♪.
LARRY: ALL RIGHT.
BIG QUESTION, IS TODAY’S MARKET
RALLY, IS IT A RELIEF RALLY?
IS IT THE BEGINNING OF SOMETHING
NEW?
IS IT SOMETHING TO BE SOLD?
I DON’T KNOW.
THAT’S WHY I GOT CHARLES PAYNE,
HOST OF "MAKING MONEY" RIGHT
HERE ON FOX BUSINESS, LOOKING
SPIFFY AS ALWAYS.
SO, CHARLES, EVERYBODY WAS KIND
OF GIRDING UP FOR A BIG BEAR
MARKET.
ALL OF SUDDEN UP 700, I WILL SAY
750 POINTS.
WHAT IS GOING ON HERE?
>> I THINK IT WAS A BEAR MARKET
RALLY.
THESE ARE GOOD, THEY ARE
REMINDERS STOCKS CAN GO UP.
BELIEVE ME AFTER THE LAST TWO
WEEKS WE NEED AD -- NEEDED A
REMINDER.
SMALL, TINY THINGS.
COPPER IS COMING TOWN.
RETAIL FOOT TRAFFIC DOWN FIVE
WEEKS IN A ROLE.
REAL NUANCE THINGS MAYBE SUGGEST
PEEKING INFLATION.
WE BOTH KNOW IT DOESN’T MEAN IT
GOES STRAIGHT DOWN BUT SOME
THINGS YOU DO ULTIMATELY WANT TO
SEE BEFORE YOU FEEL LIKE MAYBE
THE FED WILL NOT, YOU KNOW,
COMPLETELY WRECK EVERYTHING.
I THINK THAT IS THE BIG QUESTION
MARK RIGHT NOW OVER THIS MARKET.
LARRY: OF COURSE THEY WILL.
>> [LAUGHTER]
LARRY: I MEAN I’M JUST SAYING.
OF COURSE THEY WILL.
THEY DON’T KNOW ANY BETTER.
>> YEAH.
LARRY: THAT’S WHY, LIKE I DON’T
TWO THE STOCK MARKET THE WAY YOU
DO EVERY DAY.
ONCE IN A TIME I HAD A BIG
INTEREST IN IT, I LOOK AT THIS A
PLEASANT REREEF RALLY, YOU SELL
INTO IT --
>> I THINK IT IS TOO LATE TO
SELL INTO IT.
A LOT OF MY GUESTS SAY THE SAME
THING.
THOUGH KIND OF, THIS IS THE
WORST, THIS IS THE WORST
BEGINNING OF A YEAR, ONLY ONE
YEAR HAS BEEN WORSE, 1932.
LARRY: OH.
>> IF YOU HAVEN’T SOLD THIS
YEAR, YOU GOT GREAT QUALITY
NAMES, YOU’RE 43 YEARS OLD.
YOU WOULD BE NUTS TO TAKE A BIG
LOSS.
IF YOU OWN PELOTON, GO AHEAD AND
GET RID OF IT, THAT IS SOMETHING
DIFFERENT.
LARRY: PROBABLY TOO LATE TO
SELL.
TOO EARLY TO BUY, BUT IF YOU BUY
ON THE WAY DOWN, IS THAT CLEVER,
A BIT POLLYANNISH, IF YOU
BELIEVE IN STOCKS AS I DO, THE
CALVARY IS COMING, CHARLES, THIS
LEFT-WING SOCIALIST INTERLUDE
WILL PASS BEFORE TOO LONG I
THINK, MAYBE, I DON’T KNOW WHAT
TODAY WAS.
MAYBE IT IS TIME TO BUY?
>> I DO AGREE IN THAT SENSE IF
YOU ARE A LONG TERM INVESTOR,
NOT TRYING TO PICK THE EXACT
BOTTOM, YOU START TO PICK YOUR
SPOTS, NO DOUBT ABOUT IT.
I GOT TO TELL YOU, YOU GO BACK,
I REMEMBER FOR INSTANCE 2009,
HOW MANY PEOPLE TOLD ME I’M NOT
GOING TO BUY YET BECAUSE THE
NEXT SHOE IS GOING TO DROP.
BACK THEN THE NEXT SHOE WOULD BE
COMMERCIAL REAL ESTATE.
WE GET THE MARCH 9th LOW, NO
ONE BUYS.
WE START TO NIBBLE A LITTLE BIT.
NO ONE BUYING.
NEXT SHOE IS GOING TO DROP.
NOT BUYING.
THE NEXT SHOE IS GOING TO DROP.
PEOPLE A LITTLE EARLY, BOUGHT IN
SEES, THEY WERE OKAY.
PEOPLE THAT BOUGHT IN OCTOBER
THEY WERE OKAY.
PEOPLE THAT BOUGHT IN JULY, WERE
OKAY.
THE FOLKS WAITING FOR THE NEXT
SHOE TO DROP MISSED THE WHOLE
THING.
I AM INCLINED TO AGREE WITH YOU.
SOME FOLKS ARE NIMBLE, KNOW HOW
TO TAKE ADVANTAGE BUT WE’RE
GETTING TO THE PLACE IF YOU WANT
TRANSFORMATIONAL WEALTH SOME OF
THESE NAMES ARE SO BEATEN DOWN,
DO YOU WANT TO OWN APPLE DOWN
HERE?
I THINK THE ANSWER IS.
LARRY: HECK YEAH.
>> ANSWER IS YES.
LARRY: GOOD WORKING FOLKS THAT
WATCH FOX BUSINESS.
>> RIGHT.
LARRY: THEY CAN’T SPEND ALL
THEIR TIME IN TRANSACTIONS, THE
SETS, RIGHT.
WE HAVE A COMPLETELY
DIFFERENT --
>> NANCY TENGLER HAD THE BEST
ANSWER TODAY.
SHE TOLD ME, SHE, YEAH, I THINK
TRADING ON THE COMMERCIAL BREAK.
[LAUGHTER]
LARRY: [LAUGHTER] THAT IS
EXACTLY --
>> SHE HAD THE BEST LINE.
SOME PEOPLE COME OFF FINANCIAL
TV.
I JUST TOOK PROFITS THREE
SECONDS AGO.
I JUST BOUGHT THIS DURING THE
BREAK.
HOW, WHAT?
LARRY: THAT IS NOT OUR CROWD.
>> PEOPLE AT HOME ARE TRYING TO
KEEP UP.
WAIT A MINUTE, WHAT DID YOU DO?
LARRY: DURING THE BREAK.
SO I THOUGHT A REALLY BIG EVENT
TODAY WAS, I FOLLOW ELON MUSK
VERY, VERY CAREFULLY.
HE IS MY IDOL.
HE IS MY HERO.
FOR FREE SPEECH.
HE IS EVEN VOTING REPUBLICAN?
FALL.
TWITTER SAID THE BOARD IS
RECOMMENDING TO SHAREHOLDERS
SELL TO ELON, TAKE THE COMPANY
OVER.
HOW IMPORTANT IS THAT?
>> IT VERY IMPORTANT.
STEP IN THE RIGHT DIRECTION.
LARRY: IS THE DEAL CLINCHED.
>> THEY’RE NEGOTIATING OVER
MONEY RIGHT NOW.
LARRY: I DON’T MEAN TO
INTERRUPT, I PROBABLY SHOULDN’T
SAY THIS.
I HAD A LOVELY LONG TALK WITH MY
FORMER BOSS ABOUT OTHER MATTERS.
TODAY, OVER THE WEEKEND, HOW IS
THAT?
AND WE WERE TALKING ABOUT TRADE
AND I WAS SAYING YOU GOT TO COME
ON AND DON’T LET THE BIDENS PULL
YOUR TRUMP TARIFFS OFF TRADE.
THIS IS THE, OFF CHINA.
THIS IS THE WRONG TIME TO DO
THAT.
HE WANTED TO KNOW IF I THOUGHT
ELON WAS GOING TO BUY TWITTER.
I SAID I THOUGHT ELON WAS GOING
TO BUY TWITTER.
HE DIDN’T THINK SO.
TODAY’S EFFORT BY THE BOARD,
DOESN’T THAT --
>> LISTEN, ELON DOES NOT WANT TO
OVERPAY.
HE IS OVERPAYING BY A GAZILLION
DOLLARS RIGHT NOW.
BUT I THINK THE KNOWS THAT AS
WELL.
IT’S A NEGOTIATION.
I THINK THE BOARD, THEY’RE READY
TO MOVE ON.
THEY BOTCHED IT.
HAD THEIR TURN.
IT HAS GREAT POTENTIAL.
TALKING ABOUT A MAKING IT A U.S.
VERSION OF WECHAT.
LET’S NOT FORGET, WHERE, HIS
INITIAL FORTUNE CAME FROM
PAYPAL.
HE UNDERSTANDS PAYMENTS.
CAN HE MAKE IT A SOCIAL MEDIA,
ENTERTAINMENT, PAYMENTS PLATFORM
AS WELL AS COMMUNICATIONS
DEVICE?
IF ANYONE CAN DO IT I BELIEVE HE
CAN.
LARRY: DOESN’T ELON DRIVE THE
WHOLE STOCK MARKET?
>> THERE WAS A TIME WHATEVER
TESLA SHARES DID THE MARKET DID.
NOT AS MUCH RIGHT NOW, BUT
CERTAINLY THE HOT MONEY SLOSHING
AROUND THERE, A LOT OF THE HOT
MONEY GOT BURNT TO THE CRISP.
NOT AS BEFORE LENT AS IT WAS
MAYBE SIXMENTS AGO -- PREVALENT.
LARRY: CHARLES PAYNE, MY HAS
QUESTION IS A SIMPLE ONE, THE
FED JACKS UP INTEREST RATES 75
AT THE NEXT MEETING IN JULY, 75
IN SEPTEMBER, 75 MORE LATER THIS
YEAR BECAUSE INFLATION IS VERY,
VERY STICKY, HOW BAD WILL STOCKS
GET HURT?
I DON’T WANT TO LEAD YOU ON THIS
QUESTION AT ALL.
THAT IS A JOKE.
>> I THINK STOCKS ARE SOME WHAT
VULNERABLE OBVIOUSLY TO THE
DOWNSIDE, I’M TELLING YOU, WE’LL
GET A CPI REPORT THAT WILL BE SO
SHOCKING TO THE DOWNSIDE.
LARRY: REALLY?
>> I THINK SO.
I THINK A LOT OF THINGS ARE
GETTING CUT OFF RIGHT NOW,
LARRY.
I REALLY DO.
IF YOU SEE HOW QUICKLY PEOPLE
CHANGED THEIR MINDS, WHATEVER
EXISTING HOMES, NEW HOME SALES,
WHATEVER IT IS, THINGS ARE
CHANGING ON A DIME.
WE’LL GET --
LARRY: THAT --
>> EXISTING HOME SALES, ALL OF
IT.
ALL OF IT IS COLLAPSING.
I THINK WE’LL START TO SEE IT IN
THE DATA.
YOU KNOW THIS FED, REALLY IN
THEIR HEART OF HEARTS THEY’RE
REALLY DOVISH.
THEY’RE TRYING TO ACT LIKE HAWKS
BUT THEY’RE REALLY DOVISH.
LARRY: THEY’RE ALL CLIMATE
CHANGE PEOPLE.
WOKE SOCIAL JUSTICE PEOPLE YEAH.
LARRY: THEY DON’T REALLY CARE
ABOUT INFLATION.
THEY’RE BEING FORCED INTO DOING
THIS.
>> THINK ABOUT WHAT THEY HAVE TO
DO THEY HAVE TO DELIBERATELY
HURT THE ECONOMY FOLKS ON LOWER
END OF THE INCOME SCALE WILL BE
HURT MOST.
THEY SAID THEY WOULD NOT DO THAT
THEY THOUGHT THEY COULD USE FED
POLICY TO ADJUST SOCIAL CLIMATE
AND SOCIAL JUSTICE.
THEY CAN’T REALLY DO THAT BUT TO
YOUR POINT THAT WAS THE GOAL
LONG AGO.
LARRY: THANK YOU, CHARLES PAYNE,
GREAT STUFF.
"MAKING MONEY," 2:00 P.M.
EASTERN RIGHT HERE ON FOX BIZ.
OUR WORKING FOLKS, I WOULD SAY
THEY SHOULD BUY ON THE WAY DOWN.
THEN OWN IT FOREVER.
>> I’M WITH YOU.