it's friday! yea! i'm becky quick along with joe kernen and andrew ross sorkin. t you'll see green arrows. s&p futures up by four points. the major u.s. stock averages ending lower yesterday as the s&p and nasdaq snapped five-day winning streaks but stocks are still on pace for a third consecutive week of gains. among the reasons cited for yesterday's afternoon selloff, we had the dollar, greenback crossing 100 yen for the first time in four years. it's been awfully close recently. we've been waiting for this to happen. happened late in trading yesterday afternoon. the yen falling and japanese stocks are rallying. nikkei hit its highest level since january of 2008 today. you can see 14,607. shanghai composite was up by 0.6%. in early european trading this morning, you'll see at least at this point that there are some gains here.

the cac, dax, ftse up. we got a little corporate new this is morning. a deal, actually -- not a deal but a deal offer. carl icahn and southeastern asset management now say they plan to make a bid for dell. you might recall they were involved in not a bid but talking about a bid before. the two major shareholders of the computer maker are now offering to pay about $12 a share in cash or additional shares. we'll talk about that what that means. it it would leave a portion of dell publicly traded. think of it as a big dividend. there's a big impact. i talked to carl about it. the letter criticizes the deliberations that led to michael dell's offer for the company. it reads in part -- ee always fiery so i wish i could do the imitation. we are often cynical about corporate boards but this board has brought that cynicism to new

heights. this company has suffered long enough from very wrongheaded decisions made by the board and its management. icahn and southeastern are considering taking it to court if they refuse to budge. they say either give shareholders the real choice they are entitled to or face the legal liability for your failures. carl will be on later on "fast money". >> i don't understand. what do they want? >> he's saying look, the stock is trading at $13.65, which is what the offer is. we'll give you $12 in cash effectively. or can you take $12 -- new $12 in stock. it's basically like getting a huge dividend. he'll take on $6 billion or $7 billion -- >> correct me if i'm wrong -- >> it's crazy. >> -- is $12 below -- that is below $13.35, still? >> it's below $13.35.

here's his argument -- you just did that, by the way, i love that. >> you fuzzy little foreigner. i'm assistant greenskeeper right now, but is 12 not below 13 -- >> yes. he's saying you get the cash out of the business. we'll lever up the business. you'll still have a part of the company and the company will continue on and then you hopefully -- >> levered up with all the cash taken out. >> here's the problem, the problem is you're going to lever up this company. there will be nothing left. >> a stub of nothing left. >> the question is, do you ultimately bankrupt the company? is this a move by icahn to try to push silverlake to come back to the table again, which they haven't had to so far because black stone -- we didn't ask steve about it yesterday, steve schwartzman here, they came in and said, this is crazy. >> maybe if carl was here, he could explain it. i don't get it. don't make sense. i leave a shell of a company

levered up with debt. you think this is a company worth saving, reinvest the cash. if you don't, take it out and leave it an empty shell like that. >> if you're playing for a shorter term outlook -- >> sure. >> -- take the 12 bucks, you get 1.65 left over, maybe that turns into 2 or 3 -- >> or maybe it turns into nothing. >> or maybe it turns into nothing. that's the gam pell. southeastern, his partner in all of this, is in the stock at $16, $17. so there's a lot of people out there -- >> that's why. the partners are not going to make any money off of this deal unless they -- >> so, they need to do something. frankly, they're willing to take that risk at this point because they're already in a lilosing position. >> i bet they are. what about the rest of the shareholders? >> in this case, southeastern and carl icahn say they would not take any cash out of the business themselves. they would actually roll into this new thing completely. in stock. you can also -- >> that's interesting. >> you can also choose stock. two options to how this all works.

>> but they want a stock option to get into this whole thing, they don't to want take the deal as it stands. >> by the way, if you do that, you don't have to mark down your -- >> your losses. >> your losses, exactly. >> do you have -- >> all righty then. i'm ready to move on. i've had enough. played golf yesterday in the rain. the g-7 finance ministers are meeting in london this weekend. and steve liesman sat down with treasury secretary jack lew this morning in a cnbc exclusive. >> i've been engaging with europeans since becoming secretary. this will be a continuation. we feel very strongly there needs to be the right balance between austerity and growth. we've seen in the united states that scheduling the deficit reduction to come a little bit later has left us with a stronger economy. we're not arguing over whether or not we all have to get our fiscal house in order. we all need to get our fiscal houses in order. the question is when and how.

i think two challenges that we're going to make the case europe needs to deal with. one is having their economies grow means they have to get the right balance between their budget policy right so that they can get growth moving. the other is they have to fix some credit market issues so that they can get capital flowing to create hiring. >> how receptive europeans will be to that message, compared to a year ago when there was some question a year ago when they thought. >> we don't agree on everything. but i think the fact that the u.s. economy is performing much better is something that they've noticed. i think the fact that the academic literature is, you know, been evolving a little bit is something that the world has noticed. you know, the reality is for a global recovery to go where it needs to go, it can't be led by the united states alove. europe is going to have to do

better. countries like china are going to have to do better. we need to do our part, which we're determined to do. each part of the world has to grow for this recovery to really be what we need it to be. >> steve will join us with more throughout the morning. with secretary lew. nice back drop. >> it is. i thought that was real because i could see the boats moving back and forth. >> likely it was real, too. >> huh? >> likely it was. >> or it could be video playing behind. >> something was -- >> something back there. >> the cynicism. >> no, i'm not. i love -- >> it is beautiful. >> yeah, it is. >> let's take a look at markets. as we mentioned futures are indicated higher this comes after stocks ended at the lows of the day yesterday. you saw winning streaks being broken all over the place. let's put that in perspective. the dow was down by 22 point. s&p was off by 6 points. stocks are still on track for their third consecutive week of gains. you can see right now those dow futures up by close to 40 points. oil prices down by 67 cents. still 95.72 is a very high

number based on where we've been over the last month. we already erased all the losses we'd seen -- or declines we'd seen in oil prices of 4% for the month of april. if you take a look at the ten-year note the yield is 1.857%. adds the dollar crossed 100 for the first time in four years, that's when you saw stocks sell off here. not in japan. the nikkei climbed to a new high as yen rose above 100. right now it's at 101.30. the euro at 1.3005. gold down to 1448.6 an ounce. ross rest westgate is standing you don't have as good backdrop. doesn't look as pretty, except

the green. green is prettier for some people. >> you like the green? the green's okay. not quite the same as the houses of parliament. you know, we could do that but it wouldn't be real. that was a real shot. if we did it here, it would just be sort of a green screen or something. but green is where we're at, as you rightly point out. we weigh to the upside. not on the best levels of the day but not far from it. about six to three advances on dow jones industrial average. the ftse still up at best levels for five years when it closed yesterday. it's firmer again today despite the dip we saw in u.s. stocks. becky just ran through the numbers. we're not doing too badly this morning. pretty good bond auction out of italy. just a t-bill auction but the point is yields continue to go lower than in april. ftse mib up 1.35%. helped by stock news, generali which had losses last year, one of europe's biggest insurers

over here, is back in the green. and pretty optimistic about the future as well. so stock up 1.37%. real standout is british telecom, biggest internet provider in uk. they've been buying up sports rights, live football rights, premier football rights, beating sky. they announced yesterday as well -- if you have bt broadband you can watch those soccer rights and rugby rights, golf, whatever they have, for free. that's given a big boost today so they're challenging in that particular area. iag, though, international airlines group, this is british airways and iberia. not doing so well. operating loss of $278 million in the first quarter. an exceptional charts for restructuring of the spanish carrier iberia hit hard bit spanish economy. and arcelormittal, they say

they're going to try to improve margins. had a terrible 2012 in terms of output. this is an industry probably got to stream about 10% capacity if you're going to hold margins. today investors like it but severe headwind for the global steel industry as well. you mentioned kumcurrency marke yen/dollar boosted nikkei. getting through 100 for the first time since october 2008 on dollar/yen. people are now talking about targets up to 103, 104. it's taken us a long time to get through that particular barrier at 100. we're now through it, expectations are we'll climb to around 103, 104. that's where we stand in europe. back to you guys. >> yeah, but you better check your facts there on the football rights. i got it right here. cbs, nbc, fox and espn pay a total of $20.4 billion to

broadcast nfl games. i don't see anything employ sky tv or -- i don't know -- you know, i go back -- >> i did say premier league, joe. >> exactly. >> exactly. you said football. is this the football where no one scores anything? oh, okay. never -- we had the news about the dude that retired, too, that someone had heard of over there. >> i know you were thrilled to -- >> actually read a lot about that. >> i have to add milmit, i did a lot about it. >> 100 million followers on facebook. apparently it's popular in other parts of the world. >> most valuable sports franchise in the world. >> it is. which is unbelievable. thanks, ross. have a great weekend. >> you, too. private equities firm carlyle bidding for rio tinto stake. they say they could get as much

as $1 billion for the mine. as long as we're talking about nissan -- let me do nissan and then i saw kesla in the parking lot. beautiful, beautiful. i've driven the smaller sports car. fast, quiet. that's not one. >> are you going to buy one? >> no. nissan is reporting better than third quarter numbers, offsetting china due to territorial dispute. tesla is up. i watched the guy from "consumer reports" say this isn't the best sports car. this isn't the best electric car. this is the best car we've ever ridden in. it's very hard to get a 99 out of 100. some cars are down at 50, 55 -- >> it's not -- they probably have a limited marketplace. >> how do you do quality that quickly? geez, you look -- >> elan musk is very involved in every detail. >> he's like steve jobs,

according to some people. >> he's actually iron man. that's who iron man was written about, legitimately. >> he's like -- >> he's incredibly intelligent. >> if you -- >> they -- >> do you know he has a pole on his plane. >> guy who can just make up stuff -- >> i'm sorry, i know tony stark is a -- >> i think that's where they took some license, some liberty. maybe tony stark is based on robert downey jr. no, he's cleaned up his act. watch shares of gap. getting a boost in after hour sales. increase in 7% revenue topped analyst expectations. gap is offering some upbeat guidance as a result -- are we at a break already? >> we are. >> we never go this early, do we? >> you're sad? >> i'm not sad. then we don't have to rush things early.

>> trying to stay with cues and -- >> girl scouts, girl scouts. the ceo, have you met her? >> i have not. >> she's a hoot. >> she's on later this hour. >> we blogged about this. big blog. we loved -- one of the most -- one of the most successful women -- you were a girl scout? >> i was. can't wait to have her on. >> were you a boy scout? >> do i look like a boy scout. >> i tried to be a weedlow. you were not? >> no. >> you weren't a cub scout? >> no? >> lion, wolf, you didn't -- >> how far did you go? >> i did not go that far. i didn't even get to weedlow. >> that's the highest level. >> it is. when we come back, we'll also talk about a travel company that's hitting 52-week highs. plus, a monumental day in new york. the last two pieces of the one world trade center spire will be raised today. those final two pieces have been fused together.

once the spire is hoisted, one world trade center will be the tallest building in the western hemisphere. this is an important number, 1776. that's the number of feet, the year the country was founded. "squawk" will be right back. and her financial advisor anna made a retirement plan, they considered all her assets, even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors.

welcome back, everybody. u.s. equity futures are indicated higher. up almost 40 points for dow

futures. s&p futures up by under four points. and, again, this is a friday. yesterday was a down day. the market is on track for its third consecutive week of gains. our headlines, espn is reportedly in talks with at least one major u.s. carrier to subsidize wireless data plans. the journal says sports network may pay a carrier to guarantee user's monthly data will not be counted when they view espn's mobile content. verizon wireless and at&t have shown interest in similar arrangements. we'll talk with chairman barry diller at 8 a.m. eastern time. let's get the national forecast from reynolds wolf. i have seen you on the big show -- on the broadcast with brian williams, too. it's either suit or rolled up sleeves. they have a choice. it runs the gamut, either reynolds or -- >> look at that pocket square.

it's perfect. >> i know. yesterday you looked marvelous. >> yeah, see, i mean, actually there's a third option. there's the suit, there's the rolled up sleeves or there's the subzero conditions with snow going like this. >> yes, yes. wrapped around. wrapped around a pole hanging on. right. >> you're onto it. let's talk about what we have. rain and thunderstorms across parts of the ohio valley and into the southern plains. still cool for you in the northern plains and still very dry out towards the west. very warm for you at the same time. into the weekend we'll see showers move into the eastern third of the country. at the same time, even into south texas rain will be in the picture. seeing some cooler air begin to move into parts of the midwest. looks like a rainy mother's day in the northeast. sorry, wish we could make it sunny for you. some delays possible in houston back into nashville, even pittsburgh. most delays in pittsburgh coming by midday and early afternoon. that's a snapshot of your forecast. let's send it back to you in the

studio. >> okay. i was just thinking of something. i mean, he's like don draper or something, isn't he? don't smoke because -- but don't smoke. >> oh, look at that. it's a real pocket square pipt not even a fake one. >> it's like a throwback to the mad men days. >> look how he stuffs it right in there beautifully. that's a hard thing to do. >> that is. >> now i get it. i know why he dresses up so much because sometimes he's standing out there in the rain and the snow. >> what? sorry. >> oh, my god. fortunately for reynolds -- >> and "squawk" sports news we'll begin with hockey. the pittsburgh penguins are close to advancing to the second round of the nhl playoffs. penguins beat the new york islanders -- just beautifully, 4-0 last night.

the ottawa senators beat montreal 6-1. and the -- something called the chicago blackhawks also advanced. >> come o you know the blackhawks. >> i do. eliminating minnesota. and then there is golf. cut day. yesterday castro tied the sawgrass record with a 9 under par shot. four-shot advantage over tiger, who bogeyed 18. his only bogey of the day as he chunked a chip, which he never does, coming back from over the green at 18. but this will be a good, exciting round. it was really soft and wet from rain. and the scoring conditions, nobody, i don't think of the players wants people shooting 9 under. we'll see if there's wind, things harden up a little bit up. don't even want guys 6 under. you don't want 24 under at the end of the players'

championship. probably be in the teens. i would not expect those scores. >> that was a really, really tough course. >> it is tough. and it's fun. it's a pete dye course. 17 -- i was talking to tim about it. >> have you played it? >> i haven't. 17 was the island green which people thought was mickey mouse. at 18 -- >> that's what age you are when you say 18. >> you don't say mickey mouse? you say happy camper. >> it means if you're a little kid. >> but mickey mouse -- >> good, but if you get old you say mickey mouse is bad. but i like mickey mouse and minnie. >> look what happened to the muppets? >> right. then 18 you have to come out, tough drive. phil even hit a 4-iron yesterday on the -- on a 460-yard hole. >> you should have seen me in the rain. >> i want to hear about that. i want to hear about that. >> well, we'll have video of it over the next couple of -- >> how many guys did you h to talk to out there? >> i played with four other

guys. >> one was a pro, though. >> one was a pro. >> three money managers. >> three money managers and a pro in the rain. >> it was raining hard yesterday. >> it was raining hard. we were under umbrellas. it was -- >> i can ask you a question? >> yes. >> did comparing golf to investing -- you can do it for a while, but when have you to do it a lot with three guys, and i've done it twice with three different guys, did it -- were you -- for you, you don't even know that much about golf, i don't think, necessarily, right? you have clubs but they're like eight years old, right? >> i was told i have to upgrade the technology. >> and you said most holes pick up because the people you're playing with eventually -- >> if i was playing with someone like you -- >> i pick up sometimes. >> i don't want to be too slow, so i'm happy to -- >> but they eventually want to move onto the next hole so you pick up. >> i don't to want hang out for too long. >> we're back to talking about priceline. >> priceline. >> because the stock's done well. it was hot, went to cold, cold,

cold. >> the only reason we talked about it for a while was because of shatner and his toupee. >> but it may not be back. priceline.com rolling out first quarter results after the bell. reporting profits of $5.76 per share, about 50 cents ahead of estimates. revenues also beating coming in at $1.3 billion. here's the problem, the focus is now turning to what they're saying about the next quarter and that part isn't as good. joining us is mark mahanye. it was a blowout quarter at some level but everybody is concerned about the fact that they seem to be missing on -- in terms of their forecast. >> that's right. we called it a push quarter. there was upside in the quarter. this company typically delivers upside. this wasn't as much upside as you typically see from this company. remember, they have a lot of european exposure.

that's still a headwind on the fundamentals and will be for another foreseeable future, a quarter or two. people are concerned the competitive environment in online travel is intensifying. requiring them to send more money on advertising, lowering margins. those are two concerns on the stock. >> should we be looking at priceline on the fundamentals, in terms of what's going on in the economy, what's going on in the travel market, or is it a competitive problem with their technology? by the way, they still have to integrate kay yaak, which they t purchased but they haven't closed yet. >> yes, that will close in may. we consider this a very good asset. fundamentally, 25% to 30% sustainable grower with international exposure. it's not great to be he can posed to europe these days but 80% of profits generated out of international markets is a good thing for this company. they execute well in hotels, building out rental cars business. one of the best management teams in internet space and you can

get this for 15 times next year's earnings. it's also one of the best value plays. >> diller on the show coming up, chairman of expedia. >> we compare priceline to expedia. sometimes we have a buy on expedia. we don't at this particular moment. pretty consistently over the past ten years, priceline has executed better. it's done better job in international markets, better job in hotels. expedia is priced at a discount. priceline traditionally has been. it should be. if you pick the two assets, pick priceline. expedia is fine but more growth out of priceline. >> mark, if you try to think about the stock, what's your price target now? we just -- we just showed a shart, by the way, a ten-year chart. i mean, it's gone on quite a little run after -- i mean, if we showed a 20 or 30-year chart -- well, only 20-year chart given how old the company is, you know, you'd see what looks like a real seesaw there. >> so, look, this is -- this is

over the last five years one of the top five s&p 500 performing stocks for a variety of reasons but it's sustained very consistent high growth and it still trades at a reasonable multiple. mid-teens multiple on next year's earnings with 25% to 30% earning growth. when you look at the ten-year chart it's a see shortstop saw because they started off with highly speculative valuations and highly speculative business model. but that's changed as they expanded internationally. >> how much money did shatner make? did he own stock? >> he got a lot of stock at the ipo almost 15 years ago and then he sold pretty much all of the stock at the bottom. so, don't listen to william shatner for stock advice. >> what's the all-time high, do you know? is it there? it's not there. >> no, we're not there yet. on a split adjusted basis it's about $950. our price target's $900. >> i can't believe it came back this far.

that's amazing. how much did it expose, one for ten or one for 20, do you remember? >> you got me. that was a long time ago. >> there it is. there's the chart. almost 1,000. 950 as mark said. wow, that's unbelievable. anybody that's held for that long. $36 billion company again. >> mark's up at 3:30 in the morning in san francisco. are you going back to sleep or just start your day right now? >> no, i'm just getting started. fisherman's hours on the west coast. >> priceline ceo jeffrey boyd will be appearing later on "squawk on the street" at 11:40 a.m. eastern time. when we come back, treasury secretary jack lew on washington and the sequester. the bulls charging to three straight weeks of gains for stocks. we'll check in with a trader and see what will drive today's session. and then in the next hour of "squawk," we'll talk austerity and impact on stocks with former treasury official roger altman.

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♪ the city never sleeps i get a little bigger than that i'll admit i'm just the same as i was ♪ good morning and welcome back to "squawk box" on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin. g-7 finance ministers are

meeting in london and steve liesman sat down with treasury secretary jack lew in a cnbc exclusive. among the topics they discussed, washington and the sequester. >> it's a little early to answer the question. conventional wisdom in washington gets negative very quickly so i would caution, myself and others not to let conventional wisdom become self-fulfilling. you look at the logic and the analysis. it is so clear that the right thing to do is to reach a sensible compromise on a package that would replace these cuts, which are bad policy, with good policy. that we're going to keep working hard at it. >> but you had a couple of republican senators on board, it sounded like, in march. are they still on board? are they still talking? >> yeah, they're still talking. the president just this week has continued his conversations with both republicans and democrats. i've spoken with many of the leaders, my colleagues in the administration are doing the same. with, you know, members and leaders. i think that there are people on the hill in both parties that want to do this.

obviously, the political hurdles are still many. but we have to keep working at it. and i think that the president by putting forth a budget that made it clear he's prepared to go to a place that's difficult but gets him well into the sensible center is an invitation which we hope is taken to come together and get this done. >> steve is going to join us with more at the top of the next hour right at 7:00. and investment bank green capital has decided to give back to the community, specifically the boston community. today they'll be donating all of the commissions they make to the boston one fund, helping those affected by the boston marathon bombings. joining us right now to talk about this and, of course, the markets as well is roberto fr freelander. thank you for joining us. >> good morning. >> how did you come up with this idea? have you done charitable giving in the past from the firm? >> i've been involved with several charity at other firms and i sit on the board of a

foundation. we have client meetings for the next april 16th. while we finalize an agenda, we heard like the rest of the world information on the bombings that filtered down and it became clear, especially those around 9/11 in the financial district, it was something more than just routine bombing or typical bombing. so, we began having meetings. should we go to boston? should we not go to boston? at that time because of prior events, you know, many in the boston community had already disaster recovery plans in effect, so some of our client meetings had to be canceled. you know, i was under the impression this is all the more reason we should go. not just to show face but that we're there, brean capital is there. not just to show support for the wall street community but it hits home. we go to those meetings and we're in town the next day. >> it's great. it obviously touched all of us.

we watched as things happened. how much money do you expect you can raise in one day for the fund? >> we hope to raise mid to high six figures, if not more. i think it's more the factor that when i came back from boston and we debriefed and met and i sat with our ceo robert fein, it was clear to us within minutes we needed to do something. and as a kind of diversified that can move swiftly and we decide we should do something first, get out there and show our commitment to boston, which is similar -- you know, blue-collar town as new york is. >> that's true. do you have other connections with the firm there, or this is really just you can connect with these people having watched and having been through 9/11? >> yeah, just going through 9/11 and being around the area and that. there was also several colleagues and friends, a close colleague -- former colleague of mine had actually run in the marathon. their offices are right on the finish line. i spoke to him a couple hours after and he had finished several hours before the bombing

but their offices were right there and they were directly impacted. there was numerous friends and colleagues in the business, in the boston community that i'm close to. >> roberto, while we have you here we should ask you about the markets and where you think things are headed. above 15,000 once again. we're looking at our third straight week the markets are on track for gains once again. people had talked about sell in may and go away. that doesn't seem to be the case, at least this early in the month. >> i don't think so. it's interesting because an acronym has been circling among the trading desks the last couple of days. most people in sales and trading have a.d.d. so we need these these devices. we've gone into earning season with 90% s&p 500 companies reporting, half missed revenues yet the market is looking forward. you major indices up 13%, 14%. and you'll have this massive allocation trade which still hasn't hit.

probably spread on buffette's comments last week. we're starting to see that happen where the mental is switching to -- on strength you see rotation out of defense and on dips you see players come in and begin to dabble and buy names that have more growth potential. >> thank you very much for joining us. good luck with everything you're doing today with the fund-raiser. thank you for what you're doing for boston. >> thank you. coming up, what do 70% of female ceos have in common? we'll find out from our next guest after the break. first, take a look at shares of dell this morning. carl icahn and southeastern asset management plan to make a bid for the company. offering to pay about $12 a share, either in cash or additional shares. it's kind of like a dividend. the plan would still leave a portion of dell publicly traded. you're seeing that stock up in the premarket, about 13.47. the offer by michael dell is worth 13.65.

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welcome back. it is day two of the players championship. and on "squawk" it's time now to learn from the pros. golf and investing do have a lot in common. i recently talked about that with legendary golf course designer reese jones and a group of investment experts. while we played a few holes at -- i can't even say that with a straight face. no, those guys actually are in this case, at montclair golf club. the day we learned about risk and reward in golf and at least

in real estate investing from reece and don peebles. >> the reward is always commensurate are the amount of risk you take. i guess you think about that every time you redesign a hole, par 3, par 4, par 5, maybe a way to play for bogey and a way to try to get an eagle or something on a par 5. >> all depend on the circumstances. got to 13 on the last day. you'll take more risk than you are on the first day. >> have you ever done a real risk-free type transaction, even when you started? >> my first transaction, once i got it done, was relatively risk-free. but i still haved to build it. the risk was completing it. after that i did take greater risks but i took risks on the front end, more than in the development process or in the holding period. >> for medium risk you moved from -- d.c. you moved to miami. >> miami is extremely volatile, so you can lose big or win big.

so, i got lucky, frankly. i was there in the early part of the cycle when the country was coming out of the real estate recession back in the mid-'90s. >> everything in miami worked out. if you had -- if you had the flipside of the reward where the risk caught up with you, where would that be, vegas? >> yeah, vegas. i bought when the market was peaking. i should have known better. >> that was '07. vegas was overbuilt and then the financial crisis. >> one thing we try to do in business is put our money up, take the risk on the front end and be prepared to lose. and so we invest what we're prepared to lose. can't win them all. >> the par 5 is the best risk/reward because you have a chance to go forward in two. >> right. >> so, have you to set yourself up for that shot by hitting -- taking a risk off the tee and then you have -- you can hit the risky shot into the green. >> you don't try to bite off more than you choose as a golfer. try to play bogey golf. can you do that in real estate as an entrepreneur. >> exactly.

>> then times you need to get a par, birdie or eagle. >> to be a successful entrepreneur developer, you need a couple eagles in there. look at some markets like d.c. d.c. is a par market. if you can play par there, and that's the goal, is to play par. you have to play the long game, have you to play all 18 holes, and you play 18 hole and you play close to par, you'll do very well there. miami is going to have some volatility. so, have you to have, you know, you know your bad strokes but be able to play through them. and then have an eagle for two. and that's the only way you come out of that, you know, with a decent score. >> i would have to say, after having played a couple holes with you, if your golf game was the way you invest in real estate, you would have to find something else to do? >> i'd have to do what you do. >> the talented jody that puts

these together made peebles look pretty good. >> jody has done masterful work. >> when he swung, he was actually hitting the balls. and don wasn't the worst that we've had. you know what, when you're a business person, you don't want to be that good. a lot of ceos that are very careful not to have their handicap too low because it means they're -- >> because they're playing too much. >> exactly. and then i did three more perform one of these next guys, i don't know if we hit a single shot where the club actually -- >> but still all better than i am. that's why i have refused -- >> you still have to do it. >> i'm going to the mini golf -- >> no int. >> i'm going to the mini golf. when we come back, it is more than just selling cookies. the girl scout's ceo will be joining us on set to talk about the global impact of her organization and, boy, it is a huge impact. later on "squawk" we have former treasury official roger altman. we also have tech disrupter dave

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is now providing answers families need. siemens. answers. welcome back. since 1912 the girl scouts have been empowering girls with community service and endeavors. but there's more to this group

than cookie sales. ann marie chavez is the ceo and my friend and neighbor from right down the road. >> absolutely. >> 70% of fortune 500 ceos are female. >> absolutely. >> or girl scouts. >> absolutely. >> you know, we only make up 3% of the ceos. but of those 3%, 70% were girl scouts. you can see we have been building a leadership pipeline for women in this country for 100 years. >> we always try to figure out ways for entrepreneurialship. there are programs for kids in inner cities. there's nothing bad about entrepreneurialship. it helps everyone. and girl scout were cookies per year, what is sold?

>> approximately $800 million. but what's most important about it, from the age of 5, these girls are losing critical skills. we redid your boxes to highlight the fact that it is a skill. from 6 years old they're thinking about inventory, how they keep their tickler list to go back the next year. >> why not sell the cookies all year long. my mom was former cookie chairman. i've been a girl scout forever. i signed up to be an assistant now. why not sell them year-round? >> absolutely. i have seen people in august, grown men have cried. it is the largest entrepreneurial program for girls in the country.

so the girls are in charge of that business. in addition, there are other things that girls do in girl scouting throughout the year. they may go to stem camp in the summer. >> you don't want to put too much pressure on the kids? >> absolutely. >> i get that. >> and i saw you at the cheryl sandberg book party. >> yes. >> i think with that move you don't immediately think of girl scouts, but they should. >> they should. >> another thing that is hot is financial literacy. it's an oxymoron because there isn't any. this is a big push for the girl scouts now. >> it is. i have talked to her in the past about girl scouts. interestingly enough, if you read her book, she cites our institute. i was talking about the the need to educate girls around the

opportunities they had growing up. one of the reasons we redid our badges, our iconic badges for our sashes is we wanted to put an emphasis on the literacy skills. so we have 13 financial literacy badges for girls. what is a credit score? what is a mortgage. and how to be a philanthropist in this country. so it's really important. and the girls need to understand that they need to be drivers of the economy these days. >> and e-commerce. you guys are going online. >> girls have been talking to us. they're on twitter. they understand the need to communicate differently. when i was a girl scout a few decades ago we didn't have the technology. so we're looking at the new future. >> how would you do it? you have to do it on an individual basis so each girl who is selling the cookies would have their own website? >> for the first time ever,

we're building the e-commerce platform across our movement, across the country. because we're 92 countries in the world, it's important for us to reach girls through technology. we're in the prototype stage right now. we're looking for angel investors around our cookie program to build this platform. we hope to plug in other platforms in training our girls online, reaching girls virtually through troops. >> my daughter did this blog and put it on huffington post. 59 million. it used to be in the old days we got politically correct about moving woman in the workforce. >> yes. >> it's always been there. and you can actually make it modern and move to the point where it is the place where the girls will finish by saying i want to run my own business. >> absolutely.

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>> why bonds are to blame for austerity in europe as the second hour of "squawk box" begins right now. good morning, everybody. welcome to "squawk box" on cnbc. and the futures on this friday are indicated higher after a decline in the markets yesterday and the nasdaq breaking a five-day winning streak. you'll see this morning that the futures are up by 45 points. s&p up by 4.5 points. in your headlines this morning, billionaire investors carl icahn in a proxy battle over dell. they will offer $12 a share either in cash or in additional shares. that is less than the other offer. we'll have more on this story in just a minute. by the way, we're on currency watch.

yen slide to go a four-year low against the dollar. pushing behind the technically significant 100 yen level. yen lost 9% against the dollar since the bank of japan announced aggressive monetary easing in april. it's down 15% so far this year. travel website reporting earnings of $5.76 share on sales of $1.3 billion. that beat expectations. but then the company gave a weaker than expected outlook. down by about 2.25%. price ceo jeffrey boyd will be on cnbc 11:45 eastern time. carl eye can and southeastern asset management will make a new bid for dell. they are offering $12 a share in cash or additional shares.

it's complicated. that's what mr. icahn says. he sent a board last evening. it criticizes the deliberations that led to michael dell's offer for the company. he said, we are often cynical about corporate boards but this board has brought that cynicism to new heights. a special committee refuses to budge. it says either give shareholders the real choice they are entitled to or face legal liability for your failures. don't miss carl icahn later today on cnbc, on the "fast money" half-time report. with us to talk about the news stories driving the conversation is your publication likes to say, ben white on the politico.

>> driving the conversation. "game change"er. >> "game change"er. also aaron task is here. >> you were the good brother. >> it was sad. exactly. adam trask. >> adam was the father. >> aaron and caleb. >> i'm impressed by your knowledge. >> you founded a business school up at m.i.t., right? >> that was a different branch of the family. >> senior editor at large from fortune magazine. do you have a talk on carl? would you accept this bid, or do you think this is an effort to push michael dell back to the table if you think anybody can get anybody back to the table?

>> well, i know absolutely nothing about it but i know a lot about icahn. i have watched him forever. he's playing and messing around. i wouldn't take his bid. i wouldn't take dell's bid. i will wait and see if they offer more money. >>. >> show me the numbers. >> right. >> show me how it works. >> they're trying to stir the pot and get a higher bid. if i'm a shareholder, give me the cash and move on to somebody else. >> you have written some interesting pieces over the years about management buyouts and how you think they are utilitily bad for shareholders. >> this is one of those things by definition management is paying less than it was worth. so i am generally mistrustful of

management buyouts. and in the case of carl or mr. icahn or whatever i'm supposed to call him, he's also looking out for himself. i need someone to look after me. i don't know who that is. >> southeastern got in around $16. that's why they need a higher price. >> but they have already taken their loss. they marked the market. >> they do. effectively, if they get out there's no chance to ever get back to zero. >> also they look bad. they have to admit, show them. it looks bad. the numbers are crummy. who knows? maybe it will work. i know we're supposed to be positive and have opinions. >> you don't have to be positive and have opinions. >> there's nobody else also there with a higher bid. >> that's my question. >> what is the future for dell computers. >> black stone. that's my take. another big issue, and you

published it in the playbook this morning. not the playbook. morning money. they all sort of come together. >> you want buzz feed ben in here instead of morning money ben? >> he doesn't know. >> is that the old ben smith. >> the same ben smith. he he happens to be a new -- >> he didn't surf the web. >> this is the good ben. >> i appreciate that very much. >> every morning. >> we will have barry on later. one of the topics we're going to talk to barry about is jamie dimon as well. it's an issue that you raised in the newsletter this morning. and i want to put up a tweet from rupert murdoch. do we have it, guys? maybe. we're coming up with it right

now. it's a tweet supporting jamie dimon. >> and one from jack welch. >> he said he supported jamie. >> jpmorgan would be up a creek without jamie dimon. one of the smartest, toughest guys around. didn't bend when times got hard. should also note, was it -- who was it? peter from breaking views. >> yeah. and he said, and i think it was a good point, if you worry that he has too much concentrated power, maybe an endorsement from rupert -- >> here it is. jamie dimon has too much power. >> they have had all these big problems lately. >> where does everybody come down on splitting the chairman role, specifically jamie dimon. i'm not against this idea philosophically but i'm not sure i would start with jpmorgan and jamie dimon. >> this is one of those things

it sounds great. we split it up. we have accountability. you're creating another high-priced operation of the company. somebody who has a staff. and if the thing is running reasonably well, what do you need it for? if it's not, fire the guy who is running it. >> what problem does it solve? i just don't understand possibly because i didn't go to business school. >> there's all these proxy governance people. what is this about? is this a good idea? is it a bad idea? >> for jpmorgan, i'm sure it's a very good idea. i don't necessarily think you split it. >> knee-jerk reaction. >> it's the basic tenet that you should do it. >> don't point at me. >> like they have so much -- i mean, like it's so obvious that it should be. >> i think it is a knee-jerk

reaction. >> and they do it in europe. >> therefore it must be the thing to do. >> everyone needs oversight. if you separate the chairman and ceo, the board knows they're not accountable to the same person. >> why start with jpmorgan. >> that's a whole other story. what's amazing is how quickly they have gone from the king of wall street to now he's under fire. >> it's like lauer. both are best of doing what they do. we build them up just to tear them down and relish in it. >> they do have really significant problems. they are being sued in california. >> i like this panel. you need to come back every day. i could use some help. >> what they need to do is hire a front man. >> i'm saying that's the answer. i agree with you. i wouldn't split it.

to say they have gone from a hero to goat for no reason seat belt not true. there's legitimate concern. >> the fact is that in our business there's a tendency, you love people to death and then you turn on them. then you worry they're at your knees or at your threat. i prefer to go for the body myself so i don't get carried away. >> that's why you have been so successful for so long. >> the height of it to the worst. we all thought -- not we all, but there was a view he should get out. people didn't think he would last. now he's back. he's better for it. >> and jamie will weather this one too. it goes up, it goes down. performance is still great for the settlement problems.

>> stay where you are. we will continue this conversation. joe, we'll get back to london, right? >> yeah. i guess we are. did you see how much money walking dead is making? >> i did not. do you know who watches? 18 to 49. how do we get the 18 to 49-year-olds to start -- do you think we can broadcast? >> you're not in the demo? >> no, no, no. look at joe. >> i'm going to toss to liesman. >> argh! >> we're going to get one of you as well. you're going to just be half a body. have you seen the woman pulling

herself along? oh, we've got to get -- this is serious. treasury secretary jack lou europe needed to do better in stimulating demand and creating economic growth to balance austerity measures with growth. steve liesman joins us from london with more of his interview. i think this is interesting giving that we will have roger altman on. >> the markets that opposed it. >> they thrust the austerity among the european was altman's what he's saying. first, let's get to your interview with jack lou. >> very strong comment from jack lou about europe saying they need a better balance between austerity and growth. obviously disagrees with it with altman thinking there are choices governments can make.

he agrees that european governments will be more receptive to targeting growth. on the issue of japan with the yen, topping 100 to the dollar saying the u.s. is monitoring japanese policies when it comes to the end. in the two opportunities i gave they criticized japanese policies. here's one of those attempts. >> japan has growth issues for a long period of time. as long as they stay within the bounds, growth is an important priority. >> i have to ask, are they in the bounds. >> i'm just going to refer back to the ground rules. we made it clear we're going to keep an eye on that. >> i was 0 for 2 on that. we will hit the technical debt ceiling in a matter of days. but he went on to say there's actually time here for -- until we actually get the effective limit. >> we're not going to hit the

effective deadline until at least labor day. the statutory debt limit will be reached in just a few days when it expires may 18th. but pause of the extraordinary measures that are available and the cash flow that we now can predict, it will be not until at least after labor day. now, he did urge congress not to wait until labor day to raise the the debt ceiling on other issues. he said on he would not comment on the dow hitting 15,000. but when he mentioned the risks monitored by the oversight committee did not mention stocks as among those risks being watched. on health care he rejected criticism that we have been talking about on "squawk box" that the health care act is hurting job growth. he advised the economic counselors to look at it.

he said sit not as strong in the areas where there is expensive insurance. finally, on housing, lew said it's a matter of balancing access to credit with terrific to tax payer so the tax payers are never asked to do a bailout like they did the last five years. joe, becky, back to you guys. >> steve, great interview. roger altman. he blames the bond markets. and later, meet david gold er berg. he has no plans to go public. why and what his secret to success is in the next half hour. ♪

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feet to the floor. >> they're playing taylor swift. >> sam roger altman is here. that's what he is known for, taylor swift fan. welcome pack. austerity -- you have to bring her in some time as a guest host. she makes $80 million a year. >> if i could get her to show up i wouldn't be bringing her here. >> austerity in the eurozone is driven by financial markets, not politicians so says roger altman. i love that we have liesman with jack lew. anyway, joins us now on the set. bonds go to 8% in portugal. the politician says, wow, maybe there's a problem. we need to start doing something differently here. it's the the financial markets. if there was never a market overseeing what you're doing, we could spend forever and it would be the perfect world, right?

>> well, i wrote this -- >> people don't know this? >> as we watch this very fierce debate, and it has reached ferocious levels in europe but also here in the u.s., you see so many critics saying it's germany and germany's allies forcing this harsh, cruel, tightening, fiscal tightening, banking tightening on weaker southern countries but that's their ideology. the markets, credit markets closed to greece, spain, and others. >> right. >> obviously that meant they no longer could borrow. that was clear by the level of yields on their sovereign debt a year ago. when you lose access to bothering, whether you're sovereign, financial institution

or anybody else, you have to act. markets were acting as they should have and not driven by a politician. and actually had angela merkel from the very beginning oppose austerity. the same result would have occurred. it was a market event. >> it's an important point, obvious point. >> wii all read arguments after arguments after arguments. no need to name names here, from people who never mention markets. they basically say this is a bunch of a cruel conservatives who are -- because they feel like it, imposing this austerity on weaker countries when they're down, kicking them when they're down. >> when angela merkel travels to greece or something, they spit

on her. >> we see the yields on spanish debt, italian debt return almost to precrisis level. but it would suggest some easing off of the schedule for budget typing is appropriate. and i think that's fine. provided it's done carefully and provided it doesn't trigger another market boycott. so i do think now there can be some easing. >> the leaders of germany and other more powerful nations see that as well. there is a time they could move to a growth oriented policy and some of these could come off given where the bonds are now or is that not seen widely. >> i think the answer is yes. the leaders of the eurozone i think are generally agreed -- not every last one -- that there can be some easier timetable, for example, for deficit reduction. and you see that occurring, for example, in spain, and in

france, for example. and provided it's done carefully and not lurching back to what was going on before the crisis, it should be acceptable to the market. >> rolling back some tax hikes or not doing as much cutting? that's the kwequestion people dt equate that with austerity. they think, oh, that should have been done with the rich people in france. but most austerity have been tax hikes. so what do you do, roll back the tax hikes? >> well, ideally, put them over a longer. i'm not saying what should happen in spain versus italy, other countries. there is an opportunity to take it slower in terms of this fiscal tightening. by the way, banking reforms. but the real point i was making

is austerity made in berlin. it was a market event. protecting the finances of these weaker countries. any time that happens, whether it's a business or a government or financial institution you have to restructure. >> would you say here in the united states that we're fortunate that it still is a political decision rather than one being forced in markets. >> it may not last forever. >> should we act that the market is forced upon us. >> well, let's keep in mind, and there's a lot of attention -- >> a sequester? >> i'm talking about sequester, tax increases as well. there has been a significant amount of austerity in the

united states giving no action at all. >> i might debate that with you. but there has been $3 trillion of deficit reduction put in place over 10 years, assuming the sequester holds. and that's about half or maybe even more than half of the amount that this country needs to do. so actually we have done half to two-thirds, of the simpson bowls target if you adjust the numbers. we may not have done it in the right way. i don't think anyone likes the sequester. i certainly don't. >> we haven't dealt with entitles. >> do you think we have given enough as a percent of gdp coming down tomorrow, treasury receipts coming in good. we look like we're in a better position in terms of fiscal outlook. we don't need to do a lot more austerity. >> no, i don't think we have put in place a lot of long-term, emphasize long-term, deficit reduction. we have not done it in the right way. the heart of the problem,

entitlements, has not been addressed. >> we just ramp up fannie mae a little more. >> 60 billion a month. >> we will balance the budget by next year. >> okay. . thank you, roger. we're coming back with the headlines. at 8:00, barry dillard after the break.

welcome back to squawk. stories making headlines. carlyle bids for 80% stake in a cop ermine in australia. tinto could get a million bucks for the mine. results driven by stronger sales and yen. those factors offset declines in china sales due to a bitter territorial dispute. watch shares of gap today. getting a boost in after hours trading. also, gap is offering upbeat

guidance as a result. it's up right now, or it was yesterday at the close, of about five cents. if you have any comments or questions about anything you see on "squawk", e-mail u us @squawk @cnbc.com. barry will talk rates and what is seeing in the housing market. it's not a good time to buy a home. it's the best time. >> and barry diller will be joining us. "squawk box" will be right back. [ penélope ] i found the best cafe in the world. nespresso. where there is an espresso to match my every mood. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is made at home. and where i can have exactly what i desire. ♪

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welcome back, everybody. this is a historical day in new york city. the last two pieces of 1 world trade center will be raised today. the two pieces spire has been put together. once it is hoisted 1 world trade center will be the the tallest building in the western hemisphere. it has a significant number of feet. 1,776. 1776 just like the the year the country was founded. and you can see this going up at

this point. something we have been keeping a very close eye on. our next guest made a strikingly accurate call when it came to the housing market back in 2012. >> i see it leveling off. one, inventory levels are decreasing. affordability is at a level we haven't seen since the 90s. i'm not saying are home prices going to go crazy? no. but they're pretty stable. you can buy with where rates are. there could be an opportunity. >> that was december 2011 actually, not 2012. right around that same period, warren buffett and donald trump agreed with what barry was talking b. let's get his forecast for mortgage rates, what he has to say about the state of the recovery right now. barry, thanks for coming in today. >> thank you. >> so you had said this would be a great time, that you saw things and that certainly seems to be the situation. we have seen prices up 20% in some areas. you're still talking about a 30%

decline from the peak in 2006 and 2007. so what's happening right now? >> that provides more opportunity. i think when we take a look at where we have come we have seen prices increase. craps it depends on the market, about 10%. but we have a long way to go. if you looked at a chart in the wall street journal where you pointed out we were 29% from the peak and coming down, i compare that to the is s&p. it traced an almost identical pattern. the same demographics are in place. affordability is at record levels. it is actually better now than it was a year ago. because rates have come down. home prices at attractive levels. this is a payment driven recovery in housing. $1,000 a month today buys you $200,000 home. it used to buy $160,000 home.

rents are going up. >> the bubble in the s&p wasn't as big as the bubble in housing. maybe compare the bubble in the nasdaq. >> we are still 2,000 points away from. >> right. we don't have fannie mae around. we do. i forgot. history only rhymes. we have a fed that just reminds me of the whole way the bubble inflated the first time. >> we have learned, haven't we as far as lending standards? >> we talked about this before. they are. you need to be a qualified borrower. >> stop 5% down. >> 3.5% down. >> that raises questions. i know it's difficult for a lot of people to get the loans. in other situations seems you

can walk in. >> you still have to have reasonably good credit and qualifications as far as income and assets to back it up in the down payment. in the past you could have marginal credit and no money down and still get a home. >> nobody is happy with standards, right? they're either too loose or too strict. now people complain they are too tight. i don't know. . isn't that an incentive to create mortgage backed securities. >> they put all kinds of garbage in there. >> they're heading that direction ain.>> well, i don't . here's the mystery. this is the big, i don't know, the big secret.

they say 85 billion altogether. but it's much more than that. the line in there about refinances they can reinvest and the principal payments. >> right. >> that's more than 40 billion itself. so people say, well, are they going to taper down? oh, man, if they said we're not going to reinvest. when you look at history, after qe 1 the 10-year note went from 4% to 2.5%. after qe 2 ended, from 3% to 1.75%. so you wonder what's going on here. look at the other end of the see-saw of assets and see stock prices suffered after qe ended. was it a temporary phenomenon? we didn't have the benefit to examine this because the fed stepped right back in with another dose of qe. >> but there's not much further drop. you're not going to be talking

about lower rates, better mortgage prices. maybe you get stuck here for a while. or maybe not. >> i think we're near the bottom. i do think we have seen a turn in pricing where some of the things that were making prices improve aren't having the same impact. >> if mortgage rates go back to 6%, what does that do on price something. >> it will have a negative impact on the economy. because a lot of people are still refinancing out there, believe it or not. based upon that, there's a lot of money being recycled into the economy. if you save $200 or $300, chances are you will spend it. >> given the dividend they're paying, what's the incentive to get rid. >> it would be silly. reform is a broad term. they are profitable. do you provide an important

function for the marketplace. without aggravating transactions, rates 1% higher or so. it's a half percent or three-quarters percent higher. >> barry, thanks for coming in. >> thank you. >> online music launch media. turned a profit since day one. tech, business and more with disruptor david goldberg. survey monkey. i want to talk about priceline again. just for a second. $38 billion market cap. ♪ [ male announcer ] the parking lot helps by letting us know who's coming. the carts keep everyone on the right track. the power tools introduce themselves. all the bits and bulbs keep themselves stocked. and the doors even handle the checkout so we can work on that thing that's stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything.

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welcome back to "squawk box". this morning transforming the way you collect data for decision-making purposes is the focus of today's disruptor segment. survey monkey says its mission is to help you make better decisions. you have probably used this at your company. here is dave goldberg, chairman and ceo. i don't know if you like people saying this or hate people

saying this, you're also mr. sandberg. you have two leading ceos living in the same home and how that even works. we all feel we're pretty busy to begin with. for those who don't know, you acted as if you didn't know what it was. everybody here is constantly getting surveyed. >> yeah. >> explain what it is. >> so we're a tool that allows people to send on it a survey to anybody they want. those people can respond to our site. get the data and make decisions on it. so people use us for everything for serving their customers to employees. we're very big in schools, parent surveys, teacher surveys, research projects. any way to collect some data. >> is it the enterprise that does it, or can i set up my own survey. >> individuals do it. we have 99% of the fortune 500 are customers. but individuals inside those

companies. you could go on and set up your own survey. it's free. then we have a paid version of our product. most people use us for free. >> you can join the table here. you did something that's pretty interesting in that you allow your employees to cash out. raise money through equity and debt. and you allow your employees to cash out as opposed to trying to go public. what was that about? >> we raised 800 million in january. and all secondary. it was really about we felt we should only go public if there was a good reason to be public. >> just transfer some money out of there. move it from one to the other. >> but we felt that there's a lot of pain and suffering of being public. you witness that every day here. so you've got to be good things on the good side of the ledger. a lot of good reasons for the companies to go public. we didn't need capital. >> is it better, though, to let

the employees -- this is like having your cake and eating it too a little bit. right? is stk that incentivize people to stay? are people going to be going? >> we let people sell -- >> does this mean you won't go public? >> if we think there's a good reason in the future to go public we will go public. we can provide liquidity. we will just make the decision on whether it makes sense for us. i think we can go public. we're very fortunate. we did 113 revenue and 16 in ebitda last year. we have a very predictable subscription business. i have done it before. i'm not like wow this is the greatest thing since sliced bread.

do it when it makes sense. >> survey your employees. >> we talked with employee and investors and decided we have done well. survey monkey for four years. the company has done well. we didn't want to have to to go. i think people get confused. it's being public. having to run your company for quarterly earnings report. and you have to make short-term tradeoffs. we were talking about yahoo! before where i was. yahoo! had to make short-term tradeoffs that were bad decisions. >> real quick, are you a fan now of marissa myer? >> she's doing a great job. she has a tough road ahead of her. i think she's doing all the right things she needs to do. >> supposedly you asheryl get home between 6:00 and 8:00. >> we try to schedule so we're

home for dinner with our kids every night. >> do you do more housework? >> it's hard. you should all take lessons from this. in the real world it's absolutely true. >> the truth is, we each have things we're better at. so i do these things. she does these things. >> that's fair. >> it's not like we are jump ball about who is doing which. but, you know, who is driving the kids to school it's literally 50/50. >> but you have already been through an ipo and your wife is very successful probably weighed in your mind whether to take the company public. >> i'm sure it kind of unconsciously was sort of there. but it wasn't really about that.

i could have gotten cash out in this if i wanted to. i didn't. i put money in. so from that perspective i didn't. but i could have taken cash out. >> one final question, people say that men are intimidated by successful women. clearly you're not. what do you think of the whole idea which is partially the whole lean in book. >> my mom started her own nonprofit 35 years ago. i grew up with a strong example of a woman who is a leader. we need more of those. that will help people be less intimidated if they are. >> with when did sheryl say? if you have a girl and your girl is being a little difficult. instead of saying you're being bossy. >> executive leadership skills. >> dave, thank you for being here. come on back. this was a lot of fun. appreciate it. >> when we come back, more from

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special reporter roundtable. chief economist. can i call you that? >> history major. >> editor-in-chief. a lot of chiefs. i hope you have a chief

somewhere, allen. senior editor at large. you have been all over the place. >> you're great. you won like 15 awards or something. >> right. the thing i'm proudest of is i won them five different places. >> you have? >> i have. and i can't hold a job. >> i saw what these auto guys are saying about bernanke and qe 3. it's great. it's done wonderful. or we have to pay the piper some day. with what do you think? >> as usual, it's somewhere in between. the thing is you have a dysfunctional federal government, right? the white house, congress, they're all tied up trying to kill each other. bernanke, i think he is making mistakes, at least trying to do something. >> stimulus wise. >> he keeps trying -- the whole program i think if you figure it

out, they're trying to inflate asset values. >> hopefully that trickles into the economy. >> yeah. hopefully by some miracle microsoft being able to borrow 1% to bring back, to buy stock is going to somehow -- >> are there chickens out there that would come home to roost. >> of course. there are always chickens. >> but the net benefit is greater than the -- >> what happened to the economy if the fed hadn't acted so aggressively. >> we have dislocated so many markets there's going to be a huge -- >> where is that happening? housing market. >> you can justify with the stock market. >> who were the guys -- some of them acted like the world will end. >> i don't see any evidence that's the case or bernanke had any choice. congress is not doing anything.

fiscal policy. he is an enabler. >> we were really close. but we're still the punch bowl is overflowing. >> if the punch bowl is overflowing, what was the option to cut? well, the answer is we hope it evaporates. the interest rates go up some. mortgage rates go up some. and natural forces recur. right now you have an artificial housing market because the mortgage rates are artificially low. you have an artificial corporate bonds market. in theory you'll forgive me, some sort of soft landing. >> if congress and the white house got its act together fiscally, what would do that for

you? some say start spending money on bridges to nowhere. >> again, what i would do is i would deal with social security, which is easy to fix. again, i'm a beneficiary of social security because i'm so old. >> i would build bridges to somewhere or rebuild the bridges we have. >> wait, wait, wait. we have to go. >> barry diller coming up at the top. don't miss it. is for real this. is for real this. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.

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treasury secretary jack lew in a cnbc exclusive. >> it's an important time to ask the question, what can we all do to create more growth. >> the battle for dell. carl icahn launching a fight for the computer maker. >> news maker of the hour media mogul barry tkeurl. it diller. it's the final hour of "squawk box" and it begins right now. >> right by the book. welcome back to "squawk box" first in business worldwide. i'm joe kernen. becky quick is here and andrew ross soccer in. we have a reporter roundtable.

fortunes allen. we're excited to talk to barry diller. first, becky has a roundup of today's top stories. >> carl icahn and southeastern asset management plan to make a bid for dell. $12 a share in cash or $12 in additional shares valued at $1.65 a share. that offer would still leave a portion publicly traded. don't miss carl icahn on cnbc on the "fast money" half-time report. also, stocks still on base for a third consecutive week of gains. u.s. equity futures show the dow is up points above fair value. we saw a decline yesterday and thought it was modest with the dow down 22 points. in other news, this is the biggie, the dollar hitting a 4.5 year high. it started in late trading yesterday afternoon. that's why u.s. stocks sold off

as a result. right now you can see 101.53. also, gold extending losses at this point are down by $37 this morning. 14.31. it says ad lib what the prices are. so it did. >> we'll get our news maker of the hour right now. thrilled to have them. barry diller joins us. he's ready to talk about many topics, including the controversy surrounding aireo and the shareholder jamie dimon. good morning, barry. >> good morning. >> the last couple weeks they have come out. and they have started to threading saying it allows you to rebroadcast what is traditionally terres tri al tv.

they may cut the cord. >> i don't think that's really going to happen. i think this is a bit overblown. this is just a new technology. every time i new technology comes along, you can go back to the beginning of cable and back to the videocassette recorder when it came along. any time a new technology comes along, the incumbent interests so to speak want to as they did in each of those cases, they want to let's call it clarify the legal basis for it. vcrs legal? it ended up yes. could you take a signal and broadcast it and be able to send it out and have everyone receive it with nobody in between you? so that's been the law of the land. now there's this new technology, a platform aereo.

it replaces a bulky antenna and switches from essentially that antenna protocol to a tiny little antenna. then it goes over the internet. you don't need any wires, you don't need any boxes. and you can, we believe, get your rightful rights, which is you are entitled as, i don't know, as an american, to get free over the air broadcast directly. >> isn't there an argument to be made? maybe this follows the letter of the law what aereo is doing. there is an antenna. but there is a spirit of the law here. >> it is in the spirit. forgive me for interrupting you. it's your store. it is absolutely the spirit of the law. you have to remember broadcasters received licenses

for free. and their responsibility on the other side, the quid pro quo was they were to program in the public convenience and interest. and what that then specifically meant is they all had to broadcast and make available with an antenna with their signals. when the world converted from analog to digital a few years ago that was reaffirmed. but since many, many millions of americans receive television, their basic television over the air, they didn't want to disenfranchise. i think it's all overblown. >> i love the product. but playing devil's advocate. you were taking a retransmission fee for something there was no expectation that others will take a fee for. that's what the issue is, right? >> okay. look, what we're doing is we are taking a fee.

you can say that fee is analogous to radioshack telling you a dtv antenna. if the law is changed to say that antenna providers have to pay retransmissions, we'll pay it. until you get radioshack to do it, we're not going to volunteer. >> there is an active legal battle to figure out what venue this is going to be heard in, how you decide these things. just different judges and different areas have different opinions on this, correct? >> well, we've gone through now two steps in the litigation. the first was district court. and they turned down the broadcasters desire to essentially shut us down by giving a restraining order.

it went to the circuit of appeals. if you read those decisions both of them said that on the law it's more than likely that aereo would win. could we be shut down? of course it can. you have to just think of this. it's just new technology. that stirs things up. sometimes for the good. almost always for ress >> what would you do? >> i would do the same thing. they're absolutely right. what they want to do is to absolutely protect and claim copyright extends almost in conceivably everywhere. that's completely appropriate for them to do.

all we say is this is a technological platform that we think is legal and we think it's in both the spirit and in the letter of the law. les is doing exactly what he should do. again, there's just lots of drama about this that i think it's -- it's a little pimple. aereo is in two markets, new york and boston. it hasn't really started to market itself yet. this is not even -- this is maybe a skin blemish. >> while we're on the topic of unbundling, john mccain has a billout on this very issue of trying to lower cable bills by trying to unbundle all of these cable stations. where would you -- i assume i know where you would be on that issue. but you also lived in content for a very long time. >> look, i believe it may be five years, 10 years. at some

point in the next premillennium, cable will be unbundled. the forces are such that it is eventually going to happen. as far as mccain bill, it's been tried before. i actually think market forces are going to take care of it. because i think when you have optionality and the centricity move in terms of bundling, ie, 90% of your customers, 90% of your customers essentially subseu died the 10% who watchespn. i just think over time -- pardon me? >> what does it end up doing to the economics of content and the type of content that viewers are ultimately going to get? are we going to turn the tv business into the music business or the newspaper business?

is that where this all goes? >> oh, no. i don't think that this technology -- look right now. what are a lot of people talking about? they're talking about a new surface called netflix. netflix have been around for a little while. it has 30 million or so subscribers. and it has nothing to do with the traditional distribution system. hulu is the same thing. so she's new -- look, there's going to be creative destruction. there always is creative destruction when the technology train rolls down the track. and i just think that what will happen is we will get the television that we want. more than likely, except for broadcast, which i hope is always a free over-the-air system, but other than that, we're foggy to pay for what we

want. i can't imagine that as the years go by and you have all this optionality, almost one size fits all package of programming is going to be the way people receive their media. >> barry, i want to change topics and talk about jamie dimon. big governance issue. had tweets from rupert murdoch, also in your industry supporting him. having said that, you're the chairman. you have actually now split the chairman and ceo role at iac. i want to get your thoughts on what should be going on at jpmorgan. >> well, i think this is all a charade, actually, led by activists and i think relatively destructive entities like iss, et cetera. look, corporate governance has been improving over the years.

no question if you look 10 years, 20 years ago and you see what has happened partly by circumstances, equity. et cetera. but corporate governance definitely progressed. so the only purpose that would be served by the shareholders splitting the role in this case slapping jamie dimon in the face, demoralizing him, would be to do that. now, i will months it something. jamie dimon is as good an executive. if you searched high, low for however much time you wanted to and you landed on jamie dimon you would do anything to have him take care of your let's call it banking enterprise. so i think he is as first rate as it gets. i also think that the idea that splitting chairman and chief executive, it's, as i say, i

think it's a bit of a charade for the following reason. every company has a lead director, independent lead director. that independent lead director, the difference between that of jpmorgan has one, the difference between that and, quote, chairman in terms of duties and responsibilities is negligible. by the way, i think if they did that i think in any forum they'd be dopes. why would they want to do that? >> what do you think the implication would be? say they do do it. i don't know where we think the vote is on this. obviously it's gotten a lot of attention. >> it gets attention because you say the word corporate governance and people say yes. well, the reality, as i say, is that the that's not the issue here. anyway, sorry. go ahead.

>> earlier you mentioned iss and the other one. >> they're ridiculous. >> you nodded as you said their names. almost like a halo. >> i've been saying for the last three days jamie dimon should get -- >> destructive force. >> what do you think happened with iss? because i think this is a little different than what they have done in the past. i do think in the past iss seems to go along with a lot of big shareholders think. this is a different debate and different battle and i'm not quite sure why. >> i don't think why. honestly. if you give me a single practical pragmatic good reason to do this the only thing i really, after i read all the stuff; let's slap around the ceo and obviously it will -- and i use the word hurt. it will of course hurt him. why?

because all of the media will say jamie dimon gets kicked as a result of the vote. >> barry -- >> unless you want to replace him. and if you wanted to replace him you really would be certifiably -- i don't know. >> it's the european way, barry. we want to do everything the european way. they have a lot of style. they have a lot of style. great shoes. fashion. >> wouldn't jamie dimon have to resign if that happened? if he were to have his -- >> i pray not. >> could he stay under that circumstance? >> of course he can stay. of course he can stay. >> you think so? >> i would hope he would stay. >> yes, of course he would stay. by the way, he would have to withstand months and months and months of extra noise for no good purpose. >> do you think shareholders understand what you're saying? iss is out there doing this. and everybody virtually around the table.

we're all in agreement. i can say for some reason we believe that jamie should keep both jobs. but do you think shareholders believe that? not iss. not the media at large. >> we're going to fight out. now there's such politics in all of this. there's such manipulation between iss and pension funds and all of these stirs that don't deal often with actually the merits of the situations but do it for political reasons. >> all right. >> the only reason you would i do this is, as i say, i would put it in the words of political. you want to kick the ceo. send him a signal. why would you want to do that when jpmorgan has performed fantastically. i would say that the big mistake, by the way, which only had one little blip when

prematurely they said they didn't think anybody was here. they handled it wonderfully. by the way, they looked in, as every company has to, usually because something terrible has happened. you look in and say, okay, how did this happen? how do we fix it? jpmorgan demonstrated overwhelming that process they undertook. >> quick question, you said if this vote goes through, jamie dimon would be kicked through the papers. do you really care what we journalists think about you? >> welsh i don't care. but -- look at me. i'm happy with whatever anyone says. look, of course you care. by the way, it affects the environment. it will hurt the organization of jpmorgan. you have to understand -- i don't think there's any question about this. if you go from the teller to the

cfo, people at jpmorgan adore jamie dimon. so what effect is that going to have? >> right. >> barry, you and i are in agreement on this topic. >> so relieved. >> barry is so relieved. market the large, the economy, and stock market in particular. does this feel like a bubble? does this feel like the beginning? where do you see it? >> i can't say it's the beginning because it probably isn't the beginning. do i think there's a lot of run way ahead? i absolutely do. i see us going through the crisis quite well considering. and i think what has the momentum or velocity out of the

crisis while people have said unfortunately unemployment has not been broken. but that momentum has been steady, steady, steady. now for several years. and if you look at values, and if you look at performance, american business, international business, american companies acting all over the world like coca-cola, producing growth and higher earnings. so i don't know where it goes wrong. certainly not a bubble. >> okay. and one final question for you and then we'll let you go. allen sloan is a former "newsweek" man. >> i know mr. sloan. >> got a lot of attention when you said buying "newsweek" was a mistake. the daily beast, though, was putting the daily beast together a mistake? >> no. look, time will tell, but i

certainly don't think so. daily beast has tremendous, tremendous growth in terms of viewers. it's now up to 18, 19 million a month. up, i don't know, 30% or 40% year over year. it is a -- it is really one of the very few -- politico is another. it is primarily a news resource. and i think it's doing well. time will tell. look, if you're in display advertising business, you've never had a smile on your face. there's too much inventory and pricing power. other than that, service is excellent, growing. and i believe eventually revenue will come. >> go ahead. >> barry, i've had enormous respect for you for years. you know how to count.

and you're really good. when you ended up with a piece of it i was astounded. i know you said you've made a mistake. what is it you thought you were doing? i would just really like to understand? >> okay. what i thought was that if you took the -- let's say nonink-stained wretches of the daily beast, modern internet, tech sensibility and newsroom and you fused it with "newsweek" and then you -- so of course you cut the costs way down that you really could have a print book that would be sustaining with an enormous amount of internet drive and verb. what i didn't -- you can say i add. i know how to add. i think i do. in this case it wasn't the lack of ability to add.

it was that i did not realize what an elective for advertisers a one off book published every week was. and essentially you did not have -- no one had to advertise in "newsweek". it's not like vogue where if you're selling goods someone had to be there. essentially we were begging for advertising. and begging is not a sustainable model. and as soon as i realized it about a year late -- no, 10 months later, we acted. >> can i get you to bid on time incorporated? we would like somebody like you to, you know, who is optimistic to buy it. i'll even forego my fee. >> i'm not optimistic about anything called a weekly. >> barry, we talked priceline. 4 billion, 4.6 billion in revenue at the company. it's trading 37 million dollars.

and netflix you mentioned. i think the stock ran up on a nickel a share. and it's over 200. you can make a case that the future is so bright for both of these that we're not really discounting into the here after in terms of how well these companies do. that's valuation wise priceline is okay here? >> look, i think when you have valuations in the high, mid or even 30 plus digits, i think it's a speculation. and it may be a speculation that will pay off. by the way, that's not with what underlies my belief that there's a lot of runway ahead of us. because there are relatively few companies at those astronomical multiples. amazon still has a very high multiple. it is the belief that it's going

to earn its way into it within a lifetime. valid? well, for some people it is. i don't think it's a comment on much of anything. >> okay. . barry, before we let you go, in the world of search, yahoo! and microsoft doing a deal together. might fall apart. we don't know. trying to get out of it potentially. is there a chance for microsoft to come back? >> well, i think microsoft has been increasing. has had increases. i think that microsoft, if you look at the enormous amount they have invested in the internet, you have seen that actually overa period of time that investment is declining. >> right. >> so things are improving. >> okay. >> i fervently hope microsoft is competitive to google. one take all marketplace is unhealthy. >> thank you so much for joining us.

this was great. hope to see you. >> pleasure. >> one of these days we'll get you over here. thank you for joining us this morning. we look forward to seeing you soon. >> when we come back, steve liesman joins us from london with the highlights of his conversation with treasury secretary jack lew. news on the new debt ceiling deadline. as we head to break, check out oil prices. down by 2%. 94.51. opec sees higher oil demand. they will need to pump more oil to try to balance the market in 2013. stick around. "squawk box" will be right back. , but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary.

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helps him deposit his checks. jay also like it when mother nature helps him wash his car. mother nature's cool like that. citibank mobile check deposit. easier banking. standard at citibank. welcome back. g 7 finance minister meeting in london. steve liesman sat down with jack lew and cnbc exclusive. a better balance between growth and austerity and urged the u.s. congress not to sit idly.

he now has until labor day. >> i've been engaging with the europeans since becoming secretary. we feel strongly there needs to be the right balance between austerity and growth. it has left us with a stronger economy. we're not arguing over whether or not we have to get our fiscal house in order. the question is when and how. one is having the economies grow means they have to get the right balance between the budget policy right so that they can get growth moving. and the other is they have to fix some of their credit market issues so they can get capital flowing into small and medium sized enterprises. that's the part of the message that i bring. >> how receptive do you feel the

europeans will be? a year ago there was concern that the u.s. was meddling in their affairs? >> i'm open to the conversation. we don't agree on everything. the fact that the u.s. economy is performing much better is something they have noticed. i think the fact that the academic literature has been evolving a little bit is something that the world has noticed. the reality is for global recovery to go where it needs to go it can't be led by the united states alone. europe has to do better. countries like china will have to do better. we need to do our part, which we're determined to do. each part of the world will have to grow for the recovery to really be what we need it to be. >> steve joins us now from london. and we have the chief economist at cnbc, steve liesman. and chief economist of politico

ben white is here. >> hi, steve. >> steve, how is the debate? they have a question written. let me just ask this like i mean it. steve? say, yes, joe. >> yes, joe. >> you messed it up. how is the debate over growth and austerity changing in the u.s. and europe? >> you know, skwroerbgs that's just a great question. you know, a joe, that's just a great question, just a great question. it was almost like i wrote that question exactly. i do think it's worth talking about which is why i suggested the question to you, joe. i was surprised you took my suggestion. the first time in 11 years. the conclusion about the austerity versus growth debate is the same on both sides of the pond. but the results are different. i think there is more

receptivity here. maybe they could do a little more growth. lew talked about the fiscal space. but in the united states i think the results that because we tattered more growth than austerity we have better growth. so i think the result in the united states is going to be more austerity. specifically, i think it means there's not as much urgency about the issue of dealing with the sequester than there otherwise would be if growth were not as strong here. so same conclusion. more in favor of growth than austerity, different result. it's going to mean more growth policies probably in europe and less in a bit more starting in the united states. i was interested, steve, you mentioned secretary lew said the debt ceiling date is now more labor day. i understand it was less than that given the fannie budget.

probably $100 billion surplus for the month. we get into october and november before we actually hit the debt limit. they talked about what that means for the debate over the debt limit. >> i didn't script that question. i don't know that i'm going to necessarily answer it. >> huge admission. >> here's what he told me. the statutory debt limit will be reached within days. but because of that fannie mae payment he said labor day. i think what you're suggesting is maybe he's being a little more cautious than some of the private sector folks. and we both know that the treasury has found ways to stretch this out. one of theests in congress is to take away some of the tools they have to limit it. and there's the effort there to say you have to pay debt holders first. and then social security. there's a lot of back and forth in the white house which opposes

that and congress on the issue. all i know they revealed today i think for the the first time he can go until labor day. whether or not the actual numbers allow him. and i think that depends on receipts and spending. i think that's speculation in the private sector. >> something occurred to me. two employment reports ago i think it was jared bernstein. we got that terrible number. anyway, sequester. sequester. and so that was -- before the sequester, anything had even happened. the next month we got this blockbuster jobs report. i think it was on again. no one said anything about the sequester. it's amazing the way it happened, isn't it? when does the sequester count and when doesn't it? when it's bad news it's the sequester. >> i'm deeply moved that you missed me. that's like the first and most important thing as far as i'm

personally concerned. but i think we both know that where you sit determines where you stand. and you know, democrats will scream sequester on growth. the other thing, joe, is i think it's clear that reducing government spending has short-term effects. and you can see that very clearly in the government employment numbers. and you'll also see it in government spending numbers that just mathematically show up in the gdp numbers. >> right. >> now that is not enough to say that. then you the to say two things. is the private sector economy strong enough to withstand that. and the second thing is do you get long-term or medium-term benefits from reducing government spending that make it worthwhile to do so now. that's the debate, joe. not does government spending have short-term negative impacts on economic growth. it's clear it's a mathematically

equation. >> we had roger altman on earlier today. there are people making the case we have done a lot for deficit reduction. they throw out the 3 trillion number. we don't like the the sequester. but they are sort of bragging about the 3 trillion we have done. >> not to mention higher tax receipts. >> and higher tax receipts too. i admit a lot of it is sequester. but we have done that much. they are patting themselves on the back. >> but it's the short-term stuff they feel we have done a lot on. >> i don't think you can debate the facts. the quantity that has been done. there have been quantities done. when you debate is the quality of it. is it enough. is it enough for markets? you look at 1.87% 10-year bond.

some of them are from the federal reserve. you still see them taking down the debt issues. but the other aspects you have had the deficit and debt recovery. some has come from tax increases and some from spending cuts. we have done the easy part. the remaining two percentage points to get from 5.6, to 3.5, 4, that's where it gets really thorny. that's where we have serious debate. >> all right, steve. thank you. >> they need some british music. margin debt reaching levels. not seen since before the financial crisis. stay tuned for that and a lot more. here at optionsxpress, our clients really seem to appreciate our powerful, easy-to-use platform.

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dow futures up 21. s&p by two. there have been other movements as well note worthy. gold down $36. oil down 2%. when we come back, more about dell. stick around. "squawk box" will be right back. [ male announcer ] you are a business pro.

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welcome back. another bid for dell.

12 billion in cash. you would still have a partially publicly traded stock. is it a good plan or bad plan if you're another shareholder? i know, allen, you said show me the math. >> right. if i own dell, which i don't, i think at this point i would rather have money than a piece of a company in debt over its eyeballs. i'm completely eug tphorpt of the substance but that's never stopped me before. i would definitely take the money and be done with it. >> i agree. carl icahn and other folks are trying toin up some interest. the market is telling you dell is not worth more than 13.65. >> i guess it's where you got in for the stock. if you are below 13.65, great, take it and walk away. if you're in for more than that, take the lottery ticket. >> i don't think it's a lottery winning ticket.

i think carl icahn is bored and looking for something to do. >> and the stock is at 13.39. still below 13.65. >> yes. but there's two dividends between now and then. so there's a reason for some of what's happening. >> fair enough. i don't see there's interest out there in dell. it's a shrinking company. >> maybe we can pass it here and come up with 50 bucks and go borrow the rest of the money and do a leveraged buyout. >> michael dell, you have competition coming. guys, stay where you are. we're going to slip in a quick break. great gatsby is opening in theaters this weekend. >> we're going to compare life then and now. that's coming up right after the break. f... hey, scott! this is no time for lollygaggin', lad. the chickweed and the dandelions are wreakin' mad havoc! now's the time to send in the scotts turf builder plus 2, man! it kills weeds while it feeds and strengthens your grass. feed your lawn. feed it!

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brian schactman on set with a look at the dow then and now. >> more about then. we thought why not go back to 1922 and take a look at the dow. so let's do it. that year it gained 21%. had a high of 103.43. not sure i would cash in. not positive. low 78.59. gained 5% in that month of may. a little quiz here.

three companies in the dow then. >> alcoa. >> g.e. >> g.e. >> netflix. >> eh. >> godaddy. >> g.e. is an original. >> g.m. is not the in there anymore? >> no. >> rca. >> take back all i said off camera, by the way. >> at&t. >> but it wasn't the same. >> but it's still in it now. it came back. >> so it got kicked out and came back. >> and the third was a texas company, texaco and now chevron. some of them are totally gone. others little fragments. here's a little more history. i took a look at all 20 companies to see what they are now. and of course they didn't go to 30 until 1928. i want to share a few nuggets with you guy.

american can foundry in 1899 in injure injure became ac&f. they are still making rail cars cars. ingredian. who would have known? westinghouse electric. i didn't know that westinghouse was part of the team that created nbc. >> i didn't know that either. >> rca is now part of comcast, i think, finally because it went to ge and nbc and then -- >> that is correct. >> some of the derivatives are just kind of amazing. >> warren remembered the dow at 100. >> i think it was 120. >> the crash must have taken it in the late 20s. it took it all of the way down. >> i almost fell over when he told us that. >> 120 in the '30s and '40s.

>> that was cool to look at. >> he's going to see about "great gatsby." . >> do you remember the movie "scrooge" where you see the promo for the movie and you see nuclear explosions. >> if you want to see 1922, you can see "board walk vampires." you can't watch both. you're right. you're right. >> but i don't have to. >> you don't have to. >> this is your last day here. >> yeah. >> are you staying in the family. >> onward and upward. >> listen to this music. >> can we get you to cry. >> i'm going to punch you in the arm today, but i'm going to cry this year. next year i wouldn't cry. >> i came in kept cal about joe's hair and i'm leaving not

kept c skeptical. >> what about the dye job? >> people probably want me to pull it. >> becky, patience and grace at this table and andrew, obviously, a great journalist. >> it's is smarter than willie geist. >> no, i said he was smarter than me. >> have to keep it relative. >> way too early. we'll miss you here and we'll be watching. >> do you still get to do the nbc sports deal show? are you doing that? >> they cancelled that. >> oh, never mind. >> never mind. >> thanks, guys. >> brian, good luck. >> we'll be watching at 5:30. >> every once in a while. >> coming up, final round of the stories you need to know before the opening bell rings when we return. >> congratulations. >> thanks. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel.

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moooooommmmmm!!! then one day, it was just gone. mom! [announcer] you are how you sleep. tempur-pedic. . welcome back to squawk and tgif and our blog, talking squawk is making appearances this week of "the great gatsby" and our handsome roundtable of reporters sitting right here, and we also have a bird ppoping in becky's hair. go to squawk at cnbc.com.

>> ben is going to have that in "morning money." it's fine. i outed myself on that. >> what's the white part? >> next week on "squawk box," investment advice on the long-term investor and legendary short seller. hedge fund manager, ofshg ar schaeffer member of the elite "barron's" round table and on tuesday, we'll talk china energy and more with jim chanos. watch "squawk box" next week starting at 6:00 a.m. eastern. bny mellon combines investment management & investment servicing,

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nespresso. what else? welcome back, everybody. a final minute with ben white, allen sloan and jim task. let's talk about the yen. >> i think this could be the biggest story of the year in the financial markets. the dow's broken through 100. this is just getting started in japan and u.s. investors should wake up to the implications of what's happening there. >> what do you think? someone jump in first. >> i wish i was a japanese person buying assess in the united states, but it's too late now. >> it's more currency wars and the japanese are getting in on it, probably should have been

doing it for a long time ago. >> what is ben doing? >> i've been looking at your hair. i just tweeted that. >> he's got his google glasses once again. he's been looking at you. >> gentlemen, thank you all very much and have a great weekend, everybody. make sure you join us monday. right now it's time for "squawk on the street." ♪ ♪ history being made just blocks away from the new york stock exchange this morning. the silver spire topping the new one world trade center tower, and brings it to 1776 feet, making it the tallest building in the western hemisphere. a big moment for those of us in new york, anywhere in this country and around the world. welcome to "squawk on the street." i'm carl quintanilla with simon