and, of course, greece. there's questions how they'll get their next debt payment. all kinds of things going on here. >> and things have quieted down in brazil, but that's another extraordinary story, one you would not expect. we'll also be getting you exclusive reaction to what's happening in egypt from the prince al waleed, and we'll discuss his holdings in 20th century fox, all ahead. >> and then, something completely different, disney in with the folks today, because of lone ranger, with johnny depp, had a budget about $250 million. it opens tonight. it's getting some of the worst reviews ever. ever! this has bomb written all over it. but if it does bomb at the box office, what happens to disney stock? it is, after all, a dow component. we'll look at that. >> who told you i'm dying to see that? >> you did. >> oh, i did? >> no, i just made that up. >> yeah. let's check the markets for you, as we approach the final stretch, the holiday-shortened week. the dow is down 72 point, about .5%, 14,902. check the nasdaq. a similar chart pattern, you will notice, as we see

as greece signs off on fresh public sector cuts to meet austerity demand, we'll hear from a german mvp of greek originalen who says the troika should apologize to the great people. he joins us at 10:30 cet. and spain looks to sell up to 3 billion euros in bonds. will investors keep their cool? we'll have the latest from madrid where stephane pedrazzi has been this week. and tokyo, where shares of softbank are higher. we'll tell you more live from the nikkei in about 30 minutes time. and morgan stanley is reporting second quarter earnings on the back of a strong quarter for u.s. banks. will the good news keep on coming? we'll discuss with u.s. bank analyst at 11:45 cet. plenty coming up on the show. feel free to get in contact with us, worldwide@cnbc.com is our e-mail address. we're looking forward to your correspondence today. ben bernanke did not rock markets as many had feared. he soothed tapering concerns saying any winddown of asset purchases depends on the economy. not a preset timeline. speaking on capitol hill, he said the central bank would be keeping policy flexible. >> indeed

this as egypt's foreign minister resigns. >>> greece wants to get its house in order. the finance minister quits as he admits he lost public support for his austerity plan. >>> in italy, mario monti threatens to withdraw from the coalition amidst the slow pace of reforms. >>> the world's biggest pension plan in japan posted highest annual profit ever, $112 billion. this as the government pushes for a reform overall in search of higher returns. >>> and seeking a safe haven. wikileaks says edward snowden filed for asylum in more than a dozen countries as he blasts the obama administration and threatens more security leaks. >>> all right. just joined us, welcome to the global trading day here on cnbc. you can see european equities weighted to the down side, about 72 advances being outpaced by decliners on the dow jones stock 600. european equities did get a bounce back as far as u.s. futures are concerned now. dow after finishing up 65 points yesterday, here we go, is still above fair value, not by much, 25 points. the nasdaq is currently about 9 points above fair value.

in fact, greece had very good growth. europe in the aggregate is still not robust. you know that and i know that. so i'd like to see europe in double digit growth territory as opposed to single. but here's a nice benchmark for s.a.p. germany grew 9%. >> right. >> the most mature market we have in the world. and southern europe is starting to come back. and the middle east and north africa has huge growth potential. i think we're in a cycle in the macroeconomic environment that will right itself, and the key is as long as companies lead and innovate and drive customer value, they'll be fine. >> the takeaway i'm having is don't think there's anything structurally wrong. it is a cyclical bump and you expect next year at this time, go back to the way s.a.p. usually is. >> s.a.p. grew in double digits as a corporation, this quarter. >> the stock prices. >> yeah, of course. yes. our ambition -- here's some unlocked value. nobody knows value better than you, right? that's why i come on your show. >> thank you. >> there's three things in this stock that i think are very, ve

in fact, greece had very good growth. europe in the aggregate is still not robust. you know that and i know that. so i'd like to see europe in double digit growth territory as opposed to single. but here's a nice benchmark for s.a.p. germany grew 9%. >> right. >> the most mature market we have in the world. and southern europe is starting to come back. and the middle east and north africa has huge growth potential. i think we're in a cycle in the macroeconomic environment that will right itself, and the key is as long as companies lead and innovate and drive customer value, they'll be fine. >> the takeaway i'm having is don't think there's anything structurally wrong. it is a cyclical bump and you expect next year at this time, go back to the way s.a.p. usually is. >> s.a.p. group in double digits as a corporation. >> the stock prices. >> yeah, of course. yes. our ambition -- here's some unlocked value. nobody knows value better than you, right? that's why i come on your show. >> thank you. >> there's three things in this stock that i think are very, very undervalue

>> so, michelle, how will concerns about greece and europe in particular impact investing in the second half, pegs legsly whether it comes to the wealthy investor? we welcome back the global head of citi's private bank which oversees more than $270 billion in assets. good to see you again, david. >> good to see you, sue. >> how do your wealthy investors view the situation in europe? are they still concerned about it, or do they view it as an opportunity? >> well, i think that they are less concerned about it today than they were about six months ago. certainly since the statements by draghi and by the coordinated activities of the central banks around the globe, people are feeling there's more an underpinning of stability. that said, huge tail risks in europe still and you saw some of them in greece, you know, but you're not really seeing activities that would leave us fear balance for the european markets to be a contagious. >> we've heard that they are looking forward to desed assets sales in particular and that provide them a little bit of a year into your portfolio. are you seeing t

they will help portugal, spain, gros greece. that's happening. pending home sales, nahb confidence, 52, an 8-year high now. so confidence is coming back there. >> you pointed to the ism, though, as one of those things. yesterday's ism jobs component was weak. i guess question becomes, when does jobs follow? you would think with housing picking up, housing whob there. why haven't they come back? >> corporations need to see the goal line an playing field level. no moving of the lines. to me, the comfort's board sent a 58-point letter to president obama of things that need to be done and just don't keep moving things around. itself the part of the damper and the ceiling on hiring. 175,000 jobs, becky is nothing. 1983, two years into the reagan restructuring, 1983, september of 1983, we added 1.1 million jobs in one month. 17 million jobs from '83 to '90 seven years. we are -- the minute we get some sort of clarity, regulatory. >> but jobs is both a leading and a lagging indicator. if you don't get the jobs, the virtuous cycle can't continue if you d

the sdp leader says he wouldn't support further aid for greece. on the corporate side, facebook shares closed shy of its ipo price of $38 a share. the stock is now rallied more than 40% since reporting earnings last week, which helped silence some of the critics of the network. what do you think of the value of facebook? is it too expensive? time to get on board? join the conversation on "worldwide exchange," get in touch with us, e-mail, worldwide@cnbc.com, tweet @cnbcwex, or direct to me, @rosswestgate. the stock is back to near just about where it floated. seems a while it is taking to do that, of course. >>> a little bit of news out from the fca, four arrested in an fca insider dealing investigation. the fca says at rests are not linked to any other ongoing insider deal. >>> still to come, markets are something of a holding pattern. what might investors expect from the fed? we'll preview it, the second hour of "worldwide exchange" continues right after this. [ male announcer ] i've seen incredible things. otherworldly things. but there are som

it's not like a run on greece where we think there's going to be a failure in the united states. this is a confidence-driven rate increase. this is less a rate increase to me, steve, than it is an attitude adjustment that's going on. confidence is running through all the financial markets. 3-point increase in the multiple in stocks. gold -- the gold armageddon premium's coming out, and now the bond yields are readjusting because the world's not going to end. and to me, confidence has gone so far, it's even running through the federal reserve. >> we've got to leave it there, jim. thanks for joining us. jim and scott. enjoy your crumbling -- >> yeah, i wish i hadn't loaded up on gold and blackberry a year ago. i just put all my money in. >> while you were on vacation? >> no. >> a year ago. >> but i was thinking listening to that -- and thanks to those guys. >> we're going to have scott back, right? >> see, with you, you separate out qe and rate hikes. see, with me, i don't separate it. the reason i don't is because it's like when the fed just, like, has a little bit of a movement t

. >> a couple more definitely more references to greece and cyprus in the past couple weeks than we've had through most of the spring. >> and not just because of beach vacations. >> no. let's bring in josh lipton and see what else is moving as we continue to hover above the 50-day moving average. >> new week, new core, and we're kicking it off well in the green. positive data from overseas, china inner bank rates continue to moderate in europe and pmi clocking better than reports and ism manufacturing better than expected and sub components were mixed as i know you have been talking about. still, blue chips up 154. the s&p, what's working today, the materials sector, a sector that faced challenges given the collapse in commodities. today it is the best performer. sealed air is the biggest gainer. and also health care stocks, sectors up 20% and unh and ci hitting new all time highs and we'll end on the financials dominating that list today of new multi-year highs, wells fargo, capital one, m&t and keycorp some of the names. >> key up 3%. thanks for that. just as we are talking about low

and greece did agree to deep government cuts. the first round of cuts was watered down after violent protests across the country. no sign of that happening with this round however. egypt meanwhile trying to rebuild its government, get its economy back on track, but the killing has not stopped in the capital. according to government-run media, the latest skirmishes between police and supporters of the deposed president mohamed morsi have left at least seven people dead, more than 260 injured. morsi supporters fighting mad about his removal of course in the military coup that swept the country's first democratically elected leader out of power two weeks ago. our reza sayah is in cairo. reza, obviously the fears is is that this will continue to grow. but i guess when the protesters block off a major artery in a place like cairo, the authorities aren't going to standby. >> reporter: no, they're not. but they have to play a delicate balance here. if they get too aggressive with the muslim brotherhood, things could go downhill. but the

for example when i lived in greece, the greeks don't think that way, the italians don't think that way, the french don't think that way, the spanish s m certainly don't think that way. monogamy is something that's desired but romance rules so they believe yes i have a husband, he's going to come home and behave himself but when he doesn't, a lot of them simply look the other way. >> a lot of it is economic in some parts of the world, too, women feel that in some countries they've got the security, they've got the house, they've got the kids and you know, he's going to do what he does. not that that's right but that's the attitude. >> i saw that in japan when i was living in japan i saw that a lot where the men provided great homes, took care of the children, good finance, good stability for the family but every day after work he'd go to the hostess clubs and sit down and drink with friends and ladies that sit down and talk about the day's events and who knows what happens after that. >> i have to ask you this. i don't think any of us have seen this anywhere but maybe not, is there a pl

sweepingse for despair across southern europe and threatens the democracy of fortune gaul, spain, and greece. >> what i would like to say is when i meet with the chancellor, we discussed the single currency. it is important that whatever the personal views of the single currency and i never wanted britain to join it. we have to respect those countries and want to make it work. there's an opportunity for britain to argue that the european union itself needs to change. we need to make this organization one and will be comfortable in. i think chancellor merkel understands that. i think the prime minister of italy understands that as well. it is achievable. it is one we can get looked at in a referendum by the end of 2017. >> and the prime minister failed to say last week when he is going to give back the stolen cash of the conservative party. when is he going to give it back? >> they been very active this week. what we need to say is when are we going to get the taxpayers money given back. never mind that happened 20 years ago, this happened about 20 weeks ago. >> thank you. one of the first ac

government debt as a safe haven to put that money they can sort of feel this when in going to be ok, greece in the middle class, tomorrow you find that china's inflation rate is increasing or what have you. the u.s. government debt is considered very secure. "$85 big guns tweets in, billion every month. who is getting this money? the american people are getting played from the biggest scam in history." guest: again, the u.s. government is getting part of it buys mortgage backed securities. half is going to buying longer- term treasuries, and the other half is going towards buying mortgage-backed securities. some people have criticized whether or not it actually is ineffectual, but the idea that the money comes back into the economy in order to make homes more affordable for home buyers, to help folks come out from underwater on their homes and get things going again -- but there is question about how well these things work. because we are seeing, again, higher interest rates right now tom a and the recovery is still not moving as host: fast as we would like it to be. host:just a couple of m

i think that is the reality that will greece a lot of deals between them and october 1. host: gail russell chadha, washington political added are for the -- editor for the "christian science monitor." guest: thank you. host: we have about an hour and a half left. two separate sections coming up. one of them has to do with cities filing for bangor figured detroit the biggest one in the news lately, but i want to take a look at what happens when a city or a town files for fiscal protection from creditors, and later in the program, we will talk about the obama administration's plan to provide military aid to rebel forces in syria. we will be right back. ♪ >> this is a website. really it is the history of popular culture. it is a of stories, rather, on the history of popular culture. culture -- it is quite more than that. what i've been trying to do at this site is go into more detail with how popular culture impacts and sports and other arenas, so it is not just about pop culture. what we have on the site are stories about popular music, sports biography, history of the m

the imf is telling george osborn that's too much austerity and thinking we have it slightly wrong in greece if you cut the country to the bone it's not going to recover. everyone is going to have no money to reinvigorate the economy. okay. the bis isn't issuing demands like that. it's part of the, you know, global structure of global finance. i think it should change. the sculpture should change. and the interesting thing about the federal reserve is, you know, for example every two weeks the market committee release the minute of the previous meetings. if you tie in to google, federal reserve, bis meeting, it will direct you to the federal reserve website. it will tell you which official is at the bis meeting. what meetings they're attending. where they are hour by hour. it tells you everything apart from what hotel they are in and what room for reason of their own secure i it. the federal release hasn't collapsed yen and neither has the bis. there's room for improving transparency. in the way of making more of that happen. are there any other countries that are that transparent as the fed

it helps again remove herself from unlimited childbirth, but she also loved the roar of the greece paint, the roar of the crowd. sheila to be out on stage. from the time jack ran in 1946 for the u.s. house of representatives, they would begin to bring rose out and she to tell the storyboa how he had been wounded in the war and was a war hero, how she lost a son in the war, that she was -- jack would tell people that come especially women's audiences. so rose could really reach out to women. remember that jack was not married until much later in life. he started his campaigns in 1946. he didn't marry into 1953. said there was no spouse for him to bring out, so there was rose. we also have to keep in mind that her husband had become politically toxic when he said some undiplomatic things about the united states and britain possibly losing the war to the nazis. >> do you think joe had political ambitions? >> guest: id. there are stories he wanted to be the first irish catholic president of the united states. and he was moving in that direction with all of his contacts in the media administr

these people from the imf and the ecb and the world bank and whatever are flying around the world -- greece, for example -- i mean, how did we get here that these kind of unelected technocrats are telling everyone, telling elected governments what to do? my argument is that all this started at the bis which was the first be place, the birthplace of the global financial technocrat. and then it did some good things. it organized some of the first bailouts for spain and hungary and austria, but what was interesting was that these bailouts were being formalized by the bis and the central bankers meeting there. i don't know how federal governments could do that, but there was no political input. it was the bankers deciding where's the money going, how much are they going to get, and you see the continuity nowadays. the bis, the two people who really worked to set up the bis was a guy named montague norman and the president of -- [inaudible] bank. they were very close friends. and they were really the power, the two most powerful central banners in the world -- bankerrings in the world at the tim

was my first g20 summit in this role working for the white house dominated by what was happening with greece and the referendum and so on. in los cabos it was another very interesting moment for the g20 because some of the emerging markets sometimes feel well, we don't get to discuss what the big countries do and we want to have the boys because they affect us. i think that really happened in mexico and if you go back and look at the leaders statement he will see that the europeans who were at that stage in the crosshairs if you'd like with the crisis really put on the table some important steps that they plans to take and of course after the june los cabos summit there were important steps taken in europe that really lowered the temperature and help to provide financial healing. as we look at the agenda this year and we have the imf and i know my former colleague will be coming later, we have the imf telling us all that the global outlook and the latest release is work than they expected and then we expected. just recently. i think that we in the u.s. are finding that the recovery is perhap

i think circumstances are changing, attitudes are changing not just within cyprus, but also in greece and in turkey, and we have to capitalize on that. we also have natural gas off the coast of turkey which is -- off the coast of cyprus which is a powerful motivator for getting to the solution that we all want which is a bizonal, bicommunal federation that can share the benefits. and it's absolutely vital to europe that turkey -- that cyprus begin to prosper again, and i think that working on this could be a positive in that direction as well. >> thank you. my time is up, but let me just say in closing i hope that we will continue to support very positive progress that's been made between serbia and kosovo onsetting their disagreements -- on settling their disagreements there and anything we can do to support that, i think, is very helpful. thank you. >> senator barrasso. >> thank you, mr. chairman. on may 10th the republican members of this committee sent a letter to chairman menendez respectfully requesting additional committee hearings to review the open questions surrounding the s

we don't want to be like greece. we have to do this thoughtfully, proactively, the way a great country does. what happens? well, you know, it's ten year notes go to 7% and so home mortgages are at ten, and there's a main street problem and you'll feel it. the question would be, well, when does that happen? do you have an idea of, like, what quarter, what year that happens? well, no nobody knows. all i can tell you is it's not going to go up a basis point a week, and that you can just draw the line and say, oh, shoot, here's where the crisis happened. it's just going to happen. yeah, i think the risk is always there, a and especially as you look at the debt accumulation that in ten years from now, we'll be close to spending a trillion dollars a year in interest, just in interest, a trail dollars a year. now, i took to describes it this way because we deal with millions and billions effectively all the time, but for a trillion in perspective, bet a million dollars per day since jesus christ was born almost 2013 years a

charles: like greece greece, portugal, spain that does not necessarily make the problem go away. >> it is like a new plan and rebuilding is spend $100 million more than it check-in. what did they think it would have been? the population decline dramatically since 2000, 40,000 buildings standing empty. half of the traffic lights in the city don't work. this is a crisis staying out of bankruptcy will not solve the. they need a plan to deal with the overspending to give the life back to the city. charles: we see some businesses one of the pizza chain's other bringing people has a technology center but those o get the tax breaks but for those residents tuesday they wi not get anywhere? >> it is a massive population lost, the correction, and sustainable promises for the union but it is also the crime. one of the most violent cities in america for the last half century, it is almost one hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now what row have been to the businesses they will have to do something. charles: i think they c

charles: like greece greece, portugal, spain that does not necessarily make the problem go away. >> it is like a new plan and rebuilding is spend $100illion more than it check-in. what did they think it would have been? the population decline dramatically sin 2000, 40,000 buildings standing empty. half of the traffic lights in the city don't work. this is a crisi staying out of bankruptcy will not solve the. they need a plan to deal with the overspending to give the life back to the city. charles: we see some sinesses one of the pizza chain's other bringing people has a technology nter but those who get the tax breaks but for those residents tuesday they will not get anywhere? >> it is a massive population lost, the correction, and sustainable promises for the union but it is also the crime. one of the most violent cities in america for the last half century, it is almost one hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now what row have been to the businesses they will have to do something. charles: i think thecan keep

charles: like greece greece, portugal, spain that does not necessarily make the problem go away. >> it is like a new plan and rebuilding is spend $100 million more than it check-in. what did they think it would have been? the population decline dramatically since 2000, 40,000 buildings standing empty. half of the traffic lights in the city don't work. this is a crisis staying out of bankruptcy will not solve the. they need a plan to deal with the overspending to give the life back to the city. charles: we see some businesses one of the pizza chain's other bringing people has a technology center but those who get the tax breaks but for those residentsuesday they will not get anywhere? >> it is a massive population lost, the correction, and sustainable promises for the union but it is also the crime. one of the most violent cities in america for the last half century, it is almost one h hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now what row have been to the businesses they will have to do something. charles: i think th

greece, portugal, spain that does not necessarily make the problem go away. >> it is like a new pn and rebuilding is spend $100 million more than it check-in. what did they think it would have been? the population decline dramatically since 2000, 40,000 buildings standing empty. half of the traffic lights in the city don't work. this ia crisis staying out of bankruptcy will not solve the. they need a plan to deal with the overspending to give the life back to the city. charles: we see some businesses one of the pizza chain's other bringing people has a technology center but those who get the tax breaks but for those residents tuesday they will not get anywhere? >> it is a massive population lost, the correction, and sustainable promises for the union but it is also the crime. one of the most violent cities in america for the last half century, it is almost one hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now what row have been to the businesses they will have to do something. charles: i think thecan keep the new busines

charles: like greece greece, portugal, spain that does not necessarily make the problem go away. >> it is like a new plan and rebuilding is spend $100 million more than it check-in. what did they think it would have been? the population decline dramatically since 2000, 40,000 buildings standing empty. half of the traffic lights in the city don't work. this is a crisis staying out of bankruptcy will not solve the. they need a plan to deal with the overspending to give the life back to the city. charles: we see some businesses one of the pizza chain's other bringing people has a technology center but those who get the tax breaks but for those residents tuesday they will not get anywhere? >> it is a massive population lost, the correction, and sustainable promises for the union but it is also the crime. one of the most violent cities in america for the last half century, it is almost one hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now what row have been to the businesses they will have to do something. charles: i think th

charles: like greece eece, portugal, spain that does not necessarily make the problem go away. >> it is like a new plan and rebuilding is spend $100 million more than it check-in. what did they think it would have been? the population decline dramatically since 2000, 40,000 buildings standing emp. half of the traffic lights in the city don't work. this is a crisis staying out of bankruptcy will n solve the. they nd a plan todeal with the overspending to give the life back to the city. charles: we see some businesses one of the pizza chain's other bringing people has a technology center but those who get the tax breaks but for those residents tuesday they will not get anywhere? >> it is a massive population los, the correction, and sustainable promisesor the union but it is also the crime. one of the most violent cities in ameca for the last half century, it is almost one hour if you call the cops it is so bad they are stealing copper wire from the of light post 40% are out. i know now whwhat row have been to the businesses they will have to do something. charles: i think they can kee

greece is in the 6th year, 20% j jobless rate and greece is trying to tax their way out. charles: and that's amazing. and by the way we're not left out. america, we're 72 hours away from the june jobs report. the first since fed chairman ben bernanke hinted that he could slow down on the printing presses. what about that one, liz? >> whether or not we remain in qe infinity. we don't know. we're looking for 170,000, weaker than 175,000. charles: the goldilocks number, 175,000, a great america. this is a shortened trading week, but your money is making big time moves, make no mistake about it, and we'll have big news and major impacts on the market friday. the jobs day, right now this is the calm before the storm. the opening bell is next. the boys used double miles from their capital one venture card to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you

over 12 percent this year, give me your take on the session with a turnaround some were pointing to greece and brazil and all ahead of the june jobs report? >> mof the new ways are on vacation so there is little liquidity. to have exaggerated moves in the market friday is the important day with the jobs report it has so much to do with how people perceived ben bernanke to move in the future. it does not have a lot to do but they will perceive them with very little liquidity. with the exaggerated move to the upside. lori: tomorrow is a half-day for the market. then we come back for a full session on friday and everybody is focused to zero in on the federal reserve as far as stimulus. how did you think the market will react? >> if the number is substantially lower or larger the themnd dges 60,000 jobs talking about the payroll on friday, the atp, if either number is strong girl were weaker sutantlly the market will be the exaggerated the fact otherwise i n't expect much movement >> economic news aside we have earning next week as well. , much is on the fundamentals? >> i was watching the pro

over 12 percent this year, give me your take on the session with a turnaround some were pointing to greece and brazil and all ahead of the june jobs report? >> most of the new ways are on vacation so there is little liquidity. to have exaggerated moves in the market friday is the important day with the jobs report it has so much to do with how people perceived ben bernanke to move in the future. it does not have a lot to do but they will perceive them with very little liquidity. with the exaggerated move to the upside. lori: tomorrow is a half-day for the market. then we come back for a full session on friday and everybody is focused to zero in on the federal reserve as far as stimulus. how did you think the market will react? >> if the number is substantially lower or larger the them and hedges 60,000 jobs talking about the payroll on friday, the atp, if either number is strong girl were weaker substantially the market will be the exaggerated the fact otherwise i don't expect much movement. >> economic news aside we have earnings next week as well. , much is on the fundamentals? >> i was

neil: not with the lone ranger, but i i did greece. digress. issue two, desktop pc. friendlier to traditional pc users, does not mean practical pcs are back. microsoft itself is betting on new tools and music options that exploit the web than any program that is in the hard drive, a drive away from a dinosaur? >> microsoft has to adapt, pc business was down 8% year-over-year, it is only going to get worse. new application that came out with bitte -- better for touch . neil: what do you think? >> garey is right, they have to adapt, and follow the money. if you look at sales numbers, they -- pc sales were down 10% in same period of time tablet sales almost doubled, . neil: he said now i am free how do i get my good name back, or can they? >> there is a line in this legal, what happened in my industry. financial stray, there is a ton of settlement. you walk off into sunset with a ton of money, i do not know, i'm not judge napolitano whether they are guilty or innocent. but i know there has not been a level playing feel in my industry for bad guys. seems very well connec

neil: not with the lone ranger, but i did greece. digress. issue two, desktop pc. friendlier to traditional pc users, does not mean practical pcs are back. microsoft itself is betting on new tools and music options that exploit the web than any program that is in the hard drive, a drive away from a dinosaur? >> microsoft has to adapt, pc business was down 8% year-over-year, it is only going to get worse. new application that came out with bitte -- better for touch . neil: what do you think? >> garey is right, they have to adapt, and follow the money. if you look at sales numbers, they -- pc sales were down 10% in same period of time tablet sales almost doubled, . neil: he said now i am free how do i get my good name back, or can they? >> there is a line in this legal, what happened in my industry. financial stray, there is a ton of settlement. you walk off into sunset with a ton of money, i do not know, i'm not judge napolitano whether they are guilty or innocent. but i know there has not been a level playing feel in my industry for bad guys. seems very well connec

we had some issues in portugal and greece. that is something we will continue to follow. it is interesting to see the financials doing well. other leaders would be telecom, at&t and verizon. we have a lot of terrified that we continue to follow. the economic numbers are very telling. businesses are spending once again. that is good news for the economy. connell: breaking news right now. the fed improving a new set of rules. important stuff for peter barnes to cover today. peter: the fed has just approved these new international rules. stop any future tax bailouts. that is the point of all of this, folks. >> strong capital requirements are essential. we hope to have safe and sound banks that the weather financial stress while continuing to beat the financial needs of our economy. peter: the fed has already required some increases in capital. it says that most banks would meet these higher capital levels already, however, 100 regional and other banks will have to raise other capital to meet the standards. the fed announced its plans to acquire bank of america, jpmorgan chas

tracy: turning to commodities and greece and oil and oil prices surging to highest in a month. phil flynn, price futures group, at the c-me is it all about the dollar? what's going on? >> that is part of it. couple weeks ago, tracy they were calling this is the great short. we had the biggest speculative short position of the goldmarkket. what happened to the price of gold? physical demand continued to rise. then we heard capital spending cuts in all gold miners. we're shutting down mines. gold is not high enough to produce more. all of sudden we didn't get any help from ben bernanke last week. the g20 says we'll err on the side of austerity, or err on the side of stimulus instead of austerity and that is turning it all around. speculative shorts we saw really started to cover their positions last week. this week that is going to continue. and a lot of traders are saying that many shorts there is not enough gold for them to deliver, if they all get at one time, you could see a big rally and that's what we're seeing. tracy: phil, we have to talk about oil and falling below $107

if greece -- when greece went bankrupt it didn't threaten the european ewanown anymore than detroit going bankrupt threatens michigan, or if california goes bankrupt, that doesn't threaten the entire united states. the analogy instead is that if you have a mismatch of people who produce compared to people who try to live off the government, sooner or later that's going to catch up with you, and all of our cities, states, nations, however you want to measure it, with aging populations, you can't have these unfunded schemes, whether it's for entitlements or -- >> how do you fix it. >> benefits for government workers. i you're detroit or the state of michigan or any other city or state government, you switch to a system of defined contribution retirement, which means basically personal savings accounts, like you have in countries around the world, and if you're a country, whether you're greece or whether you're the u.s. or france or japan, you have to reform your entitlements. you need to move toward something called prefunding. that means instead of an unfunded tax and transfer entitlement

snowden leaked indicated that the nsa was spying on our allies, not the least of which was france, spain, greece, and european union. this is right in the midst of the united states and europe trying to do a trade agreement, the biggest trade zone in the world. i think it is time for him to come back, face the music, and time for the nsa to finally tell everybody what they're doing. >> former cia director michael hayden was on a sunday show and had this to say about the point bob just made. >> number one, the united states does conduct espionage. our fourth amendment that protects privacy is not an international treaty. number three, any european that wants to go out and rend their garments with regard to international espionage should look first and find out what their own governments are doing. >> what do you think about the fake outrage like the french, how outraged they are there might be espionage. >> there are a couple things going on, because snowden is an american, putin calls him a dissident. if he was a russian, he would call him dessert for a bengal tiger. it is different than he hand

snowden leaked indicated that the nsa was spying on our allies, not the least of which was france, spain, greece, and european union. this is right in the midst of the united states and europe trying to do a trade agreement, the biggest trade zone in the world. i think it is time for him to come back, face the music, and time for the nsa to finally tell everybody what they're doing. >> former cia director michael hayden was on a sunday show and had this to say about the point bob just made. >> number one, the united states does conduct espionage. our fourth amendment that protects privacy is not an international treaty. number three, any european that wants to go out and rend their garments with regard to te espionage should look first and find out what their own governments are doing. >> what do you think about the fake outrage like the french, how outraged they are there might be espionage. >> there are a couple things going on, because snowden is an american, putin calls him a dissident. if he was a russian, he would call him dessert for a bengal tiger. it is different than he handles people

nearly 1 in 4 people under 25 are out of work with spain and greece the hardest hit. >> for many people being unemployed is more 2457b just a financial problem. nonstop worries about your future can certainly make you sick. it is not always clear to get to the root of the problem. germany is embarking on the biggest long-term study. >> it is common knowledge that heavy drinking and tobacco can lead to cancer and raise the risk of heart attack. but how do other common chronic illnesses evolve such as alzheimers and diabetes? the german study follows 200,000 patients up to 30 years to study the questions is and hope the study will prove useful. >> we hope to gain knowledge of how the diseases develop and we want to learn how to take preventive measures. >> one thing researchers are looking into is the role of genetics in chronic disease. what role does a person's background have. and how much does their environment matter. and how important is the role of lifestyle, including diet and exercise? >> it is unique study and we think the data we collect will be very interest to researchers. >>

-- they are not helping greece. the german finance minister has brushed off the criticism and praised the reforms that have been put in place. >> i'm very impressed by what greece has already achieved. this gives me confidence that greece will master the challenges before it. >> he did not travel to greece and the handed -- and he handed -- and d -- empty-handed. the money should play a part in helping greece get back on its feet. >> well, for more on this trip, we are joined by our correspondent in greece -- in athens, rather. the greek authorities have been very anxious to stop any protests while the german finance minister is there. have they succeeded? >> well, yes, in fact, it was a very, very quiet day. in fact, there is a sense of complete indifference that came out from the public. that said, however, we did hear some remarks from some politicians. one opposition lawmaker declared him persona non grata. a neo-nazi group made some sexist remarks about the government and also really recanted claims by greece f

now to greece, there is evidence that the struggling economy is getting even worse. figures released show that total unemployment is at a record 26 .9%. the highest in the eu. the government in athens says they have to press on with austerity measures including more cuts to public sector jobs and healthcare spending. we went to greece to investigate claims that these cuts are making it harder to get medical treatment. >> kristoff is to seven, but he is already in a delicate state. he suffers from a rare inherited disease, and illness that can slice several times a month. every time he falls ill, he needs an injection costing 600 euros. if he does not get one, his life is in danger. the healthcare cost are covered by work-related insurance. lose your job, lose the cover. when the hard times hit, they had to close their business in athens. >> whenever he needs an injection, i have to lie. >> nearly a third of the greek workers are unemployed. is a common predicament. state health care cannot revive treatment. many turned to voluntary clinics like this. >> we are in a c

unions in greece are increasing the pressure on the government as they continue to try to head off the latest unpopular reforms. transport and public services were brought to a near halt as the two main unions went on strike. municipal workers are already out on a strike would started yesterday. athens has fallen behind on its land to redeployed 25,000 civil servants. scientists have developed a skin patch which they hope to prevent malaria. this is designed from -- designed to prevent mosquitoes from detecting carbon dioxide in onallows them to hone people. egyptian army chief, who led the coup, is now the deputy prime minister. brotherhood has denounced the new cabinet as illegitimate. -- themonths of ramadan month of ram again is meant to bring peace. ramadan is meant to bring peace. egypt still has its nights of violence. on monday, supporters of the deposed president made a stand against the security forces. this was egypt's most serious outbreak of violence for more than a week. in the hours after the clashes, i met the military spokesman. have an rare chance to extended conversa

take a look at antioch would 70 to greece. 55 degrees in downtown san firms as chrome. fremont is sitting at 51 degrees. the temperatures have improved over the past hour. you will notice that it is not that many 90's on the board. antioch would get pretty close. we are talking about cooler weather with upper 50s and 60s. downtown san francisco will come in and 64 degrees. because we have so many even scorn on tonight i do want to focus on 8:00 p.m. tonight. >> we do have the justin timberlake and jay-z concert as well as baseball games. the first pitch is as 715. there will be a few degrees warmer and if you are going to the other game their first pitch as the seminal 5:00 p.m..is that 7 05 >> we have a cooling trend as we head into the weekend. sunday and monday will be the cooler days. we will s >> in the time is 8:49 a.m.. memberships are on sale for a bike sharing program that will start next month. the program will be in five bay area cities. this includes palo alto, mountain view, redwood city, san francisco, and san jose. the $7 million pilot program is organize

. >> reporter: good morning, i don't know if you can see the greece splatter. we're with the -- grease splatter. we're with the pyro chefs. they are frying up calamari, it's not the only entertainment that they have in store. i see the lens is fogged up a little bit from all the heat. there are 46 concerts planned for this weekend in three stages. i'm joined by entertainment committee cochair, kirsten. tell me about the acts you have. >> we have 36 acts, if you're a country music fan you're going to love could it be and you need to be there. and we have a daniel donez and ways to dance and party all the way across the park. >> reporter: people can come out, grab a bite to eat and enjoy music as they walk around and dance off some calories. >> exactly. we're a fun festival, eat, dance, lose weight. it's actually good for you. >> reporter: i don't know if anybody can walk away losing weight. i won't be. this is so tasty, calamari, lots of good food and we talked earlier a hundred thousand people will come to the gilroy garlic festival this weekend. they will go t

-- they are not helping greece. the german finance minister has brushed off the criticism and praised the reforms that have been put in place. >> i'm very impressed by what greece has already achieved. this gives me confidence that greece will master the challenges before it. >> he did not travel to greece and the handed -- and he handed -- and d -- empty-handed. the money should play a part in helping greece get back on its feet. >> well, for more on this trip, we are joined by our correspondent in greece -- in athens, rather. the greek authorities have been very anxious to stop any protests while the german finance minister is there. have they succeeded? >> well, yes, in fact, it was a very, very quiet day. in fact, there is a sense of complete indifference that came out from the public. that said, however, we did hear some remarks from some politicians. one opposition lawmaker declared him persona non grata. a neo-nazi group made some sexist remarks about the government and also really recanted claims by greece f

ministery's finance was in greece on thursday. he praised greece's progress in dealing with the economic crisis but rejected a further that right off for the country -- further debt write off for the country. in each of us must do what we agreed upon. only if we stick to what we agreed upon and carry it through step-by-step can we build the basis of reliability. reliability leads to trust. trust leads to sustainable growth. he is unpopular in greece, where people hold him responsible for punitive austerity measures inflicted on the country. a day before the visit, the greek parliament bowed to german pressure and agreed to further cuts, including the decision to lay off 15,000 workers. >> ring me back my smile, my hopes, my dreams. you took them away from me just like that. i want them back. not just for myself, but my children and grandchildren. ray of hope from economic experts who said the greek economy might have got over the worst by the en dof -- the end of 2013. he also announced that germany will contribute 100 million eur

of the former greece state television broadcaster took the streets to protest the introduction of a low-budget replacement station. the new program was launched on wednesday but has been heavily resized by viewers. the state broadcaster was taken off the air last month as part of government austerity measures. nearly 3000 workers lost their jobs overnight trade the move almost brought down the coalition government. was foundan lawyer guilty of tax evasion on thursday, nearly four years after his death. he was just 37 years old when he died in a moscow prison in november 2009. human rights investigators say he had been beaten and denied medical treatment for a serious illness. his arrest came shortly after he accused the russian interior ministry of stealing millions through tax fraud area critics say the charges and the trial were politically motivated. at theessing a meeting moscow made airport, edward snowden announced he would seek asylum in russia. mr. snowdenseem could not fly given the current situation. he's trapped which is why he would like to apply for asylum in russia. amnesty inter

that goes back to ancient greece. philosophers never quite stumbled on an answer. is courage morally neutral? well, what i would say is that bravery very much resides in the eye of the behold per. it exists in the telling there strong role played by the stories we tell about what we believe is brave is very much reflective of the values of our society and so those points of debate are very -- are exactly the lines along the way in which our society i guess works out what we think is good and wa we think is not. >> of course, the flip side of bravery is fear. you write in your book that apprehension has become the norm and our ability to request distinguish what is and is not scary is skewed. where is that coming from? is that emanating from politician who's use that fear or are they just observing the state as it is and using that to their benefit? >> i would say that we are without a doubt living in an age of anxiety. it's the case here, my home in the uk, i've strongly suspected it's the case over there with you, as well. i don't think there's any doubt that thes

as greece struggles to cure its ailing economy with cash we try to find out whether the billions of euros have been any how. deadly clashes between an armed group and the military come just hours after a bomb attacks in the libyan city of benghazi this is the son of ousted leader muammar gadhafi awaits trial with tripoli refusing to hand him over to the international criminal court. and private companies in the u.k. are accused of hiring rogue detectives to steal their clients' private data adding to the blanket surveillance concerns unleashed by recent snooping leaks. through the am in the russian capital. and welcome to the program. now after having forced through furtherest area measures greece is set to receive its next bailout installment it took the government a lot of effort to please its creditors greece's parliament approved the cuts after european partners threatened to pull out at the last minute the bailout comes add the expense of thousands of public sector jobs a rescue loan of four billion euros will come from the eurozone and the european central banks the i.m.f. is also e

and hoped it would help him find a job in greece but for months now this logistics mastermind hasn't been able to find a use for his skills he says business is are simply afraid of hiring new staff because there is all these unstability they don't know what will happen in the two or three months later so there is zero investment going on in the market highly educated people are unable to find work are becoming as common pleas here as strategies in a greek salad officially two out of three grads in greece or now unemployed it's not only about graduates most of all can find a decent job even of a master's degree have also decided to stay in science often for a while as well leading to an academic deadlock that so far even the brightest minds haven't been able to crack because of the latest star city measures by greece's creditors the so-called troika around seven hundred fifty scholars all ph d. holders elected to serve as faculty members of the national academy can't be officially appointed to their posts stuck in unpaid limbo they're also unable to use existing research facilities ev