this is not best buy. this is not jcpenney. there's actually a new ceo. i think he's doing a good job. i think the company has a good balance sheet. last year all they said is they couldn't pay their bills. they have more cash than they know what to do with. >> 64 stock. thanks for watching street signs. we'll see you tomorrow. "closing bell" is next. hi, everybody. welcome to this special edition of the "closing bell" coming to you live from chicago mercantile. a rare sit down with the president of the chicago federal reserve on ben bernanke day. charles evans getting his take. as well, i'll speak with billionaire sam zell who has been amazingly accurate on the real estate market. >> he better be. he's one of the most savviest

retail investors in the u.s. and to get his take, ben bernanke t. in the european sector and with a wait and see take on the economy. >> and with jpmorgan, did the fed totally miss it again? the risk that is being taken? we'll get his take on the fiscal cliff, all of the things that we've been talking about with so many of our guests. >> paul volcker feels that jpmorgan is too big to manage and that's the problem. coming up, if you're just joining us, the bulls would have liked more from bernanke but at least it got a promise to act again if and when the economy gets worse. that seemed to be enough. >> what else do they want from bernanke? >> if we close where we are right now, the dow would have

the best three-day win streak going back to last november. it also helped to have china and their central bank cut their rates overnight by a quarter percent, showinging that they are looking for growth in their economy as well. the dow up 108 points. it's been meandering and the s&p 500 index is also higher with a gain of 7.75 points. a good day for the bulls in today's closing exchange. we have mark harris, paul christopher, and rick santelli is out there with maria in chicago. we've got scott wapner joining us as well today. they are out there -- >> go ahead, maria. >> i was just saying, there is a question whether we're going to see the qe 3. the fact that bernanke brought it up, that he has the gun and will use it, the bazooka, in

terms of putting the stimulus to work. >> mark harris, what do you think? will we see qe 3 before the end of the year? >> i think absolutely. there's no doubt that we're going to see it, in my view. bernanke can't be one of the other fed presidents out there talking and leading people in the right direction. in june i think we're going to see a change in the language and in august it would not be is surprise to see qe 3 kick in to some form and a real change. >> paul christopher, what is ben bernanke waiting for. what more does he need to see to understand that the economy is slowing down right now? >> well, the economy has periods where it slows down a bit but i think the fed is watching the expectations. i think the fed will stay on hold. >> and it's a great point in

terms of inflation. how much could be problematic? >> most traders don't see inflation worry in the here and now. what they see in the here and now is that the dollar and the easing and twists are mostly negatively impacting the dollar. their concerns are commodity prices and how a weaker dollar accepts that or gives it undue volatility. after all, they are the scape goats. you didn't hear about speculators on the way down and in terms of the accommodation, how much more accommodation. to me it's illogical. >> one of the things that i keep saying is, how come it's always on the fed. the fed, they are constantly printing money. you've got to believe that there's another solution there. >> what if the just say no

mentality is the right mentality? maybe the government needs to back out like sam zell will tell you. >> that's what he is going to say. you're right, bill. >> what will the economy do if in fact there is no action by the fed at this time? >> i think we're going to have stasis. this is a problem. think about it. maybe we get a little bit of relief going into europe, maybe we get positive changes over the fed and then what happens? we're going to have the debt debates again and elections again. this is a real problem as it relates to getting to robust. >> i know you spoke with knight capital tomorrow joyce. he's not a fan, obviously, of greifeld's plan to compensate for the errors.

listen to this and then i'll get your take. >> nasdaq created this problem. nasdaq needs to come up with the solution for the problem and they are not even in the ballpark with what they are proposing. >> you know, scott, what about the issue that greifeld will say the execution notices were done? they went out on friday at 1:50 in the afternoon and then the problems stopping any execution from going out until monday were actually knight's and citudel and ubs? did you get into that with him? >> certainly they are trying to pass it on to other people and it seems that the only people who like the new york stock exchange put out a strong statement yesterday against it. here at the exchange conference that i'm at in new york city, ran by the direct edge ceo bill owe ryan came out against it.

tom joyce of knight capital put out a strong statement yesterday and as well -- >> you said direct edge. now, tom joyce is the second dshl tom joyce and knight are competitors on the nasdaq, right? >> right. they definitely are. >> and he's the second larger shareholder. i just want to make sure to be major competitors. >> there's no doubt about that. we certainly brought that up on the air, that tom joyce has a 20% stake with knight capital in direct edge. the bottom line comes to this. tom joyce reiterated the fact that he does not like this deal. it's not enough money. money amounts have been thrown around, whether it's 100 or $200 million, nasdaq setting aside 40 million, giving rebates, in essence, making you trade with them to get the discounts. that's an issue all unto itself. the point comes now. what does knight do?

do they go to court? tom says he's going to do everything in his power to avoid going to court against this. how much does nasdaq end up on the hook if there is substantial legal action that takes place? and knight does a substantial market making business. can they take that business elsewhere and is that another way that they can hurt the nasdaq potentially because of the fallout of all of this? >> you know, you've got to say that the new york stock exchange is upset about it because if you're cutting fees, you're changing the competitive landscape and maybe get more market share because you're cutting fees but you got more market share because you messed up. >> although you -- and when you asked bob greifeld of that yesterday, he was absolutely dismissive about that. i'm glad you brought that up and done nan is going to sit down with me for his first comments. you'll hear it from him tomorrow. >> paul, what is your take on all of this in terms of

investing in this space and post the facebook deal, what kind of implications does that create? >> it's still the most important for the market overall and it looks murky, even more murky than it did a couple of months ago. we need to see better economic data and we need to see more things like the chinese interest rate cut today we think the second half of the year will be better for investors. >> scott, we look forward to your show from there tomorrow and, rick, maria is all yours. i know you'll enjoy having her around there for the next couple of hours. >> your loss is my gain, buddy. >> you never know where maria is going to be next, right? love this. >> that's true. we have the dow up 50 points. big rally again. >> another big day for stocks and the "closing bell" show. cme group chairman terry duffy

is with me after this break. and a lot more. stay with us. >> announcer: coming up, this is what the debt crisis now looks like in greece. today, a top-ratings agency flashing the badge signal, saying this is a preview of coming attractions if america doesn't get its fiscal house in order. then, maria means business with two more market moving interviews. first, charles evans talks exclusively to maria after bernanke wouldn't promise he would turn the printing presses back on. then, heavyweight investor sam zell shooting from the hip, telling maria exclusively where he's putting his money right now. the biggest names, the best information. maria has it all. and you will, too, if you stay tuned. tuned. recently, students from 31 countries took part in a science test. the top academic performers surprised some people.

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welcome back live from the cme group. mary thompson has details at the big board. >> this involves the recommendation of proposed rule making concerning basel recommendations. they subpoena mitted this to the federal reserve and they will hold a vote on this at 3:30. the staff recommends recommendations in line with the basel iii recommended. they recommend that they have a tier 1 capital push in. as far as large banks go, under this proposal they will be required to hold more capital against their trading book and against otc derivatives. the staff is recommending these proposals be issued for a 90-day public period and, once again, the vote will take place today. the fdic and o.c.c. will be

voting on proposals. maria, back to you. the nasdaq facebook mess casts a bright light on all of the exchanges. bob greifeld told me yesterday that they are setting up a compensation plan for anyone who made mistakes and lost money on those errors. >> it's important to recommend niz that i think all of the exchanges around the world are not happy with the position that we're taking because we've now set a precedent that others will look to and other customers with respect to when they have issues in the future. >> joining me now on a cnbc exclusive is the cnbc executive chairman and president, terry duffy. thanks for having us here. >> thank you for being here and welcome all of you to chicago. >> thank you so much. what do you think about the plan? >> i'm sorry? >> what do you think about the nasdaq's plan to set up the $40 million fund and they want to cut fees to make it more

attractive? >> i'm not going to comment on the $40 million. if you look back when the mf global situation happened in our industry, cme group put up $550 million of a guarantee so customers could get their money. we live in a competitive world, just like everybody else does. exchanges are very competitive with others. we have spent a fortune innovating and cultivating lick k liquidity. i hear what bob is saying about the fee issue but i don't know why it's a big deal. the only one it's going to hurt is the shareholders clients. >> you mean in terms of the clients? >> right. >> maybe it's sour grapes and they want this controversy to continue but the new york stock exchange says it changes the competitive landscape if they

are getting more market share because of lower fees because they messed up. >> as you know, the new york stock exchange has lost a lot of market share over the last couple of years due to fragmentation and fee-based policies any way. so it's happened through their industry historically throughout the years. >> let me ask you about mf global and i realize there's a limited amount that you can say here. but this complex pursuit of finding $1.6 billion in segregated customer funds lost by the broker could take up to six years. why aren't we seeing any efforts to rein in and find out the answers from jon corzine. it's amazing to hear from some of these people, they want to do hearings on jamie dimon and that trading loss. what is going on with jamon corzine? >> i don't have any information about the mf global situation. we are waiting like everybody

else to see the result of this. it's been very, very painful for our entire industry. >> but you were among the first to say, yeah, it was customer money and segregated funds that were removed. >> there's no question about it, they took money out of the segregated funds and put it into their broker dealer to benefit them. >> that's exactly what happened, exactly the way you said it. so in the aftermath of the mf global story, have things changed in terms of structure? do you see anything like that happening again? what are you looking for in terms of feeling better about what has gone on? >> i think there's a couple things that i've testified in washington that we're prepared to go forward with. new procedures in order for segregation moneys and how they can move and not move. so we've been working amongst the industry. yesterday we held an advisory meeting, we had them here in chicago, talked about different ways about how they can live with new scenarios relating to

mf global. this is a crisis in relation to the marketplace and even though none of us had something to do with it. >> i know you're not a trader anymore, but you have the blood in you, terry. what are you seeing in demand and sentiment around gold and oil. a lot of people wondering where gold is settling. what does your heart tell you? >> i've had several conversations with you about gold. >> that's why i asked you. i love it. >> i'll be careful about my gold comments but i'd like to say something about the energy markets and oil especially. >> it's come down quite a bit. >> it's come down quite a bit but what else has come down, maria? >> gold. >> no. the equity markets. the month of may had the biggest drop since march of 2010, or whatever it was, and the price of energy came down exactly the same, almost percentage wise, the exact same amount that the equity markets went down. the energy markets are nothing more than future demands just like the equity markets are. if people think this they are going to have more money, they are going to have more money for

the energy. if they think that they are going to have less, there will be more supply of the products. >> taking the money out of all of the asset classes? >> they work together. >> terry, you're coming back and we'll talk to you in a few minutes. we'll be back with more with terry duffy. meanwhile, a market off the highs of the day. >> just up 84 points. we're losing altitude. larry fink says facebook could be a long-term play, a good one. he oversees $3 trillion in assets. what he says carries a lot. we'll take a look at the charts in a moment, maria. and stick around for my interview with federal reserve bank of chicago head, charles evans. coming up. stay with us.

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welcome back. shares of facebook still lingering below the ipo three weeks ago. blackrock larry fink says that is he friending facebook. >> if the fundamentals are strong and the future outlook of facebook and if they exceed those estimates over the next four quarters, this will be a --

the long-term outlook will be strong. >> so a lot of ifs there from larry but he thinks facebook may be okay long term. let's start talking numbers. on the technical side, rich ross and then on the fundamental side it's victor anthony who covers the name for topeka capital. rich, three weeks -- three whole weeks of trading. what do you think so far? >> bill, you only get one chance to make a first impression. i'm unimpressed. this chart looks a lot like the greek market and that's kind of an insult to greece right now. we think there's precedence for that lower $22 target. that precedence comes in the form of the blackstone ipo in

2007. let me show you what this means. you see it pull to facebook. it essentially opened at its highs. at the time we wondered, is it a good idea to buy a private equity firm? in hindsight we see clearly not a good call. here we are five years later, do you want to buy a social network from a guy in a hoodie and flip-flops? the answer is no? and even if you want to buy it for a long-term hold, you've got to wait. >> fundamentally, do the fundamentals look good? we already know that they were seeing a lower revenue stream because of the migration in mobile. what do you think of their fundamentals right now? >> fundamentally we think the business is solid. when you cut through the clutter you have a business growing revenues of ebitda 30% clip over the next few years.

the company is on pace to generate $450 million of free cash flow in 2012. we see that doubling in 2013 as it reduces the pace of the model. >> so you would be buying it right now? >> we've actually done work with our own technical analysts. he does caution that there is very limited data to work with. upside from a fundamental perspective of $40, roughly 55%. we think it's attractive at these levels. >> we good. thank you both. i'm sure we'll be doing this again, rich. that's talking numbers for a thursday. maria? >> we have a market that is mixed. up about 80 points. nasdaq come positive down a fraction. >> we're wondering whether the stock market is rallying for the right reasons or not.

is it because things are looking better or because investors are betting on more government intervention? what do you think? that's our question of the day. tweet us your thoughts @cnbcclosingbell. and then fed chairman ben bernanke sounding a warning on the fiscal cliff. >> the so-called fiscal cliff, would pose a significant threat to the recovery. our panel sizes up the threat, next. charles evans weighs in. he'll be sitting down with maria for a cnbc exclusive interview. they will talk about the fiscal cliff, fed stimulus, europe, a whole lot more. do not miss that interview coming up. you're watching cnbc, first in business worldwide. tdd# 1-800-345-2550 we're hitting new highs.

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welcome back to the "closing bell." you've got to see these pictures. have you seen what happened in greece? it's unbelievable. politicians argues about their debt problems and turns physical on this television show today. the male spokesperson threw water in the face of a female parliament member and then violently slapped another member. it's a freakout. >> i thought we were watching the stanley cup finals. this happened on the day that the downgrade of the u.s. will if we don't come up with a debt to address our debt in 2013. so is what is happening in greece happen in the u.s.? if we put off making the hard decisions and dan cliffton says

we still have time to write this script. why do you think we have time? what will happen, do you think, that will? >> when i say time, we have to have this resolved within the next year. but we have two challenges. how do we deal with the fiscal cliff that chairman bernanke talked about today. that is, making sure that we don't have too much stimulus rolling off until next year. that's the challenge. get that extended. make sure we don't fall off the cliff but then there has to be a hard trigger that establishes that congress is going to do tax and entitlement reform in 2013. anything past the first six months of june starts becoming problematic in terms of a downgrade. >> patrick, what do you think? you say we don't have that much time? >> i don't think so. i agree with the general formation there but i think it's

imperative for congress to begin acting now. the house has, after all, taken action on some of these problems. it's moving forward. the senate is not. and the senate's decision not to is a choice. it's not inevitable. >> well, what do you -- what happens if we don't address this? when you look at the calendar, we're getting close, right? if nothing happens before the election, after the election wham are you going to get done in a mouth before year end? two months? >> look at this week, maria. you did an excellent interview with bill clinton. he said we need to take care of this now and then was forced to take his comments back. we went through this in 2010. we had an election, we had to extend the tax cuts after the election and we had it done by the second week in december. it's very different than the debt ceiling last year. this is about extending tax cuts. i think they will get that done. the election is going to determine exactly how it gets done but we'll get it done.

congress then needs to have a very credible deficit reduction trigger in 2013 and if they don't, we'll get downgraded by moody's or fitch. >> economically speaking, isn't this the wrong time to talk about spending and it's all very admirable. it certainly has to be done. can we withstand that economically as fragile as the economy is right now? >> it's the wrong time to be talking about tax increases. that's certain. it's not the wrong time to talk about spending reducks. part of what fitch said today is congress doesn't have a credible plan for tackling the debt. if it started to do that now, if it started to show the ability to move forward on these issues, i'm sure financial markets would respond. >> that's right. that's the issue. we're not even giving a sign to the market that we're focused on that. this will create a disruption. >> you're absolutely right.

>> go ahead. >> maria, i think that there's a lot of discussion going on behind the scenes to really set up a tax reform that would lower tax rates and broaden the base. if congress doesn't do tax reform, tax rates are going to go up to 45, 50%. the republicans are going to do everything that they can to prevent that from happening. they are starting to set the framework. look at speaker boehner's speech three weeks ago where he talked about setting up the fundamental tax and entitlement reform. it's a lot more than the market anticipates and people are going to be very surprised as we move through the second half of this year and into 2013, understanding that we're not going to see anything substantive. >> may i? >> go ahead, dan. >> very quickly. yes. >> the one danger in that is while congress continues to fidel, this fire keeps getting larger and there's no telling how long we have to wait. >> yep. >> thank you both today. it's not going to be solved any time soon. markets heading lower, up 76

points on the dow as we head to the close. >> well off of the highs and nasdaq is negative. maybe it's china that could take down the global economy. i'll be talking about the head of the tmx group as well as terry duffy who is here with me at the cme group. >> and stick around after the bell, mohammed el-erian, charles evan, and sam zel. we are first in business worldwide. rldwide. our one millionth customer. people don't like to miss out on money that should have been theirs. that's why at ally we have the raise your rate 2-year cd. you can get a one-time rate increase if our two-year rate goes up. if your bank makes you miss out, you need an ally.

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usaa. we know what it means to serve. welcome back live from the cme group today. seema mody with the movers of the day. >> we started pairing gains right after the stock stories that we're watching today. june per networks getting slapped with a downgrade. the company citing rising

competition significance has one of the main reasons for the likes of cisco. lululemon's outlook falling short of street's expectations. some saying that it's just too expensive. from a technical perspective, even though the stock is down today, it is still trading above its 200-day moving average. china today surprisingly cutting interest rates for the first time in nearly four years to boost its growth in china. is it a sign that china's government is concerned about growth and should investors be more concerned about what is happening in china more so than in europe? >> one of the many things that we'll be talking about right now, tom, ceo of the tmx group and executive and chairman and president, terry duffy: let me

get something out of the way. the $4 billion bid on the table has been extended through the end of the july. where does that stand right now? >> out there for public comment, the period ended for most of them on june 4th. the british columbia public comment period extends through later in june. and then after that we'll see the final recognition orders and the competition bureau approval. >> and you think this will happen? >> we're optimistic. we put together a package with our friends at the maple group that makes sense and we're excited about the future together. >> maria? >> tom, let me jump in and ask you about the latest coming out of nasdaq and sort of this idea that the nasdaq may be cutting fees as one of the allures to get -- to satisfy investors or

broker dealers who may have lost money on the facebook trade. what's your take on that? >> of course, it's an unfortunate incident that happened with the facebook ipo and nasdaq issues there. naturally we're going to be watching that with interest because we have a number of inter-listed stocks, as you know, with nasdaq and with the nyse and we would pay attention to the competitive balance that relates to that fee change. >> so we were talking earlier, terry, about this whole fee idea and you think there is a knew wan nuance so this? >> i do. if the only way that you can get that money is to trade on nasdaq, that could be a competitive problem. if they are just lowering their fees across the board and want to target a certain audience but they are not saying it's associated with facebook, i see nothing wrong with that. >> do you agree with that, tom? >> yes, i do, i would agree with

terry's view. of course, we wouldn't object to it. >> a lack of participation by the small investor here in the united states especially, tom, first you. what is it going to take to get the small investor back here into the markets into the united states? >> i think it starts with confidence in the economy. and it starts with a feel that you know where the regulatory environment is going. you know where the tax law is going. and some certainty with respect to where the economy is going. we have issues in europe. there is no question about it. that's impacting the view of investors, whether it's the retail investor or institutional investors. >> terry, you probably don't have as much of a problem on that front with the futures markets as we do in the equities markets as the little guy stays

out of this market right now. >> there's no question, you want to have as much participants because that's what makes them the most efficient. i was telling maria, our volumes were x and in 2011 cme group had a record year. on the futures side we are seeing a lot of people come back because of what the future provides for the cost of doing business. we are seeing an increase in volume and so we are still trending similar to last year a few percentage points below. but, again, that's off a record year. >> let me ask, terry, about your own shareholders. i know you have a board meeting coming up. you split the stock five for one. what did that give you in terms of splitting and tell me about the dividend plan. how are you paying back shareholders? >> we have been -- since day one, i remember doing an interview with you back in 2002 and people said you're not a growth company because you're

paying a dividend. we are big believers in dividend paying stocks. roughly 3% is paid on a dividend. we split our stock and that will be coming up in the next couple of weeks of five to one. the reason why we did it, we have a very small float to begin with. 66 million shares, essentially. we want to increase the liquidity of the stock and we think it's good for the company. we didn't do it for no other reason. there's no academic difference between four quarters and a dollar. >> you definitely get more liquidity and perhaps even that increases the investor class. >> and that's what we were looking to do. >> thank you so much. thank you for having us here at the cme. >> tom, thank you for joining us as well. >> thank you. >> we have news out of the market flash desk. let's head to brian shactman at the news desk. brian? >> at 2:00 today, desk producer noted this is the best four-day

winning streak since december 5th. take a look at an intraday chart and it's no longer the case. you expand out after you take a look at that chart and then semantec clearly trending to the downside and there's a whole slew of nasdaq tech stocks that look just like that. bill, back to you. >> brian, thank you very much. we are still heading lower here, maria, with about 15 minutes to go. pay attention now. the dow is up 58 points and as brian pointed out, we are negative on the nasdaq as well. >> we are losing ground pretty quickly. are mainstreet investors getting shafted? we'll have a follow up to my interview with bob greifeld coming up. >> and maria will talk with charles evans. stay tuned. at liberty mutual,

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. welcome back. maria, we are talking about the interview you had with bob greifeld yesterday. here was part of your exchange with bob yesterday. listen. >> we do not live in the world where we're talking to retail investors on a daily basis. we don't -- >> i understand that, bob. but you're dealing with knight, citudel and they are representing the retail clients. so they are all looking at you, nasdaq and they are saying, hey, i got screwed as a result of this. >> and what we can do is do the right thing that we are doing today with direct evidence with respect to how our markets work.

>> they've branded themselves to the public, people identify with the nasdaq as the supermarket to the world as some people have called in the past. so they look to them to be the compensate for in this case. should they be? that's the issue that they face right now, right? >> well, you know what, the fact is that that's not a direct relationship with the retail investor. he's absolutely right. the relationship is with the wholesale brokers and they are on the hook to respond to the retail investors. and he came up with a plan that was very mured and clinical. the wholesale brokers and where the shortcomings were and that's the price that he came up with. there's a lot of debate about $40 million and whether or not that is the right number. a lot of people feel it's much higher than $100 million. in fact, people are telling me $200 million. so, you know, we've got to go back and actually look at the number of investors that did

actually get short changed on any errors and try to come up with a number and he says that's exactly what he's done. to be fair, that is his customer. >> the negotiating going on right now. obviously, do you sense that nasdaq would be willing to raise the amount above the $40 million? >> well, i mean, look, they will do what they have to do. but they are not going to come out and talk about this as if it's open ended. that anybody could come out with lawsuit and put claims in front of their back. that's what they are trying to avoid with the statements of, this is measurable, this is clinical, and we're looking at exactly the number of losses or -- and by the way, a lot of people talking about all of these execution statements not coming out until monday. >> right. >> the nasdaq says that by 10 to 2:00 in the afternoon on friday, all of its confirmations were out. so basically they are looking at the knights of the world, ubss

of the world because they are saying that their system messed up. they need to go back to find out how they are going to get paid there. they blame those systems. >> i'm sure the negotiation will continue here. we'll see if they can find middle ground between 40 million and 200 million. let's go to brian shactman. >> as you guys were talking, the s&p went negative and i want to talk about the s&p financial sector going negative. talking about the names leading to the down side, morgan stanley down 4%. goldman sachs, bank of america down 3.75%. you have the dow up 33. it was up 29 a few seconds ago. we'll see if it can hang on with only seven minutes left in trading. >> i'm wondering if this is more speculation about the moody's downgrade. >> yesterday the word on the

trading desk is coming and it's coming soon. it's coming and it's not going to be as bad as some people thought. so we'll see if like part of this negativity today is because we didn't get that or because perhaps that downgrade is imminent. >> and tune in to the "closing bell" at 4:00 to see if we have all of the news. >> well done, brian. thank you. we'll take a short break and then we have the closing countdown. >> and then after that bell rings -- and it can't ring fast enough for some people -- maria speaks with the top world decisions who have a huge impact on your money, pimco's mohammed el-erian and charles evans and sam zell. you're watching cnbc, first in business worldwide. [ male announcer ] let's level the playing field.

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we had a pretty good rally going today. the chinese rate cut, bernanke comments. there was hope for that as well. here's what we're talking about the last half hour where we started to lose power. let me show you some of the other indicators right now. the yield on the ten-year was rising any way but we're lower. price of oil, two different things going on. the chinese rate cuts, spurring growth, they like that. big exports to china, but the inventory data was not very bullish. that brought the price lower. then the inventory data went down to $84 and change. gold maybe was due for a correction any way after the huge gains of last friday and earlier this week, down $41, near the lows of the session at $1593. it was very much a risk on day for the sectors in terms of where the strength was among the s&p 500, the ten sectors that

make up the s&p 500. industrials were among the strongest. let me go to matt. what's going on this hour? why the selloff? they don't want to be long going into the close? >> i think so. people have been scared for so long. we had a very nice rally, 400 points. i think it's a fed disappointment, honestly, the regulatory stuff on the bank side, markets seem to come in pretty good. oil had a nice rever sal. >> they wanted more for ben bernanke maybe? >> i think so. they wanted more clarity. with what is going on, we need more clarity. >> we talked about this the other day, maybe moody's is going to talk about downgrade for the financials after the close? >> no one wants to put risk on late in the day. we're not even talking europe. we're talking u.s. >> thanks, matt. that's the first hour. don't go anywhere from the