to pick someone up that there was swimming. So there's like a pizza place. It sells slices. Okay that's why. Admit this. And and i walked in and hey keep an and everybody was kind of giving me a weird look. The guy behind a candidate forgot my mask just like home. A god weird you feel naked with my car and got it but And i came back. But i would say if you guys forever forgotten or slip yesterday. Started talking to a doctor's office had to turn around go back because i forgot my basco. I realized before. I opened the door. But i turned around and went back and got the mask but i have to say it does make it much more complicated. For two andrew's point retailers who are asking their frontline employees to be the ones who are enforcing these things. You've seen it here with school. Districts are anywhere a lotta times governors. Don't want to make this call because it's a politically loaded call. You're going to have people matt you no matter what you decide so they stand back and say okay. It's up to everybody else to figure it out. The store can figure it out. The restaurants can figure it out the school. Boards can figure it out. the mayor's can figure it out and that puts a lot of pressure on everybody down the line. This has been something that's happened. Since the beginning of the pandemic wanna make a decision. You stand back because you want to get out of the line of fire. But it increases the complications on everybody else who is then responsible for enforcing these things. Because there's not a federal mandate you probably couldn't do one because the state's rights but if governor doesn't take a stand it makes it far more complicated for everybody else involved and we're gonna see how this plays out a lot of questions for. I'm glad he's on today. So we can post all these questions. He's he's you know he's got. I'm sure he's got some pretty good answers We'll see whether hold up under the withering cross examination. But we'll see next on swap pod. The governor of texas greg abbott defends his controversial decision to lift the mask mandate in. That state is very important for texans to continue to wear a mask. The difference is for a year now. Texans as well as americans have learned that the safety standard among other things is to wear a mask because they know that standard do they really need the state to tell them what they already know for their own personal behavior. That interview is next at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillion claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at changed healthcare dot com slash cnbc change healthcare insight innovation transformation. You're listening to squawk pod. Good morning and welcome the squawk box on cnbc. I'm joe kernan. Joe kernan Along with becky quick like the welcome all of you back andrew. ross sorkin. Let's bring in our special guests. This morning tom farley former president of the new york stock exchange current chairman and ceo of far peak and we were six feet apart two seconds ago. So you are maybe. This is the new model. Tom you are. You're upstairs were were closer. We're closer than we have been in the last year or so in a lot of ways but anyway welcome. It's good to see you and thanks for coming in this morning. It'd be with us to comment on a few throughout the course of the rest of the show. First of all let me say have never been so happy to come to the nasdaq in my life. Jail take feel last. Time i was here was fifteen months ago. What along with along fifteen months. It's it's going to be back here to see you. In person. Prison biden yesterday. Criticizing the decisions made by texas and mississippi to move ahead and was rollbacks of their mask mandates. We're joined now by texas governor. Greg abbott and tom farley chairman and ceo far Joins us once again. So with governor It's great to have you on this. I know you've probably heard that mentioned. I don't know how many times since the president used the term neanderthal comments. I of course. Joe is not the type of word that a president should be using but kennedy for him. He couldn't have used it on a worst day because the day he used that word his administration has been releasing in south texas immigrants. That across the border that they refused to test it turned out. There were more than a hundred of them. Who had kobe by porn. Is this the biden. Administration has been releasing immigrants south texas. That have been exposing texans to kobe. Some of those people that have been put on buses taking that kobe to other states in the united states the biden administration must stop importing kobe into our country. That is neanderthal. Approach to dealing with the kobe situation. Another thing however joe this very important and that is these changes that we've seen in texas are not really that transformative. Maybe the people in new york seems like this is a big difference in texas. We went from seventy five percent to one hundred percent occupancy on the mask requirement before now there actually has not been any enforcement of the mass requirement that made it a mask suggestion which we continue to make wearing a mask a suggestion and we urge all texans to wear masks when they are out however this important factor joe and that is if you look at the spikes in the spread in texas as well as elsewhere. The last spike occurred during christmas and new years at a time when people were not transmitting it when they went to restaurants or businesses the lead area of transmission of the time was in the home setting where people were not mary wearing masks. In the first place and no one is ever mandated wearing masks in a home setting and so the changes that we're talking about in texas rarely are not that much different from where we've been at the same time if i could just quickly add. Our numbers are at. Lowe's four month lows in hospitalizations and all the key. Metrics such as the positivity rate were vaccinating we've vaccinated more than one point to many people over the past week. Yesterday was time one day record of two hundred twenty. Nine thousand people are seniors. Who are most vulnerable to being hospitalized and losing their life with about fifty percent of our seniors vaccinated so things are looking very good in texas governor. The like so many things currently in this country. There's there's major divides about everything that we're doing and the to sum up this one. It's it's lives versus livelihood. Different states different. I mean it even goes blue and red. Some people would even say on on the response of different states to cova but one thing is certain in that is what one state does won't stay within its borders and that's a criticism that you're going to get that texas making this decision if there would be a flare up because of the relaxed rules. It's not just going to affect texas and that's what you that's what you're gonna care. How would you answer that criticism that you are not in a position to make this This move when you've got forty nine other states. How many are there now. Forty-nine other we have puerto rico. Yeah yeah very important. The answer is math and the math is this and that is. You could have said that last year because the fact of the matter is last year. The there really weren't any effective medical and scientific tools to deal with this other than people making behavioral decisions since then. The math is this and that is When you look at the downtrends and all of the metrics such as the down transient hospitalizations et cetera. Of the downtrends. In the positivity rate the reason for those drown trans is because of the fact that we have something now that we did not have before and that is the vaccines so put it this way according to cdc standards More than ten million. Texans have recovered from kobe and have the dna ability to be able to defeat covid and then on top of that Administering more than a million vaccines per week. The vaccines is what will slow the spread of kobe as we as we continue to maintain the vaccination process that is going to be what contains it governor. I just wanted to ask you. This appears to be dozens of healthcare professionals leaders in texas denouncing this decision. If for no other reason than sending a signal to texans that they can take off their masks and business leaders telling me. And i've seen others say this is going to make it harder to enforce to begin with in places where they intend to continue masking. What do you tell those people. And what kind of advice did you get from the healthcare community so as it concerns the mandate what we wanted to make sure is that businesses do have the right in the ability to says any private property owner would have the right inability to establish the rules on their property. If they want to require mandate they can if they don't have to but second and maybe more important than that is what. I made my presentation rolling out the program I've repeatedly said that. It is very important for texans to continue to wear a mask. Our healthcare providers and leaders in the texas are sending the same message. I'm sending that message right now. That texas should continue to wear a mask. The difference is that for a year. Now texans as well as americans have learned that the safe standard among other things is to wear masks because they know that standard do they really need the state to tell them what they already know for their own personal behavior. Then i'll throw this in and that is Before eliminated this mask. Mandate there really were no enforcement. Mechanisms or so-called mask mandate and so because it is now personal responsibility. It pretty much is similar to the way it was before i issued this order governor tom farley. It's great to see you again you again. Also you know from our past interactions. I'm a big supporter. Everybody on people are moving to texas and the economy's doing well. And i understand why you have chosen to reopen the economy but on this issue of the mass mandate. I don't i don't fully get the timing of it. And i watched your press conference and as usual is very very thoughtful and he laid out the arguments as you have last couple of minutes but just why now why. We're so close. Why wouldn't you have waited on. At least mass mandate. And i'll tell you i worry about. I worry about somebody who has to go work at the supermarket. And some knucklehead comes in with blazing case of covid with. No mask aren't you. Aren't you potentially putting them at risk. And i understand what you've said that you'd like to see people wear those mass but providing a little more air cover to businesses for another two months. Just it seemed prudent. We'll so the the important thing here is to ask almost rhetorical question and that is exactly. When would be the right time. Would it be when everybody gets a vaccine will be when kobe is completely over and they answer to. Those of course is no remember where we were this time last year. We were at a time when it was like sixteen days to slow the spread. Now it seems like the goalposts has been completely moved to lock down and mass requirements forever. Here are the metrics. The metrics are the most important thing from the beginning. The goal was to make sure that we did. All we could to reduce deaths in hospitalizations. The metrics in texas is that by the time i order goes into effect more than fifty percent of the senior population. Being eight sixty five and older will have been vaccinated. And there's going to be a decrease possibility that people of that age group are going to be hospitalized or losing life and then beyond that of course there's other people that have co morbidity as well as teachers that are getting vaccinations and so the time is right when we begin to contain this disease and allow people to go back to work and go back to normal. I'll tell you this also this which is very important as you know. Texas a very large place Their parts in amarillo texas. That are closer to four other state capitals than they are to austin texas and the way people behave farms and ranches out in. The panhandle is far different than the white people may behave in austin texas and we have to have the latitude to have differentiation across the state of texas. And so along those lines. I did put into my executive order that if there were spikes in local areas that local officials do have the authority to some of these safety protocols to make sure they're able to take care of the citizens in their specific area. Thank you governor governor. You mentioned the right at the top. The southern border depending on the current administration officials previous administration officials. There is a crisis. There's not a crisis. Can you fill us in on exactly in your view. What's happening down there. Sure a according to the information that's been provided and there there has been an increase in the number of people coming across the border and we are expected to see that continue Be those coming in right now or it could be the larger caravans that are coming. The signals sent by the biden administration does nothing but encourage that to happen more. And let's put aside the whole immigration issue and let's focus on this healthcare crisis and that is we're dealing with world pandemic and we're bringing in people from across the entire world that the biden administration is not adequately testing not quarantining not doing anything about to prevent the spread of a pandemic in texas. But also putting these people on buses and sitting them to places that could be near you or atlanta or wherever and so. This is a very irresponsible and reckless approach by the administration if they really are trying to contain the spread of a pandemic in hindsight on what we've all been talking about for the past two three or four weeks and that is the grid in texas steps that have been taken to ensure. This doesn't happen again absolutely so the the good news is we were able to make quick diagnosis of exactly what happened. And we've already begun to implement implement measures to make sure that never happens again. I i will tell you. The quick diagnosis is there. Were two forms of operational air of of the group. Urquhot running the grid. Where for one They they didn't respond adequately to the winter storm that was coming. They didn't prepare. They they told all of us were prepared. In fact it turned out they were not prepared and then second as the spread between available power. Empowered demand got closer and closer. They should have tapped on. The brakes began some rolling blackouts which they said they were gonna do. They didn't do that instead. What they did was slammed on the brakes. Like slamming on the brakes of a car driving down the interstate highway on icy road. You're gonna crash and that's exactly wh- what they did Shut down it was well over twelve thousand miles watts. They shut down and in doing so. The shutdown other power generating facilities through that correcting operational air imposing things like a winterization to make sure doesn't happen again in the state of texas Increasing the power capacity is going to be needed simply because of the population business growth in the state of texas and improving communications with the public simple strategies like that. We'll make sure things like this never happened again governor. Thanks appreciate having on a much. Closer to cro-magnon man i just just having. I think he did great. And i think after that you come all the way to the modern human but we. We're discussing that earlier this morning. We're ready to discuss anything in this day and age. Are we not. Thank you appreciate your time this morning. Squawk pod we'll be right back at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at change healthcare dot com slash cnbc change healthcare insight innovation transformation and that squawk pod for today. Thanks for listening. Squawk box is hosted by joe. Kernan becky quick and andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern and subscribe to squawk pod. Wherever you get your podcasts if you like what you hear please let us know. Find us on twitter at squawk. Cnbc or leave a rating or review on apple podcasts. Or even better. Tell a friend to listen to squawk pod. We'll meet you back here tomorrow at change healthcare. We're all about making the health care. Experience better for everyone. Our data and analytics driven platform streamlines the billings and claims process. Payments are made quicker easier and more accurately saving valuable time in administrative costs. It also helps. Healthcare providers share and access relevant data more efficiently leading to more informed diagnosis and better patient outcomes learn more at chain healthcare dot com slash. Cnbc change healthcare. Incite innovation transformation.

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Retailers in Ship, Shop Shape, Woke Capitalism, & Post-Covid Hiring

Squawk Pod

26:05 min | 3 weeks ago

Retailers in Ship, Shop Shape, Woke Capitalism, & Post-Covid Hiring

"Get an edge. Invest like a pro access. Cnbc's livestreams around the globe unparalleled access to cnbc. Experts actionable investor incite and ideas. Start your free trial today at cnbc. Bbc dot com slash pro. This is squawk pod. I'm cnbc producer. Katie kramer. today's on our podcast. Boom goes the consumer retailers report. A big quarter fueled by pent-up demand after a year online shopping. Walmart is already taking on amazon prime. So let's next no concrete et no programming yet. Who knows down the road but they're going to be doing but no no content at this point. Conteh getting to work postcode. Employment with ohio senator rob portman. The covert issue is thank. God finally getting behind us and this is an opportunity for us to get back to school back to work back to normal life and conservatives are pushing back. Cnbc's java's on woke capitalism. And why one group is campaigning against it. If you're going to engage in politics you might start to see people treating you like a political figure which we haven't normally seen with. Ceo's in this country. It's tuesday may eighteenth. Two thousand twenty one squad cod begins right now good morning and welcome back to squawk box right here on cnbc. I'm andrew shorten along with becky. Quick joe kernan. Today on the podcast. One year of pandemic consumers public health restrictions and social distancing sent shoppers from the malls and the isles to click click and purchase online. The last fourteen months have been a boon for the big box retailers which were categorized as essential last spring so able to stay open for the day-to-day needs of american staying at home as well as offer supplies and an outlet for projects. Do it yourself. Furnishing and home upgrades home. Depot reported financial performance for the first quarter of the year today and was a huge win. Earning three dollars and eighty six cents per share. There were four hundred forty. Seven million plus customer transactions up. Almost twenty percent from last year's first quarter and people are spending more when they shop at home depot. The average ticket is about eighty two dollars. That's a ten percent increase walmart as well surged way past expectations. Total revenue grew by nearly three percent. Two thirty eight billion dollars in the quarter. The nation's biggest brick and mortar retailer also has an eye on pent up demand fuelled by consumers ready to get out here. Cnbc's retail reporter. Courtney reagan you know. I spoke to walmart. Cfo britain big. Who said quote stimulus helped and q one and because of that. We increased profit and revenue guidance. He added what we're seeing right now in q two was part of the reasoning as well and biggs also said i think overall the consumer is in good shape. There's a lot of money out in the system. We're seeing spending rates healthy savings rates also near all time highs so we still believe that there's pent up demand what kind of pent up demand for items or big says for items like bicycles printers and you can tell people are starting to get back out buying things like teeth. Whitener back over to you coming out from behind the masks. Probably lipsticks or up on exactly exactly. Yep i know one of the things that walmart. The streets wall street's been waiting to hear about is walmart plus any indication in release on this or is this just something for the call to hear. More about yeah. I think we're going to have to wait for the call and see if they're going to give us any indication about walmart. Plus i have a feeling they're gonna say it's early days but we're encouraged. It's just my gut feeling it. Sort of you know the way that things have been going for walmart lately when they announced new programs. It's sort of the way they take it in the early going without giving a lot. Specifics court thanks walmart. Plus a streaming service. What is doing. It's like it's their equivalent of amazon prime special additional things you get through the extremists. What would it was on a woman and it's also confusing maybe walmart. They are moving. I mean you you know about the tiktok tie up for walmart. The thing that they've been interested in doing things are definitely moving in different directions and this is kind of their answer to amazon. Prime away to really get more information about their customers coupons discounts with gas walmart stores. Yeah and who knows down the road but they're going to be doing but no content at this point but it is kind of learn much more about their customers and the expectation is they probably have somewhere between eight and nine million customers at this point that have signed up. Maybe we'll hear more about that. Maybe we won't but amazon. Prime remember launched all the way back in two thousand and five and i think they have something like two hundred million people who are using amazon prime so a lot of ground to try and make up but again. It's their way to really get to know their customer and and have much more information about them my cable bundle is now streaming bundle. Why don't we. We should start a company where we put out the nothing. I guess we can't now. Isn't it just thing now. I gotta streaming bundle. Have too many of the things that you have a streaming bundle n cable bundle. That's because you're paying for blaming still. It's like he says there's nothing on martin luther. John wayne acey thing you know. That's two of there's too because they have interviews with them that there there's two of them actually their on competing I love true crime. I've mentioned that before. Love truecar sorkin. Seen this mayor stuff did you. Have you seen mayor of east down yet. The see him watch the first four episodes. Did you see them. Reason wanda v was just on sunday. Night and i have not seen that yet because it's past my bedtime but actually up on sunday night dealing with this discovery about it. Don't read anything about it and watch. I saw it yesterday. And i'm just don't read anything about it. Why we will do to me. I'll give you call after. I finish watching california's state coffers or overflowing. There's a growing debate over how to spend that surplus robert. Frank joins us now with more. It's burning a hole in their pockets. I guess remember yeah. It's amazing job just a year ago. California's projecting a budget deficit of more than billion dollars. That was the worst since the financial crisis. Instead now they have a budget surplus of seventy six billion dollars. That is more than the entire state budgets of pennsylvania or massachusetts the reason ipo soaring tech stocks and massive stock sales by founders adventure capital firms. The top one percent of california earners nearly half of its income taxes and a lot of their income comes from capital gains about a quarter of the more than four hundred companies that listed shares last year. we're from california with tens of billions of dollars flowing into california cars. The state will also get about twenty five billion from the federal stimulus. That's in addition to the seventy six bringing the total to over one hundred billion so joe as you mentioned what to do with all this extra cash. Bill governor gavin newsom plans to send checks of up to one thousand one hundred dollars to all californians who make less than seventy five thousand dollars a year. It's unclear how long all this windfall will last california's population declined by one hundred. Eighty two thousand people last year. That was the first population loss in recorded history. Joe so a trying to sort all this out. So so you're saying that a successful private sector has generated tax revenue for the state. Is that what you're saying. Yes that is getting my arms and far beyond what anyone expected. Here's my question. Is it a lot of money. Are these outsized taxes. Going to cause some of the people the proverbial goose's that are laying golden. Eggs is going to cause some of these guys to exit. We've already seen some moved to texas. Yes look i mean. As i mentioned at the end last year was the first time in recorded history that california had a population decline. We don't know exactly how many of those were high earners. It appears for right now given this tax windfall that not enough of the wealthy have left if in fact they have to damage the tax base and again these are capital gains from twenty twenty. Maybe they will declare their tax residency somewhere else for twenty twenty one and we'll see that this year and beyond but for right now. The the wealthy tax payers are holding up california. And what they're calling these golden state stimulus so we have the whole second stimulus stimulus checks. Were going to go out to california's again. Anyone making less than seventy five thousand dollars a year. We'll get up to one thousand one hundred in a golden state didn't right now the good place robert the you would even say it's not just the private sector that i'm talking about. These are kind of wall street tinged items that you what you mentioned. Ipo's stock sales. And so this surplus is coming from wall street horrible those goods greedy self centered on wall street or generating some of this well. Here's what's amazing. If people have been talking about the decline of california we've heard a lot of prominent executives talk about that but twenty five percent of all the companies that raise capital in the markets last year. That's from ipo everything. Twenty five percent were in california. That is not counting the venture capital firms that were invested in all the other companies that were not based in california but that had venture capital. And that's a huge share so that california wealth machine which has both tech and venture capital just had huge gains in the market last year. Thanks in parts of the fed and thanks to the recovery and vaccines and everything else but that california wealth machine is still very much intact. But very reliant on the most volatile form of taxes which is capital gains robert not to mention that they're doing this and handing out check everybody because they're so wealthy right now at the same time they're getting twenty five billion dollars in federal stimulus. Yeah that's what was amazing to me. They've got seventy-six just from a tax surplus and then in addition to that they have twenty six. So gavin newsom of course is in the middle of a recall vote. You could not ask for a better political layup right now than the ability to basically write a budget that has one hundred billion extra in funds. He's funding education. He's funding rent. He's funding utility bills for people. I mean you can basically fund every dream of that state government that they wanna fund now the question of course especially if we get an increase in the federal capital gains rate which could dry up capital gains realizations in sales that could hurt revenue for the next fiscal year. And then you budgeted based on this huge revenue that you don't law no longer have just just for discussing saving for a rainy day. Just for discussion. Just just to get it out there. Can you send a memo to bernie. Liz maybe aoc and just highlight just say. Look just factor this into your thinking next on next time. You're you know demagoguing and pontificating and virtue signal and everything else. Could you want me to do it or you know. I'm i'm sure you do all of them. I'm sure all three of them are watching right now because they love cnbc. I'm sure they're all watching. So they heard they know they're maybe they're creating crypto or something as they're watching flipping exactly like some of them have done in the past. Okay robert crazy. I minus fifty two plus seventy five. That's deep that is deep. I'm talking bill. Yes that's a. that's a turn. I was surprised to hear the story. When i was in throwing it because i thought that that they had blown all. Thanks our next on squad. We're getting back to work or are we. Jhom hiring post cloven pay. Ohio senator rob portman. Roughly forty two percent of people are making more on average on unemployment insurance and they were at their jobs. The senator joins us from the steps of the capitol in washington. Where the twenty twenty one. Sakina emergence has begun. Persecutor guys karl here. Thanks for listening here at cnbc. We'd like to know more about you. Including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast two six six eight six six and we'll text you linked to a short survey again text. The word podcast two six six eight six six standard text messaging rates apply. And we look forward to hearing from you. You're listening to squawk good morning and welcome back to squawk box here on cnbc. tuesday. I'm joe kernan along with that geico we're interested. We're making progress on today's show but we've got a lot left. We reported yesterday the findings of a new cnbc morning. Consult survey of one thousand unemployed workers at found that almost ninety percent said that they have not been offered a job within the last six months although most are actively looking of those who rejected an offer. Almost two-thirds said that unemployment benefits were not a reason at all at the same time. Many business owners say they can't find workers leading to concerns on capitol hill supplemental aid. We're joined now. By senator rob portman senator in the same. Finding it also said that. I think thirty seven percent said they didn't want to take a job because it wasn't paying enough. We didn't tie that to the benefits for some reason that immediately said to me even though a lot of employers are offering higher wages to try to induce people to come back they're still thirty seven percent saying that it's not high enough for me to come back which just confirms what we were trying to say wasn't being confirmed. That's the way i read it. I mean if thirty seven percent say it's not enough money and we're up in the fifteen to twenty dollar range higher than it's been then people can stay at home and make more money at home. Joe that's apparently what's what's happening. I mean they're eight point one million jobs open right now which is historic. We've never had that. Many jobs open in the united states of america and we do have a situation where a lot of people who are on unemployment insurance can make more there than they can't at work. Roughly forty two percent of people are making more on average on unemployment insurance and they were at their jobs and that doesn't include. The tax breaks at the democrats put in this kobe. Bill which is at the first ten thousand dollars is tax-free so if you're a truck driver making thirty grand a year and You're working hard. You don't get that tax break but if you're on unemployment insurance you do so that that seems kind of unfair so look it's it's it's obvious i mean if you're out in the real world there are help wanted signs everywhere. People are paying big bonuses Driving into the airport yesterday morning. Go by frisch's big boy. They're offering two hundred fifty bucks. Mcdonalds is offering a five hundred dollar signing bonus. A buddy of mine. Who's a manufacturer. She's offering a thousand. She can't get anybody she's got sixty positions open in ohio by the way thirty positions opening new york. And she's gonna fill those once in ohio. I if ohio gets rid of the three hundred dollar additional federal supplement because she could hire people in ohio so it's going to be a competitive advantage for those states that are stepping forward and by the way about fifteen states have already stepped forward. And said you know we're gonna have to end the three hundred dollar additional federal supplement. Which is you know his extraordinary. We haven't done that before We did it in the last great recession but we did it to the tune of about twenty five bucks a week not six hundred and three hundred bucks a week so sad. I mean look. It's important to get people back to work. If you don't want to blame that government program for why people are saying you can at least blame not having schools reopening quick enough because that that is a problem because people don't have i don't have to go. Yeah that's what it is a problem but that isn't so government that is one of the probably to some extent. Well there there are people who are saying. I'm sure in the survey and and by the way is tilted toward women more and you look at the numbers in terms of women who out of the work versus man. It's it's a higher proportion and will say you know. I can't afford childcare. And that's an issue and a lot of that's driven by the fact that their kids are not in school only fifty four percent of schools k. Through twelve who've been open full-time so this is. This is an issue too and that will be resolved. I hope very soon because you know the covid issue is thank god finally getting behind us and this is an opportunity for us to get back to back to work you back to normal life and then just safety concerns. Obviously when you're coming out of a pandemic like that that's going to cause some people maybe not want to go back into or go go back to a physical place to work. I guess so. That's all part of it. What do you say there through some of that too but but this is three hundred dollars continues until labor day and we continues into september. And you know look. The economy is is red. Hot jobs are out there. Obviously people desperate for workers and their companies know how that are actually shutting down. Those jobs are being lost because they don't have any workers so it's it's In the real world. This is a big problem. You are always a very measured republican and conservative. Do you have any answers or advice for the gop. In terms of the the schism. And i'm not saying there's no schisms on on the left either Obviously was some of things proposed by the far left. Just watching it play out. This week has been mind. Boggling earned the last week has been mind boggling. but republicans don't seem to know who they are right now whether they're deplorables whether they're classic conservatives. Is it a big tent you need. Everybody got to be a big tent you know. Politics is about addition not subtraction. And it's about adding more people joe. I think republican party. Actually you know is doing pretty well right now. Because of president biden and the progressive democrats who are taking the country to the left and that lurch to the left is not where most people are. And you look at the incredibly high spending rates and incredibly high taxes that are being proposed. And and you look at some of the issues that they're talking about like statehood for puerto rico in dc and packing the supreme court. I mean these are issues. That folks don't don't support so it. It gives the republican party ability to kind of reframe our our policy agenda which is ultimately. What makes up party strong so our ideals and our policies what to lead center. Thank you appreciate good to see you. And i we got this. Pick up the the raging inflation. We've got the ufo's and now we've got the cicadas. This is my personal data. Oh my gosh this morning on capital thank you coming up onslaught pod. A conservative nonprofit is launching a seven figure campaign today pushing back against woke capitalism. And some ceus. That's going for the jugular pointing out some of the hypocrisy. Hi everyone karl antony a here. Thanks for listening here at cnbc. We'd like to know more about you. Including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast two six six eight six six and we'll text you a link to a short survey again text. The word podcast two six six eight six six standard text messaging rates apply. And we look forward to hearing from you. This is squawk. Here's joe kernan. Conservative nonprofit is pushing back against chief executives launching an ad campaign to fight what it calls woke capitalism ship i think might have sailed ayman jeffers joins us now. The cnbc exclusive horses out of the barn toothpastes out of the tube can't put humpty dumpty back together again amen. This is here to stay. I see it every day everywhere. Yeah joe we'll look this group. In particular says they want to force companies to reconsider some of the political stances. They've taken over the past year and what they're doing is launching. What they say is a seven figure ad campaign launching it today. This is going to be a just north of a million dollars in spending overall. They're going to be sharply critical of the ceos of american airlines. Coca cola and nike. The whole campaign is designed to force companies to reconsider some of these political stances that they've taken the ads are going to run on. Cnbc fox business and local stations in the cities where these companies are headquartered the nonprofit group behind it all is consumers research. They say they're not going to disclose the financing of this program. So we don't know who's spending all this money. These feel very much like political campaign ads. They're going to criticize american airline ceo. Doug parker for high pay at a time of layoffs and taxpayer bailouts. They're gonna target coca cola. Ceo james quincy over obesity in america. They're going to criticize nike. Ceo john donahoe over allegations of forced labor in china. Yesterday i talked to the leader of this group. And i asked him what message. He's trying to get across here. Here's what he had say increasingly. They're taking positions on legislation. Has nothing to do with their business. And this is the same time that the quality of their products and services going down. They've taken their eye off the ball not a flashpoint. Here is these voting rights laws in texas and in georgia in particular american airlines had this to say about their position they said as a texas based business. We must stand up for the rights of our team members and customers who call texas home and honor the sacrifices made by generations of americans to protect and expand the right to vote so real flashpoint issue. Here joe this group trying to turn the debate around a little bit or at least give some of these. Ceo's something else to think about in terms of pushback from the right as opposed to the criticism that might get from the left for not acting here so very much caught in the middle joe some sticky points obesity and coke i can think of some others A lot of the companies do a lot of business in china is another and it's going for the jugular with some of these Pointing out some of the hypocrisy and we all know. We're all part of the same hypocrisy right. Senator godfather to but just applies to never think it applies not. Just watch that the other day. It's it holds up doesn't look i mean pacino. The idea here it really does it really does. Look the idea here is that you're going after these companies on sort of unrelated issues right you talk about obesity in children and that sort of thing. I mean that's not really related to the flash point of voter rights issue here But when you think about it this is sort of a welcome to the nfl kind of a moment. If you're going to engage in politics you might start to see people treating you like a political figure which we haven't normally seen with. Ceo's in this country and you're going to get these negative otto style ads running against you and then of course making the point that you know you're willing to talk about politics here in the united states but how come you're not willing to talk about political abuses phone number army and suspiciously quieter on that you got to go number is email yes job. Let's have mon- we're going to put him on. Is that all right with you or you. Don't mind okay. we maybe segment of came in. Who's financing. what he's doing. Yeah that's what we don't know the. The group is a nonprofit and they say they respect owner privacy and so they're not going to say who's paying for all this so that's a big unknown in all in all this. It's just we don't know where that money's coming from that's right and ten anonymous political effort fascinating. Okay is it's that's right but do we know it's not satan amen. I think that's the question is it. Is it not satan. Or you don't know we don't know how to get in touch with him. We concert up your report. Out that that angle joe all right. Thank you joe. I think we should have them on. If he'll disclose who's paying paying him. And i think we probably shouldn't have but does it really matter which concer- conservative organization it is enter. They're all bad. I mean does it really matter which one it is. But i think it's important that we i think it's important to know who's financing always got to follow the money back here the rest of the bottom just bad less bad very bad for those those types and that's squawk todd for today. Thanks for listening. Squawk box is hosted by joe. Kernan becky quick and andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern. You can get us every day right near feed when you subscribe to squawk pot. If you like what you're here please leave a rating or write a review on apple podcasts. Share this podcast with a friend. It all helps and we'll be back here tomorrow every. Want carl thanks for listening here at cnbc. We'd like to know more about you. Including which topics you'd be interested in hearing about as we think about launching new podcasts in the future text podcast two six six eight six six and we'll textual link to a short survey again text. The word podcast two six six eight six six standard text messaging rates apply. And we look forward to hearing from you.

walmart california cnbc joe kernan Cnbc amazon rob portman Katie kramer Conteh Courtney reagan ohio John wayne acey
Its exactly like the 90s: Blodget on Stock Speculation; Etsy Crushes Estimates

Squawk Pod

31:15 min | 3 months ago

Its exactly like the 90s: Blodget on Stock Speculation; Etsy Crushes Estimates

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is scott. I'm nbc producer. Katie kramer today on our podcast. It's up again. Does anyone understand game stuff. Just stop will you. It's just let it go decoding. The read it rebels and a warning from insiders henry budget. You can be completely right on the profound nist of the fundamental trend and still get at least temporarily killed in stocks and one killer stock. Oetzi had a huge twenty twenty shoppers and even elon. Musk found lots to love in the online marketplace. Ceo josh silverman. Twenty twenty was a spectacular year for ads got the circumstance met preparedness those stories plus a new covid vaccine from johnson and johnson. The latest on the minimum wage debate and joe. Kernan reads the teleprompter. I start saying something living in. It's in the teleprompter and say it again. It's friday february twenty six twenty twenty one. Squawk pack begins right now. Good morning everybody. Welcome to squawk box here on cnbc. I'm becky quick along with joe. Kernan and andrew. Ross sorkin february quickly. It is quickly calculated. Monday is march march first. Because it's not. I think last year was a leap year. We have elections during leap years presidential elections. 'cause people kid around say this personally for colin powell votes for democrats the during leap year for president. Someone said that when he was saying. I'm voting for funny but yeah leap. Beers are are when we happen to do that so that i quickly deduced. It's twenty nine days in a leap year right. So twenty eight makes sunday so this is news. You're not going to get a lot of different places. Does anyone understand. Game game stop. You're gonna talk about that now. See people do not talk about the valuation of this. Just stop will you. It's just let it go man let it go with you. Let it go. Put it to the suits. Give it to the suits. That's that's that's gonna tell people to do go after the suits and win beat them. Beat the suits with similar. Ext would've told me that suits were bad. I wish kim. I'm a transit. I got you guys haven't been wearing since for years around wearing for years times cool. Let's also take a look at game. Stop as as we've been talking about this. Stock is up about eight and a half percent this morning. One eighteen o one Trading price so we had seen it above one fifty yesterday The selloff yesterday even with that. It's still up more than one hundred and eighty percent on the week other rented height stocks this morning. If you wanna take a look at What they've been doing not all of them taking off in the same way. You're going to see that right now. Looks like yeah. Amc nokia blackberry and costs all trading off cause-effect. Down by about just over ten percent could be crucial day in the fight against coronavirus nephew. Advisor committee is going to be considered. Jj's vaccine for emergency use authorization. If there are no surprises. He could receive approval as soon as tonight. Separately in the fda is easing ultra low temperature requirements for five cova vaccine. That's good news. Because the treatment of previously been required to be stored tween negative seventy six negative one hundred. Twelve degrees fahrenheit posed a lot of challenges for distribution in rural areas. The fda now says the vaccine can be stored at standard pharmacy freezer temperatures for up to two weeks. Meantime president biden spoke yesterday to market cove milestone. He said that fifty million vaccine doses administered in the us putting the administration on track for its goal of one hundred million. Vaccinations in one hundred days. At first critic said that goal was to ambitious. No one could do that then. They said it was too small at the bottom line. Though is in america it will be the first country. Perhaps the only one to get that done and today. I'm here to report. We're halfway there. Fifty million shots just thirty seven days since i've become president at least i'm hoping we're going to get more than one hundred Doses in one hundred days. Some people thought that that that that that goal was almost baked into the cake. Right a lot of conjecture about how it's been done in different states. You know i. I saw the west. Virginia governor sorta but but taking accolades for how well west virginia Has done in the the arguments you do it with just age or do you try and do it some other way and i think they just purely did it with age if you come in and we talked about before someone walked by you ought to throw a dart of anybody ditch near should get the anybody that's near should get it. What shall i. Well know age gopher but if if if the if the is there and it's not being used because you don't have enough sure of that age there but we're not to that point yet. I mean i. We're not to that point yet. It's frustrating to see you know places like new jersey. I know all kinds of people who are in their thirties who've said they're smokers who have done other things to get jobs. My mother-in-law seventy seven in maine my mother's seven. My brother-in-law seventy seven main. She's supposed to get her first shot today. But it's been quite a haul to try and get that That appointment set up some of the different depending on where you are. I know some states are doing obviously but we do want everyone eventually. It's the best way to do it. If you got it. Give up totally agree if you can get a shot take it absolutely. But it's frustrating. I know it and the thing. is you. put it in perspective. We're actually doing so much better than than any other nation in terms of this Any other big nation. We've got almost twenty percent of our population having at least one shot at this point. Maybe it's nineteen percent or something right now if you look at europe at six percent so we are doing a better job relatively speaking to other big nations and it's just It's one of those things where if you lose your job. It's a depression right. If you've got the shot you think things have gone well if you haven't you're frustrated you think it's going terribly. It's just a completely. You're not bad either. One's one's pretty good no. Jj today the other issue is talked about a lot. Is this fifteen dollar per hour minimum wage all along. The people said it wasn't going to pass the so-called byrd rule and once it gets a bird bath then that apparently is what the parliamentarian said. The minimum wage is off the table. The in the senate at least for now as part of the president's one point nine trillion dollar covert relief pick plan talk about this yulon. Illinois joins us now with more we were we. Were jumping the gun trying to figure out who is a yes or no before you found out whether the could be in the bill in the first place based on reconciliation. Oh that's right. Joe the white house. They clearly been bracing for this decision but it was still a big blow to democrats when they found out last night that they can't raise the minimum wage as part of their covert relief package. Because as you said it's simply does not comply with a special rules that they're using to pass this legislation without republican support so now democrats are regrouping since the rules only apply to the senate house speaker. Nancy pelosi said that she still plans to move forward today with a vote on a version of the bill that includes the fifteen dollar an hour rate and she said that democrats pursue every possible path and the fight for fifteen. Meanwhile progressive said ready to go nuclear. They're pointing to the real problem. They say which is the rules and the urge party leadership to either ignore the parliamentarians decision or get rid of the filibuster and senator bernie sanders one of the chief. Proponents of raising the wage said that he is going to get creative. He said he's working on a new measure that would get rid of tax deductions for big businesses. That don't pay at least fifteen dollars an hour. He said that he plans to push for that to be included in the final bill. Instead i hope no matter what. Our views on the minimum wage maybe. I hope that we all agree on one thing. Us taxpayers should not be forced to subsidize some of the largest and most profitable corporations in america. It is time for the owners of walmart. Mcdonald's dollar general large corporations to get off welfare and pay their workers a living wage so the fight is still not over yet is out that a lot of big companies already pay fifteen. I don't know what it means my big and some of the smaller companies that that wouldn't work for four anyway. So what are the chances of that succeeding on not not very high. That actually be included in the final bill. He's proposed things like this before. There was the stop walmart. Act that he put forth a couple of years ago that would have prevented companies from buying back their stock unless they paid at least fifteen dollars an hour. He had stopped basis act in which he had that beef with amazon. If you're a member That would have forced them to pay for of the government services that he said their workers were using so he does have support within the progressive movement. For these ideas it would definitely comply with the byrd rule that you talked about earlier But i think that in some ways you know having the parliamentarian make this decision actually was a silver lining for democrats because it allowed them to avoid. That's an intra-party bickering over whether their rate should be eleven dollars an hour or fifteen dollars an hour be included at all. That could have hung up passage of the broader bill. Costco costco announcing today. They're going to sixteen or something but a costco has been out in front of the things i think. Oh i didn't see this prompter seen it earlier but now it's one of my stories on. It's so weird. The way that keeps. I shouldn't jump the gun. I just what they tell me to do. I should just do. I'm gonna stop all this other stuff. Thanks cosco isn't waiting for a government order. The retailer is re raising. Its starting wage for hourly workers. Sixteen dollars an hour. That's more than rivals including amazon target walmart. Best buy in higher pay rate takes effect next week. It's been happening more and more. Becky where where i start saying something. Add living in tel. Frenetic gotta say it again so you know what from now on great minds from actually. I'm not going to go off. Control cheering joe's off the rails. They got the tape again. Guys next unsquashed pod. Does anybody understand what's going on with game. Stop the means. Rise again insider. Ceo henry logic says it all feels familiar now. I'd say this is exactly like the late. Nineteen nine the amount of just bananas speculation and be enthusiasm. And the rage of the speculators of against anybody that wants to tamp it down for urged conservatism or care. What have you is exactly like the nineteen nineties at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions processed trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at change healthcare dot com slash cnbc change healthcare insight innovation transformation. This is squawk pond with joe. Kernan that quick and andrew ross sorkin. Here's enter hedge. Funds are playing defense after the game stops squeezed by scrapping social media sites shish a scraping social media sites scrapping. Something as well take a joins us with more on this strategy. What's going on here. Leslie scraping and scrubbing andrew internationally that practice of scraping social media sites to see how sentiment might impact stocks has been used more for sourcing investment opportunities doing due diligence. That kind of thing. Over the past few months though these types of data are being used increasingly for defense as a way of protecting portfolios think numb which sells scrape data to investors found an increase in mentions on social media for game. Stop was a leading indicator for that pop this week. Think numbs co founder. Justin says he's seen a huge uptick outreach from current and prospective clients looking for help defending their portfolios now the one challenge of course is that not all content on the internet is clear. Cut for example. A tweet of ice cream is said to be at least partly responsible for the surgeon game. Stop this week. Now it'd be very hard pressed to find a smart algorithm that could pick up on that nuance guys. So what do you think about the ice cream. What do you think the ice cream really meant. I've heard all sorts of theories under you know people say it's like a broken mcdonald's machine that can be fixed game stop is similar to that. You know my own personal is that. It's a a way to melt up the stock. I have no idea but you see kind of this. Almost arms race going on whether explicitly or just kind of a byproduct of these various forums. Where you start to kind of develop your own lingo and the algorithms have to catch up to that and make sure that they're capturing all of this different nuance it's not as clear cut as just like gm into the moon which you see that on there quite a bit on these forums but there. It's a little bit more difficult than that okay. We'll be scraping and maybe scrapping. Some of that data shamelessly makes people feel good long before microsoft. Mr softy had a positive connotation because it was at that truck that would combine. When i was a kid. And that's what you'd get. It gives me a good feeling makes me want to buy stocks. I guess i don't know lots of discussion on. Who's pulling the strings on the latest game. Stop rally maybe. Our next guest can give us the answer. We're all looking for joining us now. Is henry blodget. See reason he might know. He's the ceo of insider. So he's an insider he's the founder and the editorial director so three hundred calls on game. Stop one day to go selling. It's six think about that. It's two hundred points out of out of the money not anymore hundred. But i don't know that. Just kinda sums up the the potential volatility. The quick moves the point. Was i'd be scared to death of selling that that call naked even at three hundred because i could end up with a loss of ten times my money in this environment. What does that say about the any and by the way being scared to death is the emotion that you should convey to a lot of folks who are very enthusiastically jumping onto their special speculation apps and playing this because it's a lot of fun and and so forth what you just described is what gets people killed which is taking a lot of risks. They don't even realize that they're taking and i. I'm sure we'll have a great forensic analysis in a week or two to why what triggered this and the obvious explanation would be some folks on the short side decided. It was safe to bet to wade back into the water and just got killed We shall see. But joe i have to say end to andrew Having lived through the nineteen ninety s for the last twenty years. I have often been asked as we get into a speculative episode or around the edges. You know hey is this like the nineteen ninety s up until now. I've always had no no totally different of what was happening now. I seen this is exactly like the late ninety. Nine's it with the the amount of just bananas speculation andy. Enthusiasm and the rage of the speculators of against anybody that wants to tamp down or urge conservatism or care what have you is exactly like the nineteen nineties. And i think they don't know when it's gonna end one of the big questions that I've certainly been asking people is. Hey is this late. Nineteen ninety eight mid nineteen ninety nine or early two thousand and nobody knows the answer. But i my guess is a few years. We're going to look back at this as yet. Another one of the major historical speculative the the latest The latest in the road has been the the rise in the ten year and it hits tech right away and and that makes sense obviously with when things are for a lot of reasons off the fed were eventually cut off the gravy train and valuations. Come down in higher rates others have said that doesn't change the future of any of these tech companies that they're still going to just flourish could change the valuation of their stocks though yet. And that's actually that's totally right and it's an important thing to remember and in the late. Nineteen ninety s. That's what everybody said. And certainly i was saying that. Listen to internet is going to change. The world is going to create huge amazing businesses and it is going to destroy a lot of traditional businesses. All of that happened and in fact it happened way. Beyond what even the most enthusiastic people were thinking in the late one thousand nine hundred and yet from two thousand two thousand and two the most to the tech stocks still got absolutely obliterated and so that is the point that i would. I would urge people to look when they look at history. Which is that you can be completely right on. The profound -ness of the fundamental trend and still get at least temporarily killed in stocks pecking having said that i will say joe one thing. It's important and very interesting is a lot of the big tech are actually not that crazy. You look at microsoft can apple ease. That's what's different from the zero earnings back when when you so becky got of course within. I want to get back to henry about something else. Because i i need him nancy something so you go ahead. Thank thank you so get ready henry. The idea that you said that this is the first time we look like the nineteen ninety s again. That made me literally sit up in my chair and a kind of pay attention and take notice that went on for several years went on for a long time. They people were still dancing. You got to make money while it's still happening and i hate. I hate this time maybe different type of questions but let me just ask this this time. What we keep hearing from people is the reason. It's not as big of a problem as it was back in. The nineteen nineties is because this is affecting a smaller part of the market. This is just speculative areas not the entire market being led by this. What do you think having lived through that and having looked at this. I think that's just yet another story that we are telling ourselves to to make ourselves feel better that were on more solid ground and there were a lot of those stories in the nineteen ninety-two starting with the internet story. The your net has been extraordinarily powerful and profound in. Its breeding these amazing company. So we were dead right about that but again the market in the interim was tough. And so so what i would say is. There is just absolutely bananas. Crazy speculation in a lot of different areas. Certainly in the specs certainly in a lot of company a lot of the tech companies that are currently way not profitable and never been won't be for long time any other so there that at the margin but then also the entire market is actually an extreme level relative to wall history including two thousand and that's because of interest rates interest. Don't don't try to keep talking. So that i don't get to ask you this. I see what you're doing. I see what you're doing and we only got about two minutes left. So i'm going to set it up like this so a tyler winkle vaas big bitcoin bull. He tweeted this morning. Someone said look if you didn't if you're not in bitcoin up to fifty eight thousand. You've missed it. You've missed your chance to get rich. give it up. He then tweeted back. That's wrong the case can be made instead of a trillion dollar market cap. It could have millions of the global financial system. And that would that would cause you to save five hundred thousand dollars for bitcoin. Now i know at five thousand. You tulip doubt at ten thousand tulip mania you double down at twenty said to the more tulips at thirty greater fool theory at forty and you still have not ever said anything positive about it. That was completely. I said i sent back in two thousand and eleven and we can go back now. Okay maybe you did. I don't know but go to visit a tulip now or not henry. Exactly what i said back in two thousand and eleven as the perfect asset for a speculative mania because it is hard to understand. It's going to be understood by more and more people over time there's a very limited supply. It is absolutely impossible to value fundamentally because it has no value. it's only worth with. Somebody else will pay so unlike a stock which usually does have some relationship ultimately to a fundamental. Bitcoin doesn't so that means you can trade anywhere. So what i said was when it was trading at ninety joe they could go to a million and i meant that it could also go to one and in fact it made you both of those. So i think tyler's exactly right. It could go to a million but the stories that we tell about why relative to the value of biddle or other henry henry henry. Chris no tenri. There is that you can make. Why do you think andriessen and peter. Thiel and paul tudor jones and lately. Elon musk you can look at distributed computing and decentralized or distributed ledger. You can find a way to ascribe video you to that as a unit of work so to just keep saying that it's just someone to pay more for it and there's no underlying value. That's false joke if people to decide that for the next couple of hundred years. Bitcoin is where you park your money when you wanna take it out of a fiat system. Okay that's possible but the story used to be that we were all gonna use it for transactions. Okay does that anymore. So i don't know anyway. It's a tool of. That's your back to that. It's wonderful speculative bubble. Go all right all right all right and i own some so i always got disclosed that so but i do not yeah. It's pretty obvious. All right anyway thank you. It's not winkle. Says it's not too late you wanna take the. I just don't want you taking the plunge it like two hundred and fifty thousand and saying golly i was what did i do anyway. Speculate joe it's an option. You don't have to be that all right. Thank you henry. Henry visit this coming up on time at z. Crushed wall street estimates for the fourth. Quarter hang. I bought stuff after adding sixty one million new and reactivated shoppers to its platform. Ceo josh silverman. During the pandemic people can't spend on travel we can't spend on dining we're spending a disproportionate share of wallet on retail and when they're spending retail they can't go to the mall so they're spending a disproportionate amount on e commerce. We'll be right back at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share rovan data for smarter clinical decisions. It's how we're making the health care experience better for everyone. Learn more at change healthcare dot com slash cnbc change healthcare insight innovation transformation. You're listening to squawk pot. Good morning and welcome squawk box here and cnbc. I'm joe kernan lowest becky quick in andrew. Ross sorkin friday. i'm in love. Nc blowing past earnings expectations revenue more than doubling in the most recent quarter online retailer. One of the big pandemic winter shares up more than three hundred percent over the past year. And it's the biggest premarket gain earned the snp right now joining us to talk about the quarter and the outlook ahead job. Silverman ceo of esi. Josh it's great to see you this morning. You just had this blowout quarter. Let's talk about what you think. The future looks like and i ask in large part because i think we're all hoping that we're about to get into a post pandemic world that may bode well for some and may bode well for others. That's right well. Twenty twenty was a spectacular year for it was a time when circumstance met preparedness and millions and millions of people discovered for the first time or maybe rediscovered at sea At a time when they hadn't been in a long time and she's the kind of business that gets better as it gets bigger So more buyers means more sellers more sellers more buyers which makes the marketplace a whole lot better so to your point You know none of us really know what twenty twenty one brings. None of us have a crystal ball. But if i look at Twenty twenty ecommerce grew at an the crazy rate. Ecommerce grew it over forty percent year-on-year and yet oetzi grew two and a half times the rate of commerce. So i don't know what e commerce is going to do in twenty twenty one. But but i hope and believe that we'll be able to continue to outpace ecommerce overall in terms. Though of the way you think the shopping experience takes place you think by default the growth. You think i mean your how. What's the chance of the same kind of growth next year for example. Well i on the On the bull side of people we tend to forget. There's a lot of people even in twenty nine thousand nine who star shopped almost exclusively amal. Who never shopped online. So millions of people started shopping online and twenty twenty. Who hadn't before and they they loved it. It was convenient and interesting. And so we've brought a lot of people into e commerce warrant there before i'm the bear side during the pandemic can't spend on travel. They can't spend on dining so they're spending a disproportionate share of wallet retail and when they're spending on retail they go to the mall so they're spending a disproportionate amount on e commerce. So what. i don't know what. I don't know that any of us know is what's going to happen to consumer spending overall as you know as as restrictions ease what i do know though is if look over the long term if you're looking at twenty twenty two twenty twenty three and beyond ecommerce bigger and stronger and will be bigger and stronger. I believe as a result. Josh as you know. Musk tweeted on january twenty six. I hope you've saved the tweet. I kinda love at see. How much was that tweet worth. You think this quarter trades on the fundamentals and has always traded on the fundamental so at the time that he sent that tweet. Oetzi stock price went up. I forget the amount. But i think we gained a billion and a half two billion dollars market at four two hours and then the stock price settled right back down to where it started before the tweeting by the way. He's tweeting about the fact that he loves the marketplace tweeting about a product that he bought for his dog. Which which i love. But you know we trade on the fundamentals and i think it's so important that we keep talking about the fundamentals and i hope that's always traits on the fundamentals. Not on some story. That's that's other than that. You thinking at all about accepting bitcoin not right now i'm holder. I've held bitcoin for six or seven years. Now i think on the theory that i think it can be an interesting store of value. It could be an interesting tender. Some david need a whole lot more people to buy an own it before. I think it's really useful for people as as a and then. Finally i wanted to ask you about how you see the marketplace world versus the website or store world given the successive shoplifting. By how many of you are small. Businesses are both on on your service and also developing their own. And what does that mix look like for you know. Many of our sellers will also have their own shop. The challenges creating your own shop today is is is creating a lemonade. Stand in the desert right. It's harder and harder for an individual site to rise above the noise and become a brand that people can remember all the trends. I see is you know. We're consolidating fewer and fewer large e commerce platforms. And that's because the human brain can only remember somebody brands. We can only keep four five six eight brands in mind for everything else. We've got to go to google and we'd better go to facebook and if you're downstream google facebook then they're going to be the ones who get all of the economics so i don't think it's likely that there's going to be two billion thriving individual places to go buy things and years from now. I think there's going to be a handful. So the job of that seeing is to create a brand that stands for something that's meaningful and all of our sellers as a result josh silverman. It's great to see hope you come on back. We can have a longer conversation about the future of retail altogether. You bet see you soon. And that's squawk pod for today for the week. Friday squawk box is hosted by joe. Kernan becky quick andrew. Ross sorkin tune in weekday mornings on. Cnbc at six eastern. Subscribe to squawk pod. Wherever you get your podcasts. If you like what you hear let us know where on twitter at squawk cnbc or lease rating or. Write a review on apple podcasts. That helps other listeners. Find squad will meet evac here on monday. Have a good weekend at change healthcare. We're all about making the health care. Experience better for everyone. Our data analytics driven platform streamlines the billings and claims process. Payments are made quicker easier and more accurately saving valuable time in administrative costs. It also helps. Healthcare providers share and access relevant data more efficiently leading to more informed diagnosis and better patient outcomes. Learn more at change healthcare dot com slash cnbc change healthcare. Insight innovation transformation.

Kernan joe josh silverman Ross sorkin Katie kramer Oetzi costco walmart president biden andrew urge party senator bernie sanders fda
AMC, A Wall Street Adventure & Miamis Mayor, the Bitcoin Bonanza

Squawk Pod

28:48 min | Last week

AMC, A Wall Street Adventure & Miamis Mayor, the Bitcoin Bonanza

"You gotta take a listen to this. It's swap pod that's right. Cnbc's flagship business. New show is a podcast squawk pot this control to is not just the show. Folks might be even better. Because it's only audio join me. Katie kramer as i take you inside the squawk box control room and beyond the headlines of tv broadcast with joe kernan becky. Quick and andrew. Ross sorkin every weekday. Subscribe to squawk pod on apple podcasts. Spotify stitcher or wherever you get your podcasts bringing show musically this is squawk pod i'm cnbc. Pretty katie kramer. Today on our podcast. There's one story everybody is watching today and that is. Amc one heck of a return to the box office. The movie theater chain free popcorn a stock sale and a roller coaster. Ride for your mind and your money. It's making a mockery of everything. All of this. And the crypto community is headed for the beach. Miami's mayor on the bitcoin. Bonanza his town. We want to be a cigarette. Purposes are the next series of technological advances artificial intelligence crypto biotech those stories plus hackers holding up summer commutes and climate change in. But don't worry. Inner planet tech rose to the rescue. He needs to get you off the planet. Because there's gonna be so many problems here eventually. Basis trend do the opposite by the way he wants to get everything else off the planet so that we can live here in harmony. It's thursday june third twenty twenty one the third day of the rest of our lives. Squawk pod begins right now by joe three one his mike good morning and welcome back to squawk box. The movie here on cnbc playing an amc theaters nationwide live from the nasdaq market site. In times square. not really. but we're going to talk about. I mean th the growth industry of the The twenty-first century as theaters Not streaming. I'm joe colonel with becky. Quick and andrew ross sorkin and buying physical the computer games going acting into a store brick and mortar buying something. You're plugging into a playstation nothing. That's just online. Why those two. Why those two bed bath and beyond i understand but Anyway the meam stocks had been surging but maybe People are getting wiser it if everybody's gonna sell all the companies when their stocks are soaring. Maybe that takes a little. Maybe that's indicative of the endgame for some this. We'll talk about that in this a second. The the company's thinking that it's a good time to such a good time saying hey saying if you buy this you may lose your money. You don't see that every day does not usually say find mental everything else. Nothing that's happening are surprise can be attributed to our underlying fundamentals. Just so you know. It's a drama fit for the movies. Amc entertainment is still a box office darling of retail traders. The wall street bets forum on read it and the millions of new individual investors who have purchased shares in the movie theater chain this year and today's plot twist wit sign moves for amc stock. It's up it's down. You'll laugh you'll cry. And all after a stock sale announcement the company announced it would be selling like an additional eleven and a half million shares of stock from time to time as market conditions dictate. But here's what. Amc said in the eight k filed in their words we believe the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business or macro or industry fundamentals. We don't know how long these dynamics will last. Under the circumstances we caution you against investing in our class a common stock less you are prepared to incur the risk of losing all or substantial portion of your investment. But please call your broker now because we've got an eleven and a half million for sale. No they didn't say that at the end but after saying all that they're still hey we're still open. We're open for business yesterday. Wall street was transfixed by the near doubling of amc shares in regular market trading in large part the move higher have been driven by retail extreme retail investor. Enthusiasm diamond hands. These are. I don't know what kind of at the closing bell yesterday. The company had a bigger market cap than united airlines l. brands brands in there with the united airlines at viacom and viacom that they saw this morning when they were up twenty percent they were bigger than the market cap. Half the s&p five hundred companies. So it's a substantial move a bigger than us. Steel remember who said like an actor with a particularly juicy script and see has taken on its new status as a mean stock embraced it yesterday. We told you about the company's new investor connect platform for retail investors. It comes with free stuff popcorn and other promotions and it promises direct communications from ceo. Adam erin cutting out the middleman like business news. He's encouraging the attention from retail traders aiming to sell millions of amc shares in the market to raise capital in the air. Aaron has been dubbed silverback. He has to connect to the retail investors. Because they're a different group every day. Different seven forty five million shares the trading day. We can't really talk about fundamentals. We're now by the way at a little over fifty seven times peak ebitda. Okay peaky dot two thousand nine thousand nine. You thought there was a secular decline. Before and that i mean now this show should almost be over to some degree because this is an alternative by far an all time on the market cap with a market cap of never even close to this before it's gonna be almost four zero. You're not quite. It's making a mockery of everything all of this. I look a lot of people. Think that the whole markets are manipulated elections. He was tweeting at me this morning. Saying this is one of those first times that people feel like the market isn't manipulated because they're the ones tweeting about you or responding to something that i writing. We were going back and forth. Anyway the point is logic confrontational. No no no we were talking. He was actually referencing. He likes it when he was on. He likes he likes all this referencing the time that he had come on and was saying. This is one of those times when people feel like found isn't manipulated that they're the ones that are absolutely swore. Joe jane america This retail fires of stock to flex back and push back on on these hedge funds. And i do think this is a seminal moment. I don't think we go back to world before this because these communities thereby product of the connected internet two things one is. It's not clear to me that it's the retail investors that are quote unquote manipulating the market. In many ways there's a lot of big institutions out. There that are trading on top of this momentum right now trading. Not shorting is that trading. Oh there are some that are shorting. But there's a lot of people that are trading on top of this. That are making. I think when you go back and look at flows four weeks. Now you're gonna figure out for better or worse is not necessarily. The little guy has stuck it to the big guy. It's austin stimulus zero interest rates. A lot of that going on. That's how it the fire got started. Maybe the these institutions are smart enough to pile on. But that's definitely and you gotta do is talk about it and you're gonna see that there's plenty of of of retail people. That are definitely doing this. And so i mean. Because you know. I i don't i don't really like the internet. I'm still. I guess it's going to last. I thought it was going to be like the facts. But if you just get the if you look at the definition of mean it's it's a culture or system of behavior that's passed one individual to another by non genetic means or imitation so it's just like a it's like just spreads like wildfire through like viral. But why why is there even such a thing as a mean stock and just because there is such a thing. Doesn't that tell you by definition that it has nothing to do with what's bed bath and have to do with amc and if amc's fortunes were declining for the last ten years as streaming and all this if they were if the long term case wasn't as positive wise it tripling its all-time high now. But i think we're all talking passages. I think there's there's one group of people experienced investors and analysts who are on one side saying this is crazy. You're going to help the people that don't what they're doing now another group you're having no no they say i know i know this is not the most they say i know and i don't care and they say i'm playing this game. It's a game and they're trying to show that this whole thing that game if it is a game to me. That's a very sad reality. A sad outcome. Because i think it unfortunate long-term creative board if there was distrust in the marketplace. To begin with this to me underlines. I wouldn't even take it further. I'm going to talk about what the fed's going to do. But i want to take one step further and tied back to what druckenmiller said when he was on that these budgets in the body administration is going to politicize the fed by sort of co-opting the fed to allow them to do what they wanna do. They are enabling this massive expansion in fiscal policy. And the problem is if you end up getting inflation and frankly even if you donald the debt is going to be so big. We're right now. In the crux of when the demographic when the baby boomers accelerate in terms of of getting medicare medicaid social security. That stuff writers were doing that. We just put six trillion of new debt on again all enabled by the fed. There's a journal piece here biden's budget signal to the fed in this latest budget. Do you know what the highest yield on the ten. Your forecast in this budget is for the next ten years to point the highest eight even when inflation is well above. They're they're more or less telling the fed. Look we need you for this. We need you to keep the these ten years. The fed's not going to be able to keep it that they could if they if they if they always do some type of of qe or some type of if they don't totally taper if they don't totally get out of market so don't you think that is not the only totally hiding the fed's stimulus stimulus is to blame. I think to a large degree stimulus is probably to blame. I mean why does someone need to get blamed. Now that the little guys finally be able to stick it to all your hedge fund friends. Why do we took what happens. How does this end if you've seen this because this kind of story play out before somebody gets left holding the bag and that's the question one yesterday said fundamentals eventually always take over. I don't know what happened. Game stops back to three hundred isn't it one. Is that going to take over. It's close to where is it just so this may toting up. Time might argue eighty two. I could at least come up with a rationale on game. Stop if i wanted to netflix. Type thing much harder to do with. Amc i know this is what about bed bath and beyond we know. What's there we go there. It's our place i mean. They do have grill. Scrapers okay. that's not. You would think that you squeeze them in water comes out on. My question is if you're gary gansler and you're watching this besides thinking man. I need a drink because this is a problem. But i accept nothing illegal in this no but again it goes to this. Larger issue of the system is this an effort to blow up the system. Do distrust this. They're arguing buyer. Beware this let it happen and people will learn on stimulus money anyway but it is. You know they're they're home. They're not worth. they were unemployment. Just putting it on game stop. And that's it. I don't know that's a bad I think that's a lazy sort of an explanation for it. I don't really believe that. I just said it. I i need to say whenever. I'm not serious i because i don't need your twitter the backlash i'm pulling for these guys maybe. Amc the free popcorn. I don't know what that that's worth. Ten twelve billion easy isn't it. What was the other thing. They did discounted ticket tickets. How about decent movies is that part of the equation. Is there ever going to be coming. Why you making no. I'm just saying there's going to be some good movies coming visit. Have we spent too much time talking about mc. I don't know this is the issue with all of us back in studio. Look at twenty minute wait. A minute is a camera so we started next unsquashed pod. Miami is gearing up for in crypto palooza. This weekend mayor francis suarez is betting on bitcoin for his city and for his portfolio. I haven't bought the dip yet. But but i'm planning to what exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast. Today you're listening to swap odd from cnbc. Here's andrew ross. Sorkin check on crypto right now because bitcoin has been moving of this morning and in the upward direction right now. You're looking at Bitcoin up three percent of little over thousand bucks at thirty nine thousand dollars. Also a theory and also doj coin. You're looking at a theory him up three percent. You're looking at doj coin. Also on the move this morning though Down just slightly. This is all happening against the backdrop of a massive conference. That's taking place this week. Because the crypto elite and thousands of other investors have descended on the city of miami for the largest crypto gathering ever. It's it's called bitcoin. Twenty twenty one is right now. Is the mayor of that city of miami francis mars. Good morning to you. Mr mayor approved being with us You you have as we just said the bitcoin elite or the crypto elite. All in your city. You've you've you've almost tried to rebrand the city around crypto. What does that look like to you right now. In terms of just the both the energy that's coming off of it but what you actually want the city to be when it relates to crypto. Well first of all the energy is off the charts as you said. It's the largest bickering conference ever been reports. That bitney thousand people will be attending the bitcoin conference in one way shape or form and it's already changed sitting works. We had large crypto exchange. Change out of hong kong of by the naming rights to what was formerly the american airlines arena are two hundred billion dollar deal and that two hundred hundred dollar deal became a summer jobs program and became a strategy to combat done binds which is something upgrades every large urban city. So we're starting to see foods of that rebranding. We wanna be a senior focuses on the next series of technological advances artificial intelligence of course crypto biotech. So that's how we're positioned mersal and it's very significant food for us you've talked. You've talked about the city itself. Taking a bitcoin and putting on balancing pain people in bitcoin and paying people crypto. Are you doing any of that. Yes we are looking at. The first thing we had to do is make sure that we could surmount the legal hurdles. We got a legal opinion that at least allowed us to pay employs and crypto and accept crypto for fees and payments. Are we also have accounting to get on board. And there was a county. Commissioner corn higgins who also passed a corollary a resolution to allow for tux payments to be painting crypto so were engaging in that process. Now we have to go to an rpo basically the solicitation for third party that can manage it us a word. We're you know we're continuing to new orleans. In that process. Only on the balance. She is a lot more complicated. Because number one We're not allowed to hold not something. That's not at this particular moment. So that would require a st lodgings and then of course the volatility of it is something we'll probably need to work itself out city can can media was going to ask is not been a moment even in the last decade. I mean since the advent of bitcoin hasn't been volatile. And so what do you think has to happen for that to change for you to actually put it on your balance sheet. Why are your employees is really gonna take your employees really gonna take money in bitcoin or you know it's up to right. It's a choice. That being would how certain would be forced to in any way shape or form. They would have the choice to do it or not do it. Bitcoin i think the last the last time chart was up for the year. You know a significant amount so the volatility is certain nearly six thousand now. It's somewhere that can sit in the thirty nine thousand range. So there's extreme volatility in the last couple of months and i think that's something that has to work itself out. Obviously it's a children aren't plus market cap and there's a lot of transaction trading volume. But when you have when one person you know. I'm a i'm a big fan. But when one person has the ability to make one one tweet and spiral the being the price of a particular asset at that level ten twenty percent as opposed to one or two or three percent. Because you know there's lots of commodities is volatility in dollars but not dot kind of baltimore once that works with enough transaction volume and much more stability than they think. It's something that certainly could be a hedge against the currencies and something we can explore concern to you about manipulation. I mean we've been talking all morning about ransomware. You just talked about the issue of of somebody like nealon. Musk or anybody. Being able to push up the stock. I believe actually when you went on the air originally with miami's plan around bitcoin. It also moved the price of bitcoin. It did and think that's indicative of an asset. That is very young. Right as we said doesn't have a stable trading yet and i think the possibility of manipulation is obviously a fear right and a problem without a doubt as you said when i when i put up that tweet about what we're doing the city. It was literally the most beard video that i've ever put out put out at ten thirty on thursday and i think i'd seven marines that also indicates that the that the number of customers in the number of people that are interested in crypto is incredible. I've actually heard reports that days of two hundred or hundred and fifty million people are holding mr mayor real quick before you go you own. Bitcoin yourself. I own bitcoin theater. Did you buy in at so. I bought a bitcoin. I think in high thirties. And i bought theory. I forget the price was about fifteen hundred. I bought it the day that the us congress. The senate passed one point nine trillion dollar stimulus. Bill and i knew it point. That inflation was inevitable and that there had to be some sort of a hedge. Have you bought any more. I have about the dip yet. But i'm planning to just been too busy by working too much interesting. You're calling it the mr mayor. We wish you a lot of luck with it. We wish a lot of luck with a conference taking place in miami and we look forward to seeing you very very soon march. Thanks coming up on squawk pond. The rest of today's stories. Got us talking and squawking from the crypto verse to washington to cyberspace and all the planets in between so you must've whining about bitcoin. But sending up rockets worldwide exchange is now a podcast. I'm brian sullivan. Joined meet as we hit the biggest money stories from around the world breaking down the risks and rewards of global trade the news. You need to know what real world actionable advice. Even a little fun and unique content. You won't get anywhere else like the most random but it's thing thing you'll hear all day subscribe to the worldwide exchange. Podcast today show three. This is squad spot one. Mike we haven't talked about you know the hacking can't get to nip tuck at the ferry systems. All yeah all screwed up but the meat is it ever saying it's russia in these in it. It's totally putin allowing it. He's certainly not cracking down on it and that needs to be the answer. You've got to go after these rogues who are operating from your nature hundred and fifty million dollars or something last year in crypto. Probably more than that. That's just the ones that i know and you wonder. Why can we fix it. Can we make the servers in in a little bit. About making the servers and i think so regulating crypto. Now is it. no you can't these are the cause. That's such an elegant system. Don't don't kill the messenger because it's such a great way of doing things. I know you think people say cryptocurrency transactions. A ransom right. Yes it's a it's a fag goodwin. Well if you'd like not to be tied to a central authority that can tell you what you're doing. Sure especially with that freedom. I'm just saying with that. Freedoms comes some of these other things that moment. it's not a currencies used for transaction. Actually not this asset. This is so volatile ran about a lot of different things. There are things that require you to take responsibility for and monitor just because it gives you extra. Freedom doesn't mean it's going to be perfect. There's going to be bad. Actors cost to go after the bad actors. We can't do that right now. They're don't don't kill them. If you were going to invent a new technology to deal with things like ransoms it would have safety. You try to innovate to you. Deal with these. Things wouldn't try to build something that maybe is bad for the environment. And then there's all of these little things you'd probably trying to sell it for high feel at k. So elon musk is whining about bitcoin. But sending up rockets they went to go tomorrow. It's worth it that the footprint from the ride tomorrow. I don't know how does he decide. What the lithium. When we're glad variety of fifty times is that worth what it is. There isn't a or suit he would tell you that. There's a threat of consistency insofar as he's trying to create a multi planetary system. I'm so i'm not saying this. My laughing your know what you're saying he needs to get you off the planet because there's gonna be so many problems here eventually okay basis the opposite by the way he wants to get everything else off the planet so that we can live here in harmony pictures of genitalia to people. I mean i don't know. These people showed off in washington. News president biden and republican senators shelley moore capito agreeing to speak again tomorrow as the to look to negotiate an infrastructure deal. They met on the topic yesterday. President biden has been pushing a one point seven trillion dollar deal while the gop sentiment nine hundred. Twenty eight billion dollar counter-offer last week. I hear all the folks on tv saying why doesn't by get this done. Well because biden only has majority of effectively four votes in the house and a tie in the senate with two members of the senate who vote more of my republican friends. More than just the numbers at play here there. There's certain issues about how you pay for things. And what is infrastructure. Those are some of the big overwhelming issues by the way the republicans are requiring money. That was already kind of sent to other places so a lot more than just the big number gap that you're talking about. We'll see what happens tomorrow. Okay like you did you know you want the irs. To get more money. Suddenly the administration wants the them running a lot of things that you say come true. I don't know how it works. I don't know what to chicken. Or nay connections. Here's what i want. Here's what you do. Here's what i want you to it. But i'm gonna give you some advice to pass along this administration. Yeah he deal. He should do infrastructure deal at a trillion because number one. It's it's harder to get what he wants doing it with reconciliation. He's going to have to give up some things for mansion cinema anyway. So why not do it if it so close with what you gotta do for nansen cinema anyway. Why not pretend you're actually working with the republicans do it. Then you pull the rug out from the republicans that say that. He's not living up to his state of the to his inauguration. Speech where he said he was going to be unity. he can immediately totally defying the republican argument. He's not cooperate. I want you to call the white house right now. You can call them during the break. you call. don't think he doesn't have snow can you can you. You've done it. Don't you think that's a good idea seriously. The problem is there's a seven hundred billion dollars cap. One is not going to get the one point seven anyway. He's going to truly you know what it's actually going to happen. They are probably going to break this down into two bills. They will do a deal with the republicans on this portion of it. They will take the stuff that they can't agree on and put it in second bill second bill and maybe that goes through budget reconciliation. It's interesting because the democrats we talked to including heimer have said the same thing. I don't think it should all be in the same bill. If if you're going to have to work hard to get your own caucus to sign off on it go ahead and do this deal. Break the rest of it into a second deal. Maybe get that done afterward. You're gonna have to give these concessions dimension any anyway. The question is can shelley moore. Capito get ten senators. Ten republican senators to sign off on it. You could because you got. How many voted there. Were six or seven just now and they weren't all there. They voted for the would probably go along with. Yeah scare a scaled down version and that squawk pod for today. Thank you for listening. On our rundown tomorrow remembering the tulsa race massacre one hundred years later do ourselves no favours by pretending. None of this ever happened for doug practice today because it does still impact a look at how far we still need to go as a country for equity and corporate america's role in that journey the founder bob johnson. Some of it may be just. We don't know what to do. So the knee jerk thing is announced late but a plan just meaningless. If it's not a fit company should know. The squawk box is hosted by. Joe kernan becky quick andrew. Ross sorkin tune in weekday mornings on cnbc six eastern to get the smartest takes and analysis from our tv. Show right into your ears. Subscribe to swapan wherever you get your podcasts. When we get back here tomorrow we are clear. Thanks guys watt exchange is now a podcast. I'm brian sullivan. Join me as we hit the biggest money stories from around the world breaking down the risks and rewards of global. Trade the news. You need to know what real world actionable advice and even a little fun and unique content. You won't get anywhere else like the most random but interesting thing you'll hear all day subscribe to the worldwide exchange podcast today.

Amc entertainment fed cnbc Ross sorkin Katie kramer joe kernan katie kramer joe colonel viacom becky united airlines Adam erin Joe jane druckenmiller andrew ross sorkin gary gansler miami brian sullivan
Alternative Assets with Reddit Co-Founder Alexis Ohanian; Post-Pandemic Music with 300 Entertainments Kevin Liles

Squawk Pod

39:52 min | 3 months ago

Alternative Assets with Reddit Co-Founder Alexis Ohanian; Post-Pandemic Music with 300 Entertainments Kevin Liles

"This podcast is sponsored by chain healthcare our platform powers data analytic solutions that are helping to transform the healthcare system for the better change healthcare insight innovation transformation learn more at change healthcare dot com slash. Cnbc this is squawk pod vc producer. Katie kramer today on our podcast. This really was kind of a game. Stop moment for the art world. Non fungible assets breaking records the sixty nine million dollar price for digital art. We'll get into the rise of alternative investments. With alexa heynen. Co-founder this is a manifestation of frankly changing markets and changing investor bases and folks who are looking for ways to put capital into alternative assets and vaccinations ramping up. Which means concerts could be coming back. Festivals are setting hopeful lineups and the music world is setting a safe stage three hundred entertainment record label. Ceo kevin lyles even with the best nation was going on. I think you still should wear masks. In the cdc rules. But you know something about music man wherever you have a mass of of not at this stuff nephew spirits. We've got those interviews today but first cove vaccine rollout and monitoring the markets. Like only we can. I don't think anything better than this walk stack it's friday march twelfth 2021 squawk begins ranking good morning. Everybody welcomed the squawk box cnbc. I'm becky quick. Along with joe. Kernan and ross. Sorkin all right guys. Here's our new regular feature the joe. Did you come up with this monday or tuesday. The squawk stack It was a game stop. What was it tuesday monday. I'm sorry tuesday working out about a week of this. we've got the dow futures. The nasdaq point game. Stop ten year. I i would. I would be people in there if you could somehow in which we can't there's no quote that's for sure but those are the snp some people think we should have the s. and p. but we definitely need the nasdaq and then the dow's hitting the highs so it's a judgment call game stop needs to earn. Its place every day depending on. You know it's gotta move one hundred percent i think just. Isn't that big enough for you. At the basal level is one hundred percent which that's an average day and then the ten year. It was weird yesterday when when lagarde said that it looked like it was off to the races. Like one forty eight. And that's the story in the journal. No This that's what they say about newspapers right by the time you read them. They're already yesterday's news out of date. One point yeah. Plans to step up efforts to keep rates low but then during the yesterday yeah it started creeping up from one forty eight with one fifty four. I can't believe we're talking about individual basis point moves in a ten year but that's the way it is. I guess you andrew. I asked Sales cnbc sales eight. Unless they didn't get the dealbook call was the line. Have you are you maybe quite period you in negotiation to sponsor this dealbook the new york times to sponsor this. If there's an sometimes negotiations like this a involved knowledge where. I can't acknowledge the state of play. But you don't want to talk about talk about all right you know. When there's news there will be news and we'll make the news and we'll break that since you cinch war but what you. It wouldn't hurt for you to be like a. I mean we shouldn't really talk about here because people will know but to be like a stocking like the docking more like the person that holds You know the auctions or like looking around. It's like can you do that. I by the way the natural sponsor is right. I mean let's be honest at this point is only about it. Let's create here. I thought about a better one. But they don't advertise my favorite place. Where i wanna lan must have all the charging stations waffle house wall. And they don't advertise. This could be the first time. I mean it'd be a big move into it. I mean some people think they should go into google or digital or you know that type of stuff that caters to who might wanna waffle iron squawk stack to you although the better known for waffles. Maybe that's what we need to syria. Moore's dealbook did we nugget this enough syrup. We milk we've syrup didn't as much can. President biden is going to be directive states to make all adult americans eligible to receive cohen vaccines. He says by may. I made that announcement in his first primetime address last evening. All adult americans will be eligible to get a vaccine no later than may one. That's much earlier than expected. Let me be clear. That doesn't mean everyone's going to have that shot immediately but it means you able to get in line beginning may one. The president urged americans continue to wear masks to social distancing get vaccinated when it is your turn. He said there is light at the end of the tunnel. If we do all this if we do our part we do this together by july the fourth. There's a good chance you your family's in france will be able to get together in your backyard or in your neighborhood and have a cookout or barbecue and celebrate independence day. Presents came at the halfway point of his first one hundred days one year code was declared a pandemic and just hours after he signed that one point nine trillion dollar relief. Bill joe the just reading so that the bill was signed yesterday. And i sorta now. You know it's a lot. It's a lot and the the big story on on marco watch and other places when you actually get your fourteen hundred dollar check. White house says it will arrive as early as this weekend. And i was starting to think. Maybe that's why the yields are you know maybe onwards and upwards because it's now it's done i mean there's no more well we're gonna vote and vote here. I mean it's signed. It signed sealed delivered in everything. It's big. yeah and it's not just it's sort of a you know there's a lot in it as we've talked about. But there's for for poverty children's property for the affordable care act. It takes care a lot. It's not it's a relief bill but maybe not just a covert relief bill. It's like a time for everything. And i think that maybe that is part of what we're seeing today. novak's you got a lot of tweets people. It's like why do we talk about five. Maderno wire retirement like you vaccine is possible you own some of that stock just In the interest of disclosure. Could you they all own mad at us sedan. Yeah very good but you know what it's not like they're doing it out of the goodness of their heart for health reasons. It's you know they own it anyway. Novak shares a surging. We're we're we understand understand. Come danny different guests and everything else. People own things company said its vaccine was ninety six percent effective in late stage trials in protecting against the original strain. We're talking about the coronavirus. Eighty six percent against the more contagious uk variant and. What about south africa. Smaller trout conducted in south africa found. It was about fifty five percent effective against the mutated strain prevalent down there. Novak said in all trials vaccine one hundred percent effective predict protecting against serious illness and death. And when you're talking about one percentage point or that's what you can say about all the the all four of them if you want to count all four three four whatever it is. It prevents the most serious issue. Mostly prevents hospitalizations certainly prevent steph ninety four ninety five ninety six. I would even say jan jay's if he did too that'd probably be up there as well all seem kind of similar to and when you're getting what about even though it's thousands of people when you're trying to get to the limits of calling it. One percentage point better. Do we really think we have that type of that type of things. You're talking about limited scale trials. You're talking about limit scale trials even if it's thirty or forty thousand. People that are in these trials. One percent is not necessarily one percent when you start rolling that out into the broader population. You don't know I would say they're all very close whereas novak's in terms of the approval process. They haven't gotten a ua right now. We gotta go through. The normal stuff might go there. There's gonna be the panel meeting recommend it and then you go and with this stuff the next day they are they do it really quick. We we supply at this point for another month or difference. It's made having third candidate that has gotten the having johnson and johnson on the market has made a huge impact. And that's why you're now seeing president biden saying he's going to open it up to everybody by may i Again not not that you'll have a vaccine in your arm. They may first but you will be eligible if you can get an appointment and that's gonna be entirely dependent on supplies. It's very interesting when and if they ever if they ever get to the point where they can ethically do what they call challenge. Studies challenged real. Were a real study. Would be considered challenge. Study where they'd put one hundred people in the room in fact that they give they give everybody covid and then see what happens. You know. that's what that's what i said but there will be. There will come a time where we will have therapeutics. That are so good that they will do. They'll end up. Doing challenge studies vaccines. They've done that before once once once. You have. because if they've got therapeutics that are that good the vaccine. It's not as important well but then you'd want no but you'd want to know what the actual what the true efficacy of these are. You were talking about what's one percent versus two percent three. Which ones actually better. yeah it. just it's going to be a challenge studies and that'll have i bet you that'll happen in a couple of years from now when they start to joe went work ethically since its since they vary in the t. cell response versus just the antibody response and that might play into how long the immunity is good for the interesting to see which one and i could see a difference. Maybe one is much better five years out for example which would be nice if as long as it doesn't change every year becky. I didn't realize it we've got a tweet. it's true the uk is actually doing a challenge. Study announced challenge in two weeks ago with ninety people. Young people aged eighteen to thirty and they're only going to choose healthy people to do at eighteen hundred. Give you pay to do it and the ideas that they're gonna be out. It'd be a challenge. They'll be given be given the vaccine all be exposed to to it and the ideas that they'll then be monitored for that whole period. Let me let me just ask us regeneron other. If in fact it gets it they get but my guess would be as if you're confining it to people ages eighteen to thirty or whatever who are all healthy and it's only ninety people. The odds are very low that any of them are going to have a bad outcome to it. Just because i mean if you really want to test the efficacy. I think you should go after the older cohorts people who would be much more likely to have a bad outcome if they got cova. I don't see that happening. But the point is tom challenge. Studies will be the way we'll actually figure out what the true advocacy of all of these things are and i'm sure they will do with as time goes on. I don't know how much faith that have in that study. If you only using eighteen to thirty year olds and they were all healthy. And it was ninety of them. I see your point but if that to me doesn't seem like a true study will find people who are eighty years old but it will be a true study for people who are between eighty two thirty years old so you'll find out the results of that next on squad. Reddit co founder. Adventure capitalists alexis hainian says investing. It's not like your parents portfolio and if tease sure. But he's got a thing for sports trading cards. I have been collecting. I think what what is now. The world's largest serena williams of card collection over the last year and a half and he's investing in a new platform to treat your collectibles like stocks will hear from the founder of alz. We have people who have an average balance around two thousand dollars or starting to bring some of the high and traders who honestly are tricking billion dollar range. So this is new age. I think i'm gonna let my kids. Whatever pokemon cards they want from now on at chain healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillions and claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at change. Healthcare dot com slash. Cnbc change healthcare insight innovation. Transformation this pod from cnbc. Here's andrew ross. Sorkin the people and if tea auction by christie's yesterday went for record shattering sixty nine billion dollars potentially eighteen marking. I should say a watershed moment for the crypto asset marketed robber. Frank joins us with more on the latest. And i don't know we call it a craze calling it robert. We don't know yet. I mean this really was gain. Stop moment for the art world. There were thirty three bidders from eleven countries over two weeks. It started at one hundred dollars within twenty minutes shot to one million yesterday morning minutes before the auction was set to close the bids went to twenty two million to sixty million dollars. Final sale price with these. As you mentioned sixty nine point three million dollars no word yet on who the buyer is ninety. One percent of the bidders had never bought or bid on anything at christie's before most were under forty years old meaning andrew. This is a whole new crowd of buyers and collectors christie's saying most of these bidders had large crypto holdings companies. be people. Tweeting a digitized. Mona lisa with the words that next chapter lots of questions about what that means the first five thousand days. That's the piece that was auctioned off is now the third. Most expensive work ever auctioned by a living artist. But the number one and number two works bhai. Jeff koons david hockney. They were sold collectors to the artist. Didn't profit from that was the seller here so he gets most of the proceeds and since nafta is give artists royalties on any future sale. He's gonna make money if this ever resell. so guys. People as christie said yesterday is a very rich man today guy from thirty nine year. Old dad from wisconsin. Who had never sold a work of art before last year and some a robert is one of the questions i have about the royalty structure of these entities does the artists determine what the percentage of the royalty is for the future. So if this piece of art gets sold ten years from now twenty years from now or other pieces of art get sold does who determines what i call it kickback. Money gets gets sent back to the artist. I think is determined by whatever the selling platform here was and this was christie's in partnership with another auction company. That does nfc's typically the royalties about ten percent. So plus or minus. He will get ten percent of anything that remember about three weeks ago. One of his works that was purchased by a collector for less than one hundred thousand dollars was flipped by that collector for six point. Six million dollars so presumably he got about a half million or more from that sale even though he didn't own it anymore so again this is why so. Many artists are celebrating. Fte's because they see work selling at auction for far more than they originally sold them for another. Get a piece of that back question. I don't know if we have time Robert you cover the art world. Is this the same as watching auctions for For art run-up. Where do you think this is weirder. Look i mean the entire art world. Like i said this is the game. Stop moment. this is a new group of technology enabled buyers who had never been in this market before telling the sixty billion dollar a year art world that value and how they value. It is different from how it's been for a long time. So the whole art world is scratching their heads trying to figure out what this means this morning and people say that about off goes to anyway robert. Thank you good to see you joining us right now to talk. More about the crypto revolution. The non fungible t thing does it stand for non fungible token sorry revolution is alexis so hainian he's the founder of venture capital firms seven seven six and co founder of read. It also with us. Is lear avatar. The old founder and ceo. That's a leading company in alternative investments. So it all ties together. A little bit gentlemen. Welcome to both of you. It's good to see you morning. Good morning alexa. Some start things off with you. Because i realize all does not really. Nafta you guys are talking about real trading cards. But i also know you understand all of these digital movements things that are happening fast. So let's talk a little bit about what you're seeing an nf. Tease movements real. Yeah i mean. I think look and if teams are just underlying technology and there is a lot of noise for sure but there are some real indicators that like this is a manifestation of frankly changing markets and changing investor bases and folks who are looking for ways to put capital into alternative assets Things that you know historically would have been really hard to move around like art and pretty illiquid are becoming more and more liquid. Thanks to technology and teaser on one side of it you know where instead of the canvas its code Being able to sort of specify a limited quantity of the peace and things like trading cards the other end where by creating technology like alt- to make it as easy to buy and sell trading cards. It is to buy and sell stocks. We're bringing the same kind of real time. Liquidity to an asset class that historically hasn't been available to nearly as many people nearly as easily. So let's let's talk about how you got into this. What what is and why you started it. Yeah investment platform that allows people to trade cards as easy as stocks. And i've been investing in weird things and alternative asset since twenty sixteen and i got into it because it meant a lot to me. I love investing in players and relating to them and there was just a ton of friction throughout the years was fraud or high fees. And so i really felt that there needed to be a new type of infrastructure. And so what you're seeing. A lot of these marketplaces is that there is a change of guard in the underlying infrastructure. What you guys do is authenticate and store some of these cards. So that people can say they understand exactly how much their cards are worth. And then they can trade them with the knowledge that it's already been vetted yes. So everything on exchange. Would you pre authenticated by third party rating agencies and everything is already in custody and so we're removing the friction that already exists to trade these cards back and forth and so when you're on our platform all you have to do is basically look around figure out what you liked by instantaneously transferred the ownership into your own alexis. The biggest investment. I think you've made with seven seven six today. Does that right yeah. It's actually my biggest personal investment that i've led actually ever that's right so why what. What attracted you. What made you think this is. Ed i candidly. I have been collecting. I think what what is now. The world's largest serena williams card collection over the last year. And i and i look at first. I was getting these things to her and initially she was like. Could you just get me. You know maybe some jewelry and and over the last year and a half as she's seen the efficiency in the market take hold on the values go up. she's i think she's been pretty happy with my my gifting. I'm i realized i was lucky. Enough in two thousand twelve to be an early investor in coin base at a time when it was really hard to buy and sell bitcoin and it was the best. Investors were still tracking everything in a spreadsheet and here. I was now a year or so ago where it was still really hard to transact and buy and sell these assets and the best investors myself myself as well was tracking it in a spreadsheet and so the pattern matching here was really straightforward and seeing having had opportunity work or now for almost a decade It was pretty easy to get high conviction and want to be a part of this. So alexis what you're talking about. Though is the real world you digital expert on things coin base and all of these other things that you've jumped into but you're not talking about those nfc's just something that doesn't exist in the real world something that's just part of the blockchain. You're talking about something like behind you what you can say. Here's on my wall. Here's what i can hold. Here's what i can actually hand to somebody. You will always have kind of the upper hand over some of these new things we're talking about. I think right now so much of what this plays into. What leo referenced as well nostalgia for so many of us this is these are things that we have a fondness for because we grew up idolizing them or wanting them collecting and right now the vast majority of the dollars that are able to invest are in the bank accounts of folks. Who have these feelings. Who who feel the not only the nostalgia but but also the appreciation for the art the scarcity and everything else. I do think long-term technology always moves us in a path towards a better user experience. The good news is when you build a pure software. Business like alz fintech platform at the end of the day. It's all ones and zeros anyway. And so actually that future. Where i think. The new generation gen z is gonna feel a lot more of an affinity to the digital. I way we're building all the pipes and so it actually makes that transition become even easier when you've already got a digital framework. Leon how how many customers to have right now. And what's the average portfolio that that they're showing is this somebody who's got tens of thousands of dollars or even more and merchandise or these people who maybe have ten or fifteen cards at. They've got or just getting started. So we have around fifteen hundred accounts already on the platform and it does range so we have people who have an average balance of round two thousand dollars or starting to bring some of the high end traders who honestly trading in the million dollars in the million dollar range so the goal is to have a fluid platform that people on here. You're getting people who are honestly in college. This new age lemonade. Stand they're hustling their trading cards. They're paying their way through college. Then you have people who have been collecting this or have got even got an intergenerational wealth and a place to be able to transact it in the seven eight figure range we keep hearing that there are all these new retail traders and there are people who have a lot of extra money. Some of the stimulus has kinda gone into their pockets. They haven't been able to spend it other places. Do you get the sense that that money is making. Its way into this market to or are most of these investors people who have been doing it for years. I think it's a combination i would say. Most of the people who are coming into this space have started to make their disposable income. They're probably in their late thirties. And they collected these things between the ages of fourteen and one of the really unique properties of anything. That is a store of culture store. Value is twenty five year effect. And so you find people who reminds them of when they were eight to fourteen and now that they've started getting some of this money and maybe some of it is related to the stimulus and say more of it is just associated with age. And so i think as we start seeing more and more people from that nineteen ninety late ninety s era gang. Well more of it is actually going to be put into stores of culture in value and the way you make money. Is you charge a fee. That's based on what the valuation of your portfolio. You pay that fee every month so one of the unique properties that we've done to help. Educate people is introduced something like the we call the value. You can think of it like zest or the kelley blue book and so in order to reduce the friction of going to all these different providers and figure out how much something is worth we provided for you and so we do calculate the value in real time and so any transaction. We do one and a half percent on the actual transacted value. And if you just store things with us we charge a fee based on the altar of your entire aggregate portfolio. Doesn't that an entice you or wouldn't it. Kind of incentivize you to give people an inflated valuation on their portfolio. I don't see us. That's not remained set of business like we do want to create money from the transaction. I think storage long-term almost go to zero and so most people want to actually transact and do something and so over time i would hope it goes to zero and the goal of the company is really to increase the transparency and liquidity of what. We're trying to do and so. If we weren't do that i would say we'd be going against our mission of really trying to bring alternative assets mainstream so hopefully that's not something. We do long-term alexa. Let me let me ask you a broad question just because you have been around for a while watching all of these things you're taking terms of how much money is moving quickly and out of these things. If that liquidity is part of a broader brush liquidity. we've seen because of the fed's policies because of the additional stimulus money. That's going out. I mean how permanent do you think. Some of these things. And i'm not talking just about trading cards or any of these other things but just the amount of money that we've seen trying to find its way into assets and alternative assets. It's a lot does it. I think we we sort of. We can't deny the effects of the stimulus checks having some some impact. But if i'm really thinking about what shaping this it's the fact that we're we're in a world either negative near zero interest rates there. There's a new generation investor looking for places to put their wealth that frankly are getting democratized now right if we alternative assets as an investment whether it was our watches or collectibles have been available. But they've only been available for a select few for for the wealthy because because of the nature of the asset and because of the barriers to entry and. I think what we're seeing technology do just like it's done across. Every other industry is democratized access and as that user experience gets better the average person is is way more informed about the opportunities and they see what the one percenters have access to and they say. Well i want that too. And i think that's shift is full steam ahead and there's a new generation that has just more skepticism about a lot of the traditional institutions and our very fluent with technology. And you put those two things together and present something that's growing trading cards alone of outpaced. The s&p five hundred in the last decade in terms of and and you. You see those numbers and you're only gonna see more momentum as more investors. Say you know what i wanna do. A little different. Our portfolios are going to look a lot different than our parents and our grandparents just because we have access to more more and more things. We can invest in alexis. I love that. You've been collecting serena's cards. You are great husband lear before we go what. What's your favorite trading card or the one that really kind of large you in for meets. The nineteen ninety-six kobe bryant execute thousand. It's something since. I was eight that i always wanted to get when i was a kid. My parents wouldn't let me get the pack of cars where this card existed. It was probably one of the expensive wanted was around ten dollars and so in around two thousand sixteen i find able to take some of the disposable income and go and get in and that feeling i just remember you feel like a kid again and so i'm just super excited for other people to bring the bring back those feelings and get to experience it as well so how your parents wouldn't let you spend ten bucks for the card. Pack in two thousand and sixteen bought it for how much it's worth. How much now. I bought the box so there were twenty four packs for around three hundred and three dollars in two thousand sixteen. I mean now a psa ten so that best version jim of that card is probably an excess of thirty thousand dollars. I don't own it. Unfortunately i have sold off. Years ago was still in the trading base. But it's something that i do miss and hopefully we'll reacquire in the coming years. Wow leo alexis. I think i'm gonna let my kids buy whatever pokemon cards they want from now on. Thank you good to see both of you. Get the feeling of getting up. My dad would never let me buy a whole box i. I don't know how much it cost. you know. Andrew where are becky when your kid. There was a box of trading cards. I think it was better because when you had to do it for for a nickel when i would get a red i will. I know what they mean. By the feeling that i got a frank robinson once in his red in his uniform. That the feeling that you get as a kid when you get someone on your team. It's like i can. I can remember now anyway. Nfp's we we. We like to take advantage of a lot of this type stuff. So i don't know where the bidding should start on this but this this is available starting now sixty nine million would be a good place to start for this war hall. Ask squawk box. Nf key and if we do get anywhere near sixty nine million. Who's coming into work on on monday if we get sixty sixty million is it. It's divided by three. And then i gotta pay taxes right. Yeah my gosh. Thank re runs on monday. I'll see you on monday then american. You're still coming in because it's only okay. I'm thinking american greed. Stay and love. Stacy keach for monday. No we got to be here but let the forget your with. Nfc's the guy. Who is the creator. Gets a big chunk. So you're not getting anyway. The guy the creative was some guy named rob on on on twitter. He's probably mad. We did not. He's on his way credit for a look at that. Squawk non fungible token prototype. Check out our twitter feed at squawk. Cnbc insincere ideas still to come on the podcast music entrepreneur and three hundred entertainment ceo. Kevin lyles he weighs in on the nf remix for the music industry. It's sorta anything right on our walls and our bad enough face proposed flyers and now twitter instagram. I loved. I loved that experience that conversation and his expectations for live concerts. Right after this at change healthcare. We're transforming the healthcare system for the better our platform powers data and analytic solutions to connect payers and providers helping facilitate billions of healthcare transactions process trillion claims and share relevant data for smarter clinical decisions. It's how we're making the health care experience better for everyone learn more at chain healthcare dot com slash cnbc change healthcare insight innovation transformation. You're listening to squawk dot. We've been so focused on the goings on in silicon valley and wall street. What about hollywood. It's march again which means it's word. Season the grammys. This sunday with performances expected by taylor swift billie eilish cardi b. s. john mayer and megan thee stallion that last one megan. She's nominated for four grammys. Best artist fest record best rap performance and best rap song in part. Thanks to talk now. I won't sing it for you but you probably know it and you probably know the classy lucci ratchet dance whether it's one of the millions of tiktok videos to the tune mega collaboration with fiance for remax or from former president obama's summer twenty twenty playlist. That's right meghan. Savage remix was part of the obamas pandemic summer. Megan thee stallion is part of a slew of talented hip hop artists at the record label. Three hundred obtainment young thug. Donna feddie wild. Famous decks are all represented by the almost ten year old label which was started by our next guest. Kevin lyles was an artist himself in the nineties age of hip hop but he worked his way up from intern to. Ceo def jam records and has been a music mogul ever. Since later he worked at warner music. Managing mariah carey and trey songz. He's been around the musical block. Lyles joins us on squawk box this morning as we cross our soon to be vaccinated fingers or a more normal music experience in the future. Here's andrew ross sorkin kevin. It's great to see you this morning once again. It's been a while. When do you think we're all going to be back at a concert. And what do you think that experience is gonna look and feel like heaven. I love good siegen. Ngo beckoning joe. We're my season banks happening this summer. You know you saw life is beautiful festival on this happened. In september young doug around the world attract project and some people have started to to book their towards down. But i'm looking forward to to going back this summer to a probably half news amphitheaters But again you know you gotta talk about music About things wearing masks living the songs you love and people who love us but what does that experience do you think that people are gonna be be asked to mask even outdoors and people if they are asked to mask. Is it going to be hard to enforce. The there's lot becomes complicated. Pretty quick was it should be compensated. Because you're talking about people's bats if you think about all the security guys in a concession workers and the stage changed nor ignorance. I coming back work so even with the vaccinations going Still should wear masks nevada. Cdc rules ritchie knows something about music man where we have a mask on a not up. Nephew spirits oh no. I'll say as soon as we can get back to save a week. Get back and move again. Can love the people who backward off work you know for the patch. Is anybody talking about what they call the passports for example or testing on site or things like that is that is that something you think. We're gonna see you're not all of the above you know we don't a great job. I think now you see truth is coming out of what's happening around the world and Allen of the every day we think about those half a billion people That not with us anymore though. Twenty five minutes around the world. And who are we to to not be Proud position where we don't practice say you so whether it's testing on site whether wearing a mask of really you don't have anything over your ear so you're having your eyes so i think you've been enjoying music with artists that eunice above soon la performance kevin out. We've been talking a lot about this. I don't know if it's a mania. I don't know what to think about it. Nfc's non fungible tokens. We saw the people are just go. We've got a number of music artists that are going to be doing similar things attaching to their songs. Many many putting on the chain. If you will is what happens here. I think it's fun. I don't think it's a for say a disruptor a they get similar to anything we used to ride on outfitted walls and our bad enough. Facebook wall used to hand out flyers and now twitter and instagram you to have all the tv channels and got to. I believe it is a great thing with anything that we have to watch the bubble effect But i i love it. I love that experience that the technical over a fan experience and we should be keep shuki experimental. I mean like the lab. Audience like tease. We have another strategy of team. Listen album coming soon. So arrived away as long as they're artists loving this because this could be an opportunity to make a lot of money if they attached if if there are songs or tatsuo blockchain. and you're going to collect royalties. there's an ability to sell the first version of the song even digital sell the first version right absolutely be voting that what album so billions of dollars thing about the first time when somebody figured out you can do a meet and greet you come to show immediate artist with that bench. You think about one. Think about something that can mislead trade around around the world have always shift. I think it's amazing. Being in a lotta creators actually combining and doing a collaborate and doing things together. So it's gonna be fun. The one and only kevin miles. It's great to see you. I hope we see each other in person. Sooner or later. Maybe a thank you. It's great to say bless you. You guys have stay safe. Wear masks in only two. And that's walk pod for today. Fox is hosted by. Joe kernan becky quick and andrew ross sorkin weekday mornings. Cnbc at six eastern this podcast available for free wherever you listen is produced by me. Katie kramer camera. kosta and caroline o'brien. Thanks for listening today all week. Whenever you do. I'll do it's friday. I'm coming up on the one year mark of doing this cast from my closet at home. Let's all take a break this weekend where we are right back here. Monday at chain healthcare. We're all about making the health care. Experience better for everyone. Our data analytics driven platform streamlines the billings and claims process. Payments are made quicker easier and more accurately saving valuable time in administrative costs. It also helps. Healthcare providers share and access relevant data more efficiently leading to more informed diagnosis and better patient outcomes. Learn more at change healthcare dot com slash cnbc change healthcare. Insight innovation transformation.

christie cnbc Katie kramer alexa heynen Ceo kevin lyles Sorkin Cnbc President biden becky Bill joe Novak novak