similar story as greece. but ultimately implementation most definitely going forward. >> for now, thanks very much for that. >>> recap of the headlines today. troika says yesterday to greece's next aid payment. strings are attached. new details suggest human error for the crash of a south korean jetliner this weekend in san francisco. at least 42 people confirmed dead as violence erupts in egypt. >>> other stories we're following. lloyds banking shares moving higher in trade. media reports looking into whether temasek may buy a major stake in lloyds banking group from the british government. sunday times reported temasek approached britain about taking a 10% stake worth $6.7 billion according to unnamed sources. reuters industry contacts say no such approach was made. temasek and lloyds have declined to comment. >>> the mexican billionaire carlos slim has set his sights on smartphone app maker shazam. he'll be investing $40 million in the british based firm. apparently slim's first investment in the uk compan

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.

. >>> no protests in greece today. that's a rarity lately. police kept the streets clean as germany's finance minister rolled in to speak. >> i would like to ask all of you not to continue in this time the discussion on a new haircut. it is not in your interest. we have agreed on the program for greece, and it was difficult to get it, i tell you. >> that speech took place at a germany greek chamber of commerce meeting, and mr. schaumberg's remarks caused a ripple this morning. ty? >> let's go to the power rundown and go through this quickly with sue and bob pezani. banks, brokerages taking part in quantum dunn, a marked hack attack. how vulnerable is wall street to a cyberattack in real life? >> i think it's a real issue. we have seen attacks on exchanges already. nasdaq had one on their website just the other day. i think this is very interesting. participants will receive blasts of confusing information today. that's amazing, sue. we can send them the mlc minutes. >> that's really true, but i think in this age of hacking, we've seen so many

>> 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

see the bond yields approach or exceed 8% briefly with the turmoil there, and not the mention that greece is back again. and again, these things come and go and the crisis in europe over to a larger extent and we have seen the markets down in spain sharply today. and we are revisiting them as the commodities are down. gold down. oil has been up, and it is a difficult period in which to make the long term investing decisions. >> the oil piece is interesting, because the dollar has been rallying and gotten a bid here, and yet the oil prices are climbing and not just on the bren, but the uti, and it is starting to tighten now. >> yes, tighten as a result. we are getting stuff from curbing to the east coast in terms of refining it, and don't forget, you see the pictures from egypt and that is unsettling people. you hear conversiations about te suez canal and you expect it to go on. >> it is a coupe? we don't know. the military is not specific, but the deadline is in the next couple of hours, and we will keep an eye on cairo and see if there is a large scale change in the political structure t

traders down here also watching the headlines overseas, egypt, greece and now portugal where a foreign minister has resigned. the finance minister resigned yesterday. jpmorgan just out with a note saying this significantly escalates their near-term concerns, and the blue chips, which had been up 74, now up just about 20. as for some specific movers today, let's get to the dow, the biggest gainer is jpmorgan, raymond james, they are fans and rate this one a strong buy. their price target is 64 bucks. apple is also working back-to-back gains. apple saying it filed a trademark application for an iwatch in japan, and finally ford, gm and toyota report june sales all besting estimates. guys, back to you. >> thanks very much, josh. let's bring in kenny polcari as well as michael fax president of farr, miller & washington and cnbc contributor as well. michael, i'll start with you. we've had a very volatile past few weeks mostly due to the fed, so how are you investing? >> sue, i'm feeling a little bit smug, if you will, which is always dangerous, you know. only two types of people in our busi

but falling well short of what we've seen in greece. more about extending maturities and trying to write down the debt. >> miles, good to see you today. thanks very much for joining us. just a reminder what's on the agenda stateside, pending home sales for june. the report also kicks off a busy data week. second quarter gdp and the policy decision out on wednesday all wrapped up by july non-farm payrolls. >>> still to come, the president is expected to nominate a successor for ben bernanke in september according to his administration. that has calls. we'll discuss the various candidates, plus lots of other things in the second hour of "worldwide exchange" right after this. e? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >>> you're watching "worldwide exchange." here are you

so going back to whether this is america's quote, unquote greece moment, a precedent in the case of the detroit is going to be so important, because what happens with the treatment of voter approved general obligation bonds that are supposed to go specifically towards some of these areas that then, in other words, the zen senie seniority bond markets is going to be important of the way that people treat municipal debt across the country. probably more knee-jerk selling and space, and here is what jim vogel said, look, if this means more differentiation across the muni space, and places to pick up a 5% or 7% or 9% yield in some places, what a perfect place for bank loans, and who knows more or should know more about a local market and local conditions and local fundamentals than the bank at least if this were the case 50 or 75 years ago and maybe an opportunity for them to actually improve their own earnings power by coming into this space. >> yes. >> you have done your homework. >> nicely done. >> and somebody has the do the homework and a lot of the guys can't at home, because you have

and better news from greece and portugal. draghi speaking at length and reiterating his commitment to low interest rates. >> following its july meeting, the council stressed the monetary policy stance is geared towards maintaining the degree of monetary accommodation warrantied by the outlook for price stability and promoting stable money market conditions. it reiterated its monetary policy stance would remain accommodating for as long as needed. >> so not surprisingly that bolster shares across europe but in green european commission officials say they have reached an agreement with authorities on the economic and financial policies the country needs to instigate to receive the next tranche of international loans. over in portugal making moves to end its political tur poil. portuguese stocks gains more than 2% on that news, carl. >> problem solved, right? not exactly. bob is back of course at work after a couple weeks off. you were missed, sir. >> it was wonderful to sit in europe and watch yields rise. i left at the lows tw

what concerns me about greece was the airports were closed down for four hours as a result of this general strike. and i read in today's daily news that foe see ya vergara was on the streets so i'm slightly concerned one of the national treasures here might not be able to get back and may be stranded on that greek island. we'll see whether they're able to chartary flight. >> i don't know if we can show that but we have pictures of the lovely sofia vergara sizzling in greece. >> i was there ten days ago. i recommend it. it is the jewel. >> doing their part to boost the economy, carl? >> sofia is there, simon was there. curious. very curious. let's get a check on energy and commodities. bertha coombs is at the nymex. >> sofia vergara has not been spotted here. but what is hot is the weather. we're seeing some mixed trade as far as the energy benchmarks. nat gas up with this heat wave gripping much of the country. we've also got gasoline higher, a little bit of resistance when it comes to brent and wti with those bad figures out of europe. if you look at what's been going on the last couple w

investors also keeping a close eye on greece. that country hoping to reach a deal with its lenders to free up more aid by monday. ali rend, vice president of the european commission says greece's last tranche of aid could be made in installments which would continue to keep the pressure on greece. once you're involved in one of these programs, it's quarterly, now it could be monthly you have to report back. simon really should have been here. so much happening. we've got the ecb, mark carney at the bank of england coming out with a statement and then the forward guidance. >> it always works that way. we hope to have him back next week. let's bring in josh lipton. >> we have given up a lot of green right here. you had that jobs report, you saw a beat. the upward rerevisions, but the dow is now up just 15. traders i'm talking to pointing to a few different factors. one will say the technicals. the failure of the s&p to break and hold above its 50-day moving average or short-term trend line. also rising rates. yields across the curv

the top gainer over the last year is, in fact, greece, with a gain of 48%. then ireland, then spain with gains of about 30%. in addition to that, of course, the euro was able to move substantially higher, and we have now an 8% move for that year against the dollar. in the meantime, guys, as far as the next couple trading weeks are concerned, i can tell that you angela merkel has gone on holiday despite the fact she's got an election in september which kind of indicates that everything is going to be okay for now. >> or it won't if you know murphy's law. simon hobbs, thank you very much, sir. both sides of the atlantic by the way are keeping an eye on the trial of fab tourre. the testimony he's given is just finished in the case against him. mary thompson has the latest. >> of course, tourre stepping down after what was essentially 2 1/2 days on the witness stand. the s.e.c. alleging that mr. tourre deliberately withheld information to investors about john paulson, the hedge fund titan's role in a synthetic cbo called abacus which netted paulson a billion dol

. >>> greece is expecting to receive the next batch of bailout cash. there is a monday meeting to decide whether greece shut get that money. >>> samsung reporting record quarterly profit of $8.3 billion up 47% from a year ago. this is becoming apple like. increase was driven by strong sales of smartphones including the new galaxy s4. shares did tumble overseas falling sort of analysts estimates. let's get a check of crude higher this morning that a state of emergency has been declared. you can see crude up marginally. 101.74. joe? >> we'll get to our trading block now for more on volatility in gold and currency joining us now, tom is a partner and we'll see if we'll be joined by other guests in a seconds. let me start with you, tom. we had dennis saying he's going long of gold the way he likes to say it but in japanese yen terms. does that make sense to you? >> well, i think if you're trading the yen, you should trade the yen versus the dollar. i understand what he's saying but if you follow what the yen started to do in november, gold has followed it.

. >> it won't be greece. it looks like it might actually be portugal. >> not only do people worry about spain after portugal and maybe italy. portugal to me looks like it's a part of spain. i don't know how they got a company in there. right there, isn't that spain? >> it's right there. on the western side of spain. you know what, if you stick to the port gear, are you a part of spain. you will start a war. >> you know whose idea it was? the people that spoke portugese instead of spanish. they decide, hey, we don't speak your language. >> the peninsula should have been one thing. >> i think. >> you know, they can run their -- >> it's a part of australia. let's just change the world map. >> they can run their affairs. >> new zealand was supposed to -- >> sorry kiwis. i love you all. >> senator elizabeth warren will join us in less than 330 minutes. the former wells fargo chairman and ceo joins us now. i don't know, dick. you know, what i looked up for this and we're going to talk to our -- i looked up how many

. >> on portugal, greece, you have unemployment rising to 26.9%. that is a record at a time when municipal workers are still in the streets of greece protesting in advance of next week's key votes. i come back to portugal, a bigger loss down there on the bottom left tlt moment. let's talk about the scale of the rally and wa is going on today. it is the miners that have led today under owned. a lot of those big miners that a lot of people were shorting have made gains during the session. and those appreciatus metals, much smaller generally. day two of less as you can see. let's talk about portugal and the reason why we're down there. the risk in portugal is rising. the president of portugal, rather than staying to the center right, yes, you can keep your coalition together is suggesting there can be some order of deal across the political spectrum for austerity so that they can exit their bailout next year and have a general election. that is seen as really stirring the pot, if you like, and you can see that these big banks in portugal are lower as

. >>> greece is going to lift short selling ban on bank stocks before the end of july. this is according to a source at reuters are quoting. the capital market commissions board convenes on thursday. and we'll discuss lifting the restriction. the ban applied during the recapitalization for countries major banks completed last month. this all comes as labor unions in the country are set to stage a 24-hour strike next week in protest over public sector cuts and other major measures laid out by athens to meet the bailout targets. those demonstrations could coincide with a parliamentary vote on job reductions that might affect teachers, police and other civil servants. polls still indicate the government will stave off a serious challenge. according to reuters again, 65% of respondents in a public issue survey said they did not want early elections. similar discussion going on in portugal. the president rejecting calls to hold snap elections. he says it could force lisbon to request further aid. in an address, he appealed to all political parties to reach an agreement to ho

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

greece has got their money. we'll have to see how they meet the conditions. that did help greek, lower today. spanish yields, a little higher, yielding 4.73%. but they have got their money and portuguese government is holding firm as well at the moment. currency markets today fairly steady, posting nonfarm payrolls. eyes on sterling. we had for the first time today weaker than expected data out of the uk. first time in a while coming in slightly less than we thought. that's where we stand in europe. >> do you want to spend your poor bankers to prison if they take too much risk? >> how do you measure reckless? >> i don't know. >> what is the difference between reckless and incompetent? >> i don't know. >> what is the answer? what is going to happen, ross? >> i don't think it is going to get into law because of that particular issue. >> doesn't anyone ever think about these things before they start -- you're so -- you fly off half cocked over there in that country sometimes. i watch the way -- >> they like to float -- no, politicians like to float ideas, right,

meantime, european markets have actually come off their lows with the exception of greece which is down over 2%. there will be a general strike of tuesday of next week as the parliament attempts to vote on the thousands of extra job cuts there. let me just show you a live -- some live data from italy on the bond market. today italy managed to sell 9.5 million euros, albeit at elevated levels of paper, despite the downgrade from s&p last night and the five-star movement did so well in the last election, suggesting there should be fresh elections because of the downturn there. if you take one thing away from what i'm telling you, it would be this chart that i now want to show you which is the climb back as we wait for ben bernanke this afternoon. the climbback that you've had in europe since may the 22nd, and bernanke first talking aggressively about tapering has been far less on european markets than it has been here in the united states, so the underperformance companies. one more, guys, before i hand it back to you. let me show you shares of burberry. people have been selling into burb

but yeah, facism i think has had its day and i don't think that's except in places like greece, that's not really a significant force and i hope it remains that way. >> last word, zach. >> europe is going test this presumption. if you have a shrinking population with sufficient affluence, why should you have growth, right? and the whole model that we live in, the whole political model, the whole economic is predicated on growth is normative, growth is good. europe has huge issues and we've talked about all of them. but it's a stable, affluent society by any spectrum of human existence over history. so what exactly should the model be going forward. >> does europe want to be a giant behemoth? i think it has more ambition than that. >> very nice place to visit, one of the world's greatest. >>> thank you, all. lots more ahead on "gps." would you be okay if your kids had to double their way to play a sport that would then destroy their brains? malcolm gladwell says we're doing that to other people's kids by supporting college football. >>> but up next, what in the world. a world leader who

but yeah, facism i think has had its day and i don't think that's except in places like greece, that's not really a significant force and i hope it remain that say way. >> last word, zach. >> europe is going test this presumption. if you have a shrinking population with sufficient affluence, why should you have growth, right? and the whole model that we live in, the whole political model, the whole economic is pred dated on growth is normative, growth is good. europe has huge issues and we've talked about all of them. but it's a stable, affluent society by any spectrum of hum existence over history. so what exactly should the model be going forward. >> does europe want to be a giant venith? i think it has more ambition than that. >> very nice place to visit, one of the world's greatest. >>> thank you, all. lots more ahead on "gps." would you be okay if your kids had to double their way to play a sport that would then destroy their brains? malcolm gladwell says we're doing that to other people's kids by supporting college football. >>> but up next, what in the world. a world leader that

they're not as bad as greece. that's what they're going to run on -- not quite as bad as greece. that's not what it's about. [ laughter ] >> what are we talking about? >> god knows the former speaker of the house, i of all people shouldn't have to say, politics the art of impossible, policy is the art of the impossible. we're not going to turn the united states to cuba. what we might do, hopefully what we can do is something like what actually president obama suggest in the last several budgets which was closing more of a loophole for the rich to take advantage of. i want to say the two great sins of recent history are the 2003 bush tax cuts, which gave special treatment to dividend income, and that cut in the capital gains tax rate in the '90s that was under somebody's leadership in the house, i can't quite remember who. i want to raise a few extra income from the top 1%. that we'll do. i don't think it will solve all of our problems. it's a start for reducing the excessive power. the fact of the matter is that in the past, we had more progrelszive taxation. in the 1930s with a

spirit that is sweeping across southern europe and threatens the democracy of portugal, spain, and greece? i would like to say is what i meet with the chancellor, we discussed the single currency. it is important that what ever the personal views of the single currency and i never wanted britain to join it. we have to respect those kercher's and 1 -- 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. merkel chancellor understands that. i can 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 back the stolen cash of the conservative party. when is he going to give it back? >> that been very active this week. what we need to see is when are we going to get the taxpayers money given back. never mind a that happened 20 years ago, this happened about 20 weeks ago. >> thank you. one of the fir

racism actually began in greece. they said what was purity. as far as africans and blacks in america being enslaved, go into the civil-rights movement, electing obama and thinking racism was over, we have been fooled. host: have you been fooled? guest: we are talking up the issue of racism. they were not slaves because they were black. they separated slaves from indentures servants. that is the history we are dealing with. if we have not dealt with that history, yes we are being fooled into believing that this is not a country built on racism. guest: america, unlike in place in the world, based it on skin color. that is when it became racism. guest: we codified racism into the law. host: there is no question whatsoever that law enforcement is biased against minorities. agree or disagree? guest: it is taught in law enforcement. i find it very shocking. in talking to law enforcement of issues, they use the issue of black youths. we need to change the way law enforcement teaches their officers to identify threats. guest: i absolutely agree with a

of their ability to reason and the culture of greece at the time, they had to infuse mosaic law to uphold their rationale. were teased by other greeks who said, you got that from moses. as civilization is progressing, the law was handed down, it the greekom civilization, and they are talking about the foundation of western civilization. roman law was emerging as well. i take you to the time of christ. o the time of christ. he talked about the values of repentens and redemption that didn't exist in the form before then and that has gifted us. i talk about the importance of the law. think about mosaic law coming down, being infused within the reeks, transferred also to the romans, roman law ruled over the world. as you remember, the high priest said to jesus, did you really say those things? did you really preach those things? and jesus said to the high priest as the jews were watching, ask them. they were there. they can tell you. that was, mr. speaker, the assertion by jesus that he had a right to face his accusers. that principle remains today in our law that we have a right to face our

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

racism actually began in greece. they said what was purity. as far as africans and blacks in america being enslaved, go into the civil-rights movement, effective obama and thinking racism was over, we have been fooled. host: have you been fuld? guest: we are talking about the issue -- fooled?ve you been guest: we are talking up the issue of racism. they were not slaves because they were black. fromseparated slaves indentures servants. that is the history we are dealing with. if we have not dealt with that history, yes we are being fooled into believing that this is not a country built on racism. america, unlike in place in the world, based it on skin color. that is when it became racism. guest: we codified racism into the law. host: there is no question whatsoever that law enforcement is biased against minorities. agree or disagree? guest: it is taught in law enforcement. i find it very shocking. in talking to law enforcement of the issue ofuse black youths. we need to change the way law enforcement teaches their officers to identify threats.

focusing on this student loan 's greece, from your agency perspective, what do you feel is better for the student the senate democrats propose we keep the rate at what it is. and have countered with what we -- republicans have countered with what they see as a compromise. said let us goas forward with that idea. one thing that many borrowers are frustrated about is there inability to take advantage of today's historically low interest rates. we have seen interest rates on all sorts of credit products go down as the federal reserve has pushed its quantitative easing policy and market interest rates have gone down. student loan borrowers have not benefited from that. he margin between what the government borrows at the capital market and what is being charged to borrowers, at spread has really grown. wonder why the are not able to refinance student loans to lower rates. why are rates being charged outside of the metric of market rates? there is a growing sense that families and new student should be able to benefit from the broader interest market climate as well. on the other hand, if

people that could step up before the masses in greece and the city states and issue a speech that was rhetoricically so inspiring that the greeks marched off in what turned out to be the wrong direction. what would they do? they would label them a demagogue, bring them before the city state and then they would excoriate him and then they would have a vote. and it's like the greek system today. two gords, two marbles, one black, one red, they called them balls, of course. as each of the greeks walked through they would have -- i said red, white and black, they would drop their voting ball in one gord and drop their disard ball in another gord. if the demagogue got three blackballs he was banished from seven years. that's how they muzzled the people that led them in the wrong direction with emotional rhetoric. but can you imagine if we did that? if america would banish people for giving terlands a speech that was disagreed with by three people, that's all it took, three, they were restrained because they didn't want to be the next one banished, but that was the system. we are not going

. >> you definitely see the political spectrum of greece -- political spectrum of support. i am proud to stand here not just with the colleagues here but there are others who are very much concerned and wanted to take some specific action related to drama in the military. this has been going on for far too long. there is no magic bullet. one of these answers is to remove the chain of command from making the decision to investigate and go forward. on the other hand, there are plenty of other things that we need to do because we are dealing with the culture and a military that has allowed this to occur for decades and decades are you the commander has a responsibility to change that culture. there are educational opportunities, there are all of these other things that can happen. the navy is doing some of this, starting in a small way where they address the incidents and use of alcohol, which is very much a part of these kinds of crimes. there are so many ways that we can address this. this is one very specific way that we believe will result in more of these crimes being rep

, and the roleders they play, whether it is greece, or the united states, or a municipality, they are doing it they stun risk, -- based on risk, and apparently the higher interest detroit was paying was appropriate since they were going into bankruptcy. the riskier the regime, the more costly it will be, whether it is a financial institution, an individual or municipality. tarp,back to the banks, the bailouts -- i oppose this because it is a slippery slope. one group ofout folks and not another, you have the government picking winners and losers. that is what i saw out of the financial crisis. it leads to the same question -- if you bailout one group, why not tell them all out, and that is why i opposed tarp -- the moral hazard involved in this and how it leads to greater and more deeply flawed policy. host: bonnie, middleton, new jersey. democratic caller. caller: good morning. here reallyscandal comes down to the citizens united decision that created effect,ue because in establish that only one authority could regulate 501(c) fours and that was the irs. fours -- before, 501(c) fours

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

, without lemay, but i don't think -- you take away themistocles burn down athens and two-thirds of greece occupied, the greeks would have even fought. without belisarius the emperor justinian would not have recovered much of the western part of the byzantine empire. i don't think there was a union general alive who could have taken atlanta at the cost that we took it, very small cost compared to what was going on in virginia. i know anyone in could have done what matthew ridgway -- i wish i could say there were american generals, but not very many it could have done. looking at unique individuals draft history chronologically. trying to remind us that even a therapeutic sociological era of high-tech, these human qualities remain constant across time and space. >> host: to few historians, the people that you select were in the saviors of their countries. i think themistocles is a great example. undoubtedly he saves the greeks. but they might argue with some of your other choices, such as bridgeway because the original strategic outcome in three of, not actually achieved. so how do you resp

lehman brothers and all those things from 200 2008 by spread into eu, it spread into sovereign debt, greece, ireland, spain but it spread into different -- the european banking system, the world trade system. this was not a one a story of crisis response. it's all a. so that's what i do in the book is tell the global store and always interrelate apart. warren buffett has a line from you don't find out who is naked until the tide goes out. the greek government was a naked one in this case. the crisis expose some long simmering problems in their excessive borrowing and bad governance that a think we just didn't understand or didn't say when things were going better. and it was his receding tide great by this crisis, the meccas crisis -- the mega crisis. so let's talk about how that came to be. the european crisis is a hard thing to get your head around it i spent a couple years covering it. i would open a good bit and i still feel like it's something that is not easy to get a good grasp of. so i start that story in october 2009. what happened is a new government came to power, the socialist p

when everyone says athens is lost and they go rest is missing give up greece themistocles is distrustful with consensus. when they tell sherman that lincoln is not going to win the election and whether you like it or not mcclellan is going to feed president and you had better adjust to it or when people tell ridgway it's time to go back to pusan and settled things down and get everybody out. they're at the 30th parallel and take them back to pusan but when petraeus went to iraq, it was hopeless basically but they had this have this idea that i don't trust what most people say and b i guess they do their homework. they are very meticulous student so they are strategists of not just saving the particular war but a vision. petraeus had a vision of something called counterinsurgency. you know better than i do, that even transcended iraq. we would be in time time and space in the 21st century where we had to have a different tactic in the middle east. ridgway was an author of this radical doctrine. it's not radical now but believe me after 1946 people said we don't need a marine corps and we

but also he united greece important supreme court decision which were ravens of the book. we don't go. we don't go into a great deal of detail about it but the supreme court has held that if there's an alternative sentence of life in prison with no parole, juries must be advised of that. if you are not advised of that you've got to do all over again. so when juries know they have that choice, death or life without parole, this person will never see the light of taken outside a prison wall we find they are more inclined to vote for life in prison. we talk about being arbitrary and capricious. one of the strange things we know, there are now about 15,000 homicides a year in the u.s. that's down over the last few years. several hundred death sentences a year but over the last three or four years we been averaging about 40-50 death sentences -- execution. you see it is out of whack. so many different senses, so many homicides but so few executions. when gregg v. georgia was argued, it's arbitrary arbitrary capricious only in the sense that many killers deserving of the death p

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

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

against all the evidence between those who draw the obvious lessons from human tragedies in places like greece and detroit and some who just can't face up to the logical end points of their own ideology, who can't accept the terrible pain their own ideas inevitably inflict on the weakest in our society. and it's between those who understand the necessity of empowering private enterprise if we're ever going to drive a sustained recovery for middle-class families and some who just can't seem to let go of ivory tower economic theories. even after four and a half years of an economy literally treading water. and speaking of ivory tower theories, here's another difference. some of us believe it's actually possible, possible to act as good stewards of the environment without declaring war on vulnerable groups of americans. i know there are a lot of people here in washington who think of appalachia as flyover country but many in my state have another word for it. they call it home. when these struggling families here one of the white house climate advisors say a war on coal is -- quote -- "exactly wh

they also tell us that unlike detroit or greece, america still has some time to chart her own future but not long. that's why the choices we make today are so important. we can follow the democratic path to austerity, the path of breaking spending caps wide open and borrowing more money we don't have, of callously rejecting reform and blissfully denying the future. that path inevitably thraoedz european -- leads to european-style austerity, to the decimation of the middle class. to desperation for the least among us. or we can follow the republican path to reform and to growth, a path of smart choices, innovative reforms and orienting our economy toward the future, a path that not only prevents austerity tomorrow but leads to more jobs and a better economy today. a democratic path to austerity or a republican path to reform and growth, these are the choices. voting for appropriations legislation that blatantly violates budget reforms already agreed to by both parties moves our country in exactly, exactly the wrong direction. it puts us on the democratic path to austerity. that's one

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

. >> lives destroyed by greece time to find them especially sexual violence against women and children as well as violations of human rights. the impact of the congolese crisis carries with it a regional dimension as well. the entire great lakes region has been affected as well as central africa. in the humanitarian, security and economics, it is time to put an end to it and make it a reversible. the signing on the 24th of february of the framework agreement on peace security cooperation of the drc and the great lakes region was the fruit of regional concerted efforts supported by the united nations and sub regional organizations in order to bring forth we'll hope of peace are in disagreement which is integrated approach is important in fat it provides a process for to hope to remedy and put a lasting into the instability of the region. which has lasted all too long. this opening also goes hand-in-hand with measures taken by the city council to progressively adapt minusco's mandates were mailed on the ground. regionally, the international conference on the great lakes region also put i

towards problems that we have presented eve -- plenty of illustrative information on, problems like greece is going through and -- has gone through and is going through. and other countries as well what are just profligate when it comes to their economic wherewithal. i like the president personally, but for the life of me, i don't see why he doesn't see all this. and i really don't see why my colleagues on the other side don't see it. or should i say they ought to see it. they ought to know that this is not what the american people prely want. they would like to have health care; there's no question. but this is going to diminish health care all over the country as we see the high percentage of doctors who are giving up on medicaid patients. they won't take them anymore. now just this week a high percentage of doctors is giving up on medicare patients. they don't want to take them anymore. and what's the administration's answer to all these spending programs? they're going to cut the providers. already the providers -- the doctors, the hospitals, the health care providers -- are complainin

to european countries that allow it and have gone legally to hookers, and it has been around since greece. i differentiate between the two of them -- which both of them i think do great things. they have great ideas. the things they support. weiner doesn't seem to have himself under control. >> stephanie: no. >> caller: and spitzer seems like, oh, yeah was doing kind of a male thing, and it's not acceptable, and now i have put it behind me. and that's where i differentiate between the two. i don't think spitzer has it to deal with anymore. and it seems like weiner has it to deal with. and it's a little bit like our new jersey governor where i always said his weight has got to be a problem, and he needs to deal with that. and i don't like them having their time split between a strong personal problem. >> stephanie: right. right. >> caller: and doing their job. >> stephanie: and i have to say, i have a personal take on that because i know eliot spitzer obviously i have worked with him here at current, and i could be wrong, but i got the same sense. when i talked to him personally, he seemed

this riot was in greece. greece had the most riots, there have been big fights in sin effort gal, portugalleportugal and england. >> there has just been cuts, cult john: many say europe's troubles prove that the free market argument is wrong. the europe troubles gave he pause. could it be true? cato economist dan mitchell. why haven't the budget cuts worked? >> because there have not been any that woman from england. the cut, cut, government spendi has gone up in the united kingdom every single year. for at least a couple decades, and even since their so-called conservative government took over, and it is rising faster than inflation, you look at france, governmenttspending going up. >> we have a graph. france, italy, united kingdom, spain. >> they are increasing government spending at a rapid rate. all of a sudden, fisl financial crisis hit, we have to do austerity, was not prune back the se, they said let's raise taxes, they are raising taxes, dving private sectors into the dirt, that dii not work, now fina

his neighbors were complaining that they could smell bacon greece in the wind. >> it woun't bother me at all and i have to tell you that there is a national pig association and it was -- this is their way of getting people to get on the bandwagon. i think yes to bacon,,we need more bacon in our lives. we are re-opening the restaurant now. melissa: if i smell bacon on the time, i would just be hungry constantly and walking around with a blt in my hand. [laughter] all right, watch this, this is a new application that lets you see what you would look like in 10 years based on your drinking habits. and here's what i would look like if i had 10 drinks a week for the next decade. >> you still look good. >> i look a little fatter and wrinkly. don't forget about this. here is your picture. it doesn't look bad enough to stop drinking. >> 10 rinks in a week is a lot. melissa: people between the ages of 18 to 25 are spending about $44 a month on alcohol. melis: dataset? >> i spent more than that when i was that age. melissa: i have to admit that my picture was heavily airbrushed and i'm not sure

it is news about the numbers in the rescue package for greece. eurozone finance ministers approved a staggered payment method. those payments will start with a 2.5 billion euro installment this month. a second installment, 500 million euro coming coming n october according to reuters. central banks and euro system will contribute 1.5 billion euros in july and 500 million euros in october. the officials say the international monetary fund will give 1.8 billion euro come this august. lori: let's get an update on the stock market here in the u.s. as we do every 15, back to the new york stock exchange with nicole petallides. you have one name up and one name down for us. >> that's right, a winner and a loser worth talking about. intel in particular has been a big laggard on the dow jones industrials have a couple analysts cut intel obviously for similar reasons. citigroup and ever core partners are pulling back on intel and their outlook, concerns about pcs, the pc market forecast overall. citigroup did lower their numbers they expect obviously them

. >> historically egypt, israel, greece, turkey have received the bulk of the u.s. aid for the military, but in this case i think with the changing dynamics in this area, egypt is a very impoant country in the middle east and north africa. the dust settles and their sorting out what kind of government, treating the peopl and their place in the region. we do know saudi arabia and kuwait among others providing substantial aid to the egyptia with the fall of the government, do look upon that a positive one as egypt itself whenhey desperately need that money, but also for the region. >> i believe it is positive, it is positive because it is good to have the arab states to provide funding to do so for the other western counies that may have fulfilled to the past. we have to wait to see how things turn out. that does not mean we turn our backs, but stand back somewhat and wait until conditions develop before we start providing lot of a begin. lou: turning to afghanistan, considering is your optio wishes the withdrawal of the troops from afghanistan next year. a wise cours