welcome to "worldwide exchange." the headlines making news today, out of the united states, the battle over financial reform heats up as a tough republican senator sounds off on the bill created by his democratic rival. >> in europe, the eu finds a possible solution to greek crisis. the imf's involvement in the safety net is confirmed. >> here in asia kra, china bank reportedly his $15 billion in march. they may raise the triple r for banks soon. >> a very happy friday to you.

i'm nicole lapin. it's 5:00 in the morning on wall street. as you know, markets opened lower after getting triple digit gains and finally ending on a 13-month lows, driving the dollar higher, the euro lower. markets are likely to open, though, higher across the board with dow futures up about 30 above fair value right now. nasdaq futures up about 5 above fair value, ross, and the s&p 500 futures are up, as well. happy friday to you. >> nicole, a very happy friday to you, as well. despite a resolution in terms of a back stop for greece, equity markets are down. we closed at our highest levels, particularly in the uk since june 2008. just above the 0. % mark on the ftse 100. the xetra dax and smi slightly lower.

travel and leisure, household goods and industrials are currently down. not a huge move, christine. >> hey, ross. the yen is getting weaker. yesterday it was at the 91 level. now it's 92.53. euro getting a bet of a boost. 1.3371 to the dollar. sterling lsh dollar, 1.4837. euro/sterling, 0.9015. >> that is after euro zone leaders agreed on a safety net for greece after weeks of wrangling over who would help the debt laden country. the agreement would see greece receive bilateral loans from the euro zone and imf if, big if, it is needed. >> if the europeans are approached with a participation of the imf, i think that it is

the right decision at this time to face what is an exceptional problem that we have in one of our member states, a member of the euro area, considering the implications it could have for the stability of our economic and monetary union. >> so that announcement made last night in brussels. that's where carolina climenti joins us now. carolina, how do you think this gets sold back in to germany and how the eu is trying to get around and sell the idea, we're going to have to use the imf? >> reporter: well, ross, basically, there was a big problem getting angela merkel on board to create the safety net. now what we know is that all the euro zone companies are going to participate on this bail i couldn't tell to greece if the bailout is ever needed. we know that one of the main clauses in this strategy to help

greece says that they will only do that, they will only give loans to greece if the imf is involved, which it's going to be involved with one-third of the loans when they are needed and if greece loses completely the access to the credit market. in fact, jean claude trichet was saying it was not a good idea to involve the imf. it was very, very about bad for the euro. but then he was saying, this is a safety net. it's not going to be used because it's not going to be needed. i think that there is a lot of talk about germany being difficult to get in the plan. the germans don't want germany to pay for this bailout to greece, if it ever happens. but we have to say that this is a euro zone plan, this is not germany. of course, germany will participate with a bigger figure because it is the biggest economy in the euro zone, but so is france, so is all the other 15 euro zone companies, apart from greece, of course. and it's important to say, ross, that this is a plan for all euro

zone countries, not only for greece. so if all countries like spain or italy or portugal have problems in the future, they could go and use this same strategy when they need it. >> carolina, stay with us. we'll bring in our guest, james bevan and kit jukes, head of strategy at the ecu group. gentlemen, thanks for joining us. this is a back stop here. is it enough of a backstop given we don't know what the trigger is, we don't know whether the imf gets a look on policy or not? >> we certainly support this. the economic issue actually are very substantial and take a lot of working frames. >> what do you think? >> i think the arrival of the imf probably gives confidence to bond markets and to investors, certainly if you look at any country where the imf, cdf

spreads have tightened sharply over the next 12 months. it probably scares finance ministers. the austerity package is going to hurt. >> it's not clear, is it, whether the imf gets to have any teeth. they're lending the money, but we don't know what they get back in terms of that. >> no. so if i were the imf, which i'm not, i wouldn't go anywhere near anything unless i'm allowed to go in with my tough love recipe of how to fix fiscal action. >> would you agree with me that germany will be very tough on this, as well, because they do not want to bail somebody out by simply printing money. >> i think that's why they're happy to say, look, if you want us to help you, offer by colleagues anonymous and take these measures.

>> with this plan, it will enable greece to roll over the debt thaef got coming up from maturity in the next couple of months. >> i think we'll have shocks, concerns, nervousness, but yes, i think it will get done. because either the imf will provide the confidence in people and the money is there to help them get it done. >> if they can have a question from brussels, they keep saying that this plan is not going to be put into action. what do you guys think? is greece going to be able to cut its borrowing costs right now? >> i think, you know, they're hoping that magically we all find that bond investors want to buy greek debt and roll it over, just knowing that the backstop, perhaps, is probably the best. i think they'll be lucky to get away with that, that there's a lot of money that is being rolled over. and i don't know if that's enough investor demand. you know, there's lots of other

things you can do as a bond investor with your money other than go and buy greek debt. so i think they'll be lucky to get away with that. >> i think it's great they're saying it won't be put into action. what's the point of having it if you're never going to use it? figure that one out. >> t it's an issue of moral hazard. the consensus opinion was that we needed to step up to the table to prove that they were serious. once they proved that they were serious, then you can help. i think that the challenge for greece is there is a certain lack of confidence that the greek government is prepared to work harder to resolve its own problems. and there's a sense of having the bur lap saying, can we have the money, please? >> we'll leave it there. james is staying with us. carolina will be back. thank you. still more to come on "worldwide exchange." the chinese central bank is now in a tightening mode. when will we see the pboc actually act? we'll discuss after the break.

welcome back to "worldwide exchange." we continue to focus on china, the official china securities journal has reported that china's bank lending could jump to $146 billion this month. this would be a significant rise from february's figures in spite

of ongoing government efforts to reign in credit. the surge in bank lending could force the pboc to take action again. analysts polled by reuters expect the central bank to hike its reserve ratio requirement by tend of month, by march. and by two more times over the next year. and with the chinese yuan firmly in the spotlight, analysts say beijing could lend its currency rise 3.4% over the next four months. they also want that continuing pressure of the u.s. could be counterproductive and let's talk more about this. chinese officials are continuing to talk more about this. the adviser says while china could make its foreign exchange policy more flexible, it must take into account domestic factors, such as unemployment, before doing so. china's vice minister says it is wrong of the u.s. to force beijing to revalue the yuan.

he also says both china and the u.s. should keep their currencies stable. james c james, are you surprised that lending in china continues to go up? >> no. and i think that the real issue is at what point does china set forth an inspection policy in terms of money rates and in terms of currency? and i think the longer that we delay this move, the more the tensions grow. we never had resolution of the material global imbalances that ultimately gave birth to the credit crisis. and i think this is going to be a very dangerous year if we do not have resolution of the problems, the yuan relative to the dollar, then i think the ultimate risk is a trade war, and that would be catastrophic for the global economy.

>> where is it so hard to hike bank lending in china? why is it so hard to tame bank lending in china? what's going on? >> they're importing u.s. monetary policy. they get american interest rates and they're completely the wrong level of interest rates. so the cost of money in china is simply too cheap, whatever they do through their domestic policy. the economy is booming. they're doing everything they can and it's pretty different from the uk or the u.s. and i think they'll continue to take every measure they can in order to try to get bank lending under control and to try to keep the economy on a -- i don't know, a domestically safe path before they let the currency moch. but this is an economic boom with money that's too cheap. >> and kit, if bank lending continues at the rate it's going, all this is going to have implications for chinese inflation. what will that mean for the

chinese yuan? >> eventually it's going to rise, that the chinese would like to have their cake and eat it if you like, they would be able to contain the economy and contain inflation without losing their competitive advantage in global export markets. but they know they can only do that for so long. they want to delay it for as long as possible. and it idea it will happen seems silly to me. eventually it's going to have to go a long way, further than that. >> what is interesting, they're out of the asian markets. do you think that will continue? >> absolutely i do. what are the engines of growth? it's very clear that the contested nations that have major deficit problems are likely to see a relatively prolonged period of shallow growth and the companies that want to make strong earnings are going to have to be in places where they can generate strong

returns. that is particularly in china. >> and we've seen the switch, seem to be playing that more with western stock markets and directly into asian stock markets. is that because there was a valuation difference? >> well, not necessarily. if you look at some of the expressway companies in china, i would see infrastructure-type returns cheaply available right now. i think that there is a very considerable of people getting information to be able to make informed decisions. we spend a lot of time talking about the global economy in a cap weighted sense because that's what we have been made to believe. everybody said that's why you have a lot of knowledge and, therefore, you should be careful about where you take yourself. >> kit, christine here again. my question to you is can china engineer a soft landing? should we brace ourselves for something worse? >> for now, you know, the jury is out and i'm optimistic that they can. i think they've got a better chance of engineering a soft

landing than the intents of asia to do so after we had low interest rates in the states in the early 1990s. at that time, there was far too much borrowing and we had the asian debt crisis. firstly, you know, that bubble blew up a long time further down the track. so if this bubble blows up, it's not yet. secondly, i think a lot of lessons have been learned. i wouldn't give up on the hopes that this can be managed still from here. >> kit, thank you very much for your views. kit jukes, ccla and james bevan, he'll continue to stay with us, as well. nicole. >> christine, still much more to come. this week's treasury auctions had a nice reception. is there simply too much debt in the markets? and will we see fatigue? we'll discuss that after the break.

welcome back to "worldwide exchange." it is 5:20 on the east coast in the united states. you're looking at a very rainey day. here is how markets are likely to open. somewhat of a brighter picture on the futures front right now with dow futures up about 36 above fair value. nasdaq futures up about 8 above fair value and s&p 500 futures

up about 4. we get the final look today at the u.s. economy and how it performed in the last three months of 2009. the second revision to fourth quarter gdp is out at 8:30 in the morning new york time. forecasts call for growth to be revised down slightly to 5.8% from the previous estimate of 5.9%. just before 10:00 in the morning, the final measure of consumer sentiment for march will also be out. analysts are looking for a reading of 73, down from 73.6 last month. so the bureau of labor statistics releases its monthly breakdown of state unemployment numbers at 10:00 in the morning. this report, by the way, is for february. fed governor kevin parsh speaks about central bank independence at 4:30 in the morning and at 4:00, st. louis fed president james bull yard speaks in washington. fed governor tarullo speaks at the same forum at 6:00 p.m. >> and ahead of all that data,

as far as fixed income markets are concerned here in europe, the market has been fixed under the eu summit and the greek plan. the 10-year bund yield is nudging up 3.61%. also, of course, a big eye on the treasury markets. 3.85%. remember, we hit the highest, the 10-year bench. we gave the highest in nine months yesterday after the last auction. it was fairly disappointing, nicole. >> yeah. ross, let's get more on the bond markets with kit jukes. kit, as you know, there has been a really weak showing for treasuries this week. are you surprised by the weak showup or do you think this is where we should be in this cycle? >> i think if you'd asked, you know, lined up all the economists in the world, for once, you've got a consensus that yields should be higher. there is just so much supply coming from governments to finance their deficits.

and the u.s. has been getting remarkably strong support for their auctions until now. this week, we hit the point with economic recovery showing signs of what's happening. so the question is, you know, where does foreign demand come back and so on? but i think this was inevitable at some stage. >> james, i want to bring you in on this. kit says there could be a consensus here. it seems frightening that american investors may actually want treasuries to do poorly because it almost seems like a vindication that the economy is back on track. >> well, we had a $42 billion auction of five-year notes this week. a couple of years ago, that would have been 20 cents higher than issued. we have about 1.5 billion of the

government issuance to object sash this year. if we assume that foreign and investors buy the same portion, this year they'll have to buy twice as much. as kit says, yield is available with lots of assets and we have inflation risks on top. therefore, i have to say that i think the only response on the bond markets would be higher yields. >> yields go to where? you just mentioned 4% for anybody who buys. is there a chance they go much higher than that? >> i think there is a real risk that they pay very much. i don't see it doubling up to 10% where we were in the early 1990s. >> it's an interesting question. i think first of all when you think about what are the triggers for higher bond yields, particularly in europe, and i think interestingly in the uk, a lot of people say we might have a hung parliament and they have

the sort of currencies for the u.s. dollar, doesn't that mean the gild markets will have that? i think the trigger will be when the commercial markets show signs of recovery. >> yeah. like i said, i'm more sanguin in terms of government ponds. globally, we've got interest rates at near zero levels for a long time, inflation is falling for the next 12 months and banks are being told, you have to include the policy of your balance sheets. buy some government ponds to 4%. happy days, save money. i think there's still a lot of that to come. >> okay. we'll have to leave it there, gentlemen. thank you very much for your insight. kit juckes, thank you very much for your time from ecu strategy. we'll have to say good-bye. james bevan from ccla will continue to stay with us.

tensions between china and the u.s. have been on the rise with a recent report suggesting that chin he's trade and currency practices cost the loss of more than 2 million jobs. u.s. trade ambassador ron cook joins us after the break to discuss trade relations.

welcome back to "worldwide exchange." the headlines making news today, out of the united states, the battle over financial reform is heating up as top republican senators sound off on a bill created by his democratic rival. >> meanwhile, here in europe, the eu finds a workable solution to greece problems as the imf is involved in the safety net is confirmed. >> and here in asia, chinese bank lending reportedly hit 150 million in march, fueling talks that beijing may raise the rrr for banks soon. >> great to have you with us here on "worldwide exchange." a very happy friday. that's how it looks like markets

are likely to open, higher across the board after ending mixed yesterday, flirting with the dow and finally ending at 10,841. dow futures are up about 42 above fair value right now. nasdaq futures up about 8 and s&p 500 futures up, ross, about five. how are you guys looking? >> 1 1/2 hours into the trade, the ftse yesterday closed up at its highest level since june 2008, above 5,200, and is we're only marginally off that. 5,720. we've nudged up from the numbers that we had this morning when we first opened. flat on the smi and cac 40. smi down 0.3%. >> ross, this is hardly dollar/yen rate is looking at the 92 level. it was the 1 yesterday. so we are seeing some weakening in the japanese yen. that is giving a boost to the

japanese supporters. euro getting a lift from that euro/eu/imf plan to help out greece. up 0.6%. 1.3373. and sterling is higher against the dollar, 1.4842. euro/sterling, 0.9009. overall, this is how currencies are looking. nicole. >> christine, u.s./chinese tensions have been difficult lately. a bipartisan groups of u.s. senators have led to tariffs of u.s. exports. joining us now, ron kirk and james bevan is still with us from ccla investment management. mr. kirk, we appreciate your time. we know you're in brussels to talk about european trail trade.

but perhaps u.s./signo relations. do you believe trade relations with china are deteriorating? >> well, i actually don't believe they are deteriorating. our relationship with china is complex, as is the europe union's relationship with china is complex. but to some degree, that is reflective, i think, of the natural tendencies that will be inherent in moving from a state-run economy for dynasties as china has done to adopt it to the market principals embodied as a member of the world trade organization. but the relationship isn't where we want it to be. but there's a reason that president obama has structured both a strategic and economic dialogue with china and a commission on commerce and trade so that we have a rationale way to approach some of these challenges at a very high level, continue to move to a more

market accessible environment. >> mr. kirk, do you believe a rationale way of dealing with this is coming up publicly and trying to name china currency manipulators and is that going to push the communist nation to just do the opposite? >> well, i mean, that's a decision that our secretary of treasury would make. but i think president obama has spoken plainly and honestly, as have other world leaders, that we think not only would the world be benefited, but that in china's long-term interest, as well, to allow their currency to flow to a more market standard. but we see extraordinary potential for u.s. manufacturers, innovators, farmers, ranchers and workers if we can construct an environment in which china develops a more broad based economy in which they develop a middle class of consumers that will have needs that will have to be supplied

not only by chinese businesses, but by businesses from around the world. and if we can do that, we are reasonably comfortable that america's exporters can compete successfully in this greeg and dynamic economy. >> mr. kirk, this is christine all the way here in asia. from my perspective, from where i'm sitting, if the u.s. is prepared to label chinese a currency manipulator, does it believe the u.s. is going to go into a trade war? >> christine, i'm not going to prejudge that decision. that is one that president obama has advised by secretary of treasury geithner will make if and when they make that decision, we will collectively, then, make the decision whether or not we believe the best means of addressing that is through some remedy of the wto or if we can't address it through one of

the three dialogues that we have set up to deal with these type of issues with the chinese. >> the u.s. has long maintained that the currency is undervalued. >> i don't mean to be evasive. but that is -- the currency valuation, the calculation of that is one we will get into if and when secretary geithner makes that recommendation to the president and we decide to act on it. but to this point, at least in ustr offices, we have not. >> mr. kirk, hello. i guess the currency is genuinely seems to to be mispriced would be for the federal reserve to print money to hand it over to the u.s. government to buy the rmb and then to buy china's assets.

how do you think that would be taken in the global market and in particular, what do you think would be china's response? >> well, i mean, i'm not going to be successful in getting you all even remotely interested in my visit here in brussels, which is to talk about this incredibly dynamic relationship between the united states and the member states that constitute the european union. let me say this. there are a number of things i think we can do to address america's competitiveness, not only in china, but around the world. one will be whatever decision that president obama and secretary geithner make with respect to currency valuations and whatever may flow from that. but secondly, there are other things we need to do and that's what president obama talked about in announcing his national export initiative and that's looking at items related to america's competitiveness. one was passing our health care initiative, but also was looking at what we need to do to enhance our ability to export.

it's one thing to focus on china, but i think the president wisely and correctly noted that the united states can't continue to just be the world's consumers. we have to save more and, frankly, we have to make more. and in my job as u.s. trade representative is to work to make sure that we have access to those markets. currently evaluation is one element of what dealing with nontariff barriers, whether they are under the guise of health and safety regulations or others. and part of my being here in brussels is to visit with our colleagues, our partners in the european union about what we can collectively do to open up more markets for not only u.s. exporters, but for those within the european union, as well. >> yeah. and i guess, look, one of the solutions dealing with relations in asia is to set up a better work relationship with the eu, as well. and these things perhaps need to be decided on a global basis.

how important is it to do that that we get a resolution with what's going on with the airplanemakers. are we going to get to an agreement on what constitutes safe subsidies for boeing and airbus? >> well, first of all, you're on the line premise is precisely why i'm here. in the mind of the i'd, we are at an extraordinary place with the european union. for us, this is by a wide margin, spectacularly the most successful trading commercial and strategic relationship as any we have in the world. it's just under a trillion dollars alone on the trade side. if you add in foreign direct investment, that's another $3 trillion, almost 14 million people are employed in the united states, in the european union because of the free flow of commerce between our two great economies. we believe the white noise from these trade disputes we have obscures the relative strength of this relationship. and part of my being here is

seeing if we can't find a way to work through some of these challenging issues like whether it's the tanker issue or for us, it's our inability to access the european market for many of our agricultural products. and if we can do that, then i think we can get more focused on what we can do collectively to try to open up new markets in the world. but we're committed to do it and we believe it's in our best interests to resolve these as quickly -- >> ron kirk, with u.s. trade representative joining us live from brussels. mr. kirk, we appreciate your time in discussing u.s./china relations and u.s./european trade relations, as well. joining us in this conversation is ben lichtenstein. ben, you were just listening in to mr. kirk, u.s. trade representative. he was saying that a lot of this is white noise. do you feel the same way? are you focused at all on u.s. trade relations with china or

u.s. trade relations with europe in terms of your day-to-day trade? >> there are other, i think, internal aspects in terms of the markets and the dollar that the u.s. is much more focused on and traders alike are much more focused on other than that. but certainly, it is a consideration, tough to get them to nail them down there, get a serious comment out of them or a direct comment out of them related to some of the questions asked of him. but certainly, it is a major concern. and as far as what we're seeing in terms of the dollar move recently, it certainly has association with the dollar and created some of the effects that we've seen over the last couple of days. >> well, ben, look, we were yesterday flirting so, so close with the 11,000 mark. and then we got news out of europe with greece. the euro fell, the dollar rose. do you think we're going to get back to that 11,000 level any time soon? >> well, if you look at the trend, which we have been seeing, which, again, has been

an extreme vertical development to the up side off the march lows, i think that would probably be the case. yesterday's activity was harsh and a bit of a difficult situation for the market right now in terms of that upside activity that we have been seeing. at some point, again, it is going overshoot value. that's what the market is seeking right now as it continues in this extreme vertical development. and it will continue to be in vertical development until it does find this value area. anyone's get guess at this point where that value is. i think the 11,000 number in the dow is basically one of those kind of psychological big milestone type numbers, similar to 10,000, which we had passed a while ago. again, one of the most notable things in terms of yesterday's trading, again, which you touched a was the dollar strength that we saw in addition to some of the major currencies. in addition to the fact that be gap higher yesterday morning and saw that extreme rejection from those levels. but for the most part, it's the selling activity that we've been seeing during this extreme

development to the upside, has been extremely short lived and has not really taken its toll on the market in terms of the retracement that we've seen. it's been, again, short lived and basically recovered quickly thereafter. so i think 11,000 is certainly still well within reason unless we continue to push to the down side here in break value on the way down. >> ben, i know you guys were watching at the cme as ben bernanke was on the hill yesterday also moving markets. let's listen to a portion of what he said and talk out of it. >> we're going to have to make tough decisions. there's a tendency that if nobody wants to cut and nobody wants to raise taxes, at some point we're going to have to take some unl attractive and tough decisions. >> just really quickly, ben, when do you think some of those tough decisions are going to be made? >> well, it sounds like we're starting to hear about them sooner rather than later at this point. i think what the fed still reinstated its procedure and its position in terms of the interest rates right now, and that was the case yesterday by

mr. bernanke, i think, again, we're looking at things changing again rapidly soon. we're going to get an indication of that coming out today and that's what traders are focused on in terms of the immediate activity. >> all right, ben lichtenstein, president of tradersaudio.com. stay with us for another quick thought. >> thank you. >> meanwhile, we'll get a final thought from james bevan. we heard ben there. we closed up at our highest levels on the european stock markets since june last year. is that wide around where it's going to continue? if it is, where do you stick your money? >> i'm going to be more selective around here. i think we have to look at fair value. we assume that the profit share of gdp can remain elevated. i like companies like apple, amgen, and i like some of the cheap health care companies in the global context where with i

see real value. >> why cheap? >> because the capitalization value of the dividend alone is share in many companies presently. >> okay. >> james bevan, chief investment officer at ccla management. james, we appreciate your time. thanks so much for being with us. >> thank you. still more to come. we're live in brussels later in the show. first, a quick look at how oil is trading as we go to break.

welcome back to "worldwide exchange." it was a strong session here in asia, particularly over in japan. let's cross live to tokyo and check in on the trading day there with makiko usada. usada-san. >> hello, christine. tokyo stocks were strong today and the nikkei 225 finished 1.5% higher. the nikkei briefly touched the 11,000 mark for the first time since 2008. over 80% of all stocks gained. it was the weaker yen trading in the 92 range against the dollar that made investors hopeful for exporters to improve earnings in the upcoming months. sony and cannon both rose around 2% while toyota motor gained

1.5%. pioneer surged nearly 10% after its rating was upgraded by two notches. fanuc reached 10,000 for the first time in two months. mean white, consumer prices fell for the 12th state month in february. finance minister naoto khan says more needs to be done to beat the latest inflation. that's all for the nikkei business report. back to you, christine. >> thank you very much for that. you have a good weekend. nicole. >> christine, the top republican of the banking market sounds off on the panel passed by the panel this week. senator shelby sent a letter to timothy geithner saying that the bill drafted by democrat chris dodd basically falls too short. he said it fails to end the problem of too big to fail,

exposes taxpayers and shelby says there is still room for a bipartisan compromise. also, the white house unveils a new round of housing aid today. as president obama is really under increasing political pressure to help struggling ohm owners and send the tide of closure. it provides incentives to eliminate debt for borrowers who owe more on their house than their house is worth. the program used the remaining $7 billion t.a.r.p. funds. finally, for those of you with teenage daughters or a younger audience, tell them to pay attention to this. "twilight" the vampire heart trob reportedly has his own wax

figure in london. fans have been queueing to get close to the figure. some saying he was so real, they couldn't try to resist kissing him, nicole. look, i haven't even going to see "avatar." >> you have a little experience at being a wax statue, don't you? >> we do. i don't know. do we have that tape? >> do we have the tape? who is that? i was at madam tuscou's in london a couple of weeks ago looking at the lovelily statues. and look who i found. >> i was doing quite until i did that, i thought. i was doing quite a good job until you started poking me. >> i wanted my money back. >> you did very well, ross, as a wax statue. 150,000 pounds.

>> i still have no idea what the twilight film is. it's all about who that guy is. >> it's okay. now that we showed you ax a wax statue, my life is good. let's move on. coming up on "worldwide exchange" in the united states, we're expecting final fourth quarter gdp numbers as well as the latest on consumer sentiment. find out everything else you need to know for a successful trading day after the break.

okay. jurchbtd eight minutes to go until "squawk box" is up. help me out, i don't know the twilight films, becky. >> you don't know the "twilight" films? >> yeah. you're probably better off as a man saying you don't know them. carl and joe, if they had heard that you'd seen them, you'd be in big trouble. they have some issues about the guys that go to that. do you hear carl over here? he's saying, loser. is investor confidence strong enough to get the dow back over that mark? our leanup clus today includes

tony krazenski. nobody better to talk about what's happening in the bond market right now. so a little chaos there. we'll also talk to jim paulson of wells capital management, scott black of delphi management. yesterday we talkeled the v-shaped recovery. today it is jobs and getting america back to work. it's all about how big companies are bringing jobs back to the states. so find out how it could be a factor for the midterm races on capitol hill. also banking market ranking member senator richard shelby, he sent a letter to treasury secretary geithner with his objections to the reform bill. he's going to talk to us today about the changes that he would like to see made with the changes. plus we take a trip to six flags. the ceo of the amoouz amusement park operator. "squawk box" is coming up at the top of the hour. it all starts in just a few minutes. ross, you did a very good job as a wax figure. i liked it.

>> i can do that. thank you, becky. >> it was good. sure. >> he did very good. ahead of today's trading, ben lichtenstein, president of tradersaudio.com joins us again from the cme. what do you think it's going to be like, brief into eu politics? >> yeah. well, there's a couple i think. we're looking into any developing news from greece and the situation developing there. i also think that we're focused on the gdp data scheduled for release this morning, in addition to a couple of key textual levels to the down side. we're talking about roughly where we're trading right now in the s&ps. down to about that 50 level in the s&ps. >> quickly, president obama announcing a big housing bailout plan. what are you listening there for specifically? it's coming out at 10:00 in the morning. >> i think just the details. for the most part, we're pretty aware of what he's going to talk about. i think, again, he's just

addressing some of the issues that we're dealing with right now in terms of how the first time around didn't really help out a lot of the foreclosures in effect right now and how it's going to play out in the 2350u6r7s. again, we're waiting to hear the specific words associated with it. >> ben lichtenstein, forgive me for butchering your name the first time, president of tradersaudio.com from the cme. ben, have a good day. time to say good-bye to our u.s. viewers. but for anyone else, we have more to come on cnbc world. >> including who is in charge. weekend will be a test of strength for scandal plagued prime minister sylvia burlesconi.