sleeps. in is "squawk box." good morning everybody. welcome to squawk box. i'm becky quick. it is hollywood's biggest night but if you went to sleep early, here is what you missed. birdman wins the oscar for best picture. the best actress goes to jewelulian moore. and eddy redmayne takes home best actor in "the theory of everything kwths everything." we'll have more hollywood coming up in the next half hour. a couple of big stories. here is what is happening. greece facing another critical deadline as part of the deal with e.u. lenders to extend a rescue package. athens must outline the policy measures during the rest of the bailout. and then back in the u.s. good news west coast ports are working to clear a huge backlog

of cargo. a labor deal was reached late friday to end a month long dispute between dock workers union and shippers. we think we have good news with greece. it seems like it's sort of good. who knows. thomas perez was part of the talks. he's going to join us at 8:30 eastern and drivers they're paying more at the pump. gas prices jumping 13 cents in the past two weeks. 26 cents in the last month. the average price now at $2.33 among the reasons for the increase. the largest u.s. refinery strike in 35 years and an explosion at an exxon plant in california. >> corporate news valiant has a 5% tax rate i think. and still using that to leverage itself in buying u.s. companies. it's buying castro drug maker salix for $158 a share and about $10.1 billion. after valeant lost a take over

fight for last year. apple announcing plan to build two data centers in europe for about $2 billion. they will power services including the itunes storage application store. imessage maps and siri for customers across europe. the company said the plans will be entirely powered by renewable energy and create hundreds of jobs. honda announcing the ceo will step down in june. the move was not expected. the executive has said here ruffled some insiders by shaking up the company's traditional supply chain to trim costs and find new technologies. >> let's get a check on the markets this morning. we're looking a the nasdaq within striking distance of 5,000. nasdaq closing just about 45 points below that on friday. take a look now it looks like there are red arrows. these are modest declines. the s&p futures down by 5 points. the nasdaq off by five.

if you want to check out what is happening in europe, all of that news we got over the weekend of a potential of a greek deal did help things up. the kak up by a quarter%. the ftse is down. in germany the dax is up by a third of a percent. and in greece the index looks like by a quarter percent. we'll have more in the a moment on the latest. if you want to take a look what happened overnight in asia. green arrows across the board with the nikkei. oil prices checking things out below $50. that's a decline of about 2%. look what is happening in the bond market. it looks like the yield on the 10-year note is sitting at 2.124%. in the currency market now, the dollar is up against the euro. it's up against the yen. it looks like the euro at

112.96. the dollar is up against the yen at 119.80. an interesting story this morning about what happen has beening to the swiss current si since they depegged the swiss franc from the euro. it's been creating chaos. we'll talk about that later, too. >> greece is dominating the global market conversation. it's been dominating for weeks and especially on friday. kristin cabrera joins us with the headlines. >> so the greeks caved in on nearly everything last friday. and all the things they said they were never going to do they agreed to do. what we're waiting for today. it's not over yet. they got an agreement in principle. there's a key test today. what the greek government had to do was submit by today a list of reforms they were willing to do and then tonight we're approaching element night time there. over in europe. they're going sit down the imf, the ecb, and the euro commission will sit down and decide whether or not the reforms are good enough. the reason why we need a thumbs

up or down. there's about four parliaments that have to vote whether or not they are doing the deal. that's why time is of the essence. despite having to cave on nearly everything. the greek finance minister put a positive spin on this on friday. >> today we're beginning to be coauthors of our destiny, coauthors of the reforms we want to implement, which we're going to dictate. which we will discuss with our partners. >> not so fast. i mean, remember this is a socialist government. what they really don't want to do is layoff government workers. by the way, the previous government, the conservative government, also didn't want to lay off government workers. it's a big issue in greece in general. we're going it see whether or not the reforms really pass muster. a big test. in the meantime, the prime minister sip russ sold it as a big one for the population and the greek government.

believe it or not, there are leftists within his party that are even more left than he is. i mean downright hard core communists. they're furious. they say they buckled. but we know a lot of people on the ground there. i'm told on the ground generally speaking, people are a lot manufacture positive. okay. they didn't get all that much but at least they showed some spine which is the general consensus i'm being told by people on the ground. >> i looked a the reports on friday and saturday. the greeks caved. is that what you called? >> they caved on nearly everything. what is happening a lot of changing in the words. they hate the word troika. now they're the institutions. here is the one thing they got which mixed blessing. they were supposed to carry a large primary surplus. in other words once they paid their bills the basic budget balance and they had to carry a large surplus. they've gotten leniency on how much of a surplus they can carry. that's a mixed blessing. that number, that surplus

wasn't, you know, crafted out of thin air. they calculated in order for you to pay your interest payments to bay pacquiao have to have that much of a budget surplus. well, if they don't have to have that much of a budget surplus, how are they going to pay back the other institutions which means we're likely talking about a third bailout for greece of more money. >> meaning -- >> giving them more money. >> extending. >> on the loans of the other governments but those aren't due for ten years. you've got to give them -- you can't extend them for ten on the ecb. you have to give them more money if you give them leniency on the surplus. >> you almost make it spanish -- >> it's probably true yes. >> probably isn't like that is it? but sounds like you know what you're doing. this is four months -- it's a four-year thing we're doing here. we may have -- what are the

chances over the next four months he keeps hearing you folded, you folded. and then they take a hard line and something happens next time. >> right. so there is the parliament itself will it continue to vote with him. that's going to be a crucial question. i think it's going to depend on the ground by the population. leading up to the elections, we talked to many many people. many people told us they were going to vote for syriza the party that won. mr. sipcyprus's party. they said we don't believe them. we don't think they can do all the things they can claim they can do. the other two parties that ruled this country for 40 years stink so bad and they didn't use the word stink. we can't stand it. at least they'll show some spine of some sort. >> not going down without a fight. >> there was something about pride and dignity in this. i'm not sure -- i can't tell you. i'm not there, right.

but we'll see. i'm here. >> you want to -- >> it is 55 degrees there. >> it should be. >> yeah. >> can you report from one of the islands and be close. that's greece right? it's closer than here. >> alex tribeck, any name -- you might as well go with it. we don't know. >> do i roll my r's. >> no. >> you don't roll it. >> but i think michelle is right. >> it's all a little scary. >> if i have to choose who i'm going with i'm going with -- >> we're way over. >> i would say it slowly make sure there's not a problem. it's going to be close. >> chicken plucking. >> yeah. pluck that chicken. let's get more on the global market story from one of our squawk market masters. joining us now on the squawk

newsline from thailand mark faber. publishers of the gloom, boom and doom report. because it's been in front and center for so long mark we'll talk about other things eventually but is -- will there be all of us take notice at this point or, you know have we gone past that now and it looks like it's going to be okay there? >> no i think the greek problem has been postponed. it hasn't been solved. and if the problem is really they have debt the country with its economy cannot simply serve or pay. the debt amounted to something like $200 million or $300 million dollars. the economy is not strong enough to support that. number two, in the discussion about greece what is frequently

overlooked is that tornado and for the e.u. and the u.s. an exit of greece might open up an opening of closer relationships between greece and russia. or greece and china. and that is the western allies are going to prevent at all costs. so i think in the context of ukraine, where the west will have to make concessions that russia controls eastern ukraine including the strategically important cities of donesk. at the same time a comprise will be made that russian phase out of greece and that more money will be forthcoming. and from the e.u. maybe partly

overpaid by the u.s. but strategically nato the e.u. the u.s. do not want greece to leave because it's strategically very important from the backseat it would be very close for russian ships from the crimea to essentially establish a port present in greece. >> that's interesting. we worry about greeks because of spain and portugal. i don't think anyone brought it up that it's almost like cuba where we would have a sort of a russian satellite close to some strategic areas. that's something i hadn't heard before. what about -- will the eurozone be intact five years from now, in your view marc? >> yes, but it may be without all participating. if you go with the u.s. dollar

to latin america, you can pay and use your u.s. dollar everywhere. and in most parts of the world, anyway and i think that maybe in the end there are some countries will no longer be part of the europe of the euro and euro could strengthen things. in an extreme case if only germany was in the e.u. then the euro would be very strong. so the investment implyications are not losing hope. all i can say is the tone nowadays has been more europe friendly with most european markets up much more than than 2015. you have france up 13%. you have germany up 12%.

so you the euro stock index up 11%, and of course we've had a good performance in europe. >> marc quickly -- we don't have much time. you've been worried about levels of evaluation in the u.s. for awhile. the nasdaq is almost 5,000 or might hit highs. are you still concerned at this point about a day of reckoning with the nasdaq or the other indexes in the u.s.? >> yes because basically recently the economic news given all the stimulus that happened over the last five years have been rather disappointing. i think we're looking at 2015 a year where corporate profits would be down. so i don't think that the evaluations are effective. doesn't mean that the market will collapse right away. no. maybe it goes higher. but it's not particularly good

value compared to say, emerging economies. we have an emerging economy now at least relatively good value after emerging economy sies compared to the u.s. in the last four years. >> yeah. okay. marc faber. thank you. we appreciate it. >> my pleasure. thank you for having me. >> i've not been to thailand. >> i'm heading there later this year. >> i am yeah. on my way to -- >> i have the trip planned. >> is this totally personal? >> totally personal. >> is it really? >> now it's no longer personal. >> you're not going for business or anything? >> no. it's on my wife's bucket list. >> is it really? >> it is. >> okay. >> not on my mine. you can take it up with her.

>> okay. >> all right. we have deal news this morning. actually this involves aa cross border thing. we should talk about what it means. a merger between the two silicon metal producers. hardly household names but they are materials that produce -- that are key elements in the manufacturing of just about everything from lipstick to lightweight aluminum cars to solar panels. alan is here the executive chairman of globe. congratulations on sealing the deal. you signed it last night. >> about ten minutes ago. >> thank you for coming over. >> walk us through a couple of things. i want to talk about the global implications. we're talking about what happens in europe and you'll have a spanish owner who is a spanish partner and what it means. in terms of putting the companies together. why? >> a little bit, first, about the history. the business of what we make. about ten years ago for about million dollars. it was in distress in the united states.

had about 200 employees. we built it up -- >> $400 million. >> yeah. out of bankruptcy. and we built it up over the last ten years to eventually go public in 2009. now we have about 1500 employees. and market capital of close to $1.2 billion predeal. >> that's great american success story. >> this was a rare american manufacturing success story. we did it with cooperation of the unions. but anyway the product we make and the other thing that drove is a lot of luck. we caught the market at the right time. the products this goes into is cars. >> cars. makes them lighter weight. >> but solar panels has been a huge -- they used to consume maybe 1% of the silicon. today it's 10 to 15% and growing at about 30% per year. as usual luck had a lot to do with it too. with that there's -- we have successfully rolled up the north american industry. on the other side of the

atlantic oddly enough somewhat with the same strategy started to do it in europe. and that company is atlantaca. and a man that owns that is a tremendous well known industrialist in spain. they're coming together these two companies. increditablybley complimentary. come together will give us a tremendous amount of ability to continue to grow the business. >> two things quick. between solar and cars which long-term makes it more the business? >> well, the one we didn't mention, which was the biggest was is silicone. it's a them call. it goes into all kinds of things. caulking cosmetics, food health care products. >> and goes into -- >> yes. and so for example -- >> do you do a lot of that? the silicon that goes -- >> they do a lot of everything. it's $2.3 billion combined

revenue. >> our silicon goes to big companies and they make the silicon and in turn sell it to people that make the different products. it's 50% of the consumption. the other 50% is made up of the aluminium and the silver. >> got it. >> given we've been talking about europe all morning, how much now do you have to care a lot about what happens to greece and what that means to spain and your company? >> it's a big draw ever. the u.s. dollar represents somewhat of a challenge to american producers. i'm sure you've been hearing that. the amount of stimulus happening now makes the transaction incredibly timely. you have a very accommodative policy meant to drive consumer growth lower interest rates, lower currency. it's going to be able to move our manufacturing base even larger in europe than it is in the united states. and be able to balance us. we've got now a platform. it doesn't have to be that concerned anymore with the movements of currencies because now we'll be able to be successful whether the dollar is

up or down. it's a very timely acquisition, actually, it's interesting a lot of stories are coming out now. we thought about this six months ago and happy it's happening now. >> thank you for coming in this morning. congratulations. >> thank you for having me. when we come back today we'll have the national weather forecast and a travel forecast for you as well. here is an early warning. if you plan to fly through taxexas today. watch out. i think it's colder in dallas today than new york city. plus how the white house plans to toughen conflict of interest rules for financial planners working with retirement funds. here is a look back at this date in history. e financial noise financial noise

financial noise financial noise

another wirntz storm bringing ice and dangerous conditions to roads and airports across north texas in this case. more than half of today's schedule dallas is -- it's an important hub. i didn't even know this was coming. it's the biggest hub for the biggest airline which, i think, is american. joining us from the weather channel keith carson. keith carson! >> what's going on, guys? >> oh man!

i mean, there's something to talk about with you, keith. let me see that shirt. we have to go to a single shot on that to get a -- whoa! wow! >> first of all, they let me back in the studio after standing in the cold for about a month. >> those pants. >> it's cold somewhere. >> did you know you were going to match the weather map. it's unbelievable. >> nothing is coincidence. >> with you. it's not. >> what is going on? >> let's talk about you nailed the introthere. dallas is the biggest thing. they got mainly sleet. obviously being in the south not as good as dealing with it. freezing rain to jackson. almost to the gulf coast we have a deep trough all the way. through today watch out in dallas. eventually they'll warm up by the afternoon. the morning looking pretty rough. by tonight maybe a little wintery weather. atlanta has a winter weather advisory. a half inch or so a possibility here. doesn't sound like a ton.

it is a lot for atlanta, for sure. jackson seeing freezing rain on the backside of it. the big theme here guys we still have that trough to the east. we have the cold air pulling down. windchill 20 below in chicago. 18 below in buffalo. boston looking relatively good at 22. they'll get colder as the day wears on. i look into the mid range and i don't see any real changes. you can see the cold air across the eastern sea board. it breaks up spokes of cold air coming down from canada wednesday, thursday, boston new york d.c. staying cold. you may see look at that. sunday into monday it looks pretty good. it does. it looks warm. that's going to come with rain on monday as the storm system moves up the eastern sea board. guy, this winter has been ridiculous. we've been up in boston basically the past month or so with the snow. it looks like the pattern stayed the same. >> they're right. keith, you're right. what happens when we warm? things get much colder. thank you, keith. we appreciate it. we'll see you later.

in washington news the white house wants to toughen conflict of interest rules for financial advisers working with your retirement money. john brings us the details. good morning. >> good morning, becky. the president's theme has been lately middle class economics. he's been trying to see what he can do without support from congress. and so yesterday there was a conference call administration officials announced as of this morning they were pursuing a rule to require financial advisers working with the people in retirement programs to have better disclosure and let investors know about hidden fees back door payments that could change their advice. they say that these conflicted advise cost investors $17 billion a year. they had on their conference call jack vogel of vanguard said it's about a culture of salesmanship that moved into the retirement business and that

retirement advicers who depend on selling products every single day push people in ways that may not serve their interest. so this is going to be a long process. the department of labor has oversight over plans that involve worker retirement. the secc has a different set of rules over ordinary brokerage accounts. it's something that the administration tried to do in 2010. there was a tremendous pushback from wall street. they abandoned the effort and they're trying it again. it's going to take the remain of the obama presidency if they're going to get it through. they're said they're not banning commissions. there will be certain exemptions to the disclosure but they're getting it underway. >> come a long way, john. twenty years ago it was almost like fee for service doctors. almost twenty years ago it was all commissions. now it's mostly assets under management. and, you know, they'll be setting where the money is.

it's in retirement accounts whether it's individuals or companies. huge sums of nun financial advisers are after. so that makes sense and, you know, when -- these guys still live month to month -- some of them, you know, if they have assets under management. they get a yearly bonus. >> precisely jack vogel's point. >> every month you do it's like whoa! i have a week left and i don't have enough income. and then -- >> you look at the charges on them. $250 on these. 17 basis points on an index fund. >> compared to -- i can tell you in the '70s and '80s. >> compared to what it used to be. $100,000 for sits for 30 years. it's a big amount of difference. >> it used to be 800 basis points on mutual funds. >> mutual funds. >> 17 basis points for a vanguard index fund right now. let's bring in ben white.

the chief economic correspondent at politico. one of the big issues that we're looking at -- i can't believe we're potentially looking at another parable government shut down. lead story how the gop controlled congress is coming back and they have to decide by friday if they're going to fund the department of homeland security. what happens? >> well, if they don't pass a bill to fund it by friday it shuts down which means a couple of hundred thousand people day on the job but they don't get paid. it's like we won't be fighting terrorism. a lot of nonessential functions will shut down. pacific basically the house passes a bill that funds dhs and but take aim at obama's immigration issues. there are some republicans losinglose ing -- lindsey graham said we shouldn't risk it. we'll get blamed. you see the republican party at war with itself. you have house hard line conservatives, senate a little bit more moderate and you

continue to see that dhs will be one. and you have funding the government later this year. there's not an agreement within the republican party how to take on barack obama on things like immigration and health care reform. that's going to be a theme we'll see throughout the year. >> you mentioned the administration is trying to find more and more way it is can work without congress. subpoena there-- is there any talk about potentially working with congress? >> sure. there are trade legislation. you've got democrats and republicans getting close to a deal on trade promotion authority. that's a priority shared by the administration and republicans. you have some possibility for tax reform all though i think that's a long shot. and the final thing is trying to avoid precisely this kind of circumstance that is to say have smooth fiscal sailing. not have the budget wars we had in 2011 and 2013. that's what republicans have to do. or that's what the administration has to do.

but republicans as ben indicated have to settle the tug of war between their leadership and the people who want to govern responsibly and those who have unrealistic expectations for what they can accomplish with the power they have. i was talking yesterday to a republican member of congress and he said this is crazy that we're considering this shut down. this is a hostage that we can't afford to shoot. and we simply have to move past it. that's what lindsey graham was try dog. using his cover as federal judge's court decision putting the brakes on president obama's immigration action. saying, look on the judge stopped it. we don't need to fight the fight. let's fund it. >> are any of the republican sources from red states? i heard you over the weekend talking with one of your republican sources. your republican sources are, like they make nelson rockefeller look like, you know rand paul. >> yes -- >> they do. your republican sources -- i watch your segment. maybe they're the only ones that take your call at this point.

do you know anyone not a rhino that you ever talked to? >> you think lindsey graham is a rhino? >> that's not the source he talked about. they all said god, i don't like what the republicans are doing -- >> joe, that is precisely reflecting the views of mitch mcconnell and john boehner. >> i know who your views reflect. >> no. do you hear me? mitch mcconnell and john boehner, they don't the president to happen. they've said very clearly ever since they won the congress no more shutdowns. we're not doing it. >> i'll give you some names. >> just for the hell of it i'll give you some names to check in once awhile to get their side. >> republican leadership though. >> go ahead. who are they? >> i'm not going to do it john over the air waives here. it's cable, actually. >> it's not air waves. broadcast sounds -- >> it's air waves for him because he is over satellite. >> yes. >> can we bring walker and

giuliani? today in the wall street journal the title of his op-ed piece is he said he wants start a national debate looking at the quality of leadership. >> this is a backtrack from giuliani. he what he said is the president doesn't love america. he doesn't love me or you. everybody freaked out. rightly so. you shouldn't be out there saying the president of the united states doesn't love america. >> and the president said the same thing about george bush. not a single democrat was said you need to come and say -- and distance yourself. >> this is -- -- look. the media is totally hypocritical. >> not that argument. it's not just the president. it's any any democrat. do you know how many things were said about george bush. if the same level -- if you looked at it. we would have been outraged

every week! we would have been outraged every week! >> let me make the point about the leader of the republican party. >> he's a pretty prominent republican. >> i'm not arguing whether it's right to criticize him or not. the disappoint if republicans want to win a national election you see it in the congressional debate over dhs. you see it in walker talking about the president's religion and giuliani talking about whether he's a patriot -- >> can we talk about walker. he came on our show which has been quoted left and right. and the comment to the washington post about his religion. i -- call me crazy, i do not -- i was not bothered by the quotes. could he have been strong ensure sure. why is that -- honestly why is that a become such a -- >> because on the right -- >> he could have if he wanted to. he didn't have to. >> it's an issue that in -- >> he didn't say -- >> i don't know if he's a christian. i mean, he could have said yes

he's a christian but a bad president. there's another way to handle it. >> i think when he handled it i don't think -- how can you not know? >> it's pretty obvious that the president is a christian. he talked about it in the national prayer breakfast. maybe he's not a practicing christian christian. if you look at the quotes he didn't say. >> scott walker -- >> guys! >> scott walker has dealt with more serious. he had an entire national union establishment. >> understood. >> and he was in the cross hairs. well, i'm telling you. he's not worried about that. >> it's like the news -- >> he's not worried about it in the primary. it's good in the primary. it if he gets to the general. >> the left always has advise. you republicans don't want to talk about this then they talk about it and did you see dana mill beck. >> and then like romney get crushed. >> do you want to win the general election. >> it's not me at all.

>> john your point? >> my point was simply look at the big picture. you have a threatened shut down over immigration policy. hispanics are large and growing float. you have a debate controversy over whether the first black president loves the country and is patriotic. that is not helpful to republicans. >> why do you have to put black in there? >> because he's black. >> he is black. >> i know he is but what does that have to do with this? >> because republicans are laboring under a cloud an image cloud, okay. people think that the republican party -- >> that's bad to take it there. >> it's true! >> race was never brought in into anything guiuliani or walker said. >> you must be kidding me, joe. >> we're getting the wrap on the music. this loop is going to run out. when we come back we'll talk about the winners and losers at

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welcome back. goldman sachs may be facing beings of dollars in extralegal costs and the fcc reveals gold man received a letter from the u.s. attorney concluding that the company violated federal law in connection with underriding. it's possible it may have to pay as much as $3 billion in more in legal costs than currently reserved on the balance sheet. we'll see what it does with the stock price. the studio winners and losers of last night's oscars. "squawk box" back ans for . danger... ...corrects for lane drifting... ...and if necessary, it will even brake all by itself.

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welcome back. the 87th annual oscars handed out last night. we know which films won. but what about which studio came out on top. julia was there. what did you think? >> well, it was quite a night, becky. there were no huge surprises in terms of the big winners. but the biggest winner of all was birdman. they took home the best picture award and tied with search light grand budapest hotel for aet to of four wins each. birdman is the lowest grossing best picture winner since 2009 and one of the lowest grossing winners in the past 40 years. now lowest grossing seems to define this year. the eight nominees in such a low overall u.s. box office there are concerns that ratest last night will not be as high as

generally there is a correlation between the box office and the nominated films and the oscar telecast ratings. as the day unfolds we'll see what audiences thoult of the political messages many of the acceptance speeches. birdman's director spoke out about immigration policy and political unrest in mexico. patricia arquette called for wage equality. and best song winners john legend spoke out on race issues. there's no single social media moment as big as ellen's selfie tweet but lady gaga's sound of music spiked the largest twitter conversation. thank you. joining us now is brett lang. variety senior film and media reporter. your mind is mush. you were up all night. you can't read -- >> you can't -- >> it's even worse tonight. >> i went to sleep pretty early.

i did. i waited for jk simons to win which i was thrilled about. when he told everybody to call their mother i thought that was one of the great -- i almost cried. >> this is your super bowl night and you and -- >> i went bed. i went to bed. >> once you see the outfits on the red carpet that's basically your -- >> i was i basically sat at home and watched all afternoon. just in the run up to to see all the gowns and the tuxedos. >> the more i thought about whiplash the more i didn't see birdman yet. i saw that -- >> you don't -- he didn't like boyhood. it took 12 years of my life to make it. three hours of my life. why go through? >> whiplash that ending scene you don't -- there are people who haven't seen it yet. i'm just saying watching the jk simonmons and watching how it worked. it was great he won.

almost as a career achievement. he's been a journey man. >> right. >> such a big winner. >> we are farmers. >> right. >> spiderman movies. he was jj whatever his name was. >> sorry. >> maybe not anymore. >> wake up! wake up! you were up until how late? >> 1:30 probably. >> no way! >> finishing stories and stuff. >> i don't think there were very many surprises. >> i think the biggest surprise was how poorly boyhood did. it only was able to grab that best supporting. >> joe knew it wasn't a great film. >> i barely got through -- i'm telling you it felt like 12 years of my life. i don't know how it took to film. >> it's shorter than the telecast the oscar telecast. >> my biggest surprise. dougie houser is ripped! paleo. >> i wish i looked like that. i saw it and went oh my god! i want his training ging regimen.

they liked his performance? >> it's hard to know. on twitter it spends to be snarky. >> it was really? >> always. >> i thought he's done better on the tonies. i think the tony's is probably a bit fit for him. he was certainly able to create some viral moments which is how success is issue manied.y ed -- success is measured. walking across the stage in his underwear is memorable. >> if i eventually get to that point i'm going to walk across here. >> i think you're going to come in in your uynndies every morning. >> just tape the mic to your chest. >> patricia arquette did pretty well? >> do you know her first movie? >> "nightmare on elm street

iii." >> what is going to happen to birdman? "birdman" will be released on dvd on tuesday, i believe. it's not going to have much of a box office bump. as julia said you know, it's one of the lowest grossing best picture nominees in history. i side from the "hurt locker" it may be the lowest grossing. >> we had problems with our video or something. >> we can't show it or continue the conversation? >> i don't know. i want to know -- because it's a narrow film and i think it's very good film and i understand why it won but nonetheless, it's not a -- it's a niche film. does it work? does it break out as a result? >> no. i think it's pretty much done that it can do at the box office. it will do better on dvd. it will get some on demand revenue it wouldn't before because of the win. >> get some rest. coming up when we return. the head of the business round table joining our table. his take on the trade fight in washington and more when "squawk

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welcome back. joining us on set, john engler. first thing to talk about is last week we saw walmart make this move and i thought that as a whole, most of the print analysis i saw had it right. that we've gotten to the point

now, the labor market is getting tight enough to where this will happen naturally in terms of trying to get skilled workers that you want to retain that maybe you don't need government action for wages to start rising. >> sure. we heard that a few weeks back. we've been watching it play out in north dakota during the boom there. prices are ridiculous. sure. markets work. and there's a particularly i think today a premium on talent. and we've got 5 million jobs that could be filled if we had people with the skills. there's also on the part of companies a desire to retain their workforce. that was said and walmart was hinting at the same thing. we want to build our own and train them. >> i know what -- i read it this morning, andrew in the journal. i read minimum wage who does it hurt the most when it's raised in fast foods. in "the wall street journal" it says they immediately pass on the increased cost in the price of the items that they're

selling and who does that hurt but the people most affected. i know the left immediately goes come on. that's a reason not to raise wages because they're going to raise prices and then the poor people that go in to buy the fast food are going to have higher prices. i know that is dismissed entirely. but if it was a nationwide move to $15, you would see -- no one's proposing that but -- >> there are some people proposing that. >> well i think seattle tried it. i think what you've -- this is one issue that brings the right and the left together on the implications of what higher wages -- >> i don't think so. the left tell me the studies have no -- what's our friend jared bernstein. absolutely, the jury is not out. the facts are in. it has no effect. >> however, i will also say that all of those economists say

there are other things you could do that would be more helpful. the tax cuts for working class. >> i think youth on employment rate bears the burden. we've seen those rates persistently high. but training is also part of it. we've got a $700 billion public education investment that needs to deliver more. >> how's the manufacturing and just job picture in general? you saw gallup. the guy said this is a joke. >> well that sort of all in you rate above comparable times. it's come down no question. there's hiring going on. we've seen some of the monthly data, but i think comparable on that particular rate which is sort of an all-in rate back before '08-'09. there's still room. labor force participation still down. some of its demographics but certainly not all of it.

and gdp, we're going to see another week of ceos saying we're more optimistic. they're still about 3%. we're not in that. >> i'm not sure it's there. anyway, we've got to run. governor, thank you. when we come back we have more of this morning's top stories including a terror threat against shopping malls. stick around. "squawk box" will be right back. with a control pad that can read your handwriting, a wide-screen multimedia center, and a head-up display nced driver focus. all inside a redesigned cabin of unrivaled style and comfort. the 2015 c-class. at the very touchpoint of performance and innovation. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services.

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visit comcast.com/wireless to learn more. markets starting the week in record territory. we will tell you what to expect from a slew of retail in media earnings. key housing data and fed chair yellen on the hill. urging caution for shoppers after a new terrorist video

threatening attacks on malls. back to business at the west coast ports. labor secretary tom paris is going to join us. he helped broker that deal. the second hour of "squawk box" begins right now. live from the beating heart of business new york city, this is "squawk box." >> okay. okay. welcome back to "squawk box" here on cnbc. god. i'm worried about you. first in business worldwide. used to be mack. everybody knew mack. we've got one syllable names for these guys because we yell at them a lot. u.s. equity futures at this hour are not particularly positive today. if you're bullish and you want the market to go higher. but you can see there s&p called down exactly 5. about 50 on the dow jones. and i heard someone on worldwide exchange say tech-heavy nasdaq like six times in one story.

and it's true but if you don't know by now that there are tech stocks in the nasdaq just stop watching. >> please don't. >> it is a tech-heavy nasdaq. >> and it's mostly apple. >> anyway what's your topics. >> some of the top stories we're talking about at this hour. al shabab releasing a video of attacks on shopping malls. we're going to have more on this story at the bottom of the hour. also greece facing another critical deadline today as a package with the eu. athens must now outline policy measures plans to take during the bailout. at the same time the government is under pressure from the left wing of its own party. we'll see where that lands. then the west coast ports are working to clear back lots of cargo. a deal was reached between dock workers unions and shippers.

also we should tell you that labor secretary thomas perez is going to be joining us at 7:30 eastern time to give us a rundown of what happened and where to go from here. >> i was trying to get stick on camera. he snuck away before i could do it. joe mentioned mack is here. mack is still here. he's been promoted. >> he's like a big shot now. >> steck has been with us here for years too. you think you're avoiding the camera. we're going to catch you at some point. >> another example of married someone he worked with. yeah? now there's kids. how many of us? >> i could think of six of us. >> why does that happen? we're thrown into this situation. >> crazy. >> that's it. >> anyway more about what's happening in the news. drivers are paying more at the pump. gas prices jumping 13 cents just in the last two weeks. 20 cents in the last month. puts the average price at $2.33.

among the reasons cited for the increase, the largest u.s. refinery strike in 35 years and an explosion at an exxon plant in california. okay. if you went to sleep early last night, here's what you missed from last night's oscars. "birdman" winning best picture. also bringing in best director and best original screen play. and julianne moore won best actress. and eddie redmayne took home best actor for his role in "the theory of everything." >> i had to explain to my kids yesterday, you know, it used to be and the winner is -- yeah what do they say? now they say the oscar goes to. why? because you can't say someone's a winner in hollywood everybody, you know blah blah blah. because it's politically incorrect. >> when did they change that? >> five ten years ago.

don't b you remember when they said the winner is now they say the oscar goes to. that's hollywood political correctness. >> for every single one. they never say the winner is? >> no! of course not. there aren't winners and losers here andrew. they've all poured their artistic craft into this. and it's not -- you can't say someone is a winner or loser. that's essentially what you're doing, though isn't it when you win best picture? don't you win? we still say it but you can't say it when you give it. >> and the next read goes to me. the dow's starting the week in record territory. joins us right now is charles cantor. he is newburger's investment group. thank you both for being here this morning. we are talking high levels for the dow all of a sudden. do you think it's justified.

>> i think we expect this here to be a bumpier road here becky. no doubt equity investors and bond investors have been over the last few years. it's come with a lack of volatility. volatility has been at all time lows and the gains have been remarkable. so we think it's getting harder and equity is getting safer. but it can't be as easy as it's been in the past. shabaab i'm thinking of putting money into the 401(k) into the cluck funds. maybe i should wait for a dip. is that what you're telling people? >> i don't think you can predict that. i think market time is very difficult. we take a longer term view in getting market directions. when you think about your kids i think you want to think about their time horizons. i'm guessing they've got a way to go before they go to college pep and for them i'm sure equities make a lot of sense. >> would you agree with that? >> i think so.

coming into this year the key is volatility. and that's primarily depending on the fed. we don't think the bull market has been fed fueled. but to say the fed hasn't at least been supportive would be naive. so the key coming into this year is we saw the fed, people expecting the fed to raise rates mid-year. and then as that's gotten pushed out, we've seen equities rally. we've seen the weaker than expected u.s. economic data. has been the highest in three and a half years. and we saw dovish fed minutes. that pushes the expectations for a rate hike to later in the year. what's the response of the market? the best gains -- the best month we're on pace for in a few years. i think as long as the expectations for the fed is later rather than sooner, it's a good environment for stocks. >> do you think the opposite is true? if you think the fed is going to raise, would that change your opinion about where the equity

markets are head snd. >> in the coming weeks, say yellen comes out tomorrow and is more hawkish. or you do start to see expectations that the fed's going to raise hikes sooner it's going to be rougher. we -- contrary to what i think you hear a lot of people saying now when the fed hikes rates, the market doesn't drob for six months after. i think when the fed starts hiking rates or a few months after the market investors anticipate the actually increase, that's going to -- it's going to be rough sledding for equities. >> from then on? if we're looking at the pace of hikes being slower than in the past, maybe not an automatic 25 basis points every meeting. >> if you look where rates have been at flat level for several years in a row like they have now, every time you've seen it you've seen the market take a dip going forward. right around the time of the hike, not six months later. so i think, you know people -- when people think the fed is going to hike rates, that's a

time for people to show more worry. again, the expectations now are for late in the year at the earliest. so i think that that's going to be you know you still have time here. >> and we've had a lot of people who have come in this year and said they are now looking at other places. european equities, other exchanges where you would see better returns than in the u.s. market. you think that's the case? >> i was traveling globally two weeks ago and in singapore and hong kong that in our market they're engaged in long equity strategies. and that seems reasonably content. playing off the theme of volatility volatility. they're engaged in europe. believing that those markets have to catch up and respond to the liquidity that that has been responsible for. folks forget that our markets are global. the u.s. market is a global market. at least half of our revenues are driven by the success of our companies to take their products and svss to the global market. and of course when you bring

those currencies back the dollar -- >> it's tougher. >> in the short-term the u.s. is a global market and that's good for trade. >> well look. the u.s. economy has been very good. what people are questioning is whether the gains have already been baked in as a result. >> i think that's right. but we think about future expectations kind of what are you paying for the future that's yet to be delivered on a compounded earning space, that's 3% to 4%. if you have no inflation, that becomes real not nominal. that becomes tougher. with a bit of inflation, those expectations aren't crazy at all. and then 18 times earnings we've come a long way. i don't think there's anything there that suggests the market is expensive, per se. >> what would? what would make you start to give pause? >> if you go back to the old period, expectations were in the expectations. we're a long way from there. when the earnings expectations get along to 4% to 6% i think a

marginal safety is still small. there's a tremendous amount of cash out there. there's a tremendous amount of activity takes place. and those engaging with boards of directors are making the markets safer for everyone. it's prevent b large things from happening. >> that's a really interesting perspective. this time is different though? >> i don't know if this time is different, but we think of the ceos where they have been the chief allocators of the firm. more like 8% we think it prevents bad things from happening. most wake up trying to build bigger companies, not smaller companies. with the activists out there, they're forcing the boards to focus a lot on the current mix of assets. focus opposed to diversification. i think that makes the environment better for all. it prevents, so to speak.

>> all right. we want to thank you both for coming in today. >> thanks. the year was 1988. the big winner was "rainman." it was a year where both bob hope and lucille ball were in attendance and both got standing ovations. and one notable change introduced "and the oscar goes to." >> and they said that's why? >> rather than "the winner is." >> but now i'm reading this is in 2010 they might have brought it back. >> i like it better. i mean it's like just say it. we call them oscar winners. you're winning it. does everything got to be -- we just have to walk so -- >> why? because the implication is that a everybody else is a loser? >> i guess. remember marlon brando? he didn't accept one. he accepted his first one and loved it.

but his second one, he sent a woman to receive it and then somebody else did that. i can't remember. anyway coming up media earnings on tap this week. what a soap box it is for these people to get up on top of every year. oh god. including dish network out earlier today. comcast and cable vision, also we're going to talk media stocks. u.s. officials warning now, this is disturbing about new vigilance after new terror threats against malls. we've worried about this for years. more details at 7:30 eastern. and we'll be joined by labor secretary perez. he helped negotiate the deal to get the west coast ports back to business. plus the rundown of the winners -- a run down of those who got oscars and who didn't because they're all winners in hollywood at last night's oscars. >> i gist figured out why you care about this. because the first segment you ever did --

welcome back to "squawk box." the futures right now have been down and they're still down. down about 47 points on the dow. the s&p down 4.75 indicated there and the tech-heavy nasdaq indicated down 3.65. every time i say it. and we're watching shares of dish network this morning. ceo joe clayton is retiring at the end of march. he will be replaced by dish cofounder and chairman charles

ergen. who had served as ceo until 2011. providing fourth quarter earnings this morning including cable vision liberty media, and comcast. here with a look ahead to what to expect is craig moffit. good morning. >> morning. >> you have basically decided that all of these companies are a downgrade, worthless except for comcast as it happened. maybe that's why he's here this morning. >> don't overstate it. the stocks have actually done really well. and -- >> but you have a sell on cable vision. >> i had a sell on cable vision already. >> and a sell on dish in a big way now. >> yes. >> so what's happened? is it tom wheeler? >> for the cable guys yes. this is a question for the cable guys of how much pricing power do you have left in broadband and will you be allowed to use it? you can claim -- let's separate net neutrality from the mechanism for net neutrality.

there's nothing wrong with net neutrality. the issue is the mechanism for having the enforcement authority for net neutrality is title two, title two is effectively imposing the 1934 communications act which is a price regulation act. and you can say you're forebearing from some of the pricing regulations, but you can't protect that an act that is fundamentally about price regulation doesn't at least introduce some risk of price regulation into the business. >> explain this. you think dish is worth $47. >> here's the problem with dish. dish's valuation isn't about its core business anymore. people will yawn when they see this morning's quarterly results. no one cares. dish is only about what's the spectrum it's worth that it owns. and the thing is you can use spectrum's comps from the block buster auction. but if you're going to use comps, you're assuming they can sell the spectrum.

any other scenario where you use it or where you lease it or do something other than simply sell it and you have to replace the comps with the valuation of something -- >> wait a second. why wouldn't it be valued based on these new options regardless of what happens to it? you own an asset that is much more valuable than five years ago. >> tell that to wireless companies. t-mobile is valued at far less than the spectrum. as a going concern, argue they're worth less than nothing. >> could t-mobile turn around and sell that spectrum if they were to just close shop? >> no. see, the challenge is -- that's a concept that goes along with chapter 7 liquidations. you do chapter 11 restructurings. and the spectrum continues to be used for a business. you can -- >> if t-mobile was bought by somebody, though could that be an asset they could then be use

snd. >> who would buy them? >> so they're out at luck. >> but it creates a paradox, right? it can't be sustainably true that the spectrum is worth more not used. >> you say you like comcast. $60 is your target. it's almost $60 right now. so you're not really out on a limb here. >> we downgraded comcast and time warner cable and charter last week to $60 we already had a $60 target price. it got there. we said in this environment to raise a target price you have to believe that earnings on the street are too low or there's going to be a multiple expansion. >> are you now betting that thetime warner cable deal happens, doesn't happen happens with so many limitations? >> we lowered our probability from 70 to 60. >> 70% was your handicap.

>> where we were last time. we lowered it last week to 60%. >> we understand that 60% means more likely than not. >> but not much more. >> we get that. it's only 10 more than 50. >> and if anyone thinks they can put a fine point on it and say it's not 60 now it's 58. let me look -- >> i think a fine going from 70 to 60. are you sure it's 60 now and not 70? >> you're right. all you can say is that the probability is falling. and the probability is falling in part because if you read the tea leaves including in the title two reclassification it's pretty clear that this is a relatively anti-cable washington. >> does the regulatory structure overall change your opinion on a lot of the names in your space just from the department of justice to -- >> sure. it changes your terminal growth

expectation. >> will it change again in two years if there's a different administration? there will be a different administration whether it's a republican or democrat. >> if the rules are rewritten, sure. we've got a republican congress right now and it's become clear that the congress is not going to step in and try to change this process. and so possibly another fcc down the road will change the process. but once these things are written, they're hard to change. remember, these rules have been around since 1934. they're still here. >> thank you for coming in. >> thank you. >> 70% to 60%. >> yeah. last week right? >> yes. >> when do you think this happens if it happens? >> april, probably. >> april is your month. >> is comcast changing? they haven't changed from that have they? >> a matter of weeks. i think they extended the available time they've got to do it to august saying let's take that off the table and the government will do it when the government does it. >> thank you. >> great to see you.

when we come back this morning, the cdc director imposing new vaccines. then u.s. labor secretary tom perez will join us on the deal to get west coast ports back to business. stick around. "squawk box" will be right back. over the next 40 years the united states population is going to grow by over 90 million people and almost all the growth is going to be in cities. what's the healthiest and best way for them to grow so that they really become cauldrons of prosperity and cities of opportunity? what we have found is that if that family is moved info safe clean, affordable housing, places that have access to great school systems access to jobs and multiple transportation modes then neighborhood begins to thrive and really really take off. the oxygen of community redevelopment is financing and all this rebuilding that happened could not have happened without organizations like citi. citi has formed a partnership with our company so that we can take all the lessons from the revitalization of urban america to other cities so we are now working in chicago, and in washington d.c., and newark.

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welcome back everybody. cdc director tom frieden out with an op-ed in "usa today" today. he outlines the dangers of measles and urges to get vaccinations. for parents who choose not to vaccinate because of non-medical reasons, he wants to have a meeting and have them renew that process every year. okay. coming up the terrorist threat across shopping malls. we're going to talk about it when we return. and negotiators striking a deal to avoid further costly port shutdown os then west coast. we've got u.s. labor secretary tom perez. he helped mediate those talks. he'll join us after the break. tdd# 1-800-345-2550 [ male announcer ] your love for trading never stops tdd# 1-800-345-2550 even on the go. tdd# 1-800-345-2550 open a schwab account, and you could earn tdd# 1-800-345-2550 300 commission-free online trades. tdd# 1-800-345-2550 so if you get a trade idea schwab can help you take it on. tdd# 1-800-345-2550

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now with the xfinity tv go app, you can watch live tv anytime. it's never been easier with so many networks all in one place. get live tv whenever you want. the xfinity tv go app. now with live tv on the go. enjoy over wifi or on verizon wireless 4g lte. plus enjoy special savings when you purchase any new verizon wireless smartphone or tablet from comcast. visit comcast.com/wireless to learn more. welcome back to "squawk box," everybody. in our headlines this morning, goldman sachs raising the top end of its range of legal losses

to about $3 billion. a winter storm bringing ice to texas. dallas has canceled more than half of today's airline schedule. and it will cost you a little more to get into the magic kingdom. price hikes at disney parks took effect yesterday. one ticket will cost $99 for those over six years old. and a one day pass to diss e disneyland in florida is up. we've got a couple minutes for we have the secretary sit down. you didn't see any of the l.a. open yesterday, did you? >> no. i watched about 60 seconds of it. >> the winner, the greatest guy in the world, his name is james hahn. was my partner last year. the great young -- this guy -- >> he was your partner last year at at&t pebble beach. >> yeah. he went to berkeley. got in advertising for years and

years. and then he was selling shoes in nordstrom. and he said he had 300 bucks and said i'm going to give it one more shot at the pga tour. and he won the l.a. open yesterday. >> wow. >> congratulations to him. >> i brought that up because from now on it's going to be and the green jacket goes to for the winner. there's going to be no win per. >> i figured out why you're obsessed with this. >> the winners and losers. >> the first thing you did on television was winners and losers. >> andrew found out that in 2010 they rehearsed -- >> they went back to it. but then they didn't do it during the show. >> they chickened out. >> even el-erian wrote in and said in greece right now they're saying and the agreement goes to. they're not saying either side is actually -- because they're afraid to say someone won. >> that's a good point. there's your winners and losers. >> there are winners and losers.

i'm sorry. you can't cushion everything in life with this politically correct language can you? >> probably not. but we still have that. >> we'll see if secretary perez will tell us who won out there. whether it was labor or management. the secretary of -- oh you get to this first. >> let's tell you quickly the u.s. secretary of security is urge ing urging -- kristen, this is a frightening story. >> incredibly frightening, becky. that's right. but we've been talking to shoppers here. they say they're not going to let this terrorist threat to stop them from living their lives, from shopping at the mall of america. one of the busiest malls in the entire country. law enforcement officials saying people should go shopping. still they are calling for extra individual lens. we know there is extra security here at the mall of america.

it is important to underscore the fact that the fbi is saying there's no known credible threat. this was a video released by al shabaab. it's really like a propaganda video video, a call to action, if you will. this is the group that claimed responsibility for the 2013 attack in the mall in nairobi, kenya, which claimed more than 60 lives. so al shabaab references that attack in this latest video. they're essentially trying to get lone wolf actors on board to carry out similar attacks. certainly disconcerting, but no known credible threat. the question why here? one reason is that al shabaab has been recruiting westerners heavily including minneapolis nap is a city that has a large somali population. so that has been a pressing concern for law enforcement officials here in the minneapolis area to start with. so this only heightens that

concern. this all going on against the backdrop of congress which is locked in a bitter battle over how to fund dhs if congress can't resolve it. many operations will run out of money on friday. so that's another concern as law enforcement officials at this federal state and local lovl continue to investigate and monitor this new threat. back to you. >> okay kristen. thank you. we're ready now with secretary perez. 29 west coast ports resumed full operation this weekend after a nine-month slowdown. dock workers and employers reached an agreement. secretary tom perez was at the center of the negotiations at the request of the white house. he joins us now. it's interesting the way these things work. i think you told them if this doesn't happen if we can't figure this out, we're going to move negotiations back to washington. no one wanted to do that did they? >> for some reason some people just don't like coming to

washington, d.c. i just don't get that. >> i i look at how -- you did a great job with this but it doesn't seem they were that for apart. they wanted to be able to fire arbitrators in the grievance proceedings. and instead of a single arbitrator, you got it -- now it's a panel to hear grievances. do we know for sure that the union rank and file are going to give a thumb's up to this? when do they vote? april? >> they vote i believe, in the next 30 to 45 days. i can tell you that the committee that represented in the negotiation which was about 25 people unanimously came to the conclusion this is a good deal. i think that's a good start. i have all the confidence in the world when the rank and file take a look at this we will see that this is a good package for them and that they should move forward. >> the dock workers -- at this

point i don't know a lot about it. they average $50 an hour pretty good health care. $35,000 a year is what it costs employers per worker. is this an example of wages that haven't risen enough? one of the things that we talk about a lot. this wouldn't be addressed by the minimum wage but i mean did the union -- did they prevail and should they prevail in this case? do you think management is already offering enough? >> well i think this is the case study in how both sides compromised and both sides got a deal that i think works for them. long shore work is hard work. >> terribly hard. dangerous. >> it's very important work. i think it's important in our country for there to be opportunities for blue collar laborers to punch their ticket to the middle class. and the long shoremen out on the west coast, east coast and many of the ports down in texas and

elsewhere, they do very very important work. our international trade, our exports and imports are so dependent on their talents. and so that's why i'm very pleased that we were able to help facilitate the full operation of those west coast ports. because as i said to them last week you know this is -- there's just so much collateral damage. and the ripple effect of this conflict was reaching far beyond the ports of the west coast. it was being felt by farmers in the midwest, by small business owners, large business owners, retailers and others with whom i spoke who were trying to do their jobs. and take advantage of this tail wind that is the u.s. economy. and so i'm heartened that both sides were able to come to closure last week. and that the ports are once again fully operational. >> you know mr. secretary, i'm

not sure you know, how to address some of the problems with income disparity in this country, but how would you -- what would you attribute the decline of private sector unions to? and i know you know that wisconsin which is thought of as one of the -- almost a state where a lot of ground breaking union organizing was initially done, they may go right to work this week. >> yeah. i was saddened to hear that because i wasthere was a proud history of ensuring workers had voice. and this agreement reached in the port context and the fact that long shoremen on the west coast and the east coast who do very, very hard work are able to earn middle class income. that is an example of collective bargaining at work. and when workers have the

ability to engage in collective bargaining and when workers generally have a more meaningful voice in the workplace, that not only works for the worker but works for the employer. we live in a world where there are too many false choices being made today. i either take care of my shareholder or i take care of my worker. but i can't do both. i've met so many business owners who reject that false choice and understand that we should be living in a stake holder economy where you can take care of your shareholder, workers, and customers. and you can thrive. i can give dpamplexamples in every business world where including their workers and giving them a meaningful voice and good benefits is part of a cycle that creates win/win opportunities. >> right to work doesn't prevent unionizing at all. it just doesn't make mandatory

contributions by every person in the union. doesn't make that mandatory. it just -- you can either agree to pay or not agree to pay. what has been the history of right to work states in terms of economic performance as well? i've at least seen it written that sometimes they appear to do a little bit better. >> it often ends up turning into the right to work for less. i'd sure rather work at the ford plant in louisville than the nissan plant in one of the other states in the south where they have long-term, quote, unquote temporary workers who god forbid they get injured on the job because their security is limited. and when you do that to workers and when you don't give them meaningful voice and fair wages and access to opportunity, i think it creates a very toxic

environment. and that's not who we are as a nation. we can do well and do good. again, i meet so many business owners. i was at the duke business school a week before last having this precise conversation. how do you create a true stake holder economy where businesses across sectors understand that you can, indeed take care of your workers and your shareholders and customers and do it well. that's the world we live in. that's the world we should be living in. and all too frequently we're getting caught up in this vortex of zero sum politics. and zero sum economics where i either benefit or you benefit. and, you know the job creation is a joint venture between business owners and workers because if you don't have money in your pocket you don't spend it. and then businesses can't grow. consumption is the principle driver of gdp growth.

when workers don't have a decent wage, they can't spend. that's why people like henry ford over a hundred years ago doubled the wages of people on the assembly line. because he had a terrible attrition problem, and he understood that the people who made his products ought to be able to buy his products. >> that seems market based. he did that for a reason though. it wasn't -- i just don't -- it's hard for people that aren't experts in this to see how giving an employee the right to make his own choice on whether he joins a union or make his own choice on whether he pays dues doesn't seem like forcing everyone to do it almost seems like you're removing individual freedom from that person. >> that's the freedom to be a free rider, i guess. i see unions working hard to negotiate benefits. and you have them in these situations the free rider gets to take advantage of all the benefits that the union member

and union leaders negotiate. but that strikes me as unfair. >> also you look at -- i mean almost 100% of union contributions when they do find their way into the political landscape, they go to the one side. right? and let's say you're a union worker that doesn't want to support that side. what do you do there? >> again, i'd like that to be the only problem in the situation. but, you know what we have now is a situation where home health workers are fighting for the right to make a decent wage opposed to much of the back breaking work alone. >> it's might be possible to get them after that. when you price fix, we know how supply and demand works. >> you know, the biggest challenge in the home health industry is they have a worker shortage. the reason they have a worker shortage is i met a home health worker that quit. because she got a promotion wagewise by going to work at a fast food restaurant.

that's not exactly a good story. >> we need 4% growth and we can solve all these things. that's what we should shoot for. a lot of things would solve themselves. mr. secretary, we appreciate your time today. and nice work on the port deal. that'll help everyone. >> thank you. you have a good week. >> you too. we're going to talk more about the port deal at the top of the hour with the ceo of the port of long beach. coming up it was a big night for hollywood at the oscars. putting best picture, director and best original screen play. julia boorstin will join us with a rundown of the or big winners. we're back in a moment.

♪ hollywood celebrating hollywood at last night's oscars. julia boorstin joins us from l.a. with a close look at the winners and losers. julia in. >> well there were a few really big surprises last night. then biggest upset was the decisive win between the front runners "boyhood" and "birdman."

"boyhood" took home just one oscar. the other big surprise for the audience, lady gaga performing a tribute to "the sound of music." it was the most tweeted about moment of the night. now, ratings will show how the political messages were brought up. "birdman's" director spoke out about immigration policy. patricia arquette called for wage equality. and john legend and common they spoke out on race issues. the other question is whether facebook and twitter chatter about those speeches and other things helped compensate for the fact that this year's nominees were the lowest grossing group of films in years. meaning the audience wasn't as invested in the awards. low ratings would be a

disappointment for abc as well as advertisers. >> before you go, we need gossip about who you saw, what was said, what they were wearing. all this kind of stuff. >> everyone was there. no one had time to change from the awards show. but everyone was there and people were really impressed especially with the musical numbers. they loved the "selma" number and "the lego movie" number. they thought that movie had gotten snubbed not being nominated for best animated film. but they liked that musical number. it was a really fun night, high energy. everyone there seemed to have a great time. >> you liked "whiplash" did you? >> my husband was a producer on it. so the first time i had skin in the game. it was a lot of fun to see that little tiny film win three awards. but it's a perfect example of how the films that did well at the oscars were not big box office hits. "whiplash," small film small

box office so far. but did bring home three awards last night. >> congratulations. and thank you for staying up all night for us. get some sleep. for more on last night's winners and losers we're joined by the editor in chief of hollywood life.com. the question we keep asking is many of these films are small niche films, do they get a wider exposure and do more people go out and watch them either on dvd or vod or whatever? >> more people will watch them now. i don't know if they'll get larger exposure in main theaters. however, they will do better. but as you say they're small films, niche films, so they're never going to be $300 million films like "american sniper" which got totally snubbed. . >> do you think that hollywood likes to now snub the big film? that they have to go on the sort of niche artsy film? >> i don't think they have to. often they reward success. think a few years back with "avatar." it was a huge huge box office hit and it won bigtime.

>> right. what did you make of the joan rivers snub? everybody on twitter has been talking about it. in the memoriam where they celebrate the lives, joan rivers not suggested at all. she was on the red carpet for many years. >> that was a huge snub. and in fact we noticed it immediately. we couldn't believe it. she is a hollywood icon. she's an oscars icon. she created the red carpet. >> do people dislike or -- >> usually with this it turns out when somebody has been snubbed noticeably that they just forgot. it was a mistake. it was so weird omission. i can't believe that they would purposely snub joan. >> so you think it was a mistake? you don't think they could have possibly actually thought that they were -- >> i don't think she thought it was a mistake. it had to be intentional. >> they do this every year. there's always somebody they forget to include. >> she's so nice about this.

>> she's very politically incorrect, joan. >> but it was a politically incorrect night. look at neil patrick harris. he opened up the doors to being incorrect in his opening monologue. he dissed the academy for being the best and the whitest. >> that sounds totally politically correct to me this year. that's the joke. >> it was factually correct, but he was up there dissing the academy. >> where does he rank in your mind as a host of one of these events? he's done very well with the tony's. >> i thought he was great. >> yeah? >> yes. >> he's doing a new show right? is it on nbc? is that where it is? >> i don't know he's on broadway. >> he's going to have a new sort of entertainment show. like a weekly sort of -- >> that's right, yes. he is. i think he did a terrific job. i'm not quite sure i would say that he was as ten-plus as ellen was last year. he didn't have one of those giant selfie moments, but he did

lose his clothes. >> that's pretty close. no clothes on. >> no body fat. >> he walked out in his underwear. >> biggest winner biggest loser for you? >> fashion, jennifer lopez. biggest winner. incredible. >> who was she wearing? >> ellie saab. she looked like a sexy cinderella. i've got to say lady gaga too. another winner. huge. >> okay. give us the biggest loser then we've got to roll. >> biggest loser was "american sniper" that it was just locked out. >> all right. "zero dark thirty" won at the globes, right? jessica chastain won best actress. did it win best picture? got totally stiffed at the oscars oscars. >> you can't win with a movie that's pro-war. >> right. >> i thought it was a great film. thank you for coming in this morning. appreciate it. >> thank you. when we come back this morning, the stocks you should be watching to start the trading week, that is next.

and later with u.s. equities in record territory, we'll ask tom lee how long this will last. stick around. "squawk box" will be right back. ♪ there's confidence. then there's trusting your vehicle maintenance to ford service confidence. our expertise, technology, and high quality parts mean your peace of mind. now you can get the works,

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full steam ahead. a log jam of goods could remain for months president the ceo of the ports of long beach joins us to discuss the deal. a deal for the financial lifeline in the works. but more instability and structural reform could be an issue. muhammad al erian will join us. plus bringing back the dead. ♪ steve leisman's interview with bob wier as the band gets ready this summer. >> can you get me and three or four of my friends in for the show? >> everybody has to be there. >> as the final stretch of this long, strange trip begins right now.

welcome back to "squawk box." we are about 90 minutes from the opening bell on wall street. look at the futures right now. dow futures down by about 50 points. s&p futures off 4 points. and the nasdaq just over 2 points. if you watched the early action in europe this morning, the cac is slightly higher. the dax is slightly higher as well. it's up by about a third of a percent. ftse is down by just as much. although it looks like there is at least some pushing off of the problems in greece at this point. not a solution but nowhere near where we thought we might be in the middle of last week. the dow hitting its first record close for 2015 on friday. the s&p 500 did the same thing for the third time. and the nasdaq is now less than 50 points away from that key 5,000 level. let's look at some of the recent

standouts. dom chu joins us now with more. >> good morning, becky. what we're looking at here the dow and s&p 500 both hitting record highs. but they weren't the only indices to do so. if you look at the s&p 500 and the dow, also the russell 2,000 and mid cap index, all are posting gains good enough to put them in the market highs on the close. so let's look into some of the sector drivers happening with the market. if you look at some of the big winners here material stocks and health care stocks have been some of the big drivers for the s&p 500 gains. again, not stellar to start the year, but still positive enough. 7%, 5% gains here. then the notable drags, the bank stocks down 1%. and utility stocks which led last year are the noticeable laggards. utilities down about 4%.

that's an interest rate sensitive sector. those prices start to fall. and then we'll take a look at just this nasdaq 5,000 number here. because we are just -- like you said -- a stone's throw from the mild stone here. almost near record highs. if you look am some of the big companies driving those gains, it's biogen idec. it's up 20% so far year to day. it's got a $92 billion market cap. amazon.com up 23%. it's a $178 billion company. but again apple is the real driver here. it's up 17%. not as much as these guys but when you're worth $750 billion, you tend to move markets. so those, andrew are the stocks that will be driving the nasdaq. we'll see if they continue towards the record highs. >> thank you, dom. let's tell you about other big headlines we're looking at at this hour. oil prices dropping sharply this hour. analysts pointing to questions

about over-supply in the u.s. crude stock set to build through may. also despite that drop in crude, gas prices jumping 13 cents in the past two weeks. and 26 cents in the last month. the lundberg survey putting the average price now at $2.33. also a new report warning this morning that a third of americans are living at risk of a financial crisis. bank rates saying 24% of consumers have more credit card debt than emergency savings. i don't know if that's a big surprise. i wouldn't imagine. >> it's troubling. a few stocks on the move this morning, ocwen. it doesn't sound good. jumping in premarket trading. it came with a deal to sell servicing rights to nation star mortgage. how much better is nation star

than ocwen? once you have the new company and you call it that initially just for awhile isn't thattemporary? don't you come up with something? >> tryied it. >> everything is taken though. exxon had to put the x's together. and report out of australia says discovery has been in takeover talking with 20th century fox. people talk about how valuable discovery is to a bigger player at this point. we'll see. a fox spokesman says this is absolutely not true. so take it for what it's worth. earlier on "squawk box" this morning, tom perez gave his high praise to the tentative agreement in the west coast port dispute. >> the committee that represented the union in the negotiation which was about 25

people unanimously came to the conclusion that this was a good deal. so i think that's a good start. and i have all the confidence in the world that when the rank and file take a look at this they will see that this a good package for them and that they should move forward. >> the ceo of the port of long beach joins us now with reaction on the deal and what it means. john, how quickly are things going to get back to business? >> it's not going to be fast. it's going to take us a couple months to dig out. we were at full strength saturday night and yesterday. we're going to stay at it until this backlog is cleared. >> you say several months. is that three months? is that two months? how are you counting? >> i think it's going to be progressively improved and back to normal within two months. >> and are there certain companies that are going to get to jump the line on the way out? how does this work? >> well you know it's an amazing congestion problem. it's epic proportions from our

perspective. we're doing everything we can to line truckers the rail side and provide additional physical capacity additional real estate to make it possible to start storing and restaging these containers to get them off the port as quickly as possible. so it's a concerted effort. i don't know if there's going to be any particular priorities. >> how does it work? i assume every company is saying you're back in business now you've got to get my stuff off the boat right this second. i assume there's going to be some kind of negotiation going on, no? >> well these are agreements between the ocean carriers and the cargo owners themselves. and so whatever priorities they apply, we will fulfill. >> joe had been going over some of the numbers on how much folks in the port are paid. and i don't have the source of all these numbers, but he was saying that the average worker -- joe, i don't know if you have it with you -- gets paid $142,000 and then another

$82,000 in benefits. is that true? full-time workers. >> plus $82,000 is what it costs for the benefits for the employer. >> is that right? >> if you're asking me that's an inflated number. obviously what they actually get in their paycheck is substantially less. but the fully burdened cost of having a worker is probably in that ballpark. >> and what gets -- what do they get in their paycheck? >> i don't know. i'm not a long shoreman. i don't receive that paycheck. >> i think there's -- go ahead. >> go ahead. >> no go ahead. >> i was just going to ask you, we saw this situation back in 2002 where there was a ten-day lockout. we know this took an awful long time to get both sides to reach an agreement. and i just wonder how long this sets things up at this point. will we see problems like this in the future? what are the next five to ten years look like?

>> well we're hoping not. we're number one, extremely grateful to secretary perez because it made the difference b. the fact of the market is it's a good agreement. it's a five-year agreement so it gives us some stability. also the fact of the matter is there were a number of issues addressed in this contract that won't be issues next time. so i'm hoping we have some good solid progress and labor piece here for the foreseeable future. >> jon, thank you for joining us this morning. >> you bet. coming up we're going to talk about janet yellen on the hill this week. hinting on when the central bank might hike rates. then later will greece ever repay its debt? we're going to discuss with mohammed el-erian. and we have exclusive sound from bob wier. and then jim cramer from the new york stock exchange on what to watch at the opening bell. "squawk box" returns in just a

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for clues as to when the fed may start raising rates when janet yellen starts this week. tom lee is here and so is steve leisman who is also a deadhead. that's why we were talking about bowls. >> the ones you ski in. >> after you smoke a bowl on the way up. >> i don't know about that. if i were doing it it would have been legal. because it's legal in colorado. >> it is legal. tom, you are still really bullish. i saw in your notes. >> that's right. >> and i don't think 8% to 10% -- i don't call that really bullish. you think we'll be better than the high single digits this year? >> i think double digits sounds right from here into the end of the year. i think the opportunity is really finding some sectors. i think this is the year you really see sectors pull away. whether it's tech or consumer, i

think some of these groups are going to make much bigger than that. i feel it's good for investors. >> no kidding. >> 8% to 10% is not bullish when the risk-free one-year rate is .5%. that's pretty bullish. >> really bullish. >> okay. i'm saying relative to the risk-free one-year rate, i'll take it if i can get that. >> you can't. sorry. >> i agree. i think relative is a good word. when i speak to clients i think clients are a lot more cautious still. they still see a lot of potential risks out there. i think in their minds they'd be happy with a single digit gain in markets. >> i don't know whether given that it's tripled or whatever from lows i don't know if it's worth it to stay around for 5%. that's what i'm saying. there's always a black swan event. >> what does that mean? cash out and keep it in cash? >> i don't know. i want three straight years of 30%-plus like in the '90s.

we've had how much in the past two years total? 40% maybe? >> yeah. last year was more modest. 2013 was great. >> 30%. >> and joe, i wouldn't rule out in the next three years we -- >> people aren't talking about the stock market. they're not -- the millennials are not buying stocks yet, are they? they're not flocking to -- >> individual names. but they buy mutual funds and things like that. >> we'll see when the millennials get on the dial and start watching. >> i'm sure they're not talking about the 30-year bond. >> that doesn't help either. or spreads between different places. what? >> i was just wondering -- first of all, i think the fourth quarter had better earnings that people expected. you're going to do 4% i read the other night. people thought it was going to be -- are you looking for 8% to

10% in context of negative earnings growth? >> people have really cut numbers. part of it is cuts with energy. energy's seen cuts but nobody's made it of lower energy. i think you'll see earnings estimates rise. >> can't you say lower earnings? >> i know. when i said that i said kernen's going to hit me. it's the opposite of what i meant. >> right. single best idea. >> i brought along a chart, joe. >> when are they going up? what do you say? >> i think it's a september possibility. i think it could be off year. here's the keyword search i'm saying for yellen tomorrow. listen for the word "patience." listen for this "mid-year" thing. the way she got around that was she said most of the people on the fomcc as the middle of the

year. i'm not sure that's the case. and listen when she talks about inflation which i'm sure she's going to say is too low. and listen for the labor market being strong and wages being strong. it's a big deal if she takes that off the table. >> i think they're trying to get away from any calendar time reference at this point. >> they tried to but i thought a bit aukwkwardly in the fact they took out and then said "patience." the only other thing i want to show you are the fed futures for 2015. which is gauging one way of what the market expects. they take about a quarter point off expectation this year. they were at 75 now they're at 52 bips. and that's up more than where we were the beginning of the month. bottom line on this is two

quarter point hikes this year maybe. that's what they've done. they dialed out a third one. >> all right. michael stocker is 21 and he's been watching for us two years. take it easy on the millennials. if you're a millennial and you're watching with if you write in i'll mention your name. i'm going to do is grassroots thing. tell your friends. call -- you know ten people. call them. tell them to watch. only "squawk box," by the way. and then have them call ten people. what do you think, tom? you're a millennial. >> he looks like a young man. >> i'm a couple generations past millennial. but when you're young and your opportunity to grow your money -- >> you're going to live forever. you can do whatever you want, right? >> getting ownership to businesses is going to grow. >> how else are they going to find out? >> do it now when you're young because if it's sitting there 20 years, 30 years, it compounds. >> plus you want all your little apps that cost money. you want your little iphone.

>> i'm not a millennial anymore. >> and you send joe money when he retires. you're not retiring? >> i'm never retiring. >> never retiring? >> no. >> i will never be able to retire. >> andy rooney. mike wallace. >> all the way. >> exactly. >> they will put a ramp in here to get up on the set. >> for my skateboard maybe. >> good comeback. >> all right, tom. you've been right far long time. and here you are again. because low interest rates, low inflation, 5% unemployment best neighborhood in the whole world in terms of growth. all these things, it should have been obvious to us. but we worry all the time and wring our hands. we're at zero interest rates, right? >> it's bullish that people aren't that bullish about equity

markets. >> near the top you don't expect people to be so cautious. >> only two years left. i'm kidding. anyway, still to come -- thank you, tom lee. still to come on "squawk box," allianz's mohammed el-erian will be with us. here we go. >> now we got some good music. >> don't play "touch of gray." play something cool. yeah. >> you impress me, joe. >> that's at 8:30 eastern. then then the gd the grateful dead will be marking its 50th anniversary this year. we should either do that -- it's the new 30 isn't it? all living members in one place playing together. something they haven't done since jerry died in 1995. bob wier sat down with steve leisman to talk about the band the show and the money involved. the money is huge.

>> it's unbelievable, the nurnl numbers i got. >> and it should be. >> the numbers in the economic impact on chicago of these three shows, massive. i've got cool numbers. it was very controversial and i asked about it. >> we'll be right back. i'm looking forward to. for some every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars. hey, girl. is it crazy that your soccer trophy is talking to you right now? it kinda is. it's as crazy as you not rolling over your old 401k. cue the horns... just harness the confidence it took you to win me and call td ameritrade's

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welcome back to "squawk box," everyone. we've been watching oil prices this morning. right now it looks like wti is down by even more. it's down almost 4%. a drop of close to $2 to $48.85 from wti. >> don't do these stocks. we don't need this. we need to mention these millennials. willie lee morgan teddy vallen andrew. >> not me. somebody else. >> roger atwood. arlene ostrate. and maiichaelmichael. >> if you tweet them, we're going to do them. >> maybe we can start scrolling. tell your friends, please. tell your friends. watch between just 6:00 and 9:00. i'm going to get in trouble for saying that, aren't i? >> you are. now let's get to valeant pharmaceuticals buying drug maker maker salix for about $10.1

billion. also boeing down graided. the firm saying the jet maker is the most at risk. and palmolive. also we should mention hsbc cutting the states target for returns on equities to 10%. anybody else? >> oh my god. so many. patrick says i'm aly millennial. keep working on andrew some day he'll graduate. yeah graduate to conservatism. kid in his 20s figured it out. and paul weaver. i created an a monster. an amazing rescue in sri lanka. a tourist fell 180 feet off a cliff. it says he fell but he was on

his honeymoon. and he supposedly fell while taking pictures of his new bride. they were visiting a tourist attraction called world's end. and it wasn't his world's end. >> unbelievable. also tell you the weather is always a topic of conversation this time of year. what does getting nearly 12 inches of snow in a matter of 11 hours look like? take a look. a man took this video with his ipad between 9:00 a.m. and 8:00 p.m. on saturday. time lapsed video showing how fast the snow can pile up as a 12 inch wine bottle quickly disappears in the snowfall. and there you have it. i think it might even go to the top if we show it long enough. but let's tell you about another story as well. winter weather can be dangerous. our next story is one example of why a philadelphia building nicknamed the ice palace is starting to thaw. now nearby residents are concerned for their safety. six days ago the building went up in flames and water from fire hoses quickly froze in the

bitter cold. the shell of the building is encased in ice. the people are worried that's the only thing that's preventing a collapse. officials say the owner is tearing it down. greece may have struck a deal on its dead but mohammed el-erian will speak to us about it after the break. as we head to that break, take a look at u.s. equity futures at this hour. dow down about 49 points. we're back in a moment. ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms?

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jo nes. zero, three, two, six. here to make a deposit. [bell chime] ting welcome back to "squawk box." here's what's making headlines this mornings. fresh data on the housing market coming later this morning. it's the first of a number of housing related reports we're going to get this week included new home sales pending home sales and price report. also interim ceo has been in for clarence otis. and tissue network's ceoergen is returning atz chief executive office. greece's government trying to secure a financial lifeline from the eurozone.

meantime political tensions remain high there. michelle caruso-cabrera is back and she has more with the latest on what's been happening. >> when we left off friday they had secured an agreement in principle, but grease had some big key tests they had to chief today in order for the deal to move forward. today greece must submit is list of reforms they would like to do and they have to see whether or not it's going to meet approval from what are now called the institutions. when in the old days we would call the troika the imf, the european central bank. but that phrase is so hated in greece, it's now referred to as the institutions. if this list is met with approval, there will be votes across europe for the rest of the week which means the deal could go forward. what we think will be on the list is much more aggressive promises but less likely to focus on things like cutting pensions and government workers. so there's going to be conflict there. let's see how it goes. so far the german government

says that tomorrow there's going to be a teleconference. this is really inside baseball. but a teleconference is important. because if they thought the list was going to be a fillailure, then they'd have to start at square one again. right now the signaling looks okay. >> what happens? i know you pointed out before there is a deadline here. they have to be voted on by parliaments by the end of the week. >> saturday is the expiration of the deal. >> but if they put out this list and it doesn't pasts muster is there going to be a scram snbl. >> yes. then they discuss what's on the list et cetera. look. the bottom line the reason we care so much about deadlines is that would be debilitating. as long as it's in the process of negotiating something that probably looks okay. they are trying to sell this very much as a big win. this is what the finance minister said on friday. >> as of today, we're beginning

to be coauthors of our destiny. coauthors of the reform we want to implement which we are going to dictate. which we will discuss with our partners. >> so let's see how it all goes. the way greek debt is acting the markets are optimistic at this point. but we really have to wait and see the next 24 48 hours how it goes. >> thank you. for more on greece and what's happening in the markets, mohamed el-erian joins us. and michelle and i talked about this earlier. while the germans aren't exactly walking around thumping their chests on this it sounds to me like the greeks have competely capitulated. >> mostly capitulated, i would say, becky. they got something out of it which is more flexibility towards a surplus. but basically germany got much more than what greece got. >> so do you think this is something that passes muster with german -- with greek

voters? are they going to say okay they just voted in this new party on the promise that things would be very different this time around. >> so it could, because you need a building block. you need some confidence building. things have gotten so bad. personality clashes, very different narratives that you needed something to allow people to come together. now, we're going to have three major steps. the first one which i think passes without major drama is the list that michelle spoke about. the greeks will propose a list and i suspect that will be accepted. the second one with more drama will be the national parliaments. you're going to have two very different views as to what happened on friday. one parliament is all it takes to reject this. but i think we get through it. but the major issue hasn't been solved. that is we need a fundamentalal recast of austerity, structural reforms, and debt relief. a bit lest austerity, a lot more

reform. and they are still miles from agreeing on that. >> mohamed, i've been kind of surprised about how many years we've been talking about this, how many years we've been talking about the need for structural reform. this whole thing was to buy us time to do that. and it hasn't been touched to this point. what makes you think this next go around will be more successful? >> i think because the threat is much more credible. the reason they needed to buy time is because the overall structure, the construct of the eurozone wasn't strong enough to withstand an exit. today arguably is much stronger. and it would withstand. there was time to strengthen the construct. and now the threat is much more credible. that is why greece ultimately stepped down. that is why as you started this segment, at the end of the day they got less. >> mohamed, do you think greece is going to do the structural

reforms everybody is talking about about making that economy actually function far better than it currently does in order to generate tax revenue? is this the government that's going to be able to do that? >> i think this government has a real chance of doing it. i think they do. i think they understand. but they also need from the other side less austerity and debt relief. the debt relief element is important because the 180% of gdp debt -- remember it used to be $112. it's now 180%. that level discourages new investments. it's the overhang that discourages new funds into the economy. they also need -- this government also needs support from europe in the form of debt relief. >> mohamed, the reason we've been watching this so closely is as greece goes we assume there will be some other steps that would follow. you look at portugal ireland, spain, italy. how do we get out of this if

greece comes back in line and goes along with it does that make the rest of the problems fall in line as well? >> it's fascinating because we're seeing a realignment in terms of alliances in europe that goes across the divide. so portugal right now doesn't have much sympathy for greece. why? because they did the hard stuff and they don't want to see somebody else get away with less. it's not as clear as it used to be. debtors and creditors. it speaks to a much bigger issue that national politics are getting nasty. there is a surge of -- that's a serious issue. the politics are getting complicated. a time when economics is getting simpler. >> what does that mean when you say a rise of national politics a rise of nationalism? >> yeah.

and a questioning of the traditional approach of conventional wisdom. we saw it here with the tea party after 2010. we saw hue close we got to a shutdown. we passed it now, but we've seen it here. that's what's happening in europe. >> is there a greater threat? what about the right wing parties in france who says if she gets into office the first thing she's doing is going back to the franc? >> absolutely. you have it in france with the front. you have it in the uk. this issue is going to be with us for awhile. >> okay. mohamed, thank you for joining us today. it's great talking to you. >> thank you. >> and michelle thank you. >> i'm getting thousands now.

nielsens, they're awful. i've got more in the last five minutes than we get total credit for on those -- they know nothing. i'm going to be cramer. they know nothing! they know nothing! anyway, i got barnett williams kelsey whitmer, adam bixler. the only reason i pay for cable is to watch cnbc. but i don't know about some of these. >> amanda hugnkiss. >> hugh jazz. come on. michael hunt. stop. up next bob wier getting ready for a reunion tour. steve leisman looks back at 50 years of the dead from ticket prices to live music to the digital downloads. steve's interview is next. as we head to break, a look at futures this hour.

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kwm back to "squawk box" this morning. oil prices this morning, let's take a look. wti crude now at $49.16. making headlines, the white house pushing new rules aimed at getting rid of conflicts of interest among brokers and financial retirement advisers. focuses on practices that critics argue lead to excessive fees that eat into investment returns. and i'm going to consider one of you -- >> it says anchor. it must be me.

demand is fueling ticket sales for the grateful dead's 50th anniversary reunion shows this summer in chicago. steve leisman sat down with bob wier in his first extended interview since the shows were announced. do you remember bob wier when he was, like 25? >> yeah. i actually met him back then in the '80s. >> how did -- i mean there were groupies, weren't there? bob was so handsome. >> there's a documentary that was done on bob's life. he talks about doing it for the sex, not the music. >> he was so good looking. and his voice and everything else. >> this is a band that's been around for 50 years. the base player still sells out the capitol theater for extended runs. >> does he do "unbroken chain"? >> he does. they have a satellite radio station. any given night in a town near you, there's a grateful dead

tribute band playing. it's very alive. then they come along and announce these three shows. half a million ticket request for 10,000 tickets. they could have sold this out ten times over. i had a chance to sit down with bob wier from the grateful dead. some may say still looks pretty good. the question that every deadhead wants the answer to is what are you going to open with? >> yeah. well, we've got our best guys on it. >> and i think the other question everybody wants to know the answer to is you know can you get me and three or four of my friends into the show? >> a show like this everybody who i've ever known becomes a liability. your family, your brothers your sisters, your aunts, uncles cousins. everybody you've ever known has to be there or they'll die. >> the amount of response that's

been out there, it looks like it's pretty epic. how did you feel when you heard about the response to it? >> well i've heard that it's been pretty monstrous, yeah. i've heard that there are hundreds of thousands of applications for tickets and stuff like that. and so -- well, i guess it's gratifying. >> are there some bittersweet feelings returning to chicago, the last place you guys played and doing it without jerry? >> we'll see when we get there. i remember that place, but i think it's had a facelift since we were in there last. so i may not recognize it. >> what does it tell you about what you and your colleagues created over the time span that there's this much support so far for these three concerts? >> it tells me maybe they're takes us a little too seriously. we didn't -- certainly didn't

set out to be taken seriously or anything like that. it's a little intimidating really, when people take you that seriously when they make that big a deal out of it. so you kind of got to step up and try to measure up to these enormous expectations that people have. >> what advice do you have for other bands starting out to have that kind of longevity, to make a career out of it? >> the more you love what you're doing, the longer you're going to last at it. the longer you last at it the more stuff is going to come your way. >> so becky during the break asked the question why don't they do more shows. i talked to the promoter last night, he said he could sell this thing out ten times over but there are no plans yet for additional shows. >> yet. >> he did add the "yet." logistically, it'd be difficult. it's late now to be booking some of the big theaters.

but there's 70,000 tickets times three. one of the biggest phenomenons that's been out there in terms of a single concert run. >> how many dead -- former dead guys actually are dead? a lot more than just jerry. >> jerry. pig pen, rant. i think that may be it. >> any hope for donna to come back? >> i don't think so. don't make me go there. there's this whole thing about donna. she's doing some excellent work now back in her roots. i know her manager. >> there's a three-year period. i'm sorry, i can't. >> there were some issues. i did ask -- by the way, go online and see the entire interview if interested. there's a lot of controversy of bringing on from phish. and he said we picked the best guy. you don't like the guy we picked, come back for the 75th an verse pi. certainly pete shapiro was

nervous about being able to sell tickets. whatever he put together with the right guy, this is an absolute phenomenon. and i'm being told by matt who's also a deadhead back in the production, that we got to go. >> how many are you going to go to? >> i'm going to try to go to all three if i can. >> ticket order. thank you, steve. >> we're going to drug test you just being in the audience. >> no, totally clean. in the audience you're right. when we come back this morning, jim cramer joins us from the new york stock exchange. we'll talk about the week ahead for the markets and more. and later, visiting mickey and minnie just got more expensive. we'll tell you how much to expect to pay if you visit a disney theme park this year. we'll be right back.

let us now get down to the new york stock exchange. jim, that will live never. you know nothing when i need to. i was actually talking about nielsen. i don't know if i can get in trouble for that or not.

we've had so many millennials. a lot of them are saying "squawk" in the morning, "mad money" at night. you must get that a lot. they're just trying to measure i think. >> a lot of college kids, too. a lot of kids just graduated but they don't watch it in traditional methods. i don't know anyone who's watches it at 6:00. they watch it at some other hours. it's time shifted or watching on another device. look, that's just the way it is. >> i think it can get better as the market continues to climb what people think. i mean it's still a worry. i don't know if it ever will be again, but we can wait. we have time left probably. >> look i think the market is making people fortunate. the fact that people aren't focused enough on making money, using it always seems odd to me but maybe they come back when we take out every single level and that's when they're excited and that will be too late. >> yeah then that will be too late. what else have you seen today?

>> well i think this is amazing. they just blew the numbers out. it's a drug company that is growing much faster than the other drug company. it's rather remarkable in this deal, if they do get irritable bowl syndrome approval i think it's going to be higher and higher. i think the stock doesn't stop here. >> maybe we're not doing inversions, but it's so easy for this company to buy things here. there will be attractive assets all time with their tax rate. >> exactly. that's why they're not done. it's really working out very well. they can continue to buy and continue to make more money. we're getting these major companies out of nowhere. activist and valiant are becoming what we used to talk about all the time. they're giant pharma now. >> tom lee was on. he said maybe we do do -- do do. i said i'd never say do do. maybe we do do double digits this year. he said some groups will do even much better than that so it

won't feel like sort of a boring market. what do you think will be the best over the next 12 months jim? >> which sector? >> yeah. >> jeez i don't know. i think oil's still not done going down. i think that anybody that uses oil, we were talking about the seeio. restaurants, retail travel. they're all fabulous and very average to the average investor but the average investor is just not focused. they're not looking at it. >> okay, jim, i'm going to do a grass roots thing for young viewers. i think they're going to put their name on a scroll because we've got too many of them now. >> i like it. i totally agree with you, joe. >> and for financial literacy, too. it's like i'm doing god's work. >> you are doing god's work. every morning. >> thank you. >> thanks cramer. coming up next we will do more millennial shoutouts. you ready? >> i'm ready. >> i'm exhausted. >> and then we're going even younger.

olaf and elsa just got a bit more expensive to visit. find out how much it will cost you to visit a disney theme park. "squawk box" returns in just a moment. turning two worlds into one takes love. helping protect that world takes state farm. when the moment's spontaneous, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away. ask your doctor about cialis for daily use

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welcome back to "squawk box." among the stocks on the move 3m

is buying polypore's filtration business. that deal worth about a billion dollars. it will cost you a little bit more to get into the magic kingdom. price hikes took effect yesterday. a one-day ticket to disneyland now will cost $99 for those who are 10 years and older. that's up from $96 before. a one-day pass to disney world in florida is up to $105. disney typically raises ticket prices each year. >> let's go even younger. go ten and younger if you're watching. >> if you're under 10 years old and watching "squawk box" -- >> yeah, we'll give you a shoutout, too. i said i'd do this. my millennial shoutouts. i wonder if that's ip-free.

these are huge. hillary wasserman. michael stocker is watching. luke walker. brian martin. what we need each of these people to do -- i'm going to do this. i'm sick of -- every one of the people that we've talked about needs to call like ten of their friends and say you should start walking. ing watching. we can do this from the ground up. >> i think it's really great. >> but we have to be doing something noble here. we can't just be trying to buy viewers? >> just check your twitter. i want to see if you get any 10-year-olds. just before the show's over. >> have max and henry tweet in. >> oh i can do that. i'll do that for tomorrow's show. kyle, we can do this. >> take him to the well but it's hard to make you drink. >> you have an idea for doing this? >> no. i have to do everything? >> everything. always. >> becky has to keep it going.

>> you have broad shoulders. >> getting broader. my trainer eddie. have a great monday. thank you for joining us today. make sure you join us tomorrow as well. right now, it's time for "squawk on the street." >> good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber at the new york stock exchange. final week of february kicks off today. nasdaq 5,000, just 45 points away. goldman cutting boeing to a sell. that's looming a little bit here. oil back below $50. we'll talk about that and the ten-years still in a range just below 210. the markets dancing around record levels a day ahead of the fed chair's two-day testimony on capitol hill. after that deal is struck to