i'm i'm going to show you what it is. also tonight is the irs unleached by obama care? more intrusion into your personal life than you could imagine, and 24 hours after obama care radification, mitt romney raids $4. 6 million. that is a leading indicator. there is always a bull market somewhere, and i promise to try and find it for you right here on mad money. i'm jim cramer, and i'll see you monday. >> tarp coming to europe, and

the worry that the market just might have some legs. good evening, i'm larry kudlow. the top story is the market ends the midyear on a tear. the do you up 278 points. the s&p up 33. europe was up 5% today. that is an amazing number. twice our increase, and it tells me something good could be going on over there and that something is tarp and a new banking structure, and is sensible plan. that's what markets wanted. i have to tell you we have to talk about this, it could be serious stuff, and is obamacare giving the irs unlimited power and intrusiveness into our personal and business lives? 4500 new agents, a $300 million budget increase. they can't figure out the tax code. and while obama is good for

certain health sectors, it's tax, spend, and bank breaking deficit will do big damage to the economy if it ain't change. we have some numbers and we could be into this for a long time. plus is obamacare going to determine the entire election. get this, the first 24 hours after the supremes ratify, mitt romney got himself $4.6 million from 47,000 individuals. 2012 ends with a bang, no one better than brian shactman to join us with the details. >> the nasdaq and s&p 500 had the best session of the year, and the stock market had it's best june in 13 years. i know it didn't feel that way, but it's true. it led to a spike in the euro cross right there. in terms of sectors, five were

up at least 2.5% lead by industrials, tech, and energy which were up more than 3%. some notable names, bank of america led all financials higher 5.5%. the street loves the deal. i know it's strange, but i want to point out three in the red on such a big up day. nike had a big miss, three downgrades as well. ford said international losses would triple, and research in motion continuing it's tail spin down 19%. back to the green stuff. this was the final trading day of the first half of the year, and the nasdaq by far the winner up almost 15%. the dow certainly up but definitely a laggard only about 5%. the best in the s&p, housing, travel, and sears.

the third biggest home builder, and trip advisor and expedia which used to be the same company. and what's fascinating is all of the talk about separating companies, that's the perfect example of unlocking value. >> brian shactman, what do you think of that. let's just dive right in today's rally with our ace market pros. we have steven weiss, and zack callabell out in the ether zone. so many professionals and smart guys saying this guy can't hold, it's just a bunch of short covering. i worry about global recession and i have for awhile, but growth will improve if european banks improve the outlook, and i'm impressed with the t.a.r.p. to protect spannic and italian

banks. up 5% in europe is big. >> they're not taking is seriously because there's such a feature and skepticism in market land which you deal with and we talk about every night, and steven weiss will enlighten us about. it's not just european banks, it's that global activity took a real pause in april and may, and you will have data that confirms people's fears even though in my view it's a purely driven derivative. if it's embedded in the system, it's very hard to quantify. if that clears i don't think you have the structural global issues that many other do and this will be a joongoing debate. profits were down, i'm worried about the global story too. i'm not a raging bull, but i'm

impressed with today's action. if europe comes to the rescue of some of the ailing banks, it's a bit like t.a.r.p., and it looks like they have a structure, that improves the world growth outlook. that's all i have to say, and i have to take it seriously when i see numbers like this today. >> i agree with you. if i could see a clear path to execution which i feel more comfortable than the other 18 meetings they held, then i'm on board. i got caught flat footed. i didn't buy a lot today. i think the mark could have been up more if we didn't have obamacare get approved yesterday. so i'm more positive on the market, more hopeble about europe, merkel caved and i think she can get it through in germany and then it's off to the races. china traded down too.

>> i'm real worried about what in a because the reports say they're overestimating their numbers. electricity could be down 3%. that's a terrible growth rate. i like the european story if there's substance to it and i think you're right, merkel is changing her tune. this was an old fashions risk on trade, you go down the leaders, old fashioned gold up, oil up, crb futures commodities up, it's a whiff of growth and we have not seen that in awhile, zack, and again i think it's coming out of europe, and again i wonder out loud if it can't spread and continue. >> look, again, in my view, you just sited the china weakness. you have emerging market weakness because in april and may europeans slashed orders. you had a global cascade effect. the question you have to ask

yourself going forward now is was this simply a because based on euro fear, or do you believe there are lots of pockets all conver converging? i don't believe that. i think you have april, may, and june. we'll have to get through bad data that's going to reflect that fear at that moment. if today is the catalyst of kind of disbursing the clouding of euro zone gloom, for the rest of the world to get on with business -- >> that is clearly more important, european fix or bank social security more important. it is true, zack raised an important point. gdp, unemployment, dispose able income, factories, all lousy. i don't want to overplay this, i'm just interested on what's going on on the other side of the pond. >> i think the markets are okay for the next week.

ford today, as brian pointed out, we saw nike take -- >> is it the rearview mirror? they will get hurt by china and europe, no question. is that a rearview mirror or what? >> it depends what you're looking at. stay away from commodities, china you say they overestimate, i say they lie about the numbers, and i'm looking for a close -- i don't have to be that polite, but i don't have a nightly show. but to me, they're going towards a hard landing. if they get there or not is another issue. >> there are issues out there, but it got my attention today's rally. thank you gentleman, very much. let me go to an old friend of the show, jeff frankle, who is professor of -- what is it, public policy? >> it's capital formation and

growth at harvard's kennedy school of government. >> thank you for coming back on the show. jeff, you tell me, you know a lot about european politics, there's a tarp like setting going directly into recapitalizing banks. it's going to be hon tored by their bailout fund, but here is the thing that i like. they're setting up a bank board, a supervisory board to monitor this under the european central bank. there is structure, and when i saw that thought out structure, i figured as an exgovernment bureaucrat there might be something behind it, what's your take? >> just on the u.s. stock market rally for a second, i'm not sure why you and your guests are so sure that's not a positive move from obamacare. that's not what you want me to talk about. on europe, i agree with you, i

think this is an important move that was decided overnight in brussels, and i share your view that it's the banking part of it, that the move in the direction of a banking union, is something that can help and is achievable. europe has been stuck on this idea of fiscal federal thasm won't work because they're deadlocked between the anti-austerity people. but to consolidate, that could work. >> i mean they've got -- the way it reading, and i'm no expert, it sounds like chancellor merkel is playing ball. they have the money in these various bailout funds, the question is releasing the money, and the second thing that impressed me, the money proposed here would go directly to capitalizing the banks. it will not pass, for example, through the spanish government.

it will not add debt. it goes right to the capitalization of the banks. i find that very sensible and constructive, what's your thought? >> i agree with you completely. so they bailed out the spanish banks last month, but it went through the government. i would draw an analogy between what was last night and what the president of the european central bank did last winter, which was, extend a version of the credit window directly to banks, because banking, lender of last resort function is something a bank is supposed to do. i think the idea it could be done at the federal level and the euro wide level, and europe is completely reasonable. something that european citizens might have agreed to 15 years ago if asked given that so many banking transactions are across borders now. >> the fact that they're setting up what i call a detailed

structure impresses me a lot. it's not just airy fairy, something in the financial times, it's a structure you can get your arms around. it sounds like they thought it through and they will get german sign off. >> yeah, i like your analogy with t.a.r.p. there is a lender of last resort, and banks have to hold reserves and the minimum capital standards. we know how to do that, and to do that at the euro wide level, and europe is reasonable. i can see that as an achievable goal. >> thank you very much, appreciate it, and given your enthusiasm, we'll have you back about obamacare. i would like your views on it at a future day. coming u, do the markets have it wrong on obama care? all right, my next guest will say that wall street and investors are in for a rude

awakening when the obama care bandages are removed. as the supreme court defined the november election. his power to tax may have cost him a second term. will mitt romney come to the rescue? and don't forget free market capitalism is the best path to prosperity. i want capitalism in europe and also with some better banking regulation too. i'm kudlow, we'll be right back. i don't spend money on gasoline. i don't have to use gas. i am probably going to the gas station about once a month. drive around town all the time doing errands and never ever have to fill up gas in the city. i very rarely put gas in my chevy volt. last time i was at a gas station was about...i would say... two months ago. the last time i went to the gas station

must have been about three months ago. i go to the gas station such a small amount that i forget how to put gas in my car. ♪

welcome back, markets are soars on europe euphoria, but is a rough landing ahead because of the supreme court's decision to uphold obama care? when it comes to health care, the markets have it all wrong. it could be much worse than wall street seems to think. health care did well today and for the month. let's go to benjamin sass, former health care and human services assistant secretary. welcome back to the show. real quick, i'm opposed to obamacare with taxes, spending, and regulating. it will bankrupt the bank and

make us look like greece, but my question to you is, with a lot of new subsidized insured people, what about specific sectors in the stock market that are rallying like managed care and pharma, they may benefit. they will have more people getting free drugs and free insurance. >> yeah, that has been the bet going back to the summer of 2009 that a lot of the lobbyist thought if we get more volume, and the government is more in our business in a regulatory sense, it may be worst it to have more volume. i think what the markets and investors didn't think about much after the ruling and folks paying attention to the health and insurance sector. if you go back to right before the ruling, there was four conceivable scenarios. a total strike down, a strike down of the individual mandate, or a strike down of the

individual mandate plus the insurance market reforms or they could have kept it all. as you know, larry, the thing that insurance investors were most worried about was a simple strike down of the mandate that left the market reforms that would leave a guaranteed renewal in place. i'm saying the insurance guys and the managed care guys -- they like the fact that the volume of players is going to be a lot bigger. they're going to wind up having profits control, and wind up hating this. but in the horm run they think more volume is good for more volume and profits. >> i think they think it is a guarantee, the penalty is that big, and what the opinion did is it removed any moral requirement

for anyone to view it has anything but an optional choice. this is a closer outcome to the closer disaster outcome of yesterday than the markets are understanding. >> don't forget when the news first hit, the market sold off about 150 points. it be come back and issue good, but that was because of better european banking news. the original view of the market is it's going to pass, and it's bad for the economy, bad for growth, and bad for overall corporate profits. but i do think, and i will say it again, some of these areas, the insurers, the managed care, the pharma, at least in the short one they're going to make good money when people come through the turnstil styles and look at me. up next tonight, a deadly

extreme heat spreading across the country. blistering 108 degrees in st. louis. the massive wall of heat from the rockies to the east. we'll have a full report on that and other latest headlines.

fires in the west and 100 degree temperatures from the mississippi to atlanta.

we have more of that with brian shactman. >> firefighters in colorado springs found a second body in a burned out home while crews battle what is now the most destructive fire in state history. thousands still away from their homes, the fire just 25% contained. president obama thanks the firefighters and said "the country has your back." it's triple digits across the mid-atlantic. >> here in centennial park, people are doing what they can to cool off. this is historic heat across the country. 50 to 60 million people today dealing with temperatures 100 degrees or warmer and that includes here in atlanta. temperatures will stay in the triple digits into the weekend. in fact, by next week, there will be some reduction in the

heat across the country, but we're still looking at readings to the lower to mid-90s in many areas. that's the latest here in atlanta, i'm chris warren. >> thanks. he is saying he is deeply ashamed and sorry, peter madoff pleading guilty today. he is going to friday for ten years. and the white house filing a payroll report to congress. every title and salary. the president's top aids are in a five way tie, $172200 per year. i mean you look at it two ways. public sector is a lot of money, but some of those could make

more in the private sector. >> 1982 i was associate director, and it was about $62,000 a year. i know the people you talk about is meaning, but that's a lot of taxpayer money given to these left wingers. please don't reach across and strangle me. that's just my ed stoitorial. up next, a day after the court's decision to uphold obama care, team romney is flooded with millions of donations. it looks like the supreme court energized his base. we'll debate it when we come back. maybe we'll talk salaries more too.

all right, welcome back to the cud low report, i'm larry cud low. is obamacare giving the irs

expanded powers. they will know every businesses payroll and everyone's income so they can allegedly collect obamacare tax. a former irs top dog will tell us all about it. and we'll find out how they will regulate our economy into a stagment economy state. it looks like europe, what's happening? it's been a full day since the supreme's obamacare ruling and mitt romney on fire now. we are joined now with john with the details. >> larry, it's 24 hours since the united states supreme court since they upheld the biggest domestic accomplishment in obama's time in office, and they're looking for a fall out through several out lets. when you look at the facebook

pages of president obama and mitt romney, each had about half a million likes, comments, or shares. mitt romney's website and facebook page added 28,000 new users, then there are the bucks that are brought in by the decision. mitt romney's campaign says he's taking it about $4.6 million in 24 hours since the ruling. the obama campaign says they have taken in more but they will not specify the amount. they want to change these numbers that showed 35% of americans think the health is a good idea. 41% a bad idea. team obama is hoping it will change the number approving of the law, make it bigger, and mitt romney will keep hammering away that he will repeal this law on the first day of his presidency, larry. >> thank you. romney's base is ready to rally,

and for president obama, is yesterday's win tomorrow's loss. let's talk, we have jonathan cowan, and mark simone. let's go to jonathan, you will disagree with me the most, he raise $4.6 million, 47,000 people donated that, in just 24 hours, and what's interesting is the polling still shows that 54% want an appeal. these are likely voters, these numbers have not changed in two years. i think that your man is really saddled with a losing proposition. >> unfortunately, larry, and i'm thrilled to be on the show, you have it totally wrong and completely back wards.

imagine if obama lost this, it would have been devastating. he would have looked like a weak leader. this was a huge victory for him. it game him a chance to reframe the health care debate, sell the benefits of it, and most importantly, mitt romney is the worst sales man to argue the other side. it's the same thing romney did in massachusetts. so in every possible way it's a win and a big one for obama. >> i want to update the numbers, i got new numbers, 5.5 million have come in for romney, the source is thehill.com. an excellent website. mark work people hate obamacare. they see their premiums going up, not down, losing personal freedom, they don't want to pie higher taxes, and this guy, your pal, the head of the supreme

court is now the biggest taxer in the country. john roberts is the biggest taxer in the country and people are going to hate him too. >> his decision made it clear that it stinks but the voters left it up to him. why do they not make it kick into 2013. you know you can tell it's bad when you have to hire 15,000 irs agents to enforce it. if it was great you would need security guards to control the line for it. >> romney has to make the case, it seems to me, that the economy that is so anemic, and job creation, is linked to obamacare, i'm saying it's a

two-for. he has to say obamacare bad, stopping businesses from hiring and investing, and that's one of the reasons that the economy is so terrible, and we have to clear this whole thing out, doesn't he have to link the two and then make that case. >> larry you have it right, mark you have it right, jonathan you have it wrong. romney has a combo later and hit the power ball. romney now, it's not only the economy that he has to drive home, it is obamacare and the encoachment on civil liberties. this is an economy killer. do you know how many small business owners i know that have been waiting for this decision? they have been afraid to higher, and larry they're continually. >> and the employment numbers will be frozen and that will kill obama. democrats want every citizen to prove they have insurance, but

not have anyone prove they're a citizen. >> jonathan, that's a great point by mark, what's your response to that? >> i don't agree. a tiny number of americans -- what mitt romney is for is for free loaders. his position is if you currently don't have health insurance, but you use health care, the middle class should bay for it. obama's position is exactly the opposite. so when we get to the fall, this election isn't going to be decided on health care. >> but jonathan -- look, the issue of free loading, which is an capital rated issue, you don't want have nationalize the whole health care system to deal with a couple people that go to the emergency ward. and your second point is more to the point. this is going to be about the economic and the economy is so anemic, but it really sticks. i want the economy to do better. what i'm saying is you got john

roberts, a new justice, the biggest taxer in the country, who is now giving us obamacare in spades which in turn is giving us a terrible economy. mitt romney really has a trifecta, jonathan. i don't see how your man, mr. obama, gets out of that. >> if i was mitt romney, i would not want to be the guy arguing against a law which is what i passed in my state. i would not want to be the guy that has a different economic plan even though he has not come up with a clear economic plan, and lastly i would rather be in obama's position. the economy, look at the previous segment you had, good economic news, getting their house in order in europe. by the time we get to this election, many independent voter wills say i think obama is on the right track. >> enough of this, the bottom line is that obama won yesterday and he is going to lose in november. this is romney's race now, he

now has a two-fisted fight now. he can go after the economy, he can go after this hideous flaw, this encoachment on civil liberties. >> how can he -- it's game over. >> romney -- the deal has been sealed. i have a lot of physician tre s friends, and i have asked physicians only. i have done whole blocks on my show with physicians only calling in. it is 99% of practicing physicians, surgeons, specialist, they can't stand this law, it's a reduction in quality, it's rationing, we're going to have board of 15 individuals that will decide if your mom gets a hip replacement if she falls down. >> no. >> mark, you're wrong. obama is going to win.

>> i have to get mark back into this. mark, if people are going to like obama care, they would have already liked obama care. people do not like obamacare. that's what the polls show and every dar pon poll shows. so he may have won a small constitutional victory yesterday, but it's at great political cost, and what they used to say is not a tax is proven to be a tax. and president obama and john roberts are the two biggest taxers in america, and u think people hate both of them. >> president obama swore up and down this would not be a tax. he swore it would not be a tax. we have a supreme court rule that's he lied, and if you're saying this is based on romney care, you're admitting it's the plan he stole from mitt romney. >> i'm happy to take that because that means romney is not in a position to critique it. >> then you're not in a position to take credit for it, it's

romney's plan. >> he has a golden opportunity, he can explane what was wrong with the massachusetts law. it's states rights, mitt romney, look at me, mitt romney this is a golden opportunity. explain what is wrong with obamacare, explain how you will replace it. >> and tling to the economy, todd. he must link it to the economy. businesses large and small have frozen hiring because of the cost of obamacare and the regulations and the mandates, jonathan. i think the linkage of obamacare to the anemic economy is a killer for your man. >> he will not be able to do it because here is the bottom line, there is -- i'll critic two things, obama will win, and we're never going to repeal this health care law. americans will want the stability. >> enjoy the rationing and crappy health care. >> well have to settle another

evening. thank you for being here. up next tonight, with these expanded federal tax barriers, the government will know every little thing about your business, or your own home. a former irs big wig will join us next with this horrible truth of the irs assault. [ male announcer ] at scottrade,

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let's solve this. earlier i had a great interview with my friend sam brownback. i asked him after yesterday's decision on obamacare, is he setting up any obamacare infrastructure. is the governor making a commitment? here is what he told me. >> we're not. this is in the hands of the american public. romney said he will grant a global waiver, and now it's up to the american public to suicide and i will see what's going to happen in the fall election. this is a budget buster of huge

proportions at state and federal levels. and then the mandates, i just think, are unconstitutional. but the supreme court rules we're past that issue and it's up to the american public. >> that's just a snip it. you can watch the rest by going right now to cnbc.com. with the obama tax now officially in play, there's a bigger threat than just a tax. it's an intrusion into your personal freedom and into your home life. there's a report that thousands of new agents costing hundreds and thousands of dollars will be paid to bust in to check on obamacare tax. this is kin of a scary thing. what i have been reading is we're talking about 4500 new agents at a cost of over $3

million. they will be sniffing around to see if you paid the balm care tax or not. what's up with this. >> you said the magic words there. it's about burden on them and complexity of the irs. those of us involved have been concerned about the number of times that congress has thrown extra burdens on the ira. sometimes only loosely for the process, and not funded them or ironically cut their budget. at the same time their taking on these other burdens. >> look, the irs is going to have even more power, i'm told, over small businesses. which is some sense is where the rubber will meet the road because that's where your personal account goes in. how are they going to do this. it's going to be intrusive, obnoxious, and the paper work

and costs will be huge for the economy. >> the word that troubles me is complexity. the irs already has a lot of power, they have an enormous amount of financial data, it's the complexity of managing all of the credits, looking at the low income credits, norm data exchanges with institutions they haven't regularly exchanged data with in the past. one of the hall marks is people's confidence in their security of the information they send to the irs. so when you start to exchange data and you need infrastructure around that. the irs will never win a popularity contest. but you use the phrase kicking down doors. i know that the criminal tools and leans and levies, those tools are procolluded from the irs in terms of chasing down the

mandate. >> but you know they're never going to figure this out. this whole idea of an obama tax for health care is a bad idea. it's going to invite this kind of obnoxious stuff. i'm not making it personal, i'm lookth at it institutionally. it will be so unpopular for families that have small businesses. that's where they're going to go, and i think that's just dead wrong, that's not america. >> you're right, mistakes will happen with 100,000 employees with $2 billion contacts a year of people's money, there will be mistakes, unfortunate events, take me, mark matthews, suppose i have a $10,000 tax debt, but a $500 mandate debt, there will be mistakes that will be confused and you have to pay the irs. >> right, mark matthews, thank

you very much. we warned you how obama care will lead to the government coming into my house, who will save us from being dragged into a stagnant european style entitled economy. 20 new taxes are coming folks, 20. that's incredible. i am probably going to the gas station about once a month. drive around town all the time doing errands and never ever have to fill up gas in the city. i very rarely put gas in my chevy volt. last time i was at a gas station was about...i would say... two months ago. the last time i went to the gas station must have been about three months ago. i go to the gas station such a small amount that i forget how to put gas in my car. ♪ last season was the gulf's best tourism season in years. in florida we had more suntans... in alabama we had more beautiful blooms... in mississippi we had more good times... in louisiana we had more fun on the water. last season we broke all kinds of records on the gulf.

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zlrgetsds. no zlrgetsds. no obamacare is a tax

sanction against all americans now, but is it awe new game changing opportunities. by most counting, there is at least 21 new taxes totally over $700 billion over the next decade, with nearly $2 trillion of spinning coming over that period. so isn't obamacare just going to drown an already sinking american economy? let's talk, cnbc contributor jared bernstein. 21, and that does not include the expiring bush tax cuts. this is bankrupt city. >> first of all, i think you and chris would both hopefully gee that as far as the cdo is concerned, the affordable care

reduces it. that's different from the bush prescription drug measure that was perhaps a good measure, but was completely unpaid for. that's one thing. secondly, let's talk, and remember, the taxes that fall on households only hall on households whose nm is above $250,000. the 3.8% of medicaid and the .9 on the payroll. let's get our magnitudes correct here. >> i don't get this. the estimate now is about $1.8 trillion. it was $900 billion -- >> fully paid for though. >> no, it can't be, the tax revenue estimates are $700 billion. >> wait, one thing, you're ne dplekting the $500 million -- >> chris edwards, there are

payroll taxes, investment taxes, income taxes, all of this will depress the economy and bankrupt the budget. >> it's incredible. by the end of the decade, taxes will go up more than $100 billion a year unless it's repealed. investment income and taxes go up 3.8% at the top end. the obamacare tax will go up, the top dive lent rate up to 43%. it's outstanding. it has all kinds of taxes like a tax on medical device manufacturers. i can't think of any stupider. go after some of the most innovative companies. that should be repealed. >> let's organize facts here. first, do you disagree that the affordable care act is fully

paid for? >> no. >> so we agree on that. >> wait a second, chris edwards, why is jared's assertion that obama care is fully paid for wrong? >> when it was originally budgeted the cbo seemed to double count the long term care program has been repealed. so the accounting is different and worse than it was when the obama care passed. >> and the congressional budget office counted it. spending and taxes are both going way up with obamacare. that cannot help the economy. regardless of whether it's balanced. >> so as usual when we talk about these things on this show, it's all taxes and never benefits.

if you cover 30 million people not covered, and bend the cost curve, if you pay for this this, in part by the way, by cutting medicare by -- >> that was a double cap. not only was it a double cap, but premiums are going up, jared, you talk about the cost, premiums are going up. we're not saving anything and american taxpayers know that. >> the the cost reforms -- the only way to make long-term cost reductions is to go to a consumer model. i think a lot of the obama cost containment is elusive. it will be rejected by american consumers. >> so we -- >> so we don't know the answer to that yet. all the analyst that have looked

at this, the congressional budget office found that's not in fact true and that the costs will be diminished when you get healthier people in the risk pool. let's come back here. >> we're going to talk about this allot. all i know is the cbo has doubled the spending volume of obamacare. we will come back and talk about it later on. that's it for tonight's show, thanks for watching, have a fabulous weekend.