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

out. >> greece is waiting for the 10 billion, the tranche of the loan. and greece on the brink of collapse, they were suppose today do government benefit reform, notably redundancies. the problem is that the imf is at the risk of breaking its own rules if they allow to delay reform. >> they've broken all the rules. and the ratios that everyone promised. almost all of that was thrown out the window and none have credibility. and argument from the left and austerity for the most part to spend higher taxes and it's a gut wrenching thing to go through. and greece has been on the back burner and things seem to be moving along and the headline it's still the same and it's in spring again and meeting the seasons of revolts and protests and problems with what's going on. >> the revolt-- >> europe as a whole. >> i wonder, have they coded themselves in such a welfare mentality that they're too easy to vote? you look at youth unemployment in italy, spain, portugal. this has driven the egyptian kids out into the streets. and these guys are at home chilling out. >> e

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 $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

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

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

if i'm greece that gives me a little bit of leverage. ashley: croats will not be happy with that comment. >> i know they won't be but golly. talk about coinstar. how do you guys feel about kiosks. lori: i love them? coinstar is so fun. >> do you really? kiosks -- lori: see all the movies? @> redbox, it is fantastic. people writing off the whole dvd business. lori: no way. cars -- >> all the -- lori: taking over your hit, sorry. >> look at best buy over the last year, look at that stock. you can't write this stuff off this soon. netflix made 113 million off dv. dids. dvds. only 31 off the streaming video. they have rubies, they will distributing seattle's best coffee out of this one. what do you think? lori: you know in new york city we, they're not really kiosks but we eat off stand in the street. ashley: you might. i don't risk it. >> hot dog stand that have questionable whatever. lori: i love my dirty water dog. >> you trading used cell phone for cash. lori: beautiful. >> you like that one? ashley: that is a good one. >> bert than some

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

situation there, remember about two years ago when they had riots in greece, it affected the markets tremendously but now, chris, again we seem to be beyond that. let me ask specifically about size of companies because there has been, today, we saw the russell 2000 do very well. much better than regular markets, that being small and mid-size caps. do you choose any size company particularly in this environment? >> we like small caps now. we think they're less exposed internationally to emerging market companies. their balance sheets are incredibly bert than they were four or five years ago. with a rising rate environment which is what we've been seeing, if they do continue, we think the small cap companies will be benefiting. liz: what is your side window trade, chris? i like to use that term sometimes because i think, if l, money you could afford to lose where would you put it? is there a cookie sector where you think it may not do well but i'm willing to take a shot at it? >> ahead of semiconn west next week, semicap equipment back end of this year. liz: semiconductor capital equip

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

liz: don't count greece out. n europe, greece got a nearly 9 billion-dollar lifeline from the eurozone today. they must keep their promises to cut government jobs, waste and spending to get rid of all the cash. "after the bell" starts right now. ashley: let's get to today's action. we have patrick, brandywine global manager. his last stock pick, up by the way, 30% since he told you to buy. i hope you did. lincoln ellis is in the pits of the cme. let's start with lincoln. i was looking at some of your notes. alcoa earnings a terrible barometer for the stock market. you believe that huh? >> terrible barometer for the economy t really doesn't tell us too much other than what we've seen over the last course of the two years. alcoa has been dead money. commodity sector has been beaten up last couple years. it has been a couple years. we wonder if the turn is starting to happen? we'll see on the back side of what china reports next sunday night. we have some interesting economic data coming out midweek. three, 10 and 3

morgan, commerzbank, and they have all said that essentially what is happening in portugal and greece and cyprus, those countries of the leading edge of the problem in the eurozone. what they're worried about is a spillover effect. a lot of talk about whether or not spain and italy will basically re-enter crisis stage. now, here is what the bottom line is. the imf is warning that there are risks ahead for portugal, but all of these banks are saying, this is the problem, this is the issue. whether or not there is austerity fatigue in these countries. in other words, will these countries be able to dial back on their spending and dial back on their tax hike? they're saying no because they you, imf, and the ecb, the troika as it is called, the three of them are hanging tough, essentially saying to cyprus and greece, you have to continue with your reforms or you will not get bailout money. that can be expected to also happen in portugal. portugal is trading at junk status with junk bond status. what is striking here is that it started out this month that just under six and a half%. you sa

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

look at portugal, spain, italy, greece, they have disasterous economies. they need this much more than anything else. i agree. this is all nonsense and puffery. it would be more exciting if we learned that andrea merkle was having an affair with john carey. >> oh my god, what? >> that's the same level of this kind of thing. this will go away fast. it will not interrupt any of the discussions. any of the discussions going forward. the eu wants it. we want it. it will work. >> why would they try and rattle the cage here? what is the end game? >> if they boycott us it is to their own detriment. trade helps eryone involved and to the extent the eu cuts it off, i think they are shooting themselves in the foot. the uned states is still the most prosperous, the most individualistic and the most capitalistic country on earth. it does hurt us in terms of our reputation on the world stage. o -- we have lost the bailouts and our reputations as the world'sefender. we don't need trade talks. we need to practice what we preach, protection ofree trade and protection of i

look at portugal, spain, italy, greece, they have disasterous economies. they need this much more than anything else. agree. this is all nonsense and puffery. it would be more exciting if we learned that andrea merkle was having an affair with john carey. >> oh my god, what? >> that's the same level of this kind of thing. this will go away fast. it will not ierrupt any of the discussions. any of the discussions going forward. the eu wants it. we want it. it will work. >> why would they try and rattle the cage here? what is the end game? >> if they boycott us it is to their own detriment. trade helps everyone involved and to the extent the eu cuts it off, i think theyre shooting themselves in the the united states is still the most prosperous, the mt individualistic and the most capitalistic country on earth. it does hurt us in terms of our reputation on the world stage. o -- we have lost the bailouts and our reputations as the world's defender. we don't need trade talks. we need to practice what we prch, protection of free trade and protection of dividual

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

is like european countries, greece, portugal, greece, half of the people have never been on the internet. i could bail you out but if you don't have the intellectual tools or the schooling to take the money you will need a bailout later. you can keep giving a man a fish but unless he learns how to fish 47% functional adults, 47% functional illiterates, 47%. getting them money no matter how nice you think is or how humanitarian you think it is only prolongs the problem like the building jeff was talking about, to really fix it the mindset must change. when i say dramatically, dramatically. stuart: the news we broke this morning is a republican has said he is open to the possibility. charles: what is going to say? don't bail us out. won't get reelected. stuart: he is not from the detroit area. he is open to it. charles: if you cause of your leg the rest of your body -- >> there have to be consequences to choosing bad governance. charles: going to the consequences there has to the stipulation for this money, that is not economic stipulations that personal responsibility stipulations. this i

greece is trading long term ratio of three. that is a generational low so a lot of the countries, greece, ireland, russia, we think there's a huge opportunity in the next five and ten years. maybe not in the next quarter, but the next five years, there's a big, big opportunity. >> you have to know the investor. that's the thing, long term investor, and in the etf, tactical, you move around, great, a professional can do that, but the average investor is gun shy. they took a long time to get in, buy low, sell high, never learn. cheryl: you have a different approach, doing different things as jobs outside of the studio. you manage private money, you're in the etf groups, selling to institutional investors. from your perspective, kathy, do you have plans coming into the office saying i don't trust the markets, i want out, at terntive investments. >> absolutely. another show, i got a $5 million client called saying, help, i have to preserve now. we see a lot of people that really want to protect it. they are worried. business owners

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

his neighbors were complaining that they could smell bacon greece in the wind. >> it wouldn'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 drinks in a week is a lot. melissa: people between the ages of 18 to 25 are spending about $44 a month on alcohol. melissa: 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

. >> 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 important country in the middle east and north africa. the dust settles and their sorting out what kind of government, treating the people and their place in the region. we do know saudi arabia and kuwait among others providing substantial aid to the egyptian with the fall of the government, do look upon that as a positive one as egypt itself when they 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 countries 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 a lot of a begin. lou: turning to afghanistan, considering is your option wishes the withdrawal of the troops from afghanistan next year

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

. >> 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

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

protests in greeces, foreign lenders. lori: senate leaders heading for a major show down over presidential no , ma'am sees, well, easing off the gas now. dennis: the bull market for u.s. auto stocks running out of gas? ford and gm shares sputter. lori: dow is lower, down 54 points. what's the trade in commodities? gold is higher, and silver and copper gaining as well. we're back at this. ♪ i want to make things more secure. [ whirring ] [ dog barks ] i want to treat mo dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions om at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ dennis: news alert, for the fourth time this year, greeks holding a general strikes against cuts in the public sector thousands walking off the job for a 24-hour strike called by the union with the st

>> well, historically egypt, israel, greece, turkey have received the bulk of the aid, u.s. aid for the military. but in this case, i think with the changing dynamics in this area and egypt is a very important country in the middle east and north africa. i think it would probably be a good idea to maybe commit the aid and not provide it until the dust settles on what type of government, how they treat the people and their place in the region. >> the interim government bringing in the muslim brotherhood, we do not know whether at the behest or the insistence of the obama adminiration. but we do know that saudi arabia and kuwait, among others, providing substantial aid to the egyptians with the fall of the morsi government. do you look upon that development as a positive one. not only for egypt itself, a time when it desperately needs that money but also nfor the region. >> lou, i believe it is positive. it's positive because it's good to have the arab states, the other regional countries that can provide, have the ability to provide funding to do so and relieve the burden on

anton's point, it probably is a good idea for both greece and portugal and several other countries to get out of the euro. but that would create such an a people and have such a headline risk it would send markets reeling and just be a mess. they're going to work through it. for the next couple of months we're going to have to deal with this country's 80% of gdp. you have to deal with these headlines and i believe it will cost higher market volatility. lesson learned. austerity does not work. neil: thank you very much. have a great fourth. all right. meanwhile, a fox business alert. oil popping over $100 per barrel of the first time in the year. just as we talk as prices are stabilizing the energy tighten says get ready for your wallet to start sizzling. ♪ 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 ro? oh, you guys! and witdouble miles

>> well, historically egypt, israel, greece, turkey have received the bulk of the aid, u.s. aid for the military. but in this case, i think with the changing dynamics in this area and egypt is a very important country in the middle east and north africa. i think it would probably be a good idea to maybe commit the aid and not provide it until the dust settles on what type of government, how they treat the people and their place in the region. >> the interim government bringing in the muslim brotherhood, we do not know whether at the behest or the insistence of the obama administration. but we do know that saudi arabia and kuwait, among others, providing substantial aid to the egyptians with the fall of the morsi government. do you look upon that development as a positive one. not only for egypt itself, a time when it desperately needs that money but also nfor the region. >> lou, i believe it is positive. it's positive because it's good to have the arab states, the other regional countries that can provide, have the ability to provide funding to do so and relieve the burden o

anton's point, it probably is a good idea for both greece and portugal and several other countries to get out of the euro. but that would create such an a people and have such a headline risk it would send markets reeling and just be a mess. they're going to work through it. for the next couple of months we're going to have to deal with this country's 80% of gdp. you have to dea with these headlines and i believe it will cost higher market volatility. lesson leaed. austerity does not work. neil: thank you very much. have a great fourth. all right. meanwhile, a fox business alert. oil popping over $100 per barrel of the first time in the year. just as we talk as prices are stabilizing the energy tighten quality control. she makes a nifty living sleeping on mattresses pioneered by engineers whose singluar devotion is not stopping until they have given her the best sleep of her life. that's not greta. save up to $500 on the tempur-ergo set plus visit tempurpedic.com for details about our 0% apr financing with up to 5 years to pay. ♪ neil: you might want to turn your air conditioner off

. >> well, we've seen what happened in greece, portugal, spain, what subpoena haing in europe. melissa: right. >> now we see it at home. we see it at home now. it is inevitable and it was necessary. you have two types of bondholders. you have the secured and unsecured. you have casone bondholders. you have the water and sewer bondholders. they will be given higher priority. the general-obligation bond as you know are not secured. melissa: right. >> they will probably be worthless. you have a majority of bondholders will put their will on the minority of bondholders to cut a deal. bottom line is, whole point of filing a chapter 9 bankruptcy is to allow for the city or, you know, in this instance the city in particular to get a fresh start. melissa: yeah. >> the question is, what are they going to do after? melissa: yeah. >> are unions still, what are you going to do? melissa: let me askkboth of you. so what, tomorrow is day one. what would you do from here to put this back together? congressman, i will start with you. tomorrow is day one. what do you do? >> this isn't being done

>> well, historically egypt, israel, greece, turkey he received the bulk of the aid, u.s. aid for the military. but in this case, i think with the changing dynamics in this area and egypt is a very important country in the middle east and north africa. i think it would probably be a good idea to maybe commit the aid and not provide it until the dust settles on what type of government, how they treat the people and their place in the region. >> the interim government bringing in the muslim brotherhood, we do not know whether at the behest or the insistence of the obama administration. but we do know that saudi arabia and kuwait, among others, providing substantial aid to the egyptians with the fall of the morsi government. do you look upon that development as a positive one. not only for egypt itself, a time when it desperately needs that money but also nfor the region. >> lou, i beeve it is posive. it's positive because it's good to have the arab states, the other regional countries that can provide, have the ability to provide funding to do so and relieve the burden on th

>> well, historically egypt, israel, greece, turkey have received the bulk of the aid, u.s. aid for the military. but in this case, i think with the changing dynamics in this area and egypt is a very important country in the middle east and north africa. i think it would probably be a good idea to maybe commit the aid and not provide it until the dust settles on what type of government, how they treat the people and tir place in the region. >> the interim government bringing in the muslim brotherhood, we do not know whether at the behest or the insistence of the obama administration. but we know that saudi arabia and kuwait, among others, providing substantial aid to the egyptians with the fall of the morsi government. do you look upon that development as a positive one. not only for egypt itself, a time when it desperately needs that money but also nfor the region. >> lou, i believe it is positive. it's positive because it's good to have the arab states, the other regional countries that can provide, have the ability to provide funding to do so and relieve the burden on the

the same thing happened in greece and in france and spain these other municipalities, these other countries around the world that have big government have raised taxes. lead to lower gdp in higher debt to gdp. it is a classic situation. once we get above that debt level, even if you raise taxes, it makes people -- david: maybe the way to the raise revenue is raised tax rates. good to see you. liz: threatening storm clouds on the horizon. the stock has done really well lately. we are bringing in the chain's chief financial officer to talk about the company's plan to brighten his future. can you say tofu and so much more? forrreal bulls. the lines are up the door across the street. ♪ with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. no

. >>> greece's jobless rate rose to 27.9%. more than the average rate in the eurozone. [buzzer] liz: average rate is 20.2%. adam: very tough for people to live through that. liz: very tough. adam: officials meeting in the nation's capitol for economic talks including economic reform and a halt to cyberattacks. liz: rich edson joins from us washington, d.c. for the late left. it is not enough for the people to say, you have to stop the cyberattacks, right, rich? >> the big economic news, perhaps a way forward for more american companies to sell more american goods in china. the announcement of a beginning of negotiations on bilateral trade treaty. jack lew was announcing a few moments ago a bilateral treaty for the united states is priority and opening markets for fair competition. the commitment made today, stands to be a significant breakthrough and marks the first time china has agreed to negotiate a bilateral investment treaty to include all sectors and stagings of investments with another country. now they have not agreed to that they have agreed to begin negotiatio

this is like grease, didn't become the greece we know overnight. it started in the '70s. with communist socialist rule. the detroit we know is 30 years ago, culmination of years of bad policy. stuart: let's get real. they've got no money. got $18 billion in debt. now, what happens? do you just totally, no services, no police, no fire, nothing? do you do that? do you do that? >> you don't do that. >> that's what you're staring at. >> you're staring at a lot of things, okay? but we're looking at a city that's the self-inflicted wound. stuart: yes, you're talking about pouring money in there this month and you've got to pour in money the next month and the money after that and money after that. it's a terrible thing and we have to acknowledge how it happened before we fix it. >> when it comes to detroit. the issue comes unions and pensions, too, and a lot of other things as well. now one judge says a bankruptcy finding is unconstitutional. all rise because our judge on that is next. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if

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

we saw this proven in greece, right? and that's part of the reason that they have higher costs of sovereign debt is because there es an implication for the sovereign debt that they have to backstop these giant banks. so in fact, while it may end up being that our biggest banks are less competitive with the biggest european banks, i would argue that that's a benefit to the u.s. treasury. lori: okay. what's the story with too big to fail? are we improving? are there still systemically risks? >> they're still systematically risky institutions. lori: banking industry compared to 2007, is it healthier? >> absolutely, it is absolutely healthier but we haven't resolved too big to fail. they're absolutely better capitalized but we haven't resolved too big to fail. now there is a growing pressure, growing momentum in washington to do so finally. dodd-frank really didn't complete the fix of too big to fail. it left an unlevel playing field between our largest banks and the 7,000 other community and state chartered banks. and we're

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

when germany runs out of money or france runs out of money, spain, greece, what can they do? they can't print their way out of it. the only country that is a spectacular country in the world who can print their way out of it, at least we can go in the back room and pay. adam: you expect a slow pullback. >> it is based in the cake. no interest rates because we have a very weak economy. the assets go up, gold stays up, real estate up, these are just basics to no interest rates. adam: howard lutnick, it is great to have you here in the studio. we will have a whole package about what you are doing online. thank you so much. >> it is so much fun. thank you. lori: i think we're going to hear a lot more from the fed chair echoing the sentiments. in about an hour or so. to taper or not to taper. the world waits to hear if and when it will begin stewing back asset purchases. peter barnes for the preview of the statement. >> one of the big questions the fed members will be tackling today is just how strong the economy really is because as you know, as bernanke and company have said pet

the treasury secretary will be making a pet stopping greece on sunday on his way back from the g20 meeting in moscow meeting with the greek and -- the greek finance minister. supporting a strong and durable recovery. j.c. penney and the pressure after credit suisse reiterated its celebrating citing the promotional pricing and how merchandise and women's apparel. also expecting the company's second quarter first marses' to come in less than forecast. and iron man star topping the highest earning hollywood stars for the year ending june 1st taking the number two spot. the round and get a tough time. that's the latest from the fox business network, giving you the power to prosper. ♪ ♪ ashley: well, trying to understand your medical bills feels like you are reading the electrical blueprint for the f-16 fighter jet, you're not alone. more than 75 percent of americans said they don't understand their health care bills or insurance for that matter, but the lack of understanding is still cost you. the user's guide to health care. tracy: that metaphor was right on. poring through medical bills

but the thing is -- ashley: like greece. >> exactly. tracy: i'm dumfounded. why don't we work for the lar? this is ridiculous. why doesn't everybody for that matter? >> what is interesting the government accountability office said the long island railroad worker 12 times the rate of filing disability than other workers in the country. ashley: that is a flag. fixing e trains. not the guy that clips the ticket with a hole puncher and on wrist damage. >> all of them across the board. tracy: honestly, honestly? >> biggest disability scam ever. we're watching this one. ashley: videotape and doing all this very hard to deny look act tape. >> shoveling snow, playing 10 miss -- tennis. skiing. >> i use a hold puncher on my kids projects my wrist hurts after a while. >> are you filing disability? tracy: i may. thanks, emac. ashley: coming up to a quarter past the hour. nicole petallides on the floor of the nyse. you're following the latest on boeing. >> obviously they continue their investigation as to the fire and what happened at heathrow airport. the stock is up 3