alix: stocks shrug off concerns about greece after the say no. below $60 a barrel. joe: question is, what did you miss? it is up to the prime minister to devise a plan to stay in the euro. nearly one billion for every minute of trading. where should you be putting her money? theill speak to one of largest gas and utility companies and the nuggets date. -- in the united states. let's get back to what happened

in u.s. markets today. i can tell you, not a lot. falling for aocks second straight day, but at one point the dow was off by 165 points per we have come while back on that level. within the sectors, in terms of the s&p you really had energy and it's really the selloff. it was a risk off day, utilities were the least bad of all the sectors. for more let's get to julie hyman to look at the big movers and the key takeaways of the session. declines, but not huge ones. i do want to point out that we had that big deal in the health care industry. orhave been talking about it about a month now. i was finally happened, and a and humana. has finally happened, at that agreeing to buy humana. aetna shares plunging

today by a little. dealing with saying it -- a larger the number larger than expected number of hospital admissions, raising the cost. that will cause of headaches. alix: our count :00 now stands at 1371 days since our last correction, and we're just days from earnings kicking off. now i want to take a deep dive into my terminal and look at one of my favorite topics of the day. it has to do with a huge slide we have team in oil prices. you,lly key level for $54.08. once oil broke that, we did see some acceleration to the downside. this is the worst today and

slide we have seen in oil since r 2014. there has not been a good answer as to why. in terms of iran's nuclear deal that might be coming down the pipe tomorrow, it is not like they will be pumping one million air also tomorrow. in terms of china, copper did not get hit like oil, and they are a proxy for china. this is leaving a lot of people on the street quite puzzled. it had a huge impact on energy stock. to get my co-anchor who is in athens, standing by with a business professor. take it away. joe: thank you. a worried business professor. if you want for joining us. are you feeling optimistic about the situation in greece? do you think they can get a

deal? >> i am an optimist. , but as thetimistic days go by and the people are becoming more uncertain and i was just sitting with a friend and a café, and they said people will not have money to come by coffee in a coffee shop. but i believe the deal has to be done, can be done, and should be done. joe: i want to talk about the people in the café. if you want to run the center of athens today, it felt pretty normal with people in copy shots and restaurants. but there is clearly a lot of anxiety about whether they will have their money in a few days. >> they are worried about will happen to the country. will the deal happened, when, what will be advanced. i think greece has proven to be

extremely resilient. for themll respect over the past six years. joe: what about business leaders? there are people with money in the bank, they're trying to forecast what is going on. >> the business community has been affected very badly. throughout the crisis, about 400,000 businesses have failed. greece is a country with a lot of small businesses. the last 10 days have been particularly hard for small businesses. been -- are they able to plan their business when they are seeing that banks will now necessarily be open and they do not know when it will be back open, how did they respond? >> they are very uncertain. the prices, some of the businesses are at the brink.

this last 10 days are not we businesses need to survive. joe: thank you. back to you. like things have called to down a little bit for you there. but i just want to replay your life hit from earlier today. joe: with a deeper and more important avenue -- joealix: we are cracking up abot this. you were a cool customer. have you recovered? joe: it was not a dangerous situation at all. the woman who broke of our shot was a well-known provocateur. one of the camera people warned me she was in the square and that might happen. mt was a very cal

situation. alix: good stuff. joining me now is david, who just came from athens as joe was flying there. what is your base case for a percentage to exit? >> tough question. it is well above fifth 2%, closer to 75%. but if it happens, it will be a slow burn. they will have to introduce some iou currency. there will be court cases and decisions of whether that violated the eu treaty, or the structure of the eurozone. i think that is what we are in for. i'm coming to grips with the idea that the germans are not going to budge. they do not need to. the french are trying to push them in little bit, but that never works out a little bit because they are a weaker partner. is as popular as

they have been back in germany. why would you give into greece now after all this hard work and using them to kind of tell everybody why you should not act in a similar way? alix: 75% probability exit. why is a dow off on a day like today? honestly, i will to tar or do have been very consistent in our view that this would not metastasize into something more significant in europe or in the global market. unfortunate timing for greece, eurontroduction of the qoa was a huge deterrent for anybody who is going to try to get in front of this trade and short italian bonds or portuguese bonds. mario draghi has a bazooka he canfire at any time, and he

probably introduce the s&p program. it was going to step in there and start shorting and then force the hands of real money? alix: you had one of the clearest ways a deal could get done this morning. you money if you take a haircut. >> a lot of this has been floated around coming you are hearing the idea of a separate style haircut. a debt restructuring, the taxpayers of germany would be footing the bill because it is debt that they would have to to the largest creditor. you have to see greeks take some pain with that. pain financially. you have about 100 30 billion euros in the greek banking system. find out a way to knock out several billion of that.

in can restructure the debt a way that the ims discussed, which is about $50 billion restructuring. the you to something sustainable. i do not think that will put greece in a particularly good position, but they are on the deposit base in greece. people who voted for this are the young, the swing vote that made this happen. 60% unemployment. ♪ >> president obama will walks in to make a statement at the pentagon. let's listen in. >> i want to welcome some of our incredible troops and their families to share with the july and fireworks at the white

house. it was a chance for us on behalf of the american people to express their gratitude for their turn your service around the world every day. thatincludes the work brings me here today. our mission to degrade and describe the terrorist group isil. the cause of his united countries across the globe. strategy isnsive harnessing all elements of american power across our government. military, intelligence, diplomatic and economic, development, and perhaps most emplo -- importantly the power of our values. actions -- ordered month i ordered actions and assessed our efforts. what is working and what we can do better. secretary carter, chairman dempsey, i want to thank you and and team for welcoming us

europe are leadership, including general austin who is leading this military campaign i want to summarize briefly where we stand. i would to start repeating what i've said since the beginning, this will not be fast. this is a long-term campaign. isil is opportunistic and it is nimble. in many places in syria and iraq, including urban areas, it has done in among innocent civilian populations. it will take time to weed them out. doing so must that the job of local forces on the ground with training and air support from our coalition. effort any military there will be times of progress, though there will also be some setbacks, as we have seen with their games with central and southern syria. tois also important recognize the progress that has been made. our coalitions now hit issa with

more than 5000 airstrike, we have taken out thousands of fighting relations, tanks, vehicles, long factories, and training camps. limited thousands of fighters including senior isil commanders. would we have an effective order on the ground, isil can be pushed back. dam.lost at the little they have lost repeatedly across the province. they lost two great. they have lost more than a quarter of the populated areas that it had seized in iraq. -- isil, faisal lost at areas, denying them a supply route. these are reminders that their strategic weaknesses are real.

i solely surrounded by countries and communities committed to its distraction. our coalition phones skies, they -- bycked by nolenation nolenation. o nation. brutality creates new enemies and we have proved that they can and will be defeated. , ourfforts in syria airstrikes will continue to target their oil and gas facilities that fun so much of their operations. we're going after the leadership in syria. ,artnering with other countries sharing more information, strengthening laws and border security allows us to work to

stem the foreign fighters in and to stem the flow of fighters back into our own countries. this continues to be a challenge and working together all nations will need to do more, but we are seeing some progress and we will continue to crack down on their illicit finance around the world. if congress really wants to elp in this effort, they can confirm our selection for treasury secretary to lead in this effort. notdy suggests he is qualified. unfortunately his lamination has been languishing on the hill, and we need the senate to confirm thihim as soon as possible. we need to wrap up our training forces that are fighting isil on the ground. we were moving too slowly, but

the fall of her body has galvanized the iraqi government, so we are speeding up training of isil forces. more sunni volunteers are coming forward. some are already being trained and they can be a new force against isil. we continue to accelerate the delivery of critical equipment to iraqi security forces. i made it clear to my team that we will do more to train and equip the moderate opposition in syria. said, no amount of military force will end the terror that is isil. unless it is matched by a broader effort political and economic that addresses the underlying conditions that allows them to gain traction. they filled a void, and we need to make sure that as we push them out that void is filled.

areraqi cities and towns liberated, we are working with iraq and the united nations to halt communities rebuild the security and services that they need. we continue to support the efforts of the prime minister to create an inclusive government that brings together all of iraq. in syria the only way that the the wayr will end, and the syrian people can unite against isil is a transition to a new government without bashar al-assad. a government that serves all syrians. i discussed this with our partners and with president putin. i made it clear we will work toward such a transition. and in part on all of the players of the region, given the extraordinary threat that isil

poses, it is important for us to atk together as opposed to cross purposes to make sure an inclusive syrian government this. on our discussions today was a rock, but they also froze a great threat beyond the region. we are seeing deadly attacks in tunisia, kuwait, and the egypt peninsula. we see a growing presence in libya and attempts to establish footholds across the caucuses and southeast asia. ottawa,seen attacks in sydney, france, and copenhagen. i've called on the international community to unite against the scourge of violent extremism. we must continue to leave. if necessary, we will take direct action against terrorists. we will continue to partner with

nations from afghanistan and nigeria to build up their security forces. we will work day and night to interrupt terrorist forces and smother isis cells that are trying to develop in other parts of the world. this includes remaining vigilant in protecting against attacks here in the homeland. it is important for us to recognize the threat of violent extremism is not restricted to one community. we have seen all kinds of and even terrorism, a single individual motive i did buy a full ideology with axis weapons can inflict harm on is that americans are so our efforts to counter violent target anyust not one group.

said, we have to acknowledge that isil has been particularly effective at reaching out to a recruiting vulnerable people around the world including here in the united states. they are targeting muslim communities around the world. numerous individuals have been arrested across the country for plotting attacks are attempting to join isil in syria and iraq. two men opened fire in garland texas, and because of our success over the years, we have made it harder for them to kill large-scaleout attacks. but the threat of low walls is complex. to detect, and one of the most difficult challenges we face. it will require sustained effort. i just want to repeat, the good news is that because of

extraordinary efforts by law enforcement and our military are doing a, we better job of preventing large scale attacks on the homeland. individualmall and attacks have become harder to detect and more sophisticated. we will have to pick up our game to prevent these attacks. it is also true why ultimately in order for us to defeat terrorist groups like isil and al qaeda, it will require us to ideology, ther twisted thinking that brings people into their ranks. our military leaders agree, the broader challenge of encountering violent extremism is not a military effort only. ideologies are not defeated with guns, they are defeated by better ideas. more attractive and more compelling visions.

the united states will do our part by working with partners to counter isil's hateful propaganda online. show through words and deeds that we will never be at war with islam. we are fighting against terrorists who destroy islam and his victims are muslim. but we will partner with muslim communities as we see security, prosperity, and the dignity they deserve. those communities will step up in terms of pushing back as hard as they can in conjunction with other people of goodwill against these hateful ideologies to discredit them more effectively. this larger battle for hearts and minds is going to be a generational struggle. it is ultimately not going to be won or lost the united states alone. it will be decided by the countries and the community that terrorists like i sold target. the muslimup to

communities to keep rejecting warped interpretations of islam, and to protect their sons and daughters from recruitment. it will be up to all people, to reject the sectarianism that comes. it will be up to governments to address these political grievances that terrorists exploit. nations that empower citizens to decide their own destiny, that uphold human rights for all people, that invest in education and create opportunities for their young people, those can be powerful anecdotes to extremist ideologies. those of the countries that will find a true partner in the united states. note that, let me this fourth of july was celebrated 239 years of american independence. we crossed more than two centuries and faced much rigor and much more formidable challenges in this.

the civil war, the great depression, fascism, communism, terrible natural disasters, 9/11 and every time, every generation, our nation has risen to the moment and we do not simply indoor, we emerges rather than beef or, and that will be the case here. andmission to destroy acyl to keep our country safe will be difficult, it will take time, there will be setbacks as well as progress, but as president and the commander and chief i want to say into all of our men in uniform who are serving in this operation, our pilots, our cruise on the ground and at sea, our intelligence teams and our diplomatic teams, i want to thank you. we are proud of you. you have my total confidence that you're going to succeed. to the american people i want to say we will continue to be vigilant, we will persevere, and just as we have more than two

centuries we will ultimately prevail. thank you very much. thank you to the team on the stage with me, they are doing and extending job. president obama making his first visit to the pentagon since october of 2014. he got an update from military leaders on the campaign against islamic state. he is taking questions. veto --you b for have now been president 6.5 years. we have had some wrangling with congress in the past. our service members have not missed a paycheck. what is also important in terms of our budget is making sure that we are not shortchanging all the elements of american power that allow us to secure the nation and to project our power around the world.

ist we are not going to do to accept a budget that shortchanges our long-term requirements for new technologies, for readiness, we are not going to eat our seed by devoting too much money on things we do not need now to make sure we are prepared for future threats. i worked very closely with the chairman, and members of the joint chiefs of staff to develop a budget that is realistic and that looks out into the future and says this is how we're going to handle any possible contingency. we cannot do that if we have a shortchanges vital operations and funds things that are not as terry. -- necessary. the reason we have the best military in the world is first and foremost because we have the best troops in history.

a strong economy, and we have a well-educated population. we have incredible research operations and universities that allow us to create new products that can be translated into our military security around the world. we struck change those, we will be less secure. the way we have to look at this budget is to recognize that we cannot think short-term, we have to think long term, and art of our national security is making sure we continue to have a strong economy and that we continue to make the investments that we will need in things like that willand research be vital for us to be successful long-term. reservist, i have questions if you are planning to set additional forces overseas? current list to

do so. i've always said that i'm good to do what is necessary to protect the homeland. one of the principles that we all agree on, and i press folks pretty hard, because in these conversations i want to make blunt andetting unaltered advice. that inng consensus is order for us to succeed long-term in this fight against isil we have to develop that canurity forces sustain progress. it is not enough to simply send in american troops to temporarily set back organizations like i sold. -- isil. and then as soon as we see that void filled with extremists. we'll be vital to make sure we

are preparing the kinds of mobile ground forces and security forces with our our -- with our partners that can not only succeed the thin sustained int then terms of security and governance. if we try to do everything ourselves all across the middle east, across north africa, we will be playing lockable. amole.ck there will be unintended consequences that will make us less secure. president obama, taking a question after a visit to the pentagon. he was getting an update with ashton carter and martin dempsey on the campaign against islamic state. break. take a quick after that, bloomberg west. ♪

. . emily: a revolt at reddit. people calling for ellen pao's removal. we will look at what may be in store for the website. i am emily chang and this is "bloomberg west." reportedly investigating illegal trading. we will hear from arthur levitt. and why some greeks are considering moving into