ralph peters saying how russia is no longer a threat except for their nukes. all right, neil cavuto, take it away. neil: charles payne, great job with the ceos today and just saying what price deflation? welcome, everybody. very glad to have you with us right now. of course, greece is still the word right now, but i do want to show you the fallout here on something that shows the half full glass, if i can for a moment. i'm showing you right now the yield on a ten-year note. i know that seems rather arkansas cape to you here -- arcane to you, but it is going down in yield, up in price as this flight to safe haven continues. so the worse things get over there, the better it looks for any kind of dollar-denominated assetted, treasury notes and bills and bonds, that have been benefiting from this. the reason why i point that out is that has mitigated much of drop we've been seeing in our stock market. the dow jones industrial has been all over the map here, i have no idea how it will end the day.

suffice it to say the futures for a while had been indicating a 300-point dropoff. again, anything could happen over the next four hours of trading, but that underpinning, that low interest rate underpinning could be very good news, indeed. in other words, the world's ills could be our gains. again, not that we are such a bastion for capital, but compared to the rest of the world, we look pretty good. ashley webster in the middle of all of that in athens with the very latest. ashley? >> reporter: hey, good morning -- well, midday to you, neil. it's early evening here in greece. you know, greece is one of those countries that's, i guess, it's like a friend that's always broke and asking for money, and you lend them money, you know they're never going to get it back. they go out and spend it on expensive starbucks coffee, and they call you mean names such as you're a terrorist, you're a blackmailer. that's pretty much how the rest of the e.u. feels about greece right now. this overwhelming no vote, and now they're going to go back to

the creditors and say, see? this is a country that doesn't want any more austerity. how about giving us some debt relief. there's a report that the greeks tomorrow are going to ask the e.u. leaders for a 30% haircut on their loans. in other words, we'll give you 70 cents back on every dollar you lent us. that will not fly at all with the germans. the french and the spanish are a little more, well, okay, maybe we can find a deal here. the germans are saying, forget it, not interested. of course, things will change tomorrow. in the meantime, what happens here in greece as we just sit and wait for something, perhaps a lifeline of some sort to come from somewhere? the imf said today, hey, listen, we've been following this very closely, we're ready to help when asked. really? because greece defaulted on their payment to the imf, they can't give any financial support, support, so what's it going to do, give them a round of applause? not much the imf can do. we have the ecb that could extend a loan to the banks. they're not going to do it unless they get extra collateral

guarantees, so the banks are going to stay closed for at least several more days. we're seeing shortages of food, of medicine, but none of this seems to matter to the tsipras government who, by the way, got congratulations today from mr. castro in cuba, the socialist government in bolivia, the socialist government in argentina who said bravo, it shows the people matter more than money which is wonderful, isn't it, when you're spending other people's money. neil, back to you. neil: very sympathetic support from bernie sanders in the united states as well. ashley, thank you very, very much. as ashley was just pointing out, greek banks are going to be closed for at least the next couple of days. by comparison, in cyprus a few years back when they had their financial crisis, banks were closed for 12 days before that was ultimately resolved n. panama, 1989, that went on for nine weeks n. argentina, it went on for a year. that was then. they hope this is going to be a very different type of crisis right now. but even when they do get their

hands on their money, they are limited to the equivalent of about $60. that could change, but again, for the time being it is very, very limited. all right, to connell mcshane on market reaction here and abroad to what's going on. >> it's kind of interesting, we were showing a moment ago the steep drop in oil today which is one of the big stories, but i think a steeper decline in stocks would have been expected than what you're seeing right here when we woke up this morning and futures were down 200, dow industrials now down only 40 some points. neil hit on one of the key points, and if we look at the intraday chart of dow in today's trading, you'll see where we started and where we are now. at this point at the beginning of the session, we were at the lowest point in the dow since february 3rd, but back we came. lower interest rates here, as neil mentioned at the top of this broadcast this afternoon, that's certainly part of it. the other thing, look at china. i mean, china's pumping money like crazy into their economy, the stock market, trying to pump up stocks there after the big declines we've seen in recent weeks. so that seems to be helping out.

and i think also when the greek finance minister resigned f anything, that helped the stock market. so asian markets are down much more than what we've seen here, 2, 3%. if you look at japan and also hong kong. but the one area of the market where we're still looking at fairly steep declines are some of these energy stocks, transocean, pioneer, marathon oil, all big declines. if greece is unable to pay for its oil imports, of course, you're going to have some problems there. but the oil price itself is seeing a big decline, neil, as the bottom of the screen indicates, the biggest slide in three months. big declines in energy, $54 oil, but overall things looked earlier morning like they would be a lot worse than they are now for our stock market. neil: is it true you're not shaving in sympathy with the greek crisis? >> exactly right, you're on to me. neil: only then will you pick up a razor. >> when news of my beard -- we

don't believe in coincidence. neil: kind of a greek ringo thing we've got going on there. that's less than a week. [laughter] well, i've got a bid for the next two hours. until he stepped into the studio, i didn't know what i was going to do, but now i do can. [laughter] thank you very much, my friend n. the meantime, what is the fallout here? in all seriousness, when connell touched on this, they want to know how long does this bank crisis go on? i told you about the record right now with argentina, something that you would drag this out for, what, a full year? that was back in 2001. are we looking at anything like that? we've got lenore hawkins here, jim he camp, lizzie macdonald. in our country, guys, obviously, we just print more money. they don't have that option in greece, but they do have the option to sort of go back to their old currency, start printing that and just add confusion to the markets. where do you think things go, lenore? what's next in this drama? >> well, until we get some

different greek leaders, i think it's going to be very difficult to make any progress. the current group of leaders seem to be from the foot-stamping school of negotiation, where if you just whine and complain enough, eventually the other side will cave. you can't go attacking your counterparties the way they've been doing it, and they're not willing to offer any concessions. understandably, that's what they got elected on, so they're kind of in between a rock and a hard place. and the greek people really don't have much of anything left to give. so something is going to have to break, and it's unfortunately, i think, going to be the greek economy. neil: well, they could go into other people's open arms here, vladimir putin comes to mind. we are going to great into that a little bit later in the show. you know, jim, given the size of this no vote and the fact that it was overwhelmingly such a no vote, you have to wonder whether at least the prime minister, socialist, leftist, whatever you want to call him, he's still got overwhelming popular support going into this potential financial abyss. what do you make of that?

>> well, and they got rid of the finance minister, and a lot of people feel like that was the head that had to roll so that -- neil: he's the finance minister whose name you pronounced far better than i did. i generally avoid the names with all confidence, but he did resign. some say he was forced to. >> people feel like that's the head that needs to roll so negotiations can be a little bit more friendly. keep in mind, negotiations started with expectations of reparations from world war ii. so it was almost like this whole game theory, and he was a game theory guy. so a lot of people now feel like, well, this'll open the door for new negotiations. i think they've handled this very poorly though. they advertised that they were going to institute capital controls on the banks well in advance, so everybody yanked their money out of the banks, and they haven't really done anything that would really reform that economy at all, nor have they proposed anything. so i think they've got some real issues here, but a lot of this does fall on the part of the

euro leaders as well as the greek leaders. neil: you know, if you think of those prior crises, lizzie, that i've talked about where banks were shut for an extended period of time, panama for nine week u argentina for a year, the underlying economies were fairly sound. in other words, each of those governments had something to fall back on. the greeks, for the time being, do not. what do you make of that? >> yeah, that's an important point because greece has tough choices. either you accept the eurozone's terms or you, basically, devalue your way out of the crisis by letting that drachma fall in value, and you continue to pay these utopian welfare benefits with worthless paper. the greece economy is largely a closed economy. its main exports are re-exported oil, maritime services, cotton, and it's the tourism economy. so, you know, it's not like what argentina went through. argentina did start to devalue its way out of its debt crisis, but argentina at the same time, lucky for it, it got a lucky

break, it had a global commodities boom at that time. neil: that's exactly right. >> they could export their beef, their grains. so greece is not in a good spot right now, and it's not like what argentina went through at all. neil: you know, we were talking about argentina, that experience, of course, the birthplace of the pope, of francis, he's in -- not around general teen that, but he is going to some poor countries, ecuador earlier today and will be through the remainder of the day. he has been very sympathetic, lenore, on the plight of the average greek people. he has urged in no uncertain terms that lenders resolve this. but putting clearly the onus on lenders, that this is a populist pitch to try to see the difference between those who have the money and those who owe the money. what kind of a role do you expect the pope will play in all of this? >> i think he's going to try to get as involved as he can because the situation is such a

horrific impact. the greek people simply cannot do any more. their economy is in shatters. it's kind of like having a family with a single income earner, you've got a spouse with a spending habit that makes imelda marcos looks like she wanted to go shoeless, two cars in the driveway can badly in need of repair, a mortgage that's an adjustable rate, and you're holding down two jobs. your first boss is telling you you need to put in more hours, your second is telling you your skills are lacking, and the bank keeps telling you to get your spending habits under control. at some point you tell everyone to shove it, and that's what they did this weekend. meanwhile, the lenders, on the other hand -- which is basically the rest of eurozone -- they don't want to say, yes, please, raise my taxes to bail out the greek people. >> i think i'm hearing -- >> it's the government. >> i think i'm hearing the lyrics for a great greek rap song or something. that was really amazing. neil: she went through every ailment. go ahead, jim. >> you've got people, you've got

more than 50% of youth under the age of 24 still living with their parents n. the meantime, most of their small businesses get away with not paying any taxes at all. nobody's really addressing all of the real problems that are in greece which is they have a very corrupt government in terms of cronyism and the way that they collect taxes or don't collect taxes, too many people on the payroll, and they have an unbelievably friendly retirement system where people retire too early, and these are all things that have to be fixed. >> yeah, if i can jump in quickly, i mean, greece's tax evasion is 10 billion to 20 billion a year. they could pay a lot of their debt problems if they just collected their taxes. but they're not -- greece, basically, a fifth of the population works for the government in greece whereas here in the united states all in it's something like 7 or 10%. so that's how we differ, and we have a more active population who really tries to hold state and local governments and the federal government to task. neil: all right, guys --

>> and the reason everybody works for the government is you can't get anything done there. no one knows how to get a permit because the tax code is so impossible to understand. neil: lenore, you'll be happy to know we've been diligently researching the number of greek kids who have braces for which their parents have not paid. it's 17,000. [laughter] we just made that up. that's the mess in greece. a lot of people think this idea of bank shutdowns and there's a run on their money and people don't know what to do or how they'll get their money, it could never happen here. never, ever, ever happen in the united states. don't you folks read your history? it did, it has. it can happen again. after this. ♪ ♪

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♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. neil: all right.

well, there will be no lenders bearing the greeks any gifts right now. we're just hearing from the german economics minister that -- i put the german act sent on that to sound like i know what i'm talking about. but anyway, a greek insolvency is imminent. remember, they didn't even want this referendum, and there's enormous pressure among german voters to do nothing for greece right now. that despite the fact that germany is $60 billion in the hole to greece. in other words, a lot of that money, most of the money that greece has, it's german money. it's not american money. it dwarfs all other foreign lenders. germans have the most to lewd -- to lose here, but they're not going to lose any more, playing hardball. insolvency is imminent, there you go. this might be a negotiating tactic, hard to say, but we've already told you about what had been a run on greek banks, and they stopped with greek banks even being open, they're going to be reopened wednesday, that

is sort of an open-ended time when greek voters can get their hands on maybe the equivalent of $60 a day. but even that might be wishful thinking because they might clamp down on that, and we could be looking for a long shot. now, a lot of people say, well, that's greece, that's not us, don't worry. but, you know, it has happened to us. franklin roosevelt did forcibly close u.s. banks in the midst of the depression to sort of get everyone's act together on the same page. didn't last very long, but it did happen here. could it happen again? american bankers association ceo frank keating says don't bet on it. why not, frank? why don't you see it happening? >> well, neil, i've got to say as a former oklahoma governor and a person who loves his state, oklahoma tried the first state insurance fund which went bust quickly after the depression began. so the process was to create an insurance fund that would cover all of the banks, so there would be no runs on banks. today the capital fund and the

insurance fund itself, you're talking about well over a trillion dollars. the banks are all highly capitalized. most capital ever. and the full faith and credit of the united states backs up the fdic -- neil: no offense, governor, i hear you, but there was the full faith and credit that backed up the banks in the middle of the meltdown about eight years ago, right? obviously, people were trying to take their money and ask questions later. i know it's a night and world difference, but do you think if we had the same sense of panic here or that everyone was getting out of dodge at the same time let alone what goes on in the stock market, that people could feel it at lanks? >> well, i -- at bankings? >> well, i really don't think so. and i'm not just saying that because i represent the banks. the reality is, neil, the banks that went under, if you will, the nonbanks, there was a run on them. they were not insured commercial, federally-insured banks of the united states. those that went under, there was not a cent lost on the part of taxpayers or on the part of

depositors here over the course of the last -- neil: and we should explain, governor, you're an encyclopedia on this. just to remind people, part of fdr's plan to shut down those banks force write was to organize and -- forcibly was to organize and get around an insurance fund that all banks would adhere to. so you think that is what protects us today. but do you think can more the fact that we just print our way out of this all the time, when push comes to shove, we'll just print more money to ease the crisis? >> well, i think, neil, and you have talked about this before, the issue for us, we're at 105% debt to gdp. greece is, what, 175%? so the united states is speedily going down that deficit road. that is very worrisome. medicaid, medicare, social security, people my age and older are going to consume a lot of resources, and that's something we have to look at, we have to resolve. we have not done anything about it.

the greeks didn't either. they lived in happily ever after, partied. we're awfully close to that, we have to address it. niels neil always a pleasure. thank you. to the governor's point, there are mechanisms in place to avoid it being repeated. now, again, i've been telling you what's going on with the dow, it's down about 24 points, but i also like to stress the potts news. we started this show talking about the ten-year note and how the yield has gone down. oil prices are down a lot as well. now, a lot of that on fears that the economy globally is going to slow down as a result of this, and that has led to oil prices dropping close to $3 a barrel, down close to 5%. do you benefit from that? maybe at the pump? do airfares benefit from that? maybe on your next trip. the side of the story you're not hearing from the greek crisis everyone else says is unending, after this. ♪ ♪

neil: you know, they say in the middle market selloffs, one man's selloff is another's gain. now, a gain could be coming here in the oil markets. we have had a big drop in oil prices. the catalyst is what's going on in greece and the fears that much of europe is dissolving here. that's probably a bit of an overreaction, to put it mildly. but just that fear that we could head into a slowdown or worse, an outright recession, and that it picks up steam across the globe has oil prices down a lot. will this stay? is to our energy watcher, phil flynn, on whether these greece fears are overwhelming or even remotely justified. what do you think, my friend? >> well, i think the jury's still out. there's still a lot of unanswered questions. i mean, with the situation not only in greece is disturbing, but what's happening in china, neil. we don't know what they're going to be able to control that stock market selloff, and if that could actually hurt oil demand. we do know this, we do know that the chinese government has thrown everything but the kitchen sink to try to support that stock market.

they're buying stocks, they're telling their companies that own stocks to buy more, and they're also telling their traders they'd better not catch any of them short selling that market, so that's a determining factor. but just as fitch just came across a few minutes ago, they were talking about the greece crisis, you know, as we get close or towards a eurozone exit for greece, there's no rules on an exit. we don't know how this is going to go. it's going to be one day at a time. so we're just waiting to see how that all plays out. neil: all right. thank you, my friend. mr. flynn, of course, in chicago monitoring this very closely. well, the natural assumption, you would hope, if oil prices go down, your airfare prices go down as well. of course, there are those fees involved here. spirit airlines' ceo became famous for showing how up front and transparent spirit is, at one point squeezing himself into a luggage bin, right? one of those overhead bins. [laughter] i tried that and got my left arm

in, and i said, all right, i understand they're big compartments, but i'm going to leave it at that. what were you doing, ben, what was the point you were making? are these very large bins or what? >> great to have you back, neil. no, we did that to show people to try to better explain our carry-on bag fee back in 2010 when there was a lot of media outlash on that and tried to show people what a problem it was trying to fit all the bags on an airplane. neil: understood. you are a ceo, and i think you should comport yourself as a ceo, and stuffing yourself into a luggage bin is not comportment behavior. i kid. ben, you're not part of this justice investigation, i understand, that that's going on about price collusion among the carriers, but the reason a lot of fliers were sell -- celebrating over the weekend, it's about time. what do you make of that about your competitors colluding when it comes to prices? >> well, you know, certainly for

the year of 2015 so far there's been plenty of price competition. but if you look over the last five years, the department of justice has authorized four big mergers that have resulted in four carriers carrying over 80% of all the traffic in the u.s. so we actually applaud the doj in looking into see if there is anything about the results of those mergers that has been negative to consumers in terms of higher fares. so we're going to look just like all other consumers and see what the doj finds. neil: now, the one thing i didn't ask about, i can't imagine that airlines would openly collude on these types of prices, in other words, say this will be the rate roughly we're charging going from new york to miami, new york to l.a., l.a. to dallas, etc. but that's kind of what justice is hinting at here. would it be that blatant, or would it just be industry, you know, following industry? in other words, here's what another carrier's offering on a route, either trying to increase the fare or decrease the fare,

and others just follow? would it be that blatant? >> we're not sure exactly what they're going to look at because, again, we're not part -- we weren't named in this. neil: right. >> one of the reasons we weren't named is because our fares are very low, and we keep this many low, by the way. neil: you also nickel and dime people to death. you do, you do. i understand your savvy customers know that you charge extra for, like, wearing clothes, but you do charge extra, right? >> how do you say -- neil: low price. >> a lot of them do can, and how do you say nickel and dime when our average fare's only about $80? it's nickel and diming when you're charging $500. neil: i have been at an airport where one of your customers was surprised to find out she was being charged for something. do most of your customers know these fees and avoid them? either avoid the chi crossing or a-- kiosk or go commando?

how do they know what to do? >> the vast majority know, and when they buy from you our web , they absolutely know because we're very transparent, and we're working with our partners at orbitz, travelocity and expedia and the other three parties to help contact our customers in advance so they know as well, because it's harder for those sites to be able to talk about the rules given that they sell hundreds and hundreds of airlines. so when they -- in that case if they buy from a third party, we want to talk to them before they get to the airport so they know -- if they buy from our web site, they know up front. and more and more or of our customers know exactly the drill and really appreciate the unbundling message. neil: you do spell them out. but now southwest is the only one that doesn't charge for checked luggage. jetblue, the latest to sort of cave. do you think it's a matter of time before southwest does? >> well, southwest does charge for it, they just charge everybody for it because they include it in the bag fees -- i mean, they include it in the ticket prices. neil: they say they don't do

that, but it's just a matter of time, you think, whether it's reflected in the price or in a surcharge outright. >> well, you know, they say they're not going to do it, so i can only listen to what they say. neil: i've got you. >> but you need to ask them if they say they don't do it, how do they pay for their bag belts, for their losses when they lose a bag or damage a bag? how do they pay for that if they're not included in the ticket price? of course they are. neil: ben, thank you very, very much. >> thank you, neil. always good to be with you. neil: same here. all right, here's how greece knows it's doing the right thing, it's got raul castro supporting what it's doing, the leader of the socialist party in france supporting what it's doing, sympathetic to what it's doing including france's prime minister, socialist background, supporting what it is doing can. and now it's got bernie sanders, all but applauding what the greeks are voting to do. after this. ♪

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>> back with a business alert before we go back neil on "cavuto: coast to coast." we want to talk a little bit about about china at the top of the show today mentioning chin and how central bank there pumping all of this money into the stock market. down 30% cor so-so clearly the government was concerned about that. wanted to pump back up chinese stock market. as it was doing that and did help in bringing chinese related share back seemed like it was helping our stock market come off lows with one group that is an interesting exception to the

rule and maybe worth looking at if you are looking -- that would be some of these chinese social media stocks. reason we say that and pointing them out here briefly is many of these stocks down big today. 11, 10, eight and a and a and at have been high flyers some of the high flying stocks giving back some of their recent gains so you wonder whether the games and other chinese related shares even in our market coming off as well whether that gain will have legs or temporary because of the central bank involvement today. more to come back to you for now. >> you'll be happy to know e-mail fast and furious not on that stoirl but your beard this from adam, yahoo rights i like beard you'll jealous neil you can't grow one. dawn writes i think he looks sexy, commanding knows what he is and who he is that was from my wife. [laughter] all right we'll keep you before

before and after imageses on whether you think this is a good look for connell. we think it is. >> a man crush on him. making karl feel uncomfortable. somebody else other than gasparino to go to comment for. >> some of that cologne. >> charlie i forgot my tie. good having you my friend. trchg thank you. >> now we've got a lot of folks looking at how this brief is politically. bernie sanders sympathetic to the greek people in understanding greek voters why they voted that's the way they did. hillaryhillary clinton, i havend negative but a clear indication that thaftion a populous pitch made in madison, wisconsin, but still what do you make of this? >> i mean he's clearly pushing, prodding hillary clinton to the left and what is interesting -- >> stress that he understands --

>> nice to see if hillary clinton, with interesting to see if hillary clinton goes and says yeah they should default and screw over my friends on wall street which is potentially default and is what the default would mean to a certain extent a though wall street hedged for a long time. default is a hard word and larry think that goldman sachs respectively issue support of default would be on phone with her in a minute. what bernie sanders is say about forget merits of greece it was austerity there was no free market, growth potential here, an i understand that. >> no carrot. put that aside. what bernie sanders is doing is throwing a huge curve ball to clinton people in private meetings in new york particularly, with fundraisers what her fundraisers are saying to money people is this, kind of ignore what she's say okay, we know she has to go will have led

reminding people of two thing she's strong on israel. maybe strongest person ever on israel. and they're reminding him that she's very good for wall street a quote unquote. >> margaret much to say? >> yeah, john said the same thing and they're repeating that more now. >> with burt -- >> it is about people hate politics. don't believe what i'm say, just all rhetoric we have to get through primaries and then -- rhetoric that would represent a 180 from your personal view. >> that is republicans do this -- this is fairly blatant. >> listen republicans are going to have stuff jeb bush has a lot to answer to as well. explain that. >> i will say this since i reported last week that bush, you know, when he released his tax returns and kind of left out any mention of lehman brothers we should point out that jeb bush worked at lehman brothers for two years, he earned couple million -- >> known as advisor to the

investment bank, and what he did was, and his people keep trying to change the subject. tell me he was involved in some tell come deal. he won't to carlos slim mexican billionaire and asked for a bailout. he did that according to bankruptcy report filed by antoine lucas major player that is a report view. >> most said they did that. >> what they're telling me is they're involved in a telecom deal i don't know where they're -- >> different on telecom deal an trying to urge support. >> yeah. and i'm trying toe get to the bottom. i understand why jeb bush doesn't want to talk about his years in lehman and on wall street barely mentioned that he worked after at barclays. well barclays took it, and his contract extended barclays. by the way, most of his money made the by two between lehman

and barclays i understand why he doesn't want to talk about his role at the prm which was large test i believe bankruptcy ever. american people deserve to know his connection to wall street. you don't want some guy with that -- owes wall street favors you know in the white house. we've had -- we've seen this before. >> more to hold hmm to this community hillary or jeff? >> they both listen, clinton foundation i've never seen anything like that before my life in terms of conflict of interest but beholding to wall street and americans deserve to know about it. he should fess up. just tell me. >> patriot all of a sudden? >> i'm always a patriot. i've had that beaten into the young age. my father was a marine. >> okay. [laughter] >> all right. now i'm kidding charlie grays free know with or without a beard. no connell. >> a handsome connell. >> where we're comfortable with who we are. when we come back you know that greece is on hard times, right?

who do you think could come to rescue and say they're vacant right now. write them a check right now. that is that guy -- yeah. are you ready? can a business have a mind?

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>> you know by far most talked about issue on this show, of course, i'm talking about donald beard and how much it compares to jeff formerly plo saying this is jeff flynn today, so i think that that doesn't quite bring it hole the way maybe ten year ago or maybe twenty or 30 years ago to be closer with connell. but connell i think that's a pretty -- you look a little fuzzy. but i mean, that's -- very interesting overwhelmingly, though -- >> power is response, though. >> it is overwhelming. >> overwhelming -- rngens dozens of e-mails have come in.

like the greece no vote. >> better than the greece no vote that is exactly right. so keeping true jeff flynn and connell is writing a song. putting this greek tragedy in perspective later on. but this is what we do here coast to coast not only about the news that effort mass to you but news -- it is not but the truth of it. all right thank you very much for that. more connell and his hits later on, in the meantime i do want to let you know what's going on with the pope in ecuador with very interesting areas of popemobile. it is sort of humbled it down a little bit here. not nearly as ostentatious as it was during jean paul the ii and that was a very, very core region of the country, in fact, all of the countries he's visiting. very poor, very hard, oh, and this is one thing that has been pretty much a theme of the papacy of france is here to even

askew his own country of argentina. he wants to visit throngs to sort of getting of the shaft in life. he's spoken out against bankers, capitalist and economies that have not benefited everybody. many argue he was instrumental in getting the united states and cuba to normalize relations. he's also spoken out against the inhumanity for climate change he's gone on to say that it has been for the world an that it will lead to steal more poverty if not addressed. now in visits to some poor crowds he's saying you know, you're not imagining it. you have gotten shorter end of the stick more or less said to european leaders before leaving rome that he hopes and trusts to prevail upon themselves to do what is good for human spirit indicating clear cities with the greek people and not commented as far as i know on this greek referendum vote but he has said

that man kientd has an obligation to reflect ills and ailment whether that includes greek or anyone's guest but been sympathetic to the so-called down and masses, we'll see how that resonates. clearly in ecuador very, very well. all right former defense official john, on someone else who might be coming to the greek's rescue with money in hand. not the pope i'm talking about that other guy putin who right after greeks might be vitally more important. what do you think if he swoops in right now? >> it it is simply what is consistent with history a big deal for saying never let a crisis go to waste that is going on from peter the great. so yeah, i think he's going to take whatever advantage. >> you cover the feater the great. you were there. anyway, so -- >> what do you make of that? obviously, putin is lying low right now. but tsipras met with putin in a

span of just one weekend no less than three times including one visit that was hatefully rushed together is it your sense that that is one thing that gets europeans to say look we might not like this guy or like what greeks are pulling here. but we would be better having them under our poted than under putin fold? >> i don't think so. i think he's going to make it so they're not quite under his fold and try to do things like buy some influence there. maybe base some forces there, of course, greece is a member of nato they shouldn't allow that under nato treaty but at that point i think putin is very capable of buying enough influence there and may be able to force f base forces there. >> do you think tsipras cares with whom he's aligned more of the mind set with putin than he would with let's say -- any of the foreign leaders even of more understanding french president.

>> he's got his man date from the greek people and in his mind standing pretty tall and he may want to resist putin a little bit but they'll take money any point they can get it and if putin can write a check his economy may not be able to support a whole lot of that. but i think tsipras will take it with open arms. >> switch to the pope again with crowds in ecuador what role do you think he ultimately plays in all of this? clearly trying to go on crowds saying capitalism has a responsibility to look after the least advantagessed now of course he was brought up in argentina that was rocked by banking prices, and to evaluations, going belly up. so that did frame his mind set and all popes are framed by their upbring and mind set an what happens growing up in their country. pope jean paul the ii so this is

part of who he is. it is in his dna what rolle do you think he'll play in this crisis? >> i think he's going to play much of a role. an awful lot of countries are trying to figure out this guy. you know, pope is much more political in the previous pope we've seen in lifetimes. global warming stuff all of the things he's said he means well, obviously, will he have much influence frankly i doubt it. just now try to put in a good word for you but it doesn't look good. >> i'll grow a beard. [laughter] >> you know we talk about what is going on in grouse and activity you and your money and talked about fallout on banks and say it could never happen here and told you that it has happened here and we've seen banks shuts down as a result of a panel crisis that was a depression. but we do know in the short-term that gyrates portfolio take a look at your 401(k) if you're brave enough. after this.

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>> all right, if i've been at this point so i've been asked it twice in the middle of a crisis should you just get out of dodge, or just, you know, pack up and leave because it is scary well if you were to look at the dow right now you would be saying probably not. but for a while in the future market will have a 300 to 350 point fallout, you would be arguing maybe. if it was a week ago today that we would explain that. charles on staying cool through greece. easier said than done, right? >> a lot easier said than done. people who are up and don't want to lose that. but of course one of the reasons they're probably up is they wrote out couple of these things over past couple of year. what about the big one? then there are people who are not up. maybe just came back on to market recently or down a little bit that is the --

anxiety is hard. emotional factor let's face it, it is hard to control. we always see levels we're selling to get selling that is technical analysis works. because we can see where sellers say i won't sell at 100, 99 welcome 98, 97 and then selling and that is when you get these selloffs, correction not a minimum. >> it doesn't happen. >> historically this is one of the longest rallies where we haven't had a 10% correction maybe a third long etion now we can go another 600 days and match the record. but you're right. >> we should have pulled back by now no doubt. but what happens after the pull back you have to know after the investor. >> you have ceos of etna, and now those are two guys who aren't coming back any time, but they said things were looking better and that is a new. >> they kept pitching me on obamacare and how great it has been and created local competition we're shrinking down to two health care insurers at a

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>> all right greek drama continues right now with a german finance minister to host of others indicating that they are still going to hang tough on this. that the greeks have voted overwhelmingly. on a referendum that rejects any of the tough love that a lot of european lenders led by germans have been recommending as ashley webster has the latest from greece and closedbacks, ashley. >> well those banks get to remain closed for at least wednesday possibly thursday. we've got a vague for the next several days but we're not sure when that will exactly be. let's face it they're running out of minnesota and there's no deal in place to opt to the

emergency legending to them. we're expecting to hear from ecb some time this evening they've been very quiet and unlikely to raise that emergency funding. especially given the tremendous no vote yesterday. heard from imf saying we're waving closely and here to help if asked. but they can't provide money because greece defaulted only payment to the imf and can't make another loan. not much imf can do and to what year leaders will do. angela merkel meet for dinner to talk it all threw. merkel and there's some reporters call it and then tomorrow a big one, the crisis summit whether we'll see a new proposal from greece which is reported as a 30% haircut and i know germany's answers is beginning to be 9 and very rowdily. >> i get it. ashley could i ask you something you were in the city of athens proper, a few hours ago. did they chase you to the top of a mountain?

where are you right now? [laughter] >> we're on the roof top of the hotel. we normally take a picture of the greek parolment building but we figure it isrd boyar of that shot let's show you a border of athens bathe in sunlight as another day comes to an end. >> it is beautiful. but it is a serious question i have on this. greece has so many a tourist mecca, they have the makings of a way out of this. not saying you have to put a mcdonald's sign. but must have come up with ways to get out of this or -- they just thought it was so unlikely this moment they're staring at that they never had it. >> well, tour sm is huge, neil probably 16, 17% of gdp and a lot of tourists here no consolations heard that from the u.k., france, jernl and whether they can monitor it was crowded.

but what can you do if you're not going to make reforms that are being demanded it is tough to get money leapt to you. leslie can sell i'm sure they're worth a bobble or two. >> ashley thank you very much. when i say this but i some of the other channels i'll do my homework that is the way i roll. i'm telling you history, and crazy shouting and the trying to insight crowds, not ashley just solid dependable here's the leat that's it. and then the fact and all of the others are just crazy uponnies who don't even belong anywhere near microphone. that's them, that's ashley, that's fox. all right. now we've got david and jerry willis. charles offends our guests and subject as we kick off right now. guys is big government versus no government. this is all about a government that decrease too much give too much. charles, with you in the last

segment is this what it comes down to that greeks cannot let golf that government and a the support structure around it? >> absolutely. you go back to the 70s when there was a military and civilians took over prior to that, there was never a deficit. every year that grex ran a surplus when civilians to be over they never wanted that military situation again started giving goodies. here's good things deficits not that large when socialist said let us in. and ever since then deficits above 3% every single year amounted up and was right they run out everybody's money. >> clarification charles was not say he's looking for a hunter -- [laughter] after losing etna guys i don't to be on a -- roll here. jerry what do you think of this notion that look, i mean, you give away other people's money eventually you do run out. >> true and it is beginning to get worse. i don't know if you've seen the guy who is behind the last

finance minister, but he's a markist economist i don't know what that means what are you dfnting sounds scary to me. he said bairvegly that problem that greece has is there's too big of a divide between rich and poor. that is what all of their problems come down to. >> you spent about a half hour or hour trying to memorize that name correctly. >> i read it off. >> ultimately gets to be about those with the money versus those who don't. pope is playing off that theme in ecuador. don't wave your hand. >> around by bad people, bottom line is, last thing i check led around by god but maybe -- >> i see. >> bears your right but unearthly he's around my marches.

tired of hearing we're so different. yes we're different, et cetera, but oh we don't overspend do we? we don't spend things on health care systems that don't work. we don't spend things on pension systems that don't work that are getting worse and worse by the year that are adding up to trillions of dollars we don't have things like the fake disability payments that they're giving out in hundreds of billions of dollars in greece we don't have corny capitalism in here or screw the little guy. small businessman with new regulation and new taxes that don't make any sense and that convict. we do all of those things. that's the point of point we do everything right now that they're doing in greece. and it is like, you know, that experiment where they put a frog in hot water and doesn't jump out -- doesn't jump out because they slowly turn up water until it boils and then he dies. >> that's what is happening right here and we're getting very close to the boiling point look at that. >> christian here's the thing i worry about another problem with

this whole country is that so few pay taxes even though -- find a way around paying taxes i remember the heat, you know, that mitt romney suffered when he talked about 47%. in later playing remarks were they were accurate 47% do not pay any income tax an might be ample reason for that but that number has ballooned to now they say majority won't be paying any federal income tax that is not sustainable to david's point is it? >> it is not sustainable but let's look at greece here's where it is different than the united states. their uncollected tacks range in neighborhood of 90%. that's a huge difference from what we're talking about anywhere else. so they have a huge revenue problem. >> rate that bernie sanders wanted which to pay. >> anyway -- anyway. they also have another difference you know had is underreported underappreciated. greece is in this problem because they don't have the tools to get themselves out of it. they don't control their own

currency. most countries when faced with greek type problems would devalue their currency, they would increase tourism which is a huge part of their economy. theymake their exports more competitive. greece can't do any of that. part of the eurozone. >> a huge difference between them and us. >> christian, i hear what you're saying, right now zimbabwe trying to have the billion bill, but you know the notion that this having your own currency does not create an economy that could sustain itself. you have a large piece -- large economy where many people haven't been on the internet. they don't have a work ethic they don't have the ground, ground work -- to build this sort of -- >> the day to have very few options in a place like that. you know, like pus print their way out of it. >> but you know printing your way is -- >> to the fire. >> right. but -- used. >> tried to up him on that one.

[laughter] but i was going to tell you you haven't gotten to the point that we're talking about. a welfare utopia and see what happens at the end when you pay people to retire at age 50 when they work for 12 months and 14 months of pay when you see the goodies that were lavished on this society any american on vacation in greece came back and said needs people know how to live. of course they did they weren't paying for it now they have to pay for it. >> they have reigned in some -- now, though -- and i don't know. >> i have personally believed that imf will come to the rescue they have about 200 to 300 billion nobody is sure exactly how much money. it is a lot of almost all of it is taxpayer supported. so we're going to see another taxpayer bailout of the bank. imf is essentially -- [inaudible] >> orveg it would. but that is going to happen. happening seven years with greece is debt is exploding sound like maybe us. >> a very good is point one

thing that harry has been worried about, of course, he's looking for a big event it could be the government that gets in the way. black like that you have heard a catalyst -- suddenly takes hold. harry, do you see that happening now and do you see greece being the catalyst for it now? >> yeah, i see this kind of like the beginning of the end government has been suppressing economy need to discredit this bubble and when you add an unfunded government liability like south social security and h care. we have more debt than greece does. greece has a public debt problem, we have much more private debt. you have to leverage at some point or the economy doesn't go back. >>japanese are not done yet. not doing it. we're doing everything but that. >> what do you see happening? >> people it is just simple here when banks, governments, financial institutions, make bad loans, you lose your money. these loan it is need to be

written down mortgages are going to have to be written down to fair market value real estate goes down but frackers are done. you're not seeing oil sustainly above 60, 80,000 again so they default on their debt. chicago is in trouble on puerto rico who i've gone -- >> spell it out for me. what do you see coming? >> i see that beginning of the end we've been looking at when long-term government rates bond rates start to go up despite qe showing that q qe no longer working. >> looking for a huge crash. >> qe is over. next thing will be a great hike small 25 basis points. listen, you're right if you look at combined but that time stamp, it is not next year. it won't be the year after. bigger question is can we avoid it and still time to avoid -- avoid. >> to get outside of a lot of things. >> i don't like him using the term beginning of the end when you were talking about the pope. >> is that what you're talking about harry?

>> now you're concerned about what you said about the pope. >> after -- [inaudible] >> i think you can't keep a bubble going forever. [laughter] >> nobody can keep a bubble going forever that is what government -- [inaudible] looking for this for some time. maybe this is the event that doesn't. but is it built on the idea that we're just all of the global markets and especially built on helium or what? >> yeah, and all of the southern european countries and germany has horrible demographic worse than japan. we saw the japan crisis in 90s simply on dem graphic and germany has even worse iewm most worried about china. china bubble is starting to burst they're having to prop up this stock market and they're buying unused real estate. china goes down game over. greece could go down. >> more with the birth rates, extremely low, japan, germany, and greece also over 65 years

old. those same three countries in the top five old countries with no new people an young people there free immediately to other places. >> not all bad news i'm not willing to write off the entire global economy only the basis of athens i think it can get better. now housing in this country it is improving. there are bright spots. >> i got it not going to please a lot of viewers out there but another positive thing about the united states right now is immigration. there's a lot of immigration coming in. new blood, most of them are not killers as -- some people have said. most of them come here because they want to work hard. they're providing new blood, businesses et cetera so we have that in our favor too. >> none of that impresses you, you're saying get out of dodge, right? >> demographics only get worse and in a down term we've seen this in 2009, and '10 immigration came to a halt in 1930 from high test in u.s. history to zero. >> situation goes down. >> so coming back.

>> immigration does not come back in period of five years. >> right in the short-term but not in the long-term. >> no happening right now. [inaudible] >> mark my words -- >> places at a time the pope did say he'll see you for confession. on the phone tonight 6 p.m. be there or be square. or be lucky to get -- [laughter] we'll have a lot more the pope is celebrating a mass in okay with a with doer right now visiting poorest countries in that region. month after next he's here in the u.s. going to have the same message? we shall see.

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beard. again they'll let you know that connell mcchain as grown a beard this is connell on his way to sunday mass. right after mass he decided, you know, i'm going to grow a beard. two hours later there you go. [laughter] now, we have been trying to get a handle on this and what you think about overwhelmingly by a major about about greater than no vote in greece, that this is a look that is a keeper. overwhelmingly many say it dwarfs ring go, so i think that is a better comparison probably than jeff lynn. i think that is uncanny put sunglasses on. yeah. absolutely. >> you know on vacation this week so you never know -- >> you don't know what's next. >> wow that's really awful. >> all right that is connell but what he won't do for this show -- >> it's not found out about this

beard, well you will quickly find out. >> there he is that actually does look look it. >> well you look great buddy more from you later on. overwhelming results as request say 70% plus in favor of the beard. other 30% well, they were in favor of greece just sticking to the accord so it is uncanny. all right in the meenl time here we've got developments in china separate little soap opera to deal with because normally on any other day this would be big story but china is trying to do everything it can to salvage its stock market. and that in and of itself is rather telling in their market territory and still more than 25% from its high. we've got money guys thai young and jo ling kent on what comien is trying to do. what thier trying to ease is this massive selling and coals everything else easier said than done. >> much easier said than done

because you have a market that is driven by retail investors right we're not talking about this typical big institution that can steady the market. they're trying to stabilize things but if you look at stocks that are tanking we're looking at social media and tank because they're actually an indicator in some way of how the government views not just tech stocks but how they view the market overall it is very unsteady so you have it down 8, 9% what is interesting here that i wanted to share with you is put this into perspective look at the china issue and greece issue because we spend so much time talking about greece today. but turns out chinese market -- but looking at your 401(k). >> another condescending comment. >> and 2.7 trillion in value has evaporated in the cheen chinese

market if you compare that that is 11 years of the greek economic output or six times the grouse's foreign debt. if you look at the big story in terms of your wallet and your portfolio china actually really could bring your wallet down a notch. >> beer could. >> i don't know that is strong is point. >> i'm remindinged that do countries succeed that try to make it harder for investors to sell or provide to sell in our country we have margin calls where if you borrow too much money you have to throw more cash in or sell stock and it feeds on itself. i think that's what they're trying to stop in china. >> i don't. i think music stops. for the record joling defended my comment earlier. >> so -- >> she's on a role.

>> through it right on the board, but china markets are vital and scaring a lot of individual investors that are making it up and they have a bigger problem on its hands that is debt crisis they have the government getting involve in the the real estate business to know end over there not going to turn out well so whale we get the market and a here in '07 and '08 with lower stock prices. >> you know, we might be finding out same thing in our country too. that you can't prop this up to either obscenely low interest rates or all of this said -- you know, money for years. so we might discover this ourselves but what do you think of what china it trying to do to at least if we are perking bubble here to do so slowly? >> well, i mean china is falling a model. they're loaning money at zero interest and building cities ghost towns no one is in them.

it is hard to get a return on investment and to scott's point the sub prime lngding here in the u.s. before it burst in 2007 and 2008 that range was about 40% of gdp in china it is about 200% of gdp there's certainly a bubble coming and when that hams, you know, we may be happening already, it will definitely activity our markets no question about that. >> very good indicator but look at where the new business is coming in you have 28ipo supposed to go to raise capitol for companies and suspended all of them in addition to people's bank of china their central bank saying that they're going to back nearly $20 billion of chinese shares in this sort of chinese brokerage like repurchase right, so there's some very big move happening here that indicates that president himself may actually be very concerned despite the fact that he has been pushing for a more quote unquote market

driven economy. so the chinese government their main argument a of the time is one party system and their success is your success. that is primarily retail investors we have a major problem on our hands. >> going to worse scott? >> it is going to get worse. i think you can take a clue from a couple of the big index makers of the united states. remember months ago they were going to add more exposure to chiern some of the emerging market indexes that were out there and frankly widely traded by you, and potentially even in your 401(k) an backed off that because they saw smoke where fire is. that's an indication that it is getting hot over there. >> get divorce? >> no question that margin rate in china is 12 percent aiming of gdp that is highest level in the history of account markets it is certainly volatile. >> i want to thank you all. insurance rates are going up so

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>> premiums are going to be lower. this is for people who have health insurance. you will save money. my plan willower your premiums. neil: the fact of the matter is it didn't work out that way. the problem isn't so that much president was deliberately deceiving people but when you promise everything and include everything like coverage for preexisting conditions, keeping your kids on the policy longer and making sure you are never denied coverage, that comes at a cost. former aetna ceo ron williams on those premiums and what likely will take place in 2016. ron, good to have you back with us. we're hearing premium spikes could be severe.

do you think the affordable care act is the reason? in other words, that because insurance companies are responsible for covering much more than they used to, none of this should be a big surprise? what do you think? >> well, i think first, i would say thank you for inviting me. is a pleasure to be here this afternoon. what i would say, no, it is not a surprise when you put more in the envelope, there is a greater cost for the care, delivered. a few other factors increase prices we're seeing in the health care exchange marketplaces. neil: where is the government's role in all of this? talking with on airhead of humana, part of a $37 billion deal, looking at premiums hikes, in scheme of things, our government related business, i'm paraphrasing small percent of what we do, i think he was saying 10%. nevertheless he raised some

hackles and headlines, when he referred to of course the government is free to offer business advice. we do a great deal of business with them. that was read in much of the financial communities a sign, the government is nor influential we know or fear and that is into the a good thing. what do you say? >> we have to think about structure of health insurance market. most people get their private health insurance. about 150 million americans. there is regulation but it is much lighter. when we come to medicare and medicare where the government is the payor, the government is paying for the premium and therefore does have a role in regulation and the design of those plans. neil: all right. but that is one thing. but if i'm taking him at face value it is 10% of his overall business, i think i'm getting that right, it sounds like the government is calling the shots much as it did at time auto bailouts which it was justified then because the government is really calling the shots.

>> i think 10% number in the total aggregate market refers in the number of people in aca market exchanges, gotcha. but you're not unsettled at all about that comment. >> no, i'm not. neil: americans say it is not very affordable to me. do you see and understand their frustration? >> absolutely. there is no question that we're seeing very significant rate increases in the exchanges. the rate increases could be as much as 20%. someplaces i've seen 30%. it really has come about because when the insurers developed their initial rates for the first year, they had no historical claim data, they had no sense of the health status of those members and therefore, as the members got insurance, who had not been insured they were appropriately eager to access physicians, medicine, pharmacy prescriptions, lab tests. what we've seen is greater utilization in health care costs. health care premiums are a direct reflection of health care

costs and we can do some wonderful things but it is expensive. neil: it is indeed. ron williams, thank you very much. good seeing you again. >> good to see you. neil: a lot coming up this week. we'll have another candidate announce his candidacy for president. that would make the 15th republican. scott walker is not even going to be last. we could have a few more after he. why i say we'll have a brokered convention. there is no way of avoiding it. after this. [ female announcer ] who are we? we are the thinkers. the job jugglers. the up all-nighters. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can say, "i did it!" ♪ we are entrepreneurs who started it all...

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neil: all right. here's why i always said we are going to have a brokered republican convention. simply too many entrants in the race. a lot blessed a lot of money a lot more than was the case four years ago. we're hearing ted cruz brought in additional 14 million. to date he has over $51 million in financial support. he is not among the top tiered favorites here. he is at least among eight candidates who will have in excess of $40 million to enter the race. if you do breakdown way caucuses go and fact they have apportioned vote in a lot of these states my argument is that they will not get to cleveland with a nominee with enough delegates. that is me. people laughed at me and i felt hurt by that. we have kevin cirilli from "the hill" and chartly gas, what they

make of this phenomenon. kevin, as it is now, some entrants with so much money they have very little reason to bow out if they have that amount of money. in the past if you didn't poll well, didn't do well in the first three states, iowa, new hampshire, south carolina or florida, you were out. they can afford to linger on. what do you think? >> well, neil, i'm not in the business predicting whether or not there will be a brokered convention. neil: i am. i am. i want you to call my bluff. >> here is what i would say, neil. i think we could have a situation where ben carson winning iowa, jeb bush winning new hampshire. no knows what will happen in south carolina at that point. then all eyes are on march 1st and one heck after super tuesday. the bottom line you're right. a lot of cash with a lot of, to a lot of different candidates means we're in for one heck after republican primary season in the next couple months. neil: a brokered convention. >> i agree. look how the money is shaking out.

jack welch is kind of the anchor supporting ted cruz. neil: likes his passion. >> former ge chairman and ceo. gives him a lot of credibility to raise money. ken langone, the anchor for christie, access to a lot of money for him to raise money. neil: that is one guy. >> very well-healed backer. ken langone is the reason his name is all over new york he can raise money. done it for nyu -- nyu, home depot founder. >> scott walker, people say the koch brothers will back him up. when you have that many rich people endorsing specific candidates, people who could raise money then you talk about the ability to stay in the raise for a longer period of time and to battle it out. that's why i think -- listen, i'm not saying there will be a brokered convention. i will grow a period like connell, if there is, how is that or shave my head? it could happen because a lot of money dispersed among 10 candidates essentially.

neil: a beard ruined ringo's career, point that out. >> what about shaved head? look what a shaved head did for dick grasso's career. neil: exactly right. where you're going i have no idea. kevin, let's say that really happens, not the ringo thing, we get to a convention of someone without 1200 or so delegates, roughly i think that is to of course the republican nominee? would that be a bad thing for republicans? is that particularly bad to go into convention without a certain nominee? it will build drama around the convention in cleveland, but what do you think? what is the fallout? >> the one thing about the republican party, neil and they know how to fight and know how to come together. i don't think it will be a bad thing. here's why. it shows a contrast to what is happening on the democratic side with arguably a coronation. some people push back and say senator sanders is catching up. i don't think he is formidable candidate against hillary clinton. interesting to see what happens

if the vice president gets in. i do think it sets up a contrast if there is this contentious fight. you remember what happened in '08 when then senator obama was battling then senator clinton. a lot of excitement on grassroots for democrats. there -- neil: by the time of the convention it was his nomination. >> exactly. well -- >> i, i don't think it's a good thing to have -- if you're a republican not a good thing -- neil: worked for abraham lincoln. i covered that convention. i remember it very well. >> yeah. neil: there is a guy did better with a beard. much better with a beard. >> good-looking guy in a beard. neil: last great one. >> the fact is, romney got shellacked pretty bad by gingrich and all the other rabid dogs. neil: very good point. beat up whoever is the ultimate nominee. thank you very, very much. meantime trish regan right now on this developing drama in greece. now this fear the problem is taxes.

they don't have enough people paying taxes, right? >> they never had enough people paying their darn taxes over there. that is a central problem. how can you raise taxes, if nobody, neil, is paying them to begin with? we got news crossing. we learned that angela merkel said she is willing to come back to the negotiating table. i have to ask you. what was this all about anyway? we're right back where we started. neil: think about that. she is blinking a little it about. i think she is providing cover to make it look like she is working -- she has to be furious. we'll see. trish, thank you very much. see you at the top of the hour. again angela merkel indicates they will do all the things to keep these talks going. let's face it, this referendum all but stuck a stake. this rally building on wall and broad. anything on this day can happen and this day has. more after this.

>> all right. fox business brief time. i'm connell mcshane back with you, with the brief. finally talk about women's soccer on "cavuto: coast to coast." i've been pushing neil to talk about the huge victory for the united states, 5-2 over japan. a huge win for fox as well. carly lloyd, mvp. highest rated soccer game ever in u.s. history, surpassing the '99 women's final when they beat china on abc way back when. the big winner could be

aforementioned carly lloyd. she picked up 50,000 twitter followers which is better than me and my beard. she is able to charge 30 grand for a two-hour appearance. that was 10,000 last week. somebody figured that out. everybody congratulations to everybody involved. that more "cavuto: coast to coast" coming up on the fox business network. we'll be right back.

neil: so many deadlines, so little time. not only one later this week regarding greece whether they will make good on 3 1/2 billion installment on a loan package from the imf. safe to say they will not. not only technically but literally be in default but iran talks, they're still going on. they keep getting extended and extended. we're hearing from secretary of state john kerry that the u.s. is willing to walk away from this especially on the key issues we're told, being right to inspect nuclear facilities in iran and whether iran can quickly have frozen assets unfrozen by mere signature of a deal. the u.s. has been pushing for a wait-and-see approach before they go ahead and give away all of that stuff. they're a long way from any done deal here. former cia agent mike baker says that is the way it should remain, a long, long way because he doesn't like the way this is

smelling. why not, mike? >> both parties, meaning the u.s. and iran, have a strong desire to get a deal done. the white house, for the wrong reasons, because, i can't, i just refuse to believe that the secretary of state kerry or the white house are so naive to believe somehow this deal will prevent the iranians from continuing their effort to get a nuclear weapon. i think there is legacy issue here. the president is very keen to get this deal done, look what i've brought to the table, during the cores of my tenure. iranians, there is no downside for them. it is not as if -- they have been very successful over the years hiding their improvements, research and developments in their nuclear program. they will continue that but also get the sanctions lifted if they get a deal done. i suspect we're looking at a bad deal here in the not-too-distant future. neil: when i follow deals, or sports agent or contract comes up you get an idea what is important for each side.

for iran, the very, very clear the sanctions are first and foremoist the coveted part of any deal. they want sanctions lifted, 50 to $60 billion worth of assets that have been frozen since back in the late 1970s. they want that unfrozen and access to the cash immediately. the fact they keep coming up and assets and immediate unfreezing for them tells me for them this all about money night is. there are three major, top line there are three major sticking points. the one is the inspection of nuclear sites, but more importantly the non-military sites or military sites. i'm not letting the cat out of the bag, over the years we never had a solid inspection region. we have never gotten it to that point where the inspections are. another sticking point is length of agreement. iranians say 10 years is too long. u.s. is getting squishy on that.

looks like they are going to shorten it. the third is sanctions as you point out and the timing of lifting those sanctions. iranians they're key to do this, from their per speckty, hey great, we get sanctions lifted if which get a deal. it is not as if it -- the idea somehow they are going to change their behavior of all these years, why, what? the horse has left the barn once we lift those sanctions. and, it is not as if -- this idea of snap back and somehow we catch them doing something we'll snap back on the sanctions is ridiculous. do you think the europeans are going to do that? i don't believe so. neil: well, that is the fear. mike, thank you very, very much, mike baker. also we'll follow this. puerto rico is still in debt. they are still $72 billion in arrears. you say that is puerto rico. but they are a u.s. commonwealth. with that comes great, great liberties including maybe a bailout. now most will tell you no way but right now there is a move in washington to make it a way.

guess who is behind that, after this. ♪

neil: josh ernest talking to reporters on all these financial issues coming out. we're waiting for any questions he receives on connell mcshane's beard. that has not popped up yet but we're getting a quite a few tweets coming in including from our own dagen mcdowell. >> oh, great. neil: this beard rocks. this is wendy, saying this doesn't make them look smarter. now, dagen, i should say tweeting this do i have to grow a beard to get this account to

tweet about me? yes, indeed you do. >> absolutely. neil: even tweeting she has attitude. >> she has a weak. get -- week, get started on it. neil: thank you, my friend. overwhelming positive reaction. >> very happy about that. i was nervous. neil: really were, sounded like. you notice how jealous gaspo sounded? >> i will take a comment anywhere i can get it even from gasparino. neil: no sartorially slended man in his own right. puerto rico is one mess near our doorstep, right? >> yes. there are comparisons and people starting to write comparisons making puerto rico out the next greece. there is one key difference. hopefully you have a few of them in your pocket, u.s. dollars which help the puerto ricans in their crisis, similar in many other ways to greece. they basically owe a lot of money to a lot of different people and their economy is in rough shape for some time. think about what happened.

it is sad in a lot of ways, the economy got worse, the cycle is tough to get get out of. many people with easy access to the united states main land getting out of puerto rico. neil: senators among them chuck schumer trying to redefine the relationship with us so they would qualify for aid. >> and qualify for bankruptcy. making puerto rico similar to u.s. city that has seen tough times like detroit rather than greece. from somebody writing u.s. bankruptcy code they never thought of puerto rico would file for bankruptcy. seems like an oversight. schumer and other senators should fix that which should help puerto rico in the near term. in longer term the problem we spoke about the cycle they're in economically, if they can't get their act together and can't get their economy to improve people continue to leave puerto rico, how do you fix that? because, once people leave and find a job, say in the united states and wherever they end up going, whether here to new york or florida, wherever it is do they end upcoming back?

probably not. neil: especially if things look like a basket case. >> exactly. neil: connell, thank you very much. beard looking terrific. it has grown since this broadcast started. meanwhile oil is dropping right now. that is the one tonic for this market and eased what could have been a lot more of a selloff. how long does that last? after this.

neil: all right. i want to show you something that has been a fascinating development on this day. i know everyone is focused on the corner of wall and broad, the dow. when i say i ace big deal we'll bring it to you as we've been telling you on broadcast. i've been talking about oil prices down four bucks, down close to six 1/2%, largely on the fears, this contagion, whatever you want to call that builds out of greece affects the whole globe and leads to a slowdown. it led to precipitous drop in the oil last week. and precipitous flight to

quality in terms of our 10-year assets. potentially lower interest rates and potentially lower gas prices. one market that taketh something away will give you something back. happens in almost all selloffs and some sector, some area of economy benefits from that free fall. in this case, seems to be oil and interest rates. to trish regan right now. trish: thank you, neil. we're watching headlines coming out of greece. germany's angela merkel says she will head back to the negotiating table. but first, everyone, a vladmir putin, deliberately taunting us. two pairs of russian bomber jets capable of carrying nuclear weapons and flew over california and alaska and on our independence day, 10:30 p.m. eastern time, that vladmir putin called president obama to wish him happy 4th of july. accordingtw