Transcripts For FBC Making 20240703

Was set to take off, but the gravitational pull of reality kicked in. So the big question, of course, is what happens next. Weve got daniel shay robli n to help you with that. And, of course, whats the difference between solvency and liquidity . If ill ask economist Julia Coronado on how much longer america can keep up this mindless spending. Meanwhile, bank shares are higher, ill have Eric Najarian if the crisis is over, whats going to happen with the Smaller Banks. And the most dangerous time the world has seen in decades according jamie dimon. Ill ask Brad Hirshfield how he sees it, this ugly, ugly period. All that and so much more on making money. Charles so scanning the skies around the planetted today, we can see the impact of one of mankinds greatest inventions, talking about the rocket. It has changed the course of history, and it can be used, of course, for evil as russias doing in ukraine. A source of security as israel is attempting to do as they seek out terrorists in gaza and, of course, as a source of hope as in the case of the launch ofspacex heavyload rocket that will race to an asteroid. The mission is to learn more about the core of earths planet and maybe even mine it for critical minerals. Now, as far as the markets concerned, the rocket ship of the bond yields has been really tough, in the last two days a failure to launch a short squeeze e on the equity market. The day began with yields coming down, stocks surging out of the gate. The Bank Financials were pretty good across the board, particularly some of the bigger names you can see there. But then the market stopped, turned and started coming down fast. Now, the catalyst for that, the university of Michigan Sentiment report. Sentiment declined really sharp, but the part that took the air out of this market was the Inflation Expectations. Consumers see inflation a year from now at 3. 8. Remember, in september they saw it at 3. 2 . Higher prices are hitting everyone. It was reflected in that report, and, of course, indirectly hits the stock market. I want to bring this in Simpler Trading vp of options, danielle shay. We were on the verge, i think, of a potential major short squeeze. Again, going with back to last friday, we were opening lower, closing higher, we were right in the shadows of the 200day moving average, so we fell a couple of times here. Would that itself be a sell signal . Yes, charles. And thats especially true because the nasdaq is forming a bit of a head and shoulders pattern right now. The nasdaq needed to continue up through about 15,500 in the nasdaq futures for this short squeeze to run into earnings, and now with the rejection in the reaction to bank earnings, its not looking good for the upside in the nasdaq. Charles you know, speaking of the nasdaq and just overall like the put to call ratio and the markets in general and the overall short positions, the massive bets, hedge bunds are massively short on stocks and bonds. Could you take a contrarian view of that . Certainly you could, and when you look at the market right now, i mean, theres a lot of reasons to be short, right . We have a massive geopolitical risk, especially over the weekend. And the thing is, is when you look at the put call ratio and its so high, it is a contrarian signal, a buy signal. But you have to remember that nobody is going to cover those short positions as long as the markets going down. So its only a buy signal when the market gaps up, breaks through resistance and starts going. Thats the moment where we can buy this contrarian signal. Charles now, i know you came into the day, you were cautiously optimistic about jpmorgan. Great report. Stocks acting pretty good right now. Would you become an aggressive buyer . I like jpmorgan. I think that this is the best out of the bank stockses. I like the technicals. Its sitting up against a key support zone and i think that, yes, you could buy jpmorgan here. The stock has been consoling dating for a while, and it hasnt done too much, but i still like this name in the space, and i do really like the way that they performed on earnings this quarter. Charles you know, daniel can, for danielle, for a while you would come on the show, you were a swashbuckler, right . [laughter] like, hey, we want to be positioned this these things before the Earnings Report, before the x, y, z report. Now youre sort of staying, hey, maybe its not the best thing for investors to get in front of these news reports or these events. Maybe people should think twice . So, charles, im just doing it in a little bit of a different way. So we have a situation right now where the vix has been rising. We have high volatility, and because of the way that the markets been so volatile over the past year and a half, it provides an opportunity for options traders to come in and sell premium. However, what im not doing is im not coming in directly before an Earnings Report and buying calls or buying puts. Just because of the way that the market has behaved over the course of the last two quarters on earnings. Charles so what do you do here . Its just this sort of odd Holding Pattern . Have you built a big cash position . Yes, i have. And right now what im doing is im getting ready because october seasonally is a pretty good time to buy. Generally, especially going into next year we have an election cycle, this pullback in the market and if that short squeeze does really set off, could be a fantastic buy. I just think that right now with ongoing geopolitical issues i think that we should be a little bit cautious. And ideally, going into this earnings season, if we can get some positive reports from netflix, from tesla, from microsoft, especially when sentiment is a little bit weak, that could be a massive buying opportunity. Charles all right. Hopefully, webbing get you back on as thats we can get you back on as thats happening. Danielle, always appreciate seeing you. Thank you, charles. Charles later in the show, millennials are delaying getting married they say in part due to economic reasons. Tomi lahrens going to share her own personal talk. Shes going take. Shes going through some things. In the meantime, i want to bring in rob luna. Speaking of form former swatch bucklers [laughter] so, rob, listen, the market made a huge reversal last friday. The jobs report calm out, the knee will have kneejerk reactions, oh, its great. Maybe it wasnt so great. We take off. Then, of course, this tragic, ugly, barbaric action over the weekend, we opened lower on monday, we turned around, we go up. Tuesday was really great, every single sector of the market was up. So you begin to salivate as an investor of a potential short squeeze is. So i know that youve been really reluctant. What will it take for someone like you who used to be more aggressive, now youre cautious and become more constructoff with the stock market in genera. Yeah. And the primary reason is because youve got these tbills at 5. 5 , money markets at 5, so theres now an alternative. The only way thats going to change is if you start to see these ppi numbers, cpi numbers come down to where the market can get comfortable that the feds going to have coffer to at least stop cover to at least stop raising Interest Rates, and we still havent got there. Youre not going to be roadway warded for getting out there we rewarded. If you look at services and rents, those are not coming down. Thats going to keep that number around the 3. 8 inflation youre talking about, and thats a little bit of a challenge for the markets. Charles so have you assessed a potential worst Case Scenario to the downside . Yeah, i mean, look, its very, very hard to tell those things. I think this geopolitical event really didnt do much. I do believe theres a lot of cash on the sideline. You talked about the short interest, there is a lot of fuel that could take it up. Look, youve always got to be prepared for a 1015 pullback at all times on stocks. I think that could happen, but you look at days like today, the nasdaq looks weak with, i think that is about this geowith political issue. Theyre talking about the 13th being a problem, so i think people are a little bit nervous. And, again, if youre nervous, you can sit in cash and get paid right now. Charles whats interesting is we got this Sentiment Report and, of course, the inflation read on its the higher. We always hear jay powell say one of his goal is the to massage how the public thinks, right . When we expect inflation, it becomes a selffullfilling prophesy. Maybe im just looking for a needle in a haystack, but do you see, do you look for nuances like that in a market that really has been more kneejerk reactions than anything else . Yeah, i mean, i think you have to. And thats why, you know, i looked at that jobs number just like you did. It wasnt really the type of jobs that you want to see. Im looking at inflation to see if is there some way this can come down. So, look, were all trying to figure out and get ahead for when the fed is done because at that point in time its usually going to be at the point where the economy is in the worst position, but its the best position to start buying, and thats when you get that rally. Its coming soon, charles, but theres not that glowing needle in the haystack that you can get really aggressive right here. Charles i know you still like cybersecurity stocks. Would you chase some of them here . Palo alto, crowdstrike are, to me, a nobrainer as a longterm hold. When you have this geo political issue, everyones worrying about cybersecurity, personal security, theyre doing well then, so i think its the one sector that you can be aggressive on long term right now. Charles i know its early, only 5 of names have reported. What are you expecting for the rest of earnings season . I expect that you could start to see some cracks. Im just starting to see it from some of my investors right now that theyre really Small Business owners just now starting to feel the pain. If you dont see it this quarter, i think youre going to see it next quarter. There is going to be a quarter, either this or next, where theres going to be a surprise, in my view, thats going to slow things down a bit. Charles good stuff, man. Have a great weekend. Congrats on the book, charles. Charles thank you. Coming up, folks, our governmene who are running our government, do you think they know the difference between solvency and liquidity . By the way, tweet me cbpayne. Id love to hear your opinion Eddie Ghabour on betting on america. But first, banks up today. Erica najarian, shes going to give us her take next. This is american infrastructure. Megawatts of power, rails and open road, and essential services of every kind. All running on countless invisible networks, making it a prime target for cyberattacks. But the same aipowered security that protects all of google also defends the systems running americas infrastructure. For these services. For the 336 million of us living here. Every day, more dog people are deciding its time for a fresh approach to pet food. Developed with vets. Made from real meat and veggies. Portioned for your dog. And delivered right to your door. Its smarter, healthier pet food. Gold terra is drilling deep and rediscovering high grade gold. Their project in Northern Canada has already unveiled nearly 2 million ounces of high grade gold, with a Strategic Plan to uncovering millions more. Gold terra resources. About a cashew farmer from mozambique named carlos. Carlos lifted himself out of poverty with the help of techoserve. Go to technoserve. Org and see how you can support struggling farmers like carlos. Its a different way to make a difference. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Charles as i said at the top of the show, a lot of pep in our step at the beginning of the market. Look at that, some of these beats were absolutely phenomenal. But, you know, the industry, of course, i cant think of an industry where the dells more in the detail devils more in the details than the bank. I want to bring in erika najarian. Thanks for coming on the show, its your first time. Ive been watching, reading your work for a long time, youre fantastic. Jpmorgan, in your report you say they, quote, once again flex earnings muscle. Now, you raised your target before numbers even came out. Were they better than you expected . Believe it or not, yes. Thats very jpmorgan of them. You know, at the end of the day, jpmorgan that is has that raw material that you need in a higher e Interest Rate environment like this which is great deposits that are earning way less than their assets, right . So their Net Interest Income not only beat, but their outlook for the future for the rest of this year also increased, and they kept increasing all throughout the year. So is, yes, that was a big muscle that they were flexing this morning, charles. Charles all right. Wells fargo, you wrote this is the first time in some time where theyve been pleasantly surprised with respect to fees. For a long time you had a sell, a neutral, at one point you had no rating on the company. Im just curious, is it all the controversy behind the company . Look, regulatory issues always take some time to resolve, but i think that this is the Management Team that is truly addressing it, right . So theres sort of a parallel, you know, path in terms of improving wells fargos returns. You know, number one, the regulatory the path which is super unpredictable, takes forever, and you just immediate to plow as many resources into it need to plow as many resources into it in order to get out of trouble so to speak and improve your operations and your relationships with washington. The other path which is what i was complimenting on my report that you quoted, charles, is investing back into the business. Because at the end of the day, you cant cut your way into glory, right . You cant cut your way out of a revenue problem. And why wells fargo remains a business that needs to be optimized in terms of cost efficiency, what i really liked is youre starting to see previous investments really pay out in the form of better Investment Banking and trading. And you dont think of wells fargo and think, oh, Investment Banking and trading, you know . But theyre doing this sort of in their lane so to speak, theyre doing it in services, the large corporates that they have huge market share in. Charles right. So it was a pretty impressive showing for wells this morning. Charles citi beat, but think youve got a i think youve got a neutral on the stock. Why is that . You know, its been 10 years, charles, and weve had stops and starts [laughter] with citi. Look, at the end of the day i think the market, along with myself, we are justified in being skeptical, right . Because its literally been a decade of changes, of promised changes, and we havent seen really anything yet at citi. But i think that what im loving about this Management Team is that it does feel like you finally have something tangible in place in terms of improving both revenues and expenses. So they are essentially saying well update you in january 2024 in terms of, you know, what we can do about that float bloated expense base with. But theyre actually doing9 quite well on the revenue side which i think is underappreciated at city. And so at citi. So while the returns on intangible common equity were so far from their target of 1112, it does seem like this is the finally the Management Team thats going to make real progress. Charles it does feel like im still waiting. Charles it does feel like jane frazier is a leader. Ive got to broaden this out. Federal reserve, this Bank Term Funding program added another 1. 2 billion, now at 109 billion, how critical is it to the Banking Industry that this stays in place . So right now, or charles, i think all is calm. If you look at the Regulatory Data for deposits if for the system, that includes not only the largest banks, but also the small banks, you know, through september 27th deposits were actually down just 50 basis points. So it seems that all is calm in the market right now. But keep in mind its october, right . So were only seven months away from the epicenter of the liquidity crisis. And i think a lot of investors are feeling good about the Smaller Banks or sort of the bread and butter in terms of credit providers to main street america because they feel like the Bank Term Funding program is sort of a nice backstop. You know, you can pledge securities that are, you know, at par value, and as you know, a lot of these securities are underwater right now because of rates. And so while its not needed, its a nice backstop so that, you know, investors dont have to sort of circle around, you know, regional banks again the way they did in march and april. If so i very much advocate for that renewal of that program. Really were far enough away from this liquidity issue and or we really are convinced weve hit peak rates. Charles all right. Great stuff. They said you were great, and you were. Appreciate it, thank you. Bye, charles, thank you. Charles were just a week away, less than a week away from from the special edition, making money unbreakable investor, thursday, october 19th. Im going to be joined by evander holyfield, annie duke. Search go to eventbrite. Com, were going for standing room only. Its its based on my new book, unbreakable investor. Its amazing, youre going to love what i put into it. Go to unbreakable investor. Com, get your free copy. You will have to cover the shipping, but i got you on the rest. David nelson says the market is more afraid of higher rates than fullblown war. In a way its sad, but its the truth. How do you navigate a market like this . Hell tell us, walk us through each step. But first, the government has put the economy in a really vulnerable spot, im going to ask Julie Coronado realistically, how much longer can we do 124 is this . And Eddie Ghabour, should we still keep betting on america . Next. Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Seek your next escape at sunseeker resort, charlotte harbor, florida unnecessary action hero missing punches . Unnecessary check reversals . Unnecessary time sheet corrections . Unnecessary unentered sick time . Unnecessary go unnecessary go unnecessary when you can take this phone, youll be ready. Make the unnecessary, unnecessary. Let your employees do their own payroll. Fresh, warm hot dogs when im not selling hot dogs, i invest in a fund that advances innovations like robotics. Fresh, warm hot dogs, straight out of my torso one for you, one for you. Oh, youre a messy one. Cool, right . So cool. 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C. , because i know there are 535 people, you know, the members of congress and, of course, that revolving door at the white house because they dont seem to know the difference. By the way, toll venn solvency is the ability of a company to meet its longterm debts. Liquidity refers to the ease with which an asset or security can be converted into cash without affecting the market price. I want to bring in Julie Coronado. Heres the thing, interest on u. S. Public debt hit almost 900 billion i guess its impossible for a nation to go bankrupt, but it certainly, seems like the strain of simply9 meeting these financial obligations correct our potential for prosperity though, right . Well, i think some of the shenanigans in washington can certainly mess with the liquidity that you cited. Yes, a government can always meet its obligations as long as people believe in the full faith and credit of the united states. If you look at the the value of the dollar, its extremely strong, so theres no question that globally people still believe in the dollar as the reserve currency of the world. So it doesnt look like were in danger there, but if we Start Playing games with things like the debt ceiling, with passing a budget, with just running the government in a sensible, efficient way, we could erode that kind of confidence over time. So its really not a matter of dollars and cents and deficits per se, its its a broader question of are we a nation of law and order that meets our obligations. Charles you know, but and i want to pick up on that though because the dollars been stronger against, you know, other currencies. And transactionally nationally, we see the dollar edging up more recently. But its come at the expense of the euro, right . The euro has plunged in terms of international transactions, and thats what im concerned about. Were going down that path. These gargantuan deficits, these gargantuan debts, you know, the ability to yeah, there is a lot of money you have to raise a lot of money to service them. I feel like europe has already gone down this path that we need to avoid. Well, its interesting you mention that because, you know, the rise in global bond yields, cheerily fiscal deficits clearly, fiscal deficits is part of the story here. Theres been large deficits after the pandemic around the world with. But it varies quite a bit from if country to country. And yet all of us have seen higher borrowing costs. So theres a broader global story about charles right. Rising bond yields, rising risk premium, rising term premium built into Interest Rates. And its not just about inflation because Inflation Expectations really havent changed, and inflation has been moderating. Its more about that risk premium. And its not that much of a surprise if we look at the global risk events around the world. Charles right. People want to demand a higher premium to lock up their money for longer periods of time. Charles so i want to pick up on that because efforts by the treasury to raise money this week, im going to coin this term, im saying that this week we had tumble wield auctions. No one showed up tumble weed auctions. [laughter] it was like gary cooper in high noon, where is everybody . Yeah. Charles yields could go much higher from here maybe . You know, they could. I mean, it feels like with the fed being a little bit kinder in their rhetoric, thats taken some of the steam out of that trend. There is a question of whether we could breach 5 on the 10year treasury. Its certainly possible. Were not that far from there. So it really kind of depends on the flow of Economic Data and risk events from here. So were seeing some geopolitical risk coming, you know, escalating in multiple locations. Thats something that tends to lead investors to want to hold more safe assets including bonds. So thats taken some of thats also taken some of the steam out of that Freight Train upward weve been on in the last two months. Its possible if we keep getting good data in the u. S. And the data have just been kind of relentlessly resilient, then thats something that leads people to want to hold riskier assets, and that pushes bond yields higher. So were really kind of dancing around is this a risky world where things could go south very quickly or is the the u. S. Really leading the way in resilience. Charles all right. Weve got to leave it there. Love our conversations, julia. Talk to you again soon, thank you. Always a pleasure. Charles my next guest understands why nobody showed up for those bond auctions, key Adviser Group ceo Eddie Ghabour. Eddie, you tweeted i think a couple of days ago who in the world would be a 10year u. S. Bond paying less than 6 . Have you seen our Balance Sheet . And that wasnt a reto have call question, but it was pretty rhetorical question, but it was pretty harsh. Talk to the audience about that. Look, charles, as a first generation american, no one values the freedoms and opportunities this country has given my family, but it angers me to see the kind of massive debt we continue to accumulate. Its the current Interest Rate its causing to carry that debt. If or u. S. Government was a Balance Sheet of a corporation, this is no way anyone would buy that paper. That company would be bankrupt. And this is why i dont think it matters what the fed does. I think everyone knows they may raise one more time or they may not raise can again. But the bond markets not going to care. Theyve put us in such a vulnerable position financially that investors are going to demand a higher yield for treasuries. Finish i wouldnt put my clients money in a 10year yield thats under 5 in u. S. Treasury, and i dont think many investors are ready for a 5 plus percent yield on treasury because were so focused on the fed. And i think we are past that because of the irresponsible borrowing this country has done. There is a price to pay for this type of debt. Charles so right now cash and tbills are at the same level as march of 2020 which, of course, march of 020 and then even higher if you go back to february of 2009, one month before the bottom. So these are periods right before major moves in the stock market. I know at points youve had at least 80 cash because of the things youre talking about right now. I want to know what it will take to get you to start putting more of that money to work in equities. Look, i think weve got to get through this month of october right now because of the headwinds that we have. You know, this war is going to be a gamechanger or from a oil perspective, right . If oil blows through 100, which i think is a realistic expectations if things escalate there, that changes the game. And then we do have to see how the bond market i need bond volatility to get down and really top, show us a top before well start going in. Now, we own oil and we own india, and thats brought a lot of alpha to the portfolio over the last tree months with outperformance versus the broader markets, but i just think theres too many headwinds right now that weve been transparent with our clients about. There will be opportunitieses, we will get through this, but we still have more pain, unfortunately, until we get through and see if we have another credit event. Charles i gotta go, but youre saying despite the feckless mismanagement of our economy, you still eventually want to bet on america. Absolutely. I would never bet against the best place on the planet. Charles all right, eddie. Great seeing you, my man, thank you. Thank you. Charles david nelson is coming up and hes going to say, listen, throughout these dark periods is when you find the gems. Hes got a couple he wants to share with us next. When youre looking for answers, its good to have help. Because the right information, at the right time, may make all the difference. At humana, we know thats especially true when youre looking for a Medicare Supplement insurance plan. Thats why were offering seven things every Medicare Supplement should have. Its yours free, just for calling the number on your screen. And when you call, a knowledgeable, licensed agentproducer can answer any questions you have and help you choose the plan thats right for you. The call is free, and theres no obligation. You see, medicare covers only about 80 of your part b medical expenses. The rest is up to you. Thats why so many people purchase Medicare Supplement insurance plans like those offered by humana. 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And when you call, a knowledgeable, licensed agentproducer can answer any questions you have and help you choose the plan thats right for you. The call is free, and theres no obligation. You know medicare wont cover all your medical costs. So, call now and see why a Medicare Supplement plan from a company like humana just might be the answer. Your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. At stores everywhere without a prescription. Charles well, my next guest says the market may be more afraid of higher rates than even global war. Pellpoint chief strategist bellpoint chief strategist david nelson. I know to Say Something like that sounds insensitive, but the bomb line is that we just bottom line is we just had this conversation with the prior guest, this rise many yields particularly the velocity of it has really been tough for the market. The it begs the question whether will the Financial System has passed the point of no return. She brought up some great points because talking about servicing our debt, were going to reach a trillion dollars, itll cascade further than that, then we see a disfunctional washington. And i get the two arguments that are going on in the house, but we cant have a continuing c. R. After c. R. That ends up in a giant omnibus bill, 4,000 pages long that nobody will read but everybody will pass. It screws the American People. Charles i mean, the kabooky theater, to you are your point, ive lost track, 60, 70 times weve done this. Its ironic, because with the debt ceiling was put there to enforce a sense of discipline. Instead its just another Political Tool more than anything else. Its a talking point and, you know, it doesnt matter which side of the political aisle you live on, its the American People that pay. Charles im calling the bond market the tumbleweed auction. We were taking off. I think if we crossed that 200day moving average, things could have changed, a mini short squeeze because of i how much hedge funds are short, but that auction just threw out everything. Whos going the buy our bonds . The amount of treasuries that were issuing right now, probably pretty close to where we were in 2020, and were going to have to issue more and more and more, and people are just stepping away. And, obviously, that increases the risk premium. And then it increases the 10year yield, the 20year yield. Were at a point right now were probably due for a nearterm rally here. Were getting a bounce in bonds, im actually buying bonds at the close today. Charles really . Yeah. Charles weve got one, two, three, four, five, six. Six of the eleven sectors are higher. This is that doubleedged s thing when three sectors lead the market up for two years and its a little deceiving that the market is up. No, its just a few stocks, right . The exact opposite today. Weve got pretty good buying outside of those growth names. Could this be that moment of truth where people are saying, hey, we heed rotation, itd be healthy . We need rotation . If youve got a majority of sectors higher, wouldnt that that really be with better with for the market . I think you can get the rotation and it will help, but we need some kind of catalyst to get beyond this. Right now as investors were kind of surrounded. Weve got a Federal Reserve in front of us, yields on the long end moving higher and, obviously, we just talked about a dysfunctional washington with. And you have geopolitical conflict literally every corner of the planet. Charles right. You put that all together, its understandable that investors kind of are investing, buying things but one foot out the door. Charles okay. The cme fed watch before i came on the air, everyones talking about the fed, the fed, everyones afraid theyre done. Charles why is that okay, to your point, a right now november theres a 7. 8 chance of a hike. A month ago it was 41 . December theres a less than 30 chance, a month ago it was 42. Why is the market reacting as if theres going to be another rate hike this year when Everything Else says no . But its happening on the other side. Its the long end of the curve. Last year it was about the fed, right . Now its about the long end of the curve, and thats going up for a lot of reasons the fed has no control over. Charles right. Plus, youre getting inflation from energy, and thats a key. At 5 today, last time i looked everybody still eats, everybody still buys gas, and if that goes up, touches every line item of the income statement. Charles so you like these defense contractors. You know, its always intriguing because it seems like low hanging fruit. And and we pray this thing is over sooner than later. Lockheed martin, northrop grumman, raytheon. Interestingly, when we started the week coming into that conflict, all of these stocks were at 52week lows. I think whats also going to happen, were going to start to focus on hypersonic technology. Were way behind. China and russia are way ahead of us. We get this wrong, the strategic balance in the world will shift. Charles yeah. Interestingly enough, what russias learning on this war in ukraine is invaluable. Theyre going to learn things that we dont even know. The hard way, this happens in washington. David, thanks thanks for having me. Charles up next, jamie dimon, jpmorgan ceo, saying this is the most dangerous time in the world theyve seen in decades, this as the war this is Spring Semester at over 13,000 us school districts, which have become top targets for Ransomware Attacks. But theres never been a reported Ransomware Attack on a chromebook. Which is why thousands of schools like the fairfieldsuisun Unified School District switched to google tools for education. So they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Theres challenges, and i love overcoming challenges. When better money habits® content first started coming out, it expanded what i could do for Special Olympics athletes with developmental needs. Thousands of bank of america employees like scott spend countless hours volunteering to teach people how to reach their financial goals. It felt good. It felt like i could take on the whole world. About a cashew farmer from mozambique named carlos. Carlos lifted himself out of poverty with the help of techoserve. Go to technoserve. Org and see how you can support struggling farmers like carlos. Its a different way to make a difference. There are some things that go better. Together. Like your workplace benefits. And retirement savings. With voya, considering all your financial choices together. Can help you be better prepared for unexpected events. Voya. Well planned. Well invested. Well protected. Charles so earlier today j jpmorgan ceo jamie dimon, of course you know who he is, says this may be the most dangerous time the world has seen in decades. Joining me now, learning for leadership president rabbi with hershfield. Its hard to push back on those, right . It really feels like were heading towards something ugly, uglier that even right now. Were already in the midsts, charles, of ugly charles right. At the same time, its important not to be governed by the tyranny of the present. That is to say i think this is it is an absolutely critically important week. This has been a very bad week, a week in which more people were murdered simply because they are jewish than anytime since the holocaust. At the same time, we are watching decent people across all kinds of political lines, all kinds of religious lines, all kinds of Party Affiliations come together and stand up and say that when it comes to fighting an enemy whose playbook is a mixture of hitlers ss and the islamic state, all decent people have to say no with no qualifications, no ifs, no can ands and no buts. Charles in your piece you wrote exactly that, and you said the inability to do so would be moral failure that will haunt those who commit it for generations. So youre saying everyone has a responsibility to the even speak out against this. Absolutely. And i want to be clear, the most important people to speak out are actually not people like me. I am proudly zionist, i support the state of israel, i have family there. It is critically important that people who understand themselves to be propalestine and i should be clear, i also believe in Palestinian National selfdetermination because as someone who supports israel, i want selfdetermination for any people who wants it. But anyone who conflates supporting the cause of palestine with supporting the cause of global terror, of murder simply because people are are jewish, of a charter which wants not just a free palestine the, but the destruction of the state of israel, they will live to be ashamed just as people who quibbled and quandtered about whether or not to take on adolf hitler early on lived to regret that. They and their traditions were stained by the inability to stand the up when there was a clear evil. Charles let me share a tweet with you on that to get your thoughts. Its from sarah silverman. Shes tweeting that israel only shoots at military targets, but they know that they keep those targets in Populated Areas referring to hamas. So the question is, why are military targets more important than human life . Why retaliate like this . Just more murder, more bodies, more hate. My heart bleeds for all the innocent people. This is what ma hamas terrorist es want, isnt it . They go and commit the most atrocious, barbaric a acts that, quite frankly, i thought civilization was past some of the stuff we saw. Okay, theres always going to be wars, it feels inevitable, but the way they carried this out, it just, it brought back a sense of evil that we thought was not even part of this century. Well, its not so far back we fought the islamic state, and this is isis embodied. The interesting thing about her tweet, and i want to start by being charitable and thats not easy in the face of that charles right. I want to start by being charitable precisely because our enemies are not charitable. The charitable piece is that im sure shes wellintentioned. I think all decent peoples hearts bleed for the death of innocents. So the First Response is, right, im sure shes wellintentioned. Heres the other two responses. She is morally bankrupt in that tweet and dangerously stupid. The moral bankruptcy comes from the inability to say of course my heart bleeds for all innocents, but i understand that that alone cannot be the deciding factor when there are other innocents being murdered. And the reason is profoundly and dangerously stupid because to follow her logic would mean that nothing is worth fighting for. Nothing is worth defending. It would be saying that the most moral thing to do would be to lie down and let more murders happen simply because people are jewish or israeli. So at the end of the day, wellintentioned cannot become an excuse either for dangerously stupid or morally bankrupt. Charles rabbi, theyre giving me the wrap, but i want to ask you because one of the reasons you used to come on a lot more when these kind of, you know, you had more terrorist actions here, and we needed you to help us get through some of that. The title of your piece is hope and rage a rabbi ea frequents on the hamas reflects on the hamas if incursion. Where do we get the hope for . Were going into the sabbath, the jewish saw bat charles first one. I shabbat. I want to share a message from a young paratrooper that came to me and got circulated. A young, religiouslyobservant man who says the following im not going to have much of a sabbath this week. Im on the front lines of a war. I wont get to gather with my friends and sing and pray and enjoy a festive meal. I need all of you to go do that on our behalf. What i will tell you is, everyone can do an old sabbath can custom. Light a candle. Every tradition has some version of this. Dont light it in church or temple, light it in your home. And remember, we pace an enemy that is all about darkness and death. Every one of us can kindle a light in our homes to remind ourselves, our families, our friends and our communities that no matter what the world throws at us, we will continue to be a source of light and life ando mr and death comes at us. Charles rabbi, great stuff. Thank you. Charles sorry we had to see each other under these conditions. I look forward to better times. Thank you, sir. Charles folks, well be right back. The day you get your clearchoice dental implants makes every day. A lets dig in day. Mm. A chow down day. A take a big bite day. A perfectly delicious day. Mm. [ chuckles ]. 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To help reach your goals with confidence. My sister has told me so much about you. Thats why its more than advice worth listening to. Its advice worth talking about. Ameriprise financial. Charles we covered Claudia Goldman who won the nobel prize for economics. Her work is amazing, talk about married women in the workforce and where the issues are. Maybe its not about at work. I want to bring in tomi lahren, the fearless tomi lahren. I love this chart. Women are 60 of the workforce, they were bailing hay and working industrial jobs. That is why life has changed in 40 years. A higher percentage of the workforce, carrying laptops, theres this anxiety that says the workforce doesnt treat them fairly. I dont think thats true, in stronger numbers, a lot of them lost their jobs in the service industry, a lot of women are not only entering the workforce but they are making a lot of money and that might change their life plans. They might be having kids later in life. Women are starting to hit their stride. How men responded that has impact on the future of dating, marriage and childbearing but women in the workforce here to stay, i think the number will climb into the next year. Charles with respect to the overall economy, every day it is an avalanche of tiktok videos, they say how tough it is that promises made to them, they went to college, did everything right. Is this legitimate. You made a major move. Reporter i just bought a new home and Mortgage Rates are hitting millennials and jens the very hard. And a lot of my friends, in the early 40s. And their rental rates going through the roof even in nashville, tennessee, a lot of californians coming in and ratcheting up real estate. We see the ramifications of bidenomics, young people cant afford to live the American Dream which is why they are taking out their frustrations on social media. Some people monetizing their ability to complain on social media. That will make these next few years very interesting. Charles glad we have you to set the record straight. Someone said you are fearless and i agree. Thank you very much. See you soon. I wish we had more time. We need to squeeze out a few seconds to give my wife a shout out. 11 years with a new heart and a young lady smart enough, kind enough, generous enough to put herself on a donation list. God bless you, absolutely wonderful, a medical miracle. Liz claman, this last hour of trading will be another one. Liz we are short on miracles. Trey yingst reports limited operational raids into gaza