2015 and squawk box begins right now. >> live from new york where business never sleeps this is squawk box. >> good morning and welcome to squawk box here on cnbc. a developing story to tell you about in south carolina. nine people shot dead during a bible study session at one of the nation's oldest churches. the charleston police chief is calling this a hate crime. the gunman is still at large. we'll be following the story and we'll keep you updated throughout the morning. switching gears to the markets, take a look at what's happening with the u.s. equity futures this morning. you'll see the markets are indicated slightly higher with dow futures up 16 points. s&p futures up by less than one point. this is coming after a day when the markets held on to some of their gains after we heard from

the fed decision. the group is expected to discuss how to break a deadlock in deal talks and release bailout funds so that greece can pay a key imf debt installment and avoid a fault. michelle has made her way to greece. she'll be joining us in a few minutes. >> that's not a good sign. we always said when she goes there's news to be had. but in the meantime a couple of other big stories. >> it values the company at about $4 billion. shares begin under the ticker fit. also gm and fiat chrysler lining up financial advisors in a mergers standoff. saying the two car makers turned

to the banks for help with a deal given that there might be something going on. and ceo mary bara said she had no interest so it's going to be one to watch. and airbnb the latest unicorn to seek more money. they're looking to raise another billion dollar in financing. that would allow people to list homes and apartments at $24 billion. >> all i can think of is the 40 billion for uber and i understand so they get this little network where they arrange for you to stay -- it's starting to sound like -- what was it? geo cities? what was that thing back then. >> we were sure all of them were going to be the future and not many were. i don't know -- >> airbnb makes sense to me. >> $24 billion. >> i don't know about $24

billion but airbnb i get it. >> sounds like a classified ad or something. >> it is. that's essentially what it is but it allows people who are traveling to go in and find places to say they never would have been able to before. i don't know about $24 billion. i think it's going to way where it completely disappears. >> i don't want to go into some place that i have no idea and i don't want carrying bed bugs -- >> but you can get them in four star hotels these days. >> i still get the seinfeld problem with the uber drivers. any kind of car? >> not in new york city. has to be a license taxi commission situation. but go to another city and yes.

>> some guy can show up in a volkswagen. >> no, you have to have certain types of cars and model years. >> but you can have some -- >> a little farther. you can't show up in a 1982 chevy. >> they rate you too. >> you have a very low rating right? >> no you have a descent rating. >> i have a pretty good rating. kayla, i don't know what her rating is but it's better than mine. >> quite a bit better. >> why should it be? what are you imlying there. >> she's nicer than i am. >> stocks to watch this morning, the company's latest earnings and revenue missed estimates. huge company and disappointed

outlooks whether we glean anything from that. i love the fed. i don't know what we were thinking for the 6th year in a row but we'll cut our forecasts in half again. they're the worst forecasters, thank god they're not here on friday. employment friday with those numbers. >> asking for your guesses. >> right. >> they'd lose every single friday. >> this has been consistently bad. no one has been worse at forecasting. it's weird because they're taking their book. they never undershot. you need a fire hose. anyway, also down this morning. revenue fell short of consensus and guidance was also light of wall street forecasts. boimarin looks to be a winner

today. shares getting a boost after the company said it's experimental drug was effective in improving growth in children with the most common form of dwarfism. the latest signing comes from a study. >> take a look at the futures. they're slightly higher and all the action yesterday was after the fed not only made it's decision and came out, we knew they probably weren't going to raise rates but it was the commentary from janet yellen that had people watching so closely. you saw that the stocks actually eased their losses for the day. dollar and the treasury yields fell after the fed's decision but you'll see the dow futures up by 21 points. s&p futures up by 22 points. >> in europe they're watching what's happening in greece or what hasn't been happening in greece to be more specific. the greece composite is down below 700. the dax is down by .5% and cac

is down by .7% and if you check out what happened overnight in asia you'll see red arrows there as well. the nikkei down by 1.1%. the sang houy composite was down by 6.6%. oil prices are up by about 1.4%. back above $60. the 10 year note yesterday and the yield fell below 2.31% and it's sitting even lower at 2.275%. the ad index fell and closed at a one month low and the euro is still at 114. >> it was just 108. >> a number on the screen.

>> like when the dentist says o opps. >> oh my god. >> finally let's take a quick look at gold prices and you'll see that gold prices up by about $20 so that's a bigger move than we normally see for gold. $1,197.60 an ounce. >> failure to reach a bailout agreement would likely lead to a default and an exit for the euro and the eu. this when protests are beginning to heat up. michelle joins us and yes she is now officially in athens and on the phone with the latest and we have always said or you have always said that when you go that's when the news is going to take place so here we are. >> thanks andrew yeah. we just landed and seen with people here already. what they are waiting to hear is what angela merkel had to say to

the german parliament today. would she budge in anyway? and no she hasn't. the first thing was it was on greece to commit to structural reforms that they promised to do in february. she wants greece to stay in the euro and then third she said but the euro zone is in a much better shape than a few years ago so we can handle tough situations. so putting it on greece. so her speech comes at the same time the greek prime minister is on a trip to moscow. he'll meet with the leader of russia. many are supposing that's what the greek prime minister is going to ask for but so far we haven't gotten any clarity about what that is about. the finance minister is off for that meeting of the finance ministers that you mentioned at the top of the show. there's zero expectation that anything is going to get done related to greece. they're at an impasse.

you show me your plan. no you show us your plan. that's literally the situation at the moment. that's not going to achieve much. like you mentioned, protests started again yesterday. this was a protest in support of the government but of course antiausterity saying they want the greek government to take a hard line with the creditors at this point and that's the latest. we're waiting to see, why are we here? i'll be very frank. every weekend that goes by we worry about capital controls and whether or not they'll be instituted at some point. the possibility exists every weekend. the probability all my reporting indicates almost zero chance that there would be capital controls over the weekend. we do see people consistently taking money out of atms et cetera: we do know 400 million euros per day leaving the deposit system here and that's a drain on the greek banking system. there's more pressure from the ecb to support the baijnks here.

at what moment do we see toughness from the ecb or withdrawal or deposits? it's too much for everyone to bare. but everything appears on that front to be calm. >> the greek central bank has taken a very unusual stand of stepping out and disagreeing with it's government saying it will be important to come to some sort of agreement and stay in the euro zone. >> the head of the greek central bank has been verbally punished by the leading party for doing that. this is a yearly speech that you know is essentially the same thing and very very tough speech. and everything he said is true but now the party has come out with a statement saying no in fact, the debt is odious and for those of you not in the know when it comes to greek sovereign debt restructuring that's a

technical word which means that debt is illegal and so they have come out fighting saying no we don't think we should be paying this debt at all and we need a write off of some kind. the head of the central bank has been put in the cross hairs. >> what's the easiest way this gets put off for six months? how much money are we talking about that would do it? >> how much money would it be and how can you put it off for six months? how much money would that take? >> that's guide question. what you would need first of all is an official extension of the agreement. because this euro zone is very process our gented process oriented so the ecb cannot support the greek banks

unless they're either investment grade or if the country is in a program. well the program expires june 30th. so the program needs to be extended. if they don't have enough money to pay workers they can print ious. if you have issues with withdrawals from banks you can print out the parallel currency based on deposits and have people circulate that until things calm down. you can drag it out for a long time. >> but you're throwing good money after bad at that point. if you don't get the re restructuring. >> i'm just wondering how much -- we have jeff green coming on later. he's a billionaire. >> we all throw money in the pot. here's the one thing i want to caution everybody about. you know right now they're fighting about 7 billion euros. dispersement of 7 billion euros.

that gets them to maybe august or september. we're going to be back at this because it's estimated they just need probably 50 billion over the next couple of years to maintain the government because the economy is so bad again the tax revenue isn't covering the cost of running the government anymore for the country. >> do you think walmart is going to hand over the money. >> $7 billion for a country. >> it's not that much but you're talking about four or five years that they're waiting for reforms. >> you have to give them money now so they can pay back the money. >> you want to get back the money you owe but you want to see reforms set in place. you can't retire at 50. the germans are not going to continue -- >> don't tell me -- it's a little late already for me. but that's part of it. >> that's a big part of it. >> well the people are up in arms today as you can see about any type of austerity which would include retiring at 51.

>> michelle thank you. we're glad to have you there and we know that you'll be watching everything and keeping us up to date. >> tuesday she didn't know that she was going. and there she is today. >> it's thursday. >> anyway dennis is here. >> you guys will let anybody here. >> we're thrilled to have you and your thoughts on what's happening with this. >> the hour when a default finally happens and a default is eventually going to happen it will be ugly and greece is not that big of a country. you're only talking 14 million people. it's garnered great more confusion. if i were him i would have defaulted long ago. i would have told the ecb i

can't pay this money back you know it they know it we know it. i would have defaulted long ago. >> no matter what happens it's going to be a difficult situation. >> of course. and it's caused great concern. what is the euro going to do? . i maintained all along that there's confusion that the euro will go into free fall and then they begin to say wait a minute the euro without greece is a far more valuable euro. would you rather have the euro with greece in it or without. >> the only reason they continued as long as they have is because germany wontd let greece out. germany needs to keep greece in the euro to keep it cheaper than it would be. >> that's an interesting point just in terms of what the ecb has been trying to do. part of what they have done with quantitative easing is try to pressure the euro so that their exports work better. so greece leaving does that put

a big crimp in their economic -- >> absolutely. greece out is a very real problem for germany and france. it's a very real problem for poland. greece staying in keeps the euro otherwise weaker than it would be and allows germany to expand. so people have had it absolutely wrong. merkel has the problem because the german population wants greece out but the german leadership knows that they have to keep greece in. and that's the problem. that's the confusion that people are talking about. >> spain and portugal and italy are doing their part too. >> well, they should. >> if i were the greek prime minister i would have defaulted long ago and left. i can get my currency back and

deval deval deval devalue it. any time you've seen a default by any country six months later the country is doing well. if i were him i would have told them to shove it and walked off long ago. >> let's talk about what the fed said yesterday here. >> nothing. >> nothing except we know that rate hikes are coming potentially too this year. >> i thought the most important thing was this fed is not going to meet raise a quarter, meet raise a quarter, meet raise a quarter, as they did back in '83. she made it abundantly clear that they are going to be totally completely data driven and she made it clear that if the economic data comes out weaker than expected don't be surprised if we ease monetary policy further. we know a rate hike is coming. you to get fed funds up to 3% in the next couple of years. i think they put off september. i don't think that's going to happen. >> you don't think september is

going to happen? >> i don't think september is going to happen at all and the fed doesn't like to be grinch and doesn't want to move in december either. they don't want to spoil christmas. >> wait long enough -- >> never a good time. >> there's never a good time. >> there's always another slow down somewhere. if we wait long enough we might wait for the next slow down. >> the next recession to hit. >> then you can't tighten at all. >> that's the problem. >> we really could be in this -- we're here for six years already. >> if the economy comes in weaker than the fed ex pekts when has the economy in the last six years not come in. >> knowing what is said about their expectations. they have been wrong the entire time. >> your point is spot on. the fed is one of the worst prognosticators. >> they're never too low. >> they never admit it. the only people that have done a good job of understanding economic activity are fisher from dallas that isn't there any longer. i wish he were still there but

he's going to be out playing golf. >> cnbc contributor. >> he is and one of the nicer guys. >> he is. >> they had his associates on yesterday and boy was she smart. >> she was spectacular on here yesterday. >> all in all what would you be telling people to do as we head into the summer. >> it's an old idea but working well. i want to own gold but not in dollar terms. we're in the third inning of a nine inning ball game. the dollar could get stronger. i wouldn't be surprised if we trade 200 yen to the dollar over the next four years. the demographics are so awful. there's a country whose population is going to fall in half in another 20 years. what's the growth policy in

japan. >> on yesterday the hopelessness level is like the highest sense of what we remember in 1979 as we got -- does something change either politically or do we ever get back -- do we get the mojo back. >> devicive. >> you look around. this reminds me of the world when we had -- our hostages weren't around -- we couldn't get them out. >> it was displaying that the city here for a long period of time. i think the major is responsible for that. >> you made it alive. >> yes i did. >> what hotel are you staying at? >> airbnb. >> no i'm not staying at an airbnb for the same reasons that you won't. >> do they have to clean the

toilet before you arrive? >> one wonders about that. >> yes. >> do they do half a job. >> most of the stuff on airbnb people actually rent it out just continuously and they have cleaning services and things and it's just totally different. >> i'm with joe. i have my doubts about airbnb and i have my doubts about uber but what do i know. >> at a hotel do you ever drink out of the glass? >> you should never do that. >> that you should never do. >> i don't care. >> they're watching it after they clean the toilet. >> you're worried about shaking someone's hand that happened to cough earlier. >> wait somebody went like this -- somebody went -- would you shake their hand? >> i would be worried to do so. >> i actually shook the hand. >> running straight to the purell. >> that's bad for you. it causes some type of -- >> what does it do -- >> search.

use of too much purell. >> i'm not a total freak. >> it's your immune system's ability -- >> while you guys purell each other -- thank you. i'll shake your hand. how is that hand? is that safe? >> it's clean. >> when we get to commercial coming up apple selling a lot more than watches and phones. we got the big money maker. we'll talk about it when we return.

welcome back to squawk box. we want to turn our attention to the tragic loss of a titan on wall street. james lee. he was the vice chairman of jp morgan. died yesterday of a heart attack. he was 62 years old. jamie dimon put out this quote. jimmy made a invaluable contribution to our company, clients, industry over his nearly 40 years of dedicated selfless service. he was a master of his craft but so much more. he was an imcomparable force of nature. he was orchestrating the biggest deals in the world and largely credited for developing the modern market for the loan market and it would not be unfair to say he played a bigger role in the lives of corporate america as the world ceos than

just about anybody else and so many of our guests on this show. he worked for general motors and alibaba and lead in the selling of ge's assets and navigated the mergers of comcast and nbc universal as well as united airlines and con nentinental. so many people came out with support for him. jimmy was a great banker and a tremendous friend. all of his friends are terribly shocked. jimmy's wife beth and their children are in our chairs. and one of his other close friends, jimmy played a critical role in gookfacebook's history. we believed in us and toll us how much potential he thought facebook had. he stood by us in good times and bad and all of us in facebook joins us in mourning his loss.

there's many more statements from jimmy's many friends but for now we will leave off with this note from the founder of third point capital. jimmy loved wall street more than anyone i've ever known. he wasn't driven by money ordeals but by his passion for people. there was no more loyal friend to be had on wall street nor anyone whose weiss counsel i valued more. with jimmy's passing our community lost a little bit of its humanity and i lost the closest i've had to a big brother. our condolences go out to his wife beth and three children. one who is a friend of mine. he was a very descent man. a prince on wall street. he was the last investment banker on wall street in an era where the business is comod comodotized. he was so behind the scenes often times put he touched these people's lives. he was the guy on the phone with

rupert murdoch every morning. he was the guy involved in everything that we talk about every day. >> behind the scenes. >> there's only a very small group and it's smaller and smaller every single day but he was at the center of it and he loved this job and a quick story, i wrote his obit last night and it was very painful to write but -- >> for the new york times. >> for the new york times. he loved jp morgan. he loved jamie dimon and the people there in a way that's almost indescribable but in his top desk drawer it may still be there this morning but he had gotten a job offer to leave and go work for blackstone to become the number two guy at blackstone. way before the ipo and it was the term sheet. they had actually got a press release ready to go and he used to show it to people because if you looked at the terms he would have easily been a billionaire today had he done the deal and gone but he stayed and i think he stayed in part because he

loved those people and this game and this world in a way that is incomparable. >> he was like that with the titans of business but with anybody. you walk into a room and he would make everybody in that room feel good. >> i think i only remember one time t show is 20 years old, i think only one time he was on and that's not what he was -- public profile at least as far as the media goes wasn't what he was -- he loved the game i think. >> he loved it. he loved this and what dan lobe said about him just loving this business more than anybody else. that was jimmy lee. we remember jimmy lee today dead at 62 years old. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it track my crew's performance, and protect their heads? ♪ ♪ can it tell the flight attendant to please not wake me this time?

♪ ♪ at cognizant, we see opportunities for every company. to meet the new digital demands of their customers. can it process my insurance claim? like, right now? can it download a track while i'm sampling it? can my keys find me? with the power of digital, analytics and automation now every little "thing" can provide even greater value. ok, so can it tell the doctor how long you have to wear this thing? the answer is yes, it can. so, the question your customers are really asking is can your business deliver?

welcome back to squawk box everyone. leading decision makers of emerging economic powers gathering in st. petersburg today. jeff is there. what can you tell us? >> hi becky. this is the st. petersburg international economic forum. effectively this is vladimir putin's big keynote economic summit so we will get with the president on how he sees the economy in russia over the next 12 months. that will take place on a piece tomorrow. we're gathering opinions here and i already spoke to the central bank governor after that 100 basis point cut earlier in the week. there is a suspicion here that the central bank is focussing on the rouble rate after last year where they were fire fighting.

not the case according to the central bank governor. we are targeting inflation and not currency levels. let's just listen to what she told me. >> translator: well exactly right. we are not planning on targeting any particular level of currency exchange and all of our decisions pertaining to the interest rates we are making in order to achieve our inflation target which is to reduce inflation down to 4%. >> it's a big issue peck i can because immediately after we saw the announcement this week the economy minister came out and criticized the move and we've had a slew of influential business people here in russia saying the central banks just not doing enough to help growth and i guess with key policy rates still at 11.5% some say they perhaps have a point here. this economy expected to contract somewhere near 3.5% as sanctions continue to bite and the oil price, well it just

state's exhibit high enough here to get them out of jail any time soon. back to you. >> jeff you wonder what if anything, people have said and how they're reacting to the situation in greece with the eu. we know that greece was making phone calls to putin just last week and that is kind of in the back of the minds of all the negotiators in europe as well. >> well isn't it funny, i used this expression in a piece i wrote online. crazy ivan. you'll remember hunt for the red october. i'm sure joe and andrew and others will recognize that piece where it turns and you're going head to head like this and right now in the greek negotiations it feels like that doesn't it? . even in the midst of all of that the greek prime minister is going to fly here tomorrow for a whistle stop visit to see the president and to bring a group of greek business people and

they have a strong trading relationship and they missed $4.5 billion. and it's being in place here and i think the greeks will use this as an interesting negotiating tactic as well with the euro zone. look at our spiritual buddies, the russians. we're still talking to them even as you're making life difficult for us to get a deal. that will be the message when the prime minister from greece turns up here. back to you becky. >> thank you. it will be something to watch. we hope to hear more from you as well. >> next, the perils of the strong dollar. how consumers are feeling the pinch. but first, here's a look back at this date in history. ♪

when you're not confident your company's data is secure the possibility of a breach can quickly become the only thing you think about. that's where at&t can help. we monitor network traffic worldwide, so we can see things others can't. mitigating risks across your business. leaving you free to focus on what matters most. you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck.

>> welcome back. new numbers this morning on the power of apple. data from slice intelligence says nearly 20% of apple watch buyers are also buying a spare band. tech research firm ihs says the sports band costs $2.05 to make but it retails for $49 so that's a nice margin. apple has not released how many units of the watch it's actually sold. >> td bank out with a new report this morning on the pros and perils of the stronger dollar and u.s. businesses and consumers plus the impact of an economic slow down and corporate

profits overseas. joining us to roll out that report and break it down for us is the head of corporate specialty banking at t.d. bank group. goork good morning to you. i want to try to talk about the report if we could in the context of what janet yellen said or did not say yesterday. >> mostly did not say but i think, you know the report that we have issued and come out with certainly the strong u.s. dollar had a strong impact on u.s. corporate earnings as far as exploits overseas but we think it's been tampered by a general improving economy here domestically. and the strong dollar in general hasn't been 100% of a bad story if you think about consumer purchasing power here. if you put that against the backdrop of the conversation. the head wind is likely to continue for some time. it's been muted in the last quarter as it's bled into the economy as the shock of the

first quarter results. >> you're also seeing the offset of where it hits really. it's the amount of volume being moved overseas. it's the translation of earnings overseas back to u.s. dollars but we're seeing an improving eu story so that takes off some of the slack. >> i was going to say project now 12 months. >> i think the story ultimately notwithstanding what folks will say about a strengthening dollar and the effect of overseas earnings the bottom line story we view as a good news story. the u.s. economy beginning to heel. >> i think the story we're talking about a few years ago, sequestration, government shutdowns, we are talking about fundamental growth the jobs picture getting better with it comes down. >> my biggest question is the dollar where it is right now, is that already anticipating two fed rate hikes this year. the central bank doing nothing or is that going to be

additional pressure when and if they actual dloi that? >> it very possibly could be additional pressure and you've seen it back up a little bit. i think talking to dennis behind the scenes we still think there's going to be a fed rate hike this year. if not one perhaps two, but ultimately we're talking about u.s. corporates, the economy there's a more positive tone and from our standpoint if we talk to our klines and the deals we're seeing getting done m&a is back. growth, real investment and companies whether it's here in midtown with the cranes and buildings going one up. >> do you think that's in line with what most analysts are thinking? subtracting more than 2 percentage points from total profit growth. >> meaning even though foreign profits are down 10% but overall

it's still about what's happening. >> right now sort of the consensus thinking on wall street when it comes to corporate earnings would put you in line above or below where people are. >> in line. >> in line. >> yeah. thank you for coming in greg. >> thank you. appreciate it. >> all right coming up the u.s. open tees off today. we'll get ready with dave from nbc sports when squawk box comes right back. ♪

leave early go roam sleep in sleep out star gaze dream big wander more care less beat sunrise chase sunset do it all. on us. get your first month's payment plus five years wear and tear coverage. make the most of summer... with volvo. checking out the listing on zillow i sent you? yeah, i like it. this place has a great backyard. i can't believe we're finally doing this. all of this... stacey, benjamin... this is daniel.

you're not just looking for a house. you're looking for a place for your life to happen. zillow. you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion in electronic toll payments a year? in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. with xerox, you're ready for real business.

♪ >> welcome back to squawk box everyone. we have been watching the u.s. equity futures and they have been higher this morning after the market ended up erasing the losses after the fed news. you can see that the dow futures picked up speed. they're up about 43 points. the nasdaq is up by close to 10. the $10 bill is getting a new look. treasury secretary says a woman will be featured on a redesigned bill. who that will be is still unknown. that new debut is the 100th anniversary giving women the right to vote. >> alexander hamilton has been on the face of the $10 bill

since 1929. >> do you have suggestions? >> i have seen rosa parks. i have seen eleanor roosevelt. >> you can't do susan b.dollar. >> alexander hamilton, he wasn't president, but he's a good looking guy on the $10. had a wig. had a duel. >> right across the river. >> a tweet saying put a woman on the $20. jackson did more economic harm than good. >> and jackson didn't like the banks or care for paper money. but they said the $10 bill is the one due for the redesign. >> i don't know. i don't know. we need suggestions. i have to think about it. anyway the 2015 -- no she's not. swedish. >> serena. >> there you go. >> that's an idea.

>> the u.s. open. chambers bay in washington state. joining us with a preview, dave briggs with nbc sports. you haven't been there, have you? >> no i have not. not many people have played it. not even you, i'd guess. >> i don't know anything. i tried to study up on it. but i immediately got sidetracked by reading the 2014 winner that i totally forgot who won the u.s. open last year. won the pga and then the open last year. >> and those are two guys i like to be in contention this year. both guys. >> last year was conway ahead? >> pulled out way ahead, yeah. and can win at a link style course like this. >> what was the other -- >> so this is weird. this is about to get very weird. for people that are used to u.s. open. i tried to think of what this will be like. so if past u.s. opens were bruce

jenner, this one would be caitlyn. this one is donald trump. okay? see where i'm going here? some people think -- >> we're trying to hang on. >> some think he's a clown. some think he's a contender. but he's going to be good tv. some are going to hate it some are going to love it. some of the players are going to hate it some are going to love it. you've got the first and the 18th hole will actually change from the par 4 to a par 5. flip-flop. >> on different days. >> on different days making mike davis who's the head of the usga easily the most important, powerful man in golf for the next four days. because he can move the pars. he can actually move the tee boxes to uneven rising with slopes hills. for the first time ever -- we've

never seen something like this. there's the potential for sloped tee boxes. even uneven footing for these guys. it's going to be a mad house. it's going to be awesome to watch. >> the greens are undulating what was that? >> some were pouring water on the fairway. it was not absorbing. this is going to be unlike anything you've seen at a u.s. open. and the guy with the emotional stability will win. >> complained that bad shots are rewarded. is that -- >> i don't know that bad shots are rewarded but great shots may not be. you may hit a great shot and get punished for it. right down the middle you hit the wrong bump and you're in the trouble. there's only one tree on the entire course that's on the 15th hole. that can go from 120 to 240. >> i would hit that a couple times. >> the one tree.

>> they always say it's 90% error but i'm always able to hit it. so there's like ten stories. there's spieth who would be back-to-back majors in first half of the grand slam. >> i'm wearing the jordan spieth -- this is the jordan spieth sunday outfit. i wore this because i think he's going to be in contention. you like the white pants? >> stand up for a second we need a shot. >> you know how the daily post has a model every once in awhile. >> can i be the golf model? >> oh my god, you look so -- yeah. >> until you see my swing. it's garbage. but i can look the part. >> yes. and thin. that's a 32 waist. >> that's a 32 waist, buddy. i think spieth is in contention because of his mental toughness. >> and you think rickie because he just won one. >> i don't. phil is tied for the oldest ever u.s. open winner. six runner ups.

he's the ultimate bridesmaid. he willing the oldest sentimental favorite. six times runner up. he's creative a shot maker. he could contend, but this is a physically grinding course. two caddies were hospitalized yesterday. >> what? >> so can he physically have what it takes? >> what were they hospitalized? >> they took bad falls. caddies can't wear spikes. and this course is a little bit trying to walk. you know what's interesting about this course? washington is a legal marijuana state. okay? and, yes, you can andrew bring marijuana on the premises. >> some edibles. yeah. >> you cannot consume it publicly, but it is a legal marijuana state. >> wow. >> for the first time ever in u.s. open history. >> that could help with the yips, right? >> just might make things more interesting. >> i'm told. everything adds to yes. >> but tiger -- speaking of

yips. tiger and fowler. how fascinating would that be? huge galleries following them. and tiger you've got to think does not have the mental state of mind right now to grind through this course. >> but he was the toughest mentally. >> was. i don't know about is. he's been a driving mess right now. and that would be hard to imagine that working for him this week. >> you know he's been practicing, though this guy. and he's not with lindsay anymore. >> he spent a lot of time practicing at this course. robert jones called it a paradigm shift. >> i love when people say that. it happens a lot. paradigm shifts. you going to a modeling session right now? >> i've got plenty of time. i'd be happy to model. anyone need a model? >> these aren't jeans. but if they were i'd say you look pretty good in them jeans. >> it just got weird. >> what do you mean just got? we've been there already.

when we come back the top stories and the three things you need to know about the fed today. we're back in a moment.

the central bank says it's on track to raise rates but janet yellen and co are still worried about the health of the economy. excuse me, mr. hamilton. the u.s. taking first steps to put a woman on the $10 pair. shares of fitbit ready to start trading today after pricing above expectations. and the new high extreme sports. from flying off a mountain to kite boarding 40 feet in the air. >> so just keep this -- >> americans are pushing

themselves to new limits as the second hour of "squawk box" begins right now. welcome back to "squawk box" right here on cnbc first in business worldwide. i'm andrew ross sorkin along with joe kernen and becky quick. we have a developing story to tell you about in south carolina. nine people shot dead during a bible study session. one of the nation's oldest african-american churches. the charleston police chief is calling this a hate crime at this point. the gunman is still at large. we will keep you updated throughout the morning. meantime we'll get back to becky with the business headlines. in our headlines this morning, angela merkel says an agreement between greece and lenders is still possible. those comments come ahead of the eurozone. finance ministers are meeting there today. gm fiat chrysler is pushing for a merger.

reuters says the ceo sergio marchionne is still seeking a deal. and fitbit goes public on the new york stock exchange this morning after priced at $20 a share. that values the company at about $4.1 billion. fitbit's ceo will join the "squawk on the street" crew later this morning. >> yeah. it's another one, andrew. $4 billion. $4 billion is not $25 billion for airbnb. >> still a lot. >> who finally wins this weird thing? who finally wins that? >> i suspect apple and google and anyone developing a watch. maybe the fitbit develops a watch. are they that along with the rnd and technology. >> the latest so-called unicorn to seek more money. the start-up is looking to raise another billion dollars reportedly in financing. and it would value the company that as you know lets people list homes and apartments or

rent someone's home and apartment for short-term rentals. it lists -- or it values a company at $24 billion. $24 billion. kind of a middle man. i guess they get a take every transaction. you get the network and it's worth something. >> and they don't have to actually own anything or carry inventory. you would guess it would be a high margin business. >> how much is geo city's valuation? do you remember that? >> yep. >> sold to yahoo!. so what's their value? in other tech news new numbers this morning on the power of apple. data from slice intelligence says nearly 20% of apple watch buyers are also buying a spare band. tech research firm ihs says the entry level sports band costs only $2.05 to make.

that's nice, andrew. and it retails for $49. >> uh-huh. >> can't you get involved here? you want the airlines to you know, cut their prices in half because of oil. you're letting apple -- $2 for a band, they add $47 to it and charge $49? >> i'm going to get on the line with cook and, you know give him the business. >> or write a column or something. to get some grassroots -- that's too much profit. right? margins are -- >> it's capitalism baby. this is about the american dream. don't pour out the american dream here. >> i'm making fun of you and you're making fun of me right now. that's not fair. anyway. we got some stocks to watch this morning. oracle shares getting hit hard. the company's latest earnings and revenue missing estimates and the outlook is disappointing. shares of jabil circuit -- >> what? >> i was trying to look and had a tough time. >> i thought it was jabil.

it's not though. it's a guy named jay and bill. honest to god. >> revenue short of consensus. and you want -- >> the county in san francisco. >> biomarin. >> yes. >> thank you. shares getting a boost after the company said it experimental drug was effective in improving growth in children with dwor dwarfism. the fed has spoken but investors aren't quite sure what to make of the comments. steve leisman is here and he's going to offer us a bit of guidance and interpretation. steve, take it away. >> beck thanks. the new debate now is september or december. let me give you three takeaways from the press conference yesterday. first, the federal reserve upgraded the economy from march. talked about it expanding moderately opposed to slowing down. they did, though, however, cut their forecast for 2014 by .6

point. play a little dot action here. ten fomc members see two hikes in 2015. i think we have our cnbc improved dot chart. now, guys tell me what you think of this. what we did is we make the size of the dot by the number of fomc members that are at that place. so you have seven here in march. we're at the 0.63%. you can see what happened. it's compressed this way. here's the dividing line. if you're below this line you're one hike if you're above it you're two. these guys who were all at two, some of them have come down as a result. here's some of the commentary that shows the debate out there. goldman sachs saying they're officially moving their call from september because of what i showed you about the dots. december likely but they will not rule out september. joe? >> thank you steve.

and stay with us for our deeper read on the fed's -- says here smoke signals. we're joined now by a chief at jpmorgan chase. used to be a federal reserve type in a past life. >> yeah. >> thanks for joining us. you probably know something about all this stuff. we just had gartman on. he says september less likely. then christmas. who wants to raise rates around christmas and be the grinch that stole christmas? and then we finally said well if that were not to happen and i don't know whether you think it will or not, but they were more dovish in your view yesterday. do you think they do september? >> we're still at september. >> you have a high degree of confidence? >> less conviction than before yesterday. i think steve pointed out the dots. not all dots are created equal. it's likely they came down from two hikes to one.

>> we don't know who's who. >> but there's zero people. there are people still thinking zero. >> not at zero technically. >> two participants who still think no hikes this year. >> crazy though. could we possibly wait long enough to where there's an unanticipated slowdown more serious than just a one quarter aberration? if we wait long enough we'll wait until the next business cycle and still be at zero won't we? isn't that possible? >> that's -- well i don't -- i hope not. but, look i think the people at zero want to make sure the economy has a full head of steam before they go. now, i'm with you that i think there is probably space to lift off in september. as we were talking about it, seems like the odds of that are pushed back or perhaps reduced a little bit here. i wouldn't rule out there is a meeting between september and december. one in october.

it doesn't have a press conference scheduled for it but don't rule that out as a possibility. >> do you have a good feel for six years later after all this monetary easing and everything we've done? why you're still with a straight face you say they're just not sure the economy is strong enough to handle anything other than zero. i mean is there a reason we're still stuck here? >> we have a negative gdp growth in the first quarter. it's negative to say you're about to hike -- >> how did that happen though? >> well i think part of what happened was the strong dollar. that took almost two percentage points off growth in the first quarter. i think that's one of the reasons they're being a little cautious here. they don't want the dollar to take off. >> now they're manipulating currencies. >> responding to currencies. i mean there's feedback loops between financial developments and their actions. >> do you have a good reason why

they've been so overly bullish when they shouldn't have been on the economy for every single year they make a forecast? is it like a stockbroker who thinks the market is always going to go up? >> it's like a doctor that says i'm going to give you this medicine and my forecast is you will get better. that's essentially what they do. >> i think you're talking about a quack. if i had medicine like that -- >> well there's improvement, but not the amount of improvement that they forecast. >> but is this the doctor who oversubscribes every time you get a cold? >> one of those oxyoxycodone doctors. >> while they've over-predicted growth they haven't in the market. so it's come down faster than expected. what we've really seen here is the productivity thing disappointing in a serial way.

sometimes it's hard to pick up those trends. i think they're slowly coming around to that fact. and they have been generally reducing forecasts to something that looks a little more reasonable. >> i just want to point out if they end up revising the first quarter which is my expectation because what we know is the bea is going to go back and revise stuff in part because of the work we did on the seasonality issue. because the first quarters are always weak and that shouldn't be. that's one. two, we've been averaging 250 a month over the past two months on jobs. if you get an acceleration over the next several months september's going to become more clear. if any you don't, december's going to become more clear. i think it's just -- everybody wanted an answer yesterday. joe, i think your frustration is right that in far very long time june was it. i was all umppumped and psyched for june. >> i still wanted june yesterday. i thought they'd get it out of the way. >> in a week and a half we're going to have the june jobs number.

and if that's a strong one, we'll forget all about yesterday. because i do really believe yellen when she says they're data dependent. if it looks like the second quarter is going to be dependent, september could be back. >> at the end of 2016 not '15, at the end of 2016 we're at 25 basis points? >> never say never. >> that scares me really? they'd be raising every meeting then. >> every other meeting, perhaps. >> no way. really? >> i mean, the unemployment rate will probably have a four handle on it. wages are already starting to go up in pressure. >> that would be an exit and we'd be out of this. >> drew madison yesterday, his concern is that once they start raising rates if they wait until they see the whites of their eyes then inflation is here and their hand will be forced. >> that's what larry lynch has said. the sooner you start, you don't

need to go as fast. >> exactly. i think yellen actually said we're not sub vibing to the whites of the eyes deal. if we get to 2% that would still be accommodated by any normal mess. >> i need to make sure it's not really falling anymore is essentially what i thought she said. not this meeting, but a previous meeting. and mike is right. if you have the unemployment coming down which by the way i don't know if you noticed but in the last month you had more people come into the workforce on a year over year percentage basis than any time in '08. which is really interested from a policy standpoint. because the unemployment rate could stay the same or even edge up over time if people are, indeed, being detracted back to the workforce. so you have that scenario. and probably the things that kept inflation down are likely to work through the system. so you'll have inflation. but worrisome inflation? i don't think that's likely the forecast. >> michael, thanks.

>> drew doesn't think that either. >> chief economist. >> here in the city i'll be by more. >> good. you're invited. you, too, steve. >> thanks. nice tie, by the way. you don't ever wear the jackets. >> i don't. got the saks private label. >> there you go. still to come this morning, we'll do a little fashion show. steve leisman fashion show. also the new hot bed of entrepreneurship. where it is really? is it new york san francisco these days? some college town? nope. it's actually montana. and we'll explain. that's still ahead. first as we head to a break, here's a look back at yesterday's winners and losers. ♪

♪ want to turn this morning to the tragic loss of a titan on

wall street. the passing of jimmy lee. he was the vice chairman of jpmorgan. jamie dimon said he made an indelible and invaluable contribution to our company, our people our clients and our industry. jimmy was a master of his craft but he was so much more. he was a force of nature. and i spoke to blackstone ceo steve schwartzman last night who said jimmy was my closest friend in finance. he always gave someone the sense and it was true that he cared desperately about you. reflecting something becky said in the past hour. he was one of those people when you went into a room he made you feel like you were it. his success over the years in large part was because it was genuine and true. want to read you a quote from jonathan nelson. he's better than behind a number of huge private equity deals over the past decade.

i thought this was really reflective of jimmy in a remarkable way. he said yes, he loved deals. but he loved his clients more. he was the best in our generation and what it means to be a relationship banker. he succeeded in part because the friendship meant as much to him as the business. there was no better guy to have in your fox hole. he'd fight for you and be forever loyal. he was one of those people who would lie in traffic for people. jimmy received an outpouring of love from admirers and adversaries alike. you know these things don't happen. and there are special people in this world, but he was particularly a very special person. special person to myself over the years. and i know you knew him and joe knew him and somebody else who knew him well was kate kelly. she is with us this morning to reflect on jimmy lee's life. >> i'll never forget the first

couple of times i met jimmy. i was in my early 20s working at "the wall street journal." he invited me to the office to have sandwiches. when you're a reporter covering finance as you guys remember, it's very daunting. and, you know, he had all these flat screens and incredible view. and the phone would ring and he'd actually pick up and have a generic conversation with hey buddy, yeah, we're going to get going on this deal. then he'd write something down on a note card and it'd say something like barry diller. and i was like wow. he was great at talking about the ropes and how finance worked. and the conversations got more sophisticated when i had a clue. but it was striking. i know he did that to a number of generations. >> absolutely. i think people don't appreciate because, you know, here we're looking at images of him, but he was not a regular guest. he came on cnbc a handful of times. but he was responsible for perhaps more of the news that we would read and talk about every day than people knew. >> no he wanted to be behind the scenes. i'll never forget also he had an

argument with a colleague of mine at a road show five years or so ago about whether or not his name would appear in the story. he wanted the client to be the emphasis and not him. he stopped speaking to the guy temporarily because he insisted on bringing him into the story. >> i talked last hour about his love for jpmorgan. i wanted to share a quick story. he called me probably last fall. this was right when jamie was recovering from cancer. but the whole conversation was reflective of whether he should actually stay in banking and whether, you know what this experience for jamie, you know what it meant for life and doing stuff. but his love for his job and this world and for jpmorgan and his colleagues he said i want to fight on. you know if jamie's fighting on, i'm fighting on. it was really something. even just a week ago i had written that piece about the very sad story about the fellow

from goldman sachs who committed suicide, and he sent me this note just talking about how much it reflected on life and how, you know we talk about wall street and all these things but it was so much more than that. there was a humanity to him that is just very very special. >> you know dying at 62 clearly way too young. at the same time i never could have pictured him retiring to your point. he really enjoyed the job and loved his family as well of course. but he was in his element every day for the last 40 years. from chemical bank up to being vice chairman of jpm. that was reflective to everybody. >> one of the stall worts of that institute over so many years. one of the longest running. >> a culture carrier. if you go to the executive floor of that building and see historic artifacts framed on the wall with personal stuff, it's like jimmy did that didn't he? yep. >> we remember a wall street legend today. jimmy lee dead at the age of 62 years old.

ah! aflac? aflac! i thought you said this guy was the best? oh, he's a horrible stylist. gah? but he's the best at paying claims fast! really... mmhmm. paid mine in just one day. one day? yea. aaaflaaaac! in just one day, we approve and pay. one day pay, only from aflac.

♪ ♪ time upon a once people approached problems the way same. always start at the starting. and questions the same asking. but that only resulted in improvements small. so we step a took back and problems turned these inside-up-down to approach them newly. and that's when we it saw. garbage can create energy.

light can talk. countries can run on jet engine technology. when you look at problems in ways different you new solutions find. ♪ ♪

welcome back to "squawk box." the $10 bill is getting a new look. jack lew says a woman will be featured on the bill. who is still unknown. the new bill will debut in 2020. that's the 100th anniversary of giving women the right to vote. alexander hamilton has been on the bill since 1929. tweet us if you have an idea who should be on the bill. and silicon valley should probably move over. a new survey is finding that montana is actually the real hot bed of american entrepreneurship. a report from the kaufman foundation finding the state leads the nation in business creation. so get out there. becky? >> all right. thank you very much. when we come back this morning, nbc news legend tom brokaw sharing a special book with us after the break. and a new high. we're not talking about the markets here. inside the world of extreme

sports with carl quintanilla. he put his body on the line for this. did a face plant or two. stick around. "squawk box" will be right back. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar detect dangers you don't. and it can even stop by itself. so in this crash test, one thing's missing: a crash. the 2016 e-class from mercedes-benz. when you're not confident you have complete visibility into your business, it can quickly become the only thing you think about. that's where at&t can help. with innovative solutions that connect machines and people... to keep your internet of things in-sync, in real-time. leaving you free to focus on what matters most.

good morning again and welcome back to "squawk box," everyone. here is what's front and center this morning. berkshire hathaway is now the majority shareholder in food maker heinz. a new s.e.c. filing shows they bought an additional 5.4%. that puts its stake at 52.5%. new york city is taking verizon to task. officials are upset that verizon has 40,000 outstanding requests for its fios tv service. legendary nbc news journalist tom brokaw shares the story of his cancer diagnosis in the new memoir, "a lucky life

interrupted." he writes i did not want to become a photo on the internet. tom brokaw cancer victim. we are very happy to have him here this morning. special nbc news correspondent, tom brokaw. great to see you. >> we had lunch at one point and i did not disclose. >> first of all, how you feeling? >> quite good. i'm in remission which is the big news. but i had more bone damage in my spine especially. and getting that back to where it needs to be means that i'm going through a lot of aches and pains with the muscles compensating for that. so i'm doing more yoga, more stretching. the fact is i keep advancing. i can't figure this out. i get older year by year but i'm doing fine. >> i read the book. it was an extraordinary book. but greatest life lesson greatest surprise in this whole situation? >> well i began writing this as a journal because that was my therapy. i was confined to home and i'd

have these long down periods. then i thought, you know what i can do probably is help families who are going through a similar experience. i mean, without bragging about it, i had access to everything i needed. so what has been most encouraging about writing this book is that i'm hearing from a lot of families saying you're addressing exactly the questions that we have and health care institutions are saying to me we need to do a lot better job of communicating with patients when they get diagnosed with a big and serious disease of some kind. so it's accomplished what i set out to do. >> how do you want them to communicate? >> how do i what? >> how do you think the health care system should communicate? >> when you get diagnosed with something like cancer and you have the best specialists, they gave me the news and then they go off and think about treatment. they don't say, in my case this is going to be tough. they're too inclined to say we're going to get you through this in nine months and you're fine. that wasn't the case.

there was a lot more pain upset my family life and my life in a way i was able to handle because i have the resources that i need. i think that they almost need a kind of doctor to patient counseling session. they do have counselors but i think you need to hear it from your own doctor. it's going to be tough, but we're going get you through it. your lifestyle is going to change a lot and you have to get prepared for that. and by the way, i'm one resource for you but here are two or three other people that have other views on all of this. and not be afraid to share that. >> you know that's what struck me. my aunt has multiple myeloma, as well. my family read the book and was moved by everything they've seen in it. but the idea of having care structure, do you think we're getting better in this nation or getting worse? and you know from what you're talking about. you sit on the board at the mayo clinic as well which is why you were there for your diagnosis. >> one thing that happened for me that i was fortunate, our

eldest daughter became my consigliory. she had a great partnership with my primary care doctors. they had somebody they could talk to and she could be honest about what i was going through. i would go in and understate the pain. and she said it's worse than what he's saying. and they said we need to know that, quite honestly. when jamie dimon got throat cancer i wrote to him two suggestions. get a doctor that is a friend of yours off to the side and let them become a consigliary for you. and then let everybody know what you're going through. and then just say we're concentrating on treatment here. we'll get back to you when we know more. you get fluttered with calls from well wishers. that happens up and down the socioeconomic scale. how you doing, are you going to be okay. all you want to do is focus on getting well. >> where are we in terms of curing multiple myeloma?

>> this is an incurable cancer. you know people have died from this frank reynolds the abc anchor man. it used to be a death sentence within four or five years. it's still statistically that way but they've made extraordinary progress. and i'm here to tell you as a am amateur looking in on this we're about to enter the golden age of dealing with cancer. using the body's own cells to attack the bad cells. that's what's going on. that's exploding across the laboratories across this country and all the cancer care centers. >> while you're here we've been remembering a friend of yours this morning. jimmy lee. and i have done -- i have like a horrible job of articulating how special a person he was. we always say people were special but to me there was something beyond. is there a way you'd like to articulate it? >> you know i always think of

jimmy lee, he had everything but a cheerleader's megaphone and letter sweater on where he went. it was all about doing a deal and he was absolutely -- he'd make the smooth transitions and he was out with his hair slicked back, two-tone shirts. he was everyone's idea of the classic wall street banker. but he got a lot of big deals done. i remember standing next to somebody who lost a deal at one point. jimmy said it's all still there and there's a lot more. that's how he operated one-on-one. >> one thing that occurred to me tom, and you faced similar things. but jamie dimon was diagnosed with cancer. i'm sure jimmy lee was there, he leaned on jimmy a lot when he had cancer. and then whenever this happens, we're shocked back into the realization that on any given day, you don't know what could happen. so jamie's facing it. and seems cured now.

here is the gentleman that probably helped him and he's gone. and it just -- what it brought home to me is that no matter how old you are, no matter what you have, it's one day to live. you can only live one day at a time. you shouldn't worry about getting old or any of these things. >> the hard reality is joe, that we're all subject to what i call aging evolution. as you get older, lottery odds against you are getting worse. >> but it doesn't mean that when you're 90, you're dying the next day. because kirk. 98 years old. every day that he woke up, he's got the same chance. >> it is a lottery. and you don't know what's going on in your own dna. look i led an extremely healthy life all those years. you know a couple of broken bones and that was it. my dad died of a heart attack at an early age, but he was a heavy smoker and ate all the wrong foods for a long time. now we have a much better appreciation of how to stay healthy. but at the same time this complicated system called the human body has got maybe 2 trillion cells coursing through

it. sooner or later one of them goes rogue because they've been at it for a long time and there's not much you can do about it. they don't know what causes multiple myeloma. they don't have an idea about what kicks it off. they know, for example, that it attacks men, african-american men more than white men. as you get into your 60s and 70s. but now it's spreading out through the population. i met a young man who got it when he was just 20. that's almost unheard of. so there's a lot going on. they don't think they can trace it to the environment or other things. but the most heartening part of all of this is the laboratoryies all across america are making extraordinary progress. which is the best thing. >> tom, i do want to point out that this book is winning praise from just about everyone we've talked to who read it. i spoke to warren buffett yesterday and he wanted to make sure that he said i read it in one sitting and enjoyed every page. i was disappointed when i was through, not because i was disappointed in the book but because it wasn't longer. >> yeah.

he was very generous. he talked about it. you know not much means more to you as an author than to have warren step up and say not only did i read it but i thought it was an important one. that means a lot to me. and another that means a lot to me are the people on the street or those who write to me heart felt letters not just about multiple myeloma all kinds of cancer. my line is if one member of your family gets cancer everybody gets cancer. you can be sympathetic if you don't have cancer to a friend who has cancer. you cannot be empathetic until you're directly involved. >> before we let you go, we've got to ask you about the news of the day. brian williams will be staying at nbc news but is not going to be in the anchor chair. may do some business over at msnbc or elsewhere. looks like lester holt might get that job. your views? >> i'm a soldier in the army of nbc news so i leave that to the executives to make those

decisions. that's about as much as i'm going to say at this point. however you may try. >> that's below my pay grade. >> tom brokaw it is a pleasure and privilege to have you here this morning. and congratulations on the book. it is a lucky life. >> my problem with your new setting here is i keep going by and thinking these are baseball scores up there. the game has changed enormously. >> baseball scores in the afternoon, stock prices in the morning. that's what we stick with. thank you, tom. >> thanks. when we come back this morning, the ceo of fireeye sparking a debate over the security firms and whether or not they can be sued if they let a security breach happen. eamon javers joins us with the details. at the top of the hour, jeff green is our guest host. he has a mansion for sale for $195 million. that's right. you heard us right. that is the most expensive house on the market right now. his sales pitch is coming up. "squawk box" will be right back.

♪ ♪ ♪ at chase, we celebrate small businesses every day through programs like mission main street grants. last years' grant recipients are achieving amazing things. carving a name for myself and creating local jobs. creating more programs for these little bookworms.

bringing a taste of louisiana to the world. at chase, we're proud to support our grant recipients and small businesses like yours. so you can take the next big step. what if there were only one kind of dog? then it would be easy to know everything about that one breed. but in fact, there are over three hundred breeds of dogs. because no one can be an expert in every one... an app powered by ibm watson will help vets tap specialized knowledge in the cloud for every breed... and whatever else walks, flies or slithers through the door. ibm watson is working to make medicine smarter every day.

recent interview with the coo of fireeye on "mad money" program sparking a bit of a debate on whether or not cyber security -- the cyber security business can be sued. eamon javers joins us now with

what was said and what it could all mean. eamon? >> dave dewalt is coo of fireeye. he appeared on cnbc on may 21st to highlight a new credential that the company had been given by the department of homeland security to stress its importance. take a listen to what he said back on may 21st. >> we're the first cyber security company to get the highest level of certification. and what it does is allows companies who use our product to basically be endem any fied against legal cost. if you use fireeye's product you are not getting sued. >> a casual listener to that comment might think that the homeland security department was offering legal indemnification. but they said no that's not the case. they said the safety act certification in question only provides some liability protections in the event of a cyber breach and only in the case of an act of terrorism

that's officially designated an act of terrorism by homeland security. they said that's never happened. and in fact no terrorist act has been designated by the secretary under this law. fireeye says in a statement to us when asked about this dave uses the term basically so the statement is broad enough in that context to be accurate. fireeye also pointed us to the frequently asked questions of their website in which they lay out all the legal nuance here. but what they're saying guys is when the ceo says basically, that means there's a large carve out there. and it's never happened before in order to be true. >> all right, eamon. appreciate it. very interesting. thank you. and we will see you again soon. up next q. is here. carl danger quintanilla makes a

"squawk box" appearance on set to talk extreme sports and the money behind them. i got excited last night on "nightly". a package. as we head to break, here's a look at the futures.

steering it one way. >> yeah so here -- >> just keep it -- let go, let go, let go.

>> obstacle course racing is one of the country's fastest growing sports. far more people will try an ocr this year than will run in marathons. as carl quintanilla found out in his new documentary. it's so much more than obstacle courses. >> oh yeah. we think it's a generation of athlete who is are changing sports. they don't want to perfect what's been done in the past. they want to do something that's never been done before. so that's a different kind of race, it's a different kind of skydive, it's a different kind of flip on a motorcycle. it's just a new way of thinking of competition in sports. >> was that a mouthful of sand you got? >> that's a face full of sand yeah. so kite boarding you attach yourself to this giant kite. you are harnessed in. there's no escape. you can power the kite. it will flare and catch more wind and that's your accelerant.

just like a boat would be if you were water skiing. learning to steer the kite and maintain control and not run into the guy next to you, i've never -- complete focus is what it takes. it would take me days to get up on the board. i never got on the board. no. >> but you just said you're strapped into this thing. they were yelling at you let go. is this while you were practicing? >> yeah. you're powering the kite too much. you said obstacle course. we watched a woman who by night she is one of the top spartan racers in the world. take a look at this. >> by day the 31-year-old boone is chicago bankruptcy attorney is the picture of corporate success. but on weekends she sheds that button-down exterior and gets down in the mud. boone is sponsored by reebok and has earned some $55,000 in prize money. that's just a fraction of her

corporate salary. but she's driven less by the winnings and more by a desire that borders on obsession. example. last september she underwent knee surgery to fix a torn meniscus. >> i asked my doctor how fast could i come back? could i run a race in eight weeks? he was like probably. i was like how long of a race in eight weeks? he said what are you talking about like a 5k. i was like no it's 24 hours. >> 24 hours. 75 miles in 24 hours. and she won. >> eight weeks later? you're kidding me. >> yeah. so that's the mentality of these -- it's like literally what are you guys thinking. >> what's the craziest thing you saw, one that you would definitely not try. >> the wing suit b.a.s.e. jumping. people have died doing it. this is a sport for people for whom skydiving is boring. jumping out of a plane has lost its thrill. so they attach themselves to these suits.

they look like flying squirrels. you're very close to the ground as you're falling at maximum velocity. then you try to steer your way into an area where you then pull your shoot. >> how did you do? this is the spartan race. >> you've done -- >> i've done -- i think we have a picture of it. i've done a tough mudder. >> you've done a mudder. >> painfully so. >> i finished. 11 miles. i think they might have me doing something horrible in the mud. but you have to go through the arctic enema. which is you jump into a freezing cold bath of water and have to swim. >> yes. and the electroshock? >> my wife wouldn't let me. at the end when you see people literally getting zapped and falling on the floor. so we -- but i'm doing the urban mudder if you want to do it with me. july -- some time in july. >> i'm in if joe's in. >> what is that? >> i think it's roosevelt -- >> what is that running -- >> just say no. >> is that running through dog

crap and avoiding the guy with the ice pick at the subway as you're doing in? not getting pushed in front -- >> roosevelt island. it's the same people that do tough mudder but in an urban setting. apparently you jump off something ten feet high into an air bag almost. >> into the east river. >> a pile of manure. >> exactly. carl, were you with the guys when they jumped? >> yes. >> you were at the edge of the cliff? >> yes. >> so you saw what they're doing. i mean watching it on tv i get cold sweats. but being there -- >> chilling. and absolutely quiet. once they jump they're gone. >> you wouldn't want to get close to the edge. >> i would lay on the ground if i was going. >> ten feet away they're literally -- their toes are reaching over. >> i was watching last night and a guy said i can't wait to jump. another said i'm scared but when i get done i feel so elated that when i go back up i know i'm going to feel that way

afterwards. but he is scared at the start. >> that's part of it. going through an element of pain or fear and your payback is the high you get when you come back from that. >> because man has wanted to fly since the beginning of time. that's as close as you're going to get. but i don't know. >> although we talked a little bit off camera about how i just wondered if people have changed any impressions, their friends from the guys who were in that horrible accident. >> a lot of these characters, now they have young families. they're starting to get married, have children. and they are sort of trying to find -- >> to dial it back. >> can we do it but not at the most dangerous location or maybe only twice a month. >> the nitro circus guys who put on a show every night and those guys get hurt too. that's a show. >> our lead character separated his pelvis from his spinal column. and then four months later was back on the bike. >> you do e the el capitan guys do them too? >> no. we were in utah. beautiful country, by the way. >> climbing without a rope that

way without fingernails. they don't mind heights i think as much as i do. do they? >> probably not. >> this set, i think we should lower this set a bit. >> you want it underground? >> i wish it was on the floor at least. when i get on and off, i get a little vertigo. this is going to be huge. >> we're going to watch it tonight. >> and we'll see -- >> you're going to stay up late and watch it. >> and we'll see you at the urban mudder. >> there you go. >> carl says he's not doing it unless joe did it. >> i just -- >> a big tough obstacle course. come on honey. >> you come on. >> it's so good to be back. >> isn't it? >> we'll bring cameras. okay. thank you, carl. congratulations. we will watch this tonight. coming up a night of protest in athens as the eurozone and greek officials set for talks. once again our own michelle caruso-cabrera is there on the ground. we will get the latest from her on the debt stricken country.

and it's the $195 million over the top beverly hills mansion. could be yours. a wine producing vineyard and you can dance all you want in a 53,000 square foot disco. belongs to billionaire jeff greene and is currently the highest priced house on the market. we'll give you a tour. then the man himself is going to join us for the hour. we're going to talk real estate investment strategy and a lot more. we're back in a moment.

jeff greene made hundreds of millions of dollars on the housing bust. now he's betting that a home buying boom is occurring. the billionaire is here to share his thoughts on the state of the housing industry and where he sees value and why he thinks europe is a great place to put money to work. he's our guest host for the next hour. the greek drama continues. can eurozone officials strike a deal? tensions are high this morning and we are live from athens ahead of today's big meeting. plus pot entrepreneurs protecting their green. the marijuana business is budding at the state level, but banks have been hands off. a special report on how the bud business is handling all the cash as the final hour of "squawk box" begins right now.

live from the most powerful city in the world, new york, this is "squawk box." >> welcome back to "squawk box," everyone. this is cnbc first in business worldwide. i'm becky quick along with joe kernen and andrew ross sorkin. we are less than 90 minutes away from the opening bell on wall street. we've been watching the futures this morning and they have been indicated higher. right now it looks like the dow would open up 35 points above fair value and the nasdaq up by 7. if you look at what's been happening in europe, things are a little bit bleaker in europe right now. dax down by about .6%. same story we the cac. and of course this is all a reflection of concerns about what's been happening in greece. that market is slightly higher but still below 700 at 682. before we turn our attention to business a general news story developing at this hour from south carolina.

nine people shot dead during a bible study session at one of the nation's oldest african-american churches. the charleston police chief is calling this a hate crime. a clean shaven white man is at large and very dangerous, apparently. we will follow this story, keep you updated throughout the morning. we got some top stories investors will be talking about this morning. tell you about finance ministers gathering in luxembourg this morning. discussing how to break a deadlock in deal talks to pay the imf installment and avoid default. michelle caruso-cabrera is actually in athens and will be talking to us in about 15 minutes. also fitbit pricing its ipo at $20 per share. that's topping an expected range earlier in the week. the company now valued at $4 billion. expected to begin trading today on the new york stock exchange. fitbit ceo will join the "squawk on the street" crew later this

morning. then on the economic agenda today, three reports at 8:30 eastern time. weekly jobless claims consumer price index, and current count deficit. in the meantime though we have been remembering jimmy lee of jpmorgan all morning today. a titan on wall street. of course he was she vice chairman of jpmorgan. he died yesterday of a heart attack. he was only 62 years old. and jack welch joins us this morning to remember him. jack is on the phone this morning. jack, we've been trying to articulate who jimmy was and really how important he was and how he touched so many people's lives and touched corporate america in a way i think most of our viewers may not even fully appreciate. >> that's -- there's no question of that. i spent all day yesterday on the phone. i must have had 15 calls from people all wanting to just talk about their experience with jimmy. i mean from ken langone to calhoun.

there were all kinds of people who he had touched. and everybody thought he was their best friend. >> you know that's a very special thing. because everybody did think they were his best friend. when you think about bankers and people talk about the investment banking industry becoming comodditized can you tell us about the deals with you? >> he was just a guy that always got it done. the thing about jimmy was, he was relentless to pursuing to closure. i can recall one of the biggest deals after my time in private equity. when we were buying the home depot supply company. and we were buying it right in the middle of the 2008 housing collapse. so everybody ran for the hills as laymen went. jimmy kept everybody at the table and brought everybody

together. we'll get this done. and he pulled it off. he did a hell of a job. no one could have done that without his personality. people trust him. i mean he had an integrity that was built on years of always doing the right thing. he was a tremendous human being. >> you know there are bankers that pitch ceoo so confidently. how did he get your ear? >> he's a great guy to hang out with. you like hanging out with him. he liked playing golf with him. you liked being around him. he was an all around good guy. and he was just a friend. and i'm not alone in feeling that way. i know he played a big role in the ge capital splitoff.

and jeff imelt fell in love with him, trusted him long after i was gone. >> jack we want to thank you for calling in this morning as we remember jimmy lee's life. >> thanks. >> sadly a tragic death too early at the age of 62 years old. >> one of the all-time people. believe me. >> absolutely. thank you, jack. we'll talk to you soon. in the meantime we're going switch gears now. today's guest host is a billionaire who may not be a household name but after today we're hoping he will be. he has a long list of real estate endeavors that have made him a ton of money and even has a political background. one other note he's the current owner of the most expensive home for sale in the u.s. right now. robert frank is here with more on jeff greene. robert? >> -- betting on the housing crash in 2008. now jeff greene is betting on a housing boom especially at the high end. he's selling one of the most expensive homes in america. it's in beverly hills. price tag $195 million.

this has 25 acres. its own vineyard. 53,000 square feet of living space, 150 car garage and a 15,000 square foot entertainment center with its own rotating dance floor. in west palm beach he carved out 19 acres to build a massive residential retail park. it's going to be a billion-dollar project. he's changing the face of that part of florss. back to you. >> thanks robert. come on over. come on over this way. we're going to talk to her guest host this morning. great to see you. thank you for coming in this morning. we've been talking about this house of yours. do you hate that we talk about this house of yours? how do you feel about it? >> well look. my wife and i bought that house right before we got married not knowing what we were going to do with it.

we ended up moving to florida the next year and then we spent almost over seven years getting it finished. now we're trying to sell it. i'd like to just sell it. we don't really have any use for it. it's tying up a lot of capital. it's a fantastic house. and to the right buyer it's going to be a fantastic home. >> broadly speaking since you have your finger on the pulse of the real estate market where are we right now? >> well look. i think when you look at the real estate market you have to look at every individual market. if you look at some of the markets that are where the price are being driven by offshore capital looking for a safe haven, places like miami, new york to some extent. i was actually reading that the chinese now are the biggest foreign buyers of american real estate. so if you look at those markets, they're being propel bid that. i think in general the high end is strong. we've had zero interest rates for six, seven years. we've added trillions of dollars not just our fed balance sheet but added half the balance sheets to japan and in europe and the uk. so there's so much capital that

has enriched the superwealthy that the high end will continue to do well. i think the middle market is the problem. you don't have wage growth in the middle class which is really what's necessary to move prices in the heart of american real estate markets. >> we also talk about millennials and buying or not buying real estate. do you think they're ever going to be buying real estate? do you think there's a shift going on in this country? >> not really. i mean i think -- the american dream i think is to eventually for most millennials and for every generation is to get married, have a family. i think most people fantasize about having a barbecue in their back yard and throwing a football with little kids. >> little later in life maybe. >> i think eventually they will. >> that's what i mean. >> i think eventually if people want to own homes and have back yards and live in neighborhoods. but i think right now it's tough because not only -- for millennials, not only do they -- are they closely relate to the shell shock we had in this last

crash. but in addition what's happened is the apartment buildings being built are very different. i'm a department developer and we're building a project right now in west palm beach. you know it's actually on the old atlanta braves spring training facility. it's 548 units. we're building a 17,000 square foot clubhouse with karaoke room full commercial kitchen for teaching cooking classes. this isn't a rental building. i think what's happened for millennials is they're living in much better apartment buildings than this lived in. >> that would be -- if someone said -- and we have a karaoke room, i would go for the next place to look for an apartment. are you sure you want to -- is that second price to karaoke room? >> it's very well. >> at the high end you called the real estate bubble in 2007 2008. don't you see a real estate bubble at the high end? your house used to be the most expensive in the country. now there's one nearby that's

asking $500 million. we just had an apartment sell here in new york city for $250 million if it goes through. don't you see an asset bubble at the high end of the real estate market right now? >> absolutely. i think if you look at who are the buyers of these not just real estate it's the hedge fund guys and women. it's the people who have made these huge fortunes because we've had so many years of zero interest rates. people like me have just been able to accumulate wealth at a pace that's unprecedented in history. not only zero interest rates and central banks printed money everywhere, but historically low tax rates. not only do we get to make all this money but we get to keep it. >> so the most progressive tax system in the developed world. >> capital gain rates still -- >> it's at the highist. if you were to raise taxes, you don't want to use it to pay with

entitlements, right? you want to spend more on what? >> well first i'm not saying i want to raise taxes. >> i thought you did want to raise taxes. >> we definitely need a different tax system. i mean there's no question that the super wealthy people in my category have been able to accumulate outsized fortunes. >> but what's the reason for that? the reason for that is our economy hasn't been strong enough and you can say it's because of the hangover from 2008 or you can say that it's because there's been too much regulation or we already raised taxes or that there's obamacare. there's a lot of reasons the fed has had to stay at zero which has caused this income disparity. but if we have 3% or 4% growth we probably have wage growth. we probably have more success in the middle class. so it's how you attribute to what happened. >> look i think when i did my subprime trade, i closed it out in 2008. my tax rate was 15%. i got to keep 85 cents a dollar. would i have done that -- >> let's talk about where the capital gains tax is.

engender risk takes, do something worthwhile for society. but just the wealthy are paying a large percent. a larger percentage than ever in the past of total tax bill. i can bring up a washington post piece to show you that. >> well of course. if you're making a huge amount of money, of course -- >> compared to what they bring in they bring more back out. >> the statistics are very clear. >> but jeff you talked about davos. you're in davos and you talked about how everybody can't live the life they're living over here and you flew there on a private jet with two nannies. you were lecturing people on their lifestyle. >> that's not the case at all. >> you didn't fly there -- >> i did fly there on a private jet. not two nannies. but this is exactly is happening. people like me have had a fantastic ride these last few years. but, look i think the problem for the middle class is not about taxes. it's about globalization and technology. that's what's killing all the job. >> 3% 4% growth would help.

>> how do you grow when -- >> there's a lot of was. cut corporate tax ts. you don't just start redistributing more and expect -- >> you talked about a $1 trillion infrastructure spending plan. right? >> before we pay off entitlements, before we deal with 70% of the gdp. >> right now the situation we have is people in the middle are getting killed in america. and in all western advanced economies. there's no question about it. whether it's jobs like travel agents factory workers, all the middle jobs. if you're a surgeon or computer programmer, you're doing great. but otherwise you're chopping salary in the kitchen at a restaurant and barely making the wage. 76% of americans live paycheck to paycheck. thap is not a recipe of growth in the economy. >> is that an argument against free trade? because that's something that has been used again and again in this argument to try to shut down the free trade bills. >> i'm in favor of free trade. you have to embrace it. getting back to what you asked on infrastructure look. at this point we're in a crisis

as far as creating jobs for those who are in the middle part of our economy. how do you create jobs in my opinion? >> private sector. >> well, i think you add a trillion dollars to the deficit. you rebuild the infrastructure of the entire country. how many times when you walk into la guardia do you feel a warm fuzzy feeling like it's state of the art? i was driving through some of the communities in south florida recently and looking at the schools. i mean these schools were built when i was a kid. we want a topnotch education system, let's rebuild our schools, rebuild our hospitals. how about in l.a.? when they had that flood in sunset boulevard. you've got poverty and lack of job opportunity on america's streets and antique pipes rotting away below them. how hard is it to go there and start rebuilding these? i don't think it's a long-term solution. you're not going to keep the economy going for a hundred years on infrastructure. but you can get through this period while we sort out the bigger issues which is improving

education and making ourselves more globally competitive. >> robert we want to thank you and we will continue this discussion in just a little bit. coming up greece and the eurozone looking to bridge the gap and break the deadlock over its bailout. we'll go live to athens after the break for more on today's last ditch effort. and take a look at the futures this morning. futures are indicating up 57 after not an awful session yesterday. it's been a pretty good week. we'll be right back. 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 and a free 30-tablet trial. you wouldn't take medicine without checking the side effects. hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck.

welcome back to "squawk box" this morning. the futures right now look good. dow looks like it would open up 36 points higher. nasdaq up 7 points. s&p 500 up about 3 points and holding onto gains from yesterday. a story getting a lot of buzz this morning, the fcc is going to be fining at&t mobility $100 million. it accused it of misleading customers with data plans. once hitting an amount of data they slowed down service. >> i don't think they're even arguing that. they're fighting it saying they told the customers that. >> i read the articles. >> and it seems clear in the signing that if basically there's a lot of congestion at certain times and certain places

that this could happen. and the $100 million fine is -- >> it's false advertising. the $100 million fine has to do with false advertising. their point is saying we told them it was going to happen and it's in the contract. so they're not even fighting that they were doing it. they said we were doing it we told them we were doing it. all right. let's talk about the protests heating up in greece as the country inches closer to default. eurozone and greek officials currently in talks yet again. and our chief international correspondent michelle caruso-cabrera joins us live with the latest. michelle? >> hey there becky. so many words, so little progress. we've already heard from a number of leaders involved in the negotiations so far today. but thus far, still at a real stalemate between greece and its international creditors. we heard from christine lagarde in the last hour. she's the head of the imf. she's in luxembourg for the meeting with finance ministers. if greece does not pay the 1.5

billion euros on june 30th they will be in default. why does she have to say that out loud? because there's reports there's a 30-day grace period. and she wanted to make clear. so greece officially in default if they don't pay on june 30th. we also heard from angela merkel. she's the leader of germany. she made a couple of points. one, they want greece to stay in the euro but two, greece needs to fulfill its commitments. three, that the eurozone is in a much better place than it was a couple of years ago. not explicitly saying if they left things would be okay but maybe hinting at that. alexis tsipras is not in luxembourg. he's in russia. he's going to meet with vladimir putin. why and over what? the finance ministry has said greece has not asked for any kind of financial aid, but we'll wait to see what the meeting with putin holds. and then of course we're always waiting to hear from the greek

finance minister yanis varoufakis. there's zero expectation of any progress at that meeting. but there's speculation maybe he's going to have a take it or leave it deal. there's always some kind of nasty word sniping that happens as a result of those meetings because he really gets under a lot of people's -- gets people hot under the collar a lot of the other finance ministers privately complain about him quite a bit. you mentioned protests. there were protests last night. several thousand people showed up here behind me. the anarchists are maybe going to come out in an hour or so. they tend to be the most violent. then later in the evening we're going to see perhaps several thousand more people according to reports. there are expected to be more protests later today. >> okay. michelle, thank you for that report. we will stay in touch with you as the news develops. when we come back jack lew wants to put a woman on the $10 bill. also, new numbers out this

morning on the apple watch. details after the break. "squawk box" returns in just a moment.

by the time police arrive on a crime scene they could have little to go on. a vague description. a single piece of evidence. a partial plate number. with an app from ibm officers can now access over a billion police documents to find hidden connections and identify potential suspects. ibm analytics helps one hundred thousand officers work smarter every day.

welcome back to "squawk box" this morning. u.s. equity futures at this hour are in the green. we're looking at a decent setup after things were pretty good yesterday too.

dow jones looks like it would open up 43 points higher. nasdaq up just about 10 points. also we should tell you that the $10 bill is getting a new look. treasury secretary jack lew says a woman will be featured on a redesigned bill. just who, though that will be is still unknown. lew is asking the public for suggestions. the new bill will debut in 2020 and the 100th anniversary of the amendment giving women the right to vote. alexander hamilton has been on the face of the $10 bill since 1929. also new numbers on the power of apple. data from slice intelligence says 20% of apple watch buyers are also buying spare bands. tech research firm ihs says the sports band only costs $2.05 to make and it retails for $49. apple has not released how many units it has sold. and mcdonald's says its number of restaurants in the u.s. is shrinking. they plan to close more restaurants than it opens this

year. suggests this hasn't happened since at least 1970. when we return we've got breaking economic view on the jobs market. plus janet yellen she says they are on track for a rate hike later this year but the economy still showing weak points. we'll break down the fed speak and tell you what it means for your money when "squawk box" returns. it's part adrenaline and part adventure. it's part geek and part chic. it's part relaxation and part exhilaration. it's part sports car and part suv. and the best part? the 2015 gla. it's 100% mercedes-benz.

we are just a few seconds away from jobless claims and cpi data. we've been watching the markets this morning ahead of all of this. if you take a look at the futures right now, you will see we have been higher through much of the morning. remember the markets yesterday keyed off what janet yellen had to say when the fed came out we the announcement it's not raising rates. it's the devil's in the details about what she was saying. said rate hikes could be coming but not any time soon. that's when the market turned things around and ended positive for the day. again this morning the dow is up about 36 points. s&p futures higher by 3 and the nasdaq by 7.5. yesterday the 10-year note was at a low.

right now we're at two-week lows at 2.3%. what's happening with the talks in greece going nowhere. the dax is down .5% as is the cac. rick santelli is standing by. take it away. >> here we go. with current comp balance, $113 billion. and that is a deficit. a little bit smaller than we were expecting. a small revision to the last month. let's get into the cpi. .4%. also a tenth cooler at up .1%. 1. 1.7% is year over year. when we look at jobless claims last week was unrevised at 279,000. strip away 12,000 you end up a at today's number 267,000. if we continue to monitor ongoing continuing claims a little bit different timeline

they move from 2.27% to 2.22% so there was a bit of a drop there. the market here we hover slightly below 230. some significant tops about three, four weeks ago. it makes sense we're cooling off a little bit there. i know everybody wants to make greece the ongoing story that's moving all markets, but on close inspection if you look at bund yields, 10-year yields equities, maybe there's room for greece in there but it certainly sounded like to me that we are the conductor of an orchestra, the fed was the music sheet, and everybody else fiddled along with what was going on with regard to yesterday's janet yellen. the new definition of transparency is a lot of words that end up as a sponge cake. back to you. >> okay rick. steve leisman is back now. joins us with more on the data and more on the fed.

and then you know we have jeff here. i want to talk to you. not about politics. i want to talk to you about what you said about all the central banks. you were a genius in figuring out where the misallocation of funds was last time. and the consequences of it this is like the mother of all misallocations. are you doing something with this -- let's let steve talk but will you think about that? >> i'll think about that. >> there must be something we screwed up by all of this action no? >> definitely a lot of of dislocation of assets. >> just real quick, the surge in the headline from a 10.4% increase in gasoline prices. also a huge increase -- i'm not going to say where it was because i don't want andrew and joe to fight. i'm not going to say where that was. >> where was it? >> i'm not saying. >> airplanes. >> airline fares. they were down two months in a row. plus 5.7%. i think it's a seasonal

adjustment issue actually. just don't get too excited about it. overall, this is one where the fed's going to say you know what? the core's not accelerating very much but it's also not falling too much. we've got to work through all the issues out there. i think there's really good and confirmed news what's happening in the market. it's my desert island number if i were on a desert island where i know people wish i was when i start talking about this data. in any event, this 262 number people wondering are we going back to 290. but it keeps coming in low. it keeps suggesting strength in the jobs market. and i'm done because i want to hear as well from our guest host. >> we've got to go to someone else, but another thing, jeff. we said you shorted housing back then. but now you're really bullish. it's because you're trying to sell a house. i think we mischaracterized. would you characterize yourself as bullish -- >> no i'm not bullish on housing. >> we said that. we said it sort of just to tease you were selling an expensive house. >> but real estate is very

market specific. i'm very involved in the west palm beach market which is a market that's not recovered nearly as quickly as miami and ft. lauderdale. in that case with baby boomers moving south, low cost living all the advantages of our community. airport close by urban and pedestrian downtown. i think west palm has a good story. every market is different. >> but you saw the mortgage problem in 2007. you saw that it was glaring to you, obviously. and you talk to paulsen and figured out how to do it. but isn't there a bigger opportunity? or did we -- was the demand so weak that all of this excess liquidity will be soaked up and be okay? >> i don't think the central bank easing is causing a bubble. maybe with certain aspects of housing. >> not in the stock market? >> stock market -- >> not in emerging markets where they're borrowing all this -- >> i mean look. who knows where interest rates are going to go long-term?

i'm of the opinion that we have a huge global surplus of labor and a huge surplus of capital which isn't going away for a long time. if that happens, we're going to have low growth economies. >> so you sound like larry summers. >> why would you have inflation, why would you have high interest rates -- >> i don't think inflation is a problem. it could be asset inflation. let's get christian in here. for more reaction to the fed meeting, let's turn to a former fed insider. a former executive vice president of the federal reserve bank of new york. first of all, september, december 2016 2019 in our lifetime? what's your forecast? >> my forecast is still september. i think the committee yesterday was very careful to make this is a super soft september signal. all data dependent, data dependent, data dependent. but the hints were there. if the job market continues to strengthen, you saw the numbers

this morning. if the consumer continues to follow through on those better retail sales, growth steps up a bit. wages continue to firm at the margin. i do think we're still going to get a september hike. >> and then a nice orderly exit. we heard someone earlier today say back to 2% by the end of 2016 and everybody's happy. we exit. the stock market keeps going up. the economy grows at 3.5%. and we live happily ever after? >> so that sounds a little optimistic right? i think the situation, first of all inevitably there's going to be more volatility around that move into the first rate hike. no matter how hard they try to have a clean, clear message to the markets. rate control, i think, would be sufficient using their new tools. but it may well be a little bit sloppy sloppy. as we go forward, we have to remember that the fed is navigating now a slightly tricky

situation. in which we have this subdued growth momentum. but lousy productivity. and if that were to continue it's not a very easy environment for a central bank to operate in. >> hey, krishna, it strikes me that looking at the dots and bubbles and all the fun stuff is between those on the fed who want two hikes this year. this shows the movement from the march forecast of where people are and the bigger bubble there is the more people that are in that zone there. so a bunch in that 0.63 right now in march and then moving along. this is 2015 right here. so between 2% and 1%. it's very much like 1% is built in here. is that the idea at least for this year? >> yes, i think that's right. and i think what you're seeing ten participants want two or more hikes. seven want one or less. i think what that's telling us is that's a close call but with a lean to september.

>> and what about this -- couple of my colleagues made a big deal of this yesterday. maybe i was wrong. it happens every now and then. >> surely not. >> you were in this business you used to do this story right after the fed came out. they made a big deal of the shallower path. i kind of felt like that was baked in. i felt like that's been a part of the statement for so long that the market is clued into that and bringing it down a quarter point for 2016, that's kind of jumpchump change in the grand scheme of things. they're going tor low for a long time here. >> so i think qualitatively you're right steve. but i would disagree. i still think it matters that this rate the slope of the rate path, the expected rates next year and in '17, it keeps coming down. it came down a lot in march. it's come down a lot in june. >> that's a nice way of saying you're wrong. >> no it's okay. i saw that and he's right in terms of the historical part. it keeps coming down. and it gets to this larry

summers world of a world that does not require debt because as mis -- or unused capital all over the place. and if people don't need to borrow, it's just like widgets. if there's not a lot of demand for it then the price comes down. >> who said yesterday the whole reason is to debate the currency so we could have -- >> it was somebody right next to me. >> it was a famous person. who was it? >> oh. it was ron baron. >> it was ron baron. >> i knew that. i was quizzing you guys. >> ron said that they're intention. they're devaluing the currency so they can pay back all the money we've borrowed. >> it's never going to happen again. never going to happen again? >> i'd ask krishna this but my guess is they've never had a conversation around the -- or have they had a conversation around the fmoc about the impact of policy on the ability to repay the debt? >> absolutely not, steve.

absolutely not to my knowledge. >> they just wink at each other. >> there is no question that the dollar is part of the financial conditions affecting the economy. so it is factors into the mix. these base strategies i don't think should be taken seriously. >> talk about if additional nickel or iron should be added to the gold in the coin. which is debasing. >> my 88-year-old mother and all her friends will be happier when they earn more than 1% on their cds next year. >> so it's really harder to engender inflation than to stop it once it's out of the -- actually the same degree of difficulty? >> they can't get it started. they can't get it started, joe. japan couldn't do it. >> i know. i know. >> and we don't know how to do it. the whole conference is going to be about how to make inflation -- >> and janet's not coming. >> janet won't be there but we'll send her a report. >> it's nice there. i don't get it. when we return protecting the greenback when selling the

green. how pot entrepreneurship protecting the huge amounts of cash flowing into their shops. as we head to break, look at the dollar index right now. the dollar 93.76. we're back in a moment. you are looking at two airplane fuel gauges. can you spot the difference? no? you can't see that? alright, let's take a look. the one on the right just used 1% less fuel than the one on the left. now, to an airline a 1% difference could save enough fuel to power hundreds of flights around the world. hey, look at that. pyramids.

so you see, two things that are exactly the same have never been more different. ge software. get connected. get insights. get optimized. when you do business everywhere, the challenges of keeping everyone working together can quickly become the only thing you think about. that's where at&t can help. with the tools and the network you need

to make working as one easier than ever. virtually anywhere. leaving you free to focus on what matters most. despite progress in the fight to legalize marijuana for medicinal and recreational use, it's still illegal on a federal level. this leaves most entrepreneurs

with a lot of extra cash on hand. so how do they keep it safe? >> it's no secret that banks are weary of working with potpreneurs. it's a fight andrew deangelo knows too well. he's on his 15th bank in less than a decade. >> instead of going through the trouble of establishing a legitimate paper trail for their clients in the cannabis sector they'll just not do business with anybody in the sector. because it's just easier for them. >> but thanks to his massive security operation at harborside center, he has an establish with two banks. one a credit union and another a regional. things as simple as properly counting cash goes a long way in establishing trust with banks. >> it's really about watching and counting over and over again and making sure that people when there are shortages, if there

are shortages, we do a thorough investigation. >> harborside also has an extensive security system with vaults upon vaults to keep both product and cash safe. they have more than 40 security camera angles and biometric finger scanners on doors behind the scenes. but even with these measures in place, deangelo knows that his banking relationships are very fragile and that they're subject to change with cultural and political shifts. >> thank you for that. >> thank you. when we come back this morning, jim cramer from the new york stock exchange. we will be previewing today's trading session and the talk about aboutthe markets and fed. take a look at the futures. the dow futures up by 53. that's the highest we've seen for the day. s&p up by 3.8, nasdaq up by 10. ah, we're interested in the iphone. we promised one to beth for her birthday. you know mobile share value plans now include rollover data, so the data you don't use this month rolls over to the next month. wow, even better. so what are you gonna do with your old phone? i'm giving it to my sister emily. she gets all my old hand-me-downs.

oh i'm into bedazzling too. and you admit that? yeah...i...i used to be into bedazzling. i'll go get your phone. get the iphone 6 with rollover data to share. only from at&t. you probably know xerox as the company that's all about printing. but did you know we also support hospitals using electronic health records for more than 30 million patients? or that our software helps over 20 million smartphone users remotely configure e-mail every month? or how about processing nearly $5 billion in electronic toll payments a year? in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. with xerox, you're ready for real business.

stocks to watch this morning. include rite aid. earnings from the drugstore chain beating by a penny. but a sales increase of 2.9% was below forecast. shares of kroger getting a boost. earning top estimates and the grocery chain is raising its full year same-store sales

target. nice gain for kroger. novartis expecting increasing profit margins this year. cutting costs and revamping its drug portfolio. let's get down to the new york stock exchange. jim cramer joins us with more. i want to talk about "mad money" last night. i saw brent saunders call into your show. it was a great interview. >> thank you. >> what amazed me the most is he said, kind of slipped it in nonchalantly where he had the procedure where they shot up his chin in about 90 seconds. >> the article in the journal said this is something that won't be used. what this really is is that this is you go to your dermatologist and the guy says listen we have this drug and it can get rid of your double chin. 13% men expected to be used. more importantly gets rid of bags. gets rid of fatness around the arms. gets rid of whatever you have that you would have plastic surgery for to get rid of say,

fat in your face or body. i think this is the biggest drug out there. and you can't talk about it other than double chin. that's all it's approved for. but i think approved for. i think dermatologists are going to do a lot more with it. >> you are excited about the company. >> allergan just does not make a move without trying to have millennials in mind. they own the face the forehead the eyes the eyelashes. they have the area around your mouth and now they have your chin best real estate in the world. >> and we're working out. when you get married, you don't have to date. you don't have to exercise. so jim, you know that minor surgery, that's what they do on somebody else. i can't imagine if there wasn't something wrong, can you imagine going under the knife. they can't say it because allergan is a good company. they can't say, people are going

to replace the knife with this. would you rather have surgery that just a couple of shots. this is going to be the end of traditional plastic surgery for most areas. that's why it is a monumental drug right in the bag of the people that are also selling juvederm. >> you can guarantee i won't look like mickey rourk? >> you have better hair. >> nick nolte, maybe. >> he needs some other shots. a little like novocaine. >> jim great interview. loved it. we'll see you in the next few minutes. >> that's allergan. we are going to talk with jeff green including how he made a lot of money on a big twitter call. "squawk box" returns in a moment.

♪ ♪ ♪ at chase, we celebrate small businesses every day through programs like mission main street grants. last years' grant recipients are achieving amazing things. carving a name for myself and creating local jobs. creating more programs for these little bookworms. bringing a taste of louisiana to the world. at chase, we're proud to support our grant recipients and small businesses like yours. so you can take the next big step.

you can bemoan the fact that all stocks are happening in another country. our guest host for the past hour has been jeff green, an investor and real estate developer. you say, because of what the central banks are doing, there are certainly misallocations and bubbles. what do you think is happening? >> there are bubbles and opportunities. with the amount of cash that's been created, of course the art world. look at the art world. who are the people setting the records through all the

paintings leon black and stevie cohen. they are making money because of the huge capital spun into our market. there are bubbles. whether they continue depends on what happens with the central bank. i'm short the yen. i'm short the euro. i'm long the euro stocks 50 index now. i think it has come back about 10% since this greece situation has erupted again. there are opportunities when central banks do these crazy things. >> so euro sovereign debt is not the biggest short ever. bill gross has said. other people have said that is the biggest sovereign. much bigger than the opportunity in '08. >> first of all, it is impossible to come up and short these germans. if you look at how to do this we have been to this road before printed a ton of money in america. the stock market went up. they printed money in the u.k.

stock market went up. now, they are adding $1 trillion to the european economy. there is no question the stock index will go higher. >> why not the ten-year here. you could short that couldn't you? >> that's been a very painful trade with a lot of people for a long time. >> someday? >> it depends. if we keep having a very slow growth economy, then interest rates will stay low. i'm short 10 30-year swaps really as a hedge against my real estate loans, among many which are variable. it is hard to are short long-term swaps, because who knows where interest rates and inflation is going. i don't see rates going higher for a long time in this country. >> we talked earlier about how despondent the country is. it feels like the 1970s, in the late 70s now. we didn't talk about income inequality six years ago. we still talk about entrepreneurship and the american dream. it changed in 1981 or 1982.

this doesn't necessarily mean it can never happen again unless we are so close to europe now that we are stuck in this slow growth economy forever. >> if you look at what does global equal zation of wages mean. >> it means that the wages. >> that has been happening for a while. there have been disruptive things throughout history, when machines replaced common labor. >> let me give you an example. i'm building down in west palm beach. we went to get a bid for the engineers. we got three bids. one was 1.3 and the other was 1.2 and the other was $800,000. >> the guy that said $1.3 million, you have to do it for $800,000. >> he said they are using latin-american engineers. they are sending off the plans to latin america. they are working a third of the

price of american engineers. america is saying we need more engineers. why? this is going to keep going through our economy. >> which bid did you take? >> we are doing it for $800,000. >> you have the quality of life the technology is delivered around the globe to people. even in emerging middle classes. there is an offset to all these things. a half empty way and a half full to look at it. >> no question. the rest of the globe is doing much, much better. global poverty is down. >> do you know anyone who is not carrying a spare univac 8-floor computer. food production disease health care. >> you are speaking globally. >> from a developed country. >> i agree. >> if it is a zero game we meet down at some lower level. if we keep creating. be op tim mtimistic.

>> i'm optimistic. i'm flying out of here on a sea plane. i think we have more opportunity in this country than ever. we have to make it through this period. >> you mean this second term. >> no these next 10 or 20 years. >> the next few years. >> we are going to have mass sick job destruction in the middle class. look at autonomous vehicles. there is no question in mind you are going to have driverless cars. 4 million drivers will lose their cars. every auto body shop will be closing. they are not crashing into each other. just from that one invention, look at the amount of job destruction we are going to have. let's make it through this period, nice infrastructure spending. let's give our kids a solid base of that. >> you want to spend another $1 trillion. >> that didn't even fill a puddle. >> we'll do a better job this

time. >> that's what they always say. we will get smarter people in government to do it for us. >> you have the smartest person in the world in government right now. >> thank you you very much for that. >> thank you for talking. >> good to see you. >> make sure you join us tomorrow. "squawk on the street" is next. ♪ a momentous day for fitbit. good morning, welcome to "squawk on the street." i'm scott walker with jim cramer. carl quintanilla will be here next hour. we will hear from david faber momentarily. first, a look at the futures. setting up for a pretty decent opening. the dow jones with an implied open plus 51. s&p and