next week joining me right now to weigh in on all of the above former federal reserve chairman alan greenspanat to see you gave in. >> pleasure to be here. >> thank you so much joining us let me get your take what itself language in greece we are expecting, the creditors to respond, and give us, some assessments what the greeks put forward, today. what is the impact on the united states in your standpoint? >> well, direct impact occurs because of the fact that europe or basically if you want to put this way the eurozone is a very significant part of the international community. and as a consequence there is no way in which that cannot affect the united states negatively. but it is not a big direct affect it is indirect. and something over when united states has very little control. maria: you are also looking at a region, europe, that is sort of stuck in neutral, and we are trading with europe. largest trading pattern. >> i know aside from united states and a few other out lieers out there everybody anies the mud if you look at productivity data across the world, with the exception for exampl

2000 because of fed has given more help their more dependent on zero interest-rate spot than alan greenspan it is dangerous to the market people of an estimated that before but i am not telling people is either/or it is not gold or stocks or gold for dollars or euro or the yen. compare it to alternatives for money. i would rather own gold or dollars origen. they will keep printing money keeping interest rates at zero but gold is scarce if you want to save it makes more sense to save with gold charles: i agree with 10 percent. when you get back from vacation come back to the studio to visit. >> i am working out here. but i will come to the studio. charles: the website ashely madison has been hacked and they will release photographs and information. and anthony wiener may be joined by 37 million more people. ♪ charles: ashely madison the adults website that facilitates adultery has been hacked and now we're told the information of 37 million members are the doubts of parent company issued a statement tuesday we have been able to secure the site we have now removed the threats to the separatio

and, indeed, at record low levels. >> alan dr. greenspanderperformance of the u.s. economy. what about signs of exuberance if you see any in financial markets? >> in the united states? >> sure. >> yeah, well, i think we're -- have something to a bund bubble. and that's essentially, if you think of it in terms of price earnings ratio. now the price earnings ratio in the bond market is high enough so that we're that in the stock market, we would be worrying about it. and i think we ought to worry about this because interest rates are below where they historically have been for generations, indeed, for millennia. >> are you as worried about a -- i know you worry about the bond bubble. are you worried about liquidity in the bond market? some bond market players are. and i don't want you to speculate when the fed will raise rates, but those fears are when they do start to raise rates, there'll be those heading to the exits, and there won't be enough liquidity in the bond market. are you worried about that, as well? >> i think we've never been in

about the idea of her concern that they would stability akinal to what we saw in 2008 and today alan greenspant and said there was a bubble in the bond market and this had to unravel at some point. what she was talking about today was that rates could remain low and slow and steady and her biggest fear, the biggest risk to the economy is another financial disruption. that is very interesting to me. case is hard to make the that there is a bubble if growth isas slow as the imf projecting. there is capacity especially if china is slowing down. you [indiscernible] lisa: the biggest banks, the primary dealers that do is this with the fed reduced their holdings of treasury's by about $20 billion in a week ending july 1. they pulled their treasury down -- holdings down below it. this exacerbates the move in treasuries. alix: thank you. up, we start the countdown. greek proposal happening in a matter of hours. stay tuned for full coverage. ♪ alix: we are moments away from the closing bell. am joe weisenthal. ♪ alix: u.s. stocks rallying along with european markets as great contagion subsides. joe: th

but even nixon's own economic advisers, including future fed chair alan greenspan, were skeptical about government lending a private business money. a concern echoed by industry leaders. "i think the industry is waiting for a signal here. they're going to view this in one of two ways. either, that you have to compete, you have to stand up and be counted for, the programs you get involved in. you do well if you succeed, and if you do them poorly, you fail. if we allow - if the government allows itself to interfere in that process then the industry is going to say that you don't have to be right when you start out, there's forgiveness waiting if you fail. and if you fail big enough, they'll bail you out. it's just as clear as a bell and everybody's going to read it that way" but the jobs concern rang louder and the bill passed the house and was sent out of senate committee on july 13, 1971. the full senate voted on the "emergency loan guarantee act" three weeks later. "49 aye and 48 no. the lockheed loan has passed." *cheering the bill passed by a single vote. "i think we're real happy an

. >>> i talk one-on-one with former federal reserve chairman alan greenspan coming up in our 8:00 a.m -- >> chew which, we're home. maria: will they or won't they. buzz at latest comic con event whether disney release as trailer for highly anticipated "star wars" film. that is due at end of the year. most expect that won't happen until august. comic-con is in san diego this weekend. new york city prepares to honor the new world cup champs the women's team will be honored in a tickertape parade in new york city this morning. we'll talk with one of our champions, ali kreeger. about the sell graduation. she will join us. rally on wall street this morning. we're ending week on the upside. take a look, we expect triple-digit move for stocks prices. it started on optimism over greece. greece submitted new proposals for a third bailout overnight. there are reports that eurozone

but indeed, if you go back and talk to alan greenspan, who chaired the federal reserve and was a big anti-regulatory capitalist, he had to come back after the great recession and admit that he was wrong and his policies were those that contributed to the economic meltdown, which despite horrendous opposition from the opposite side of the aisle against the policies of democrats and president obama they tried to obstruct thosehey were enacted. and as a result, america's economic recovery has been quite notable. corporate profits are up, even though productivity is up and wages are steady. workers have not participated in the upswing in this election, even though jobs have been created for the last 65 straight months under the obama administration. but the wage growth has been stagnant and it's because of the trickle-down republican policies that have caused this. and now they want to blame the lack of money in the pocket books of americans monies in the pockets of americans working people they want to blame that on regulations. even if agencies reduce the number of major rules in conte

you have a big problem like social security about to fall apart, you are running out of money, alan greenspan says you have to do the following to save it. you muster the courage to tell the people in your party, we have to give some here. the other people have to do the same. the key is to pick the issues that affect us all. i love a good fight. there are certain things we have to get right. 80 million baby boomers are going to retire in mass. somebody has to do something like simpson bowles. i have been dealing with this for 10 years. i am the most qualified person running for president dealing with this issue. for me to get border security i have to deal with the democrats rationally. we will not get everything we want without dealing with the democrats. the democrats want some things, too. they want to give a rational solution to the 11 million. nobody wants felons to stay. the idea that non-felons can stay here. that is how you get bipartisanship. >> donald trump is now part of this debate on immigration. what is your impression of him? sen. graham: he is a complicated guy. i just went t

you have a big problem like social security about to fall apart, you are running out of money, alan greenspan says you have to do the following to save it. you muster the courage to tell the people in your party, we have to give some here. the other people have to do the same. the key is to pick the issues that affect us all. i love a good fight. there are certain things we have to get right. 80 million baby boomers are going to retire in mass. somebody has to do something like simpson bowles. i have been dealing with this for 10 years. i am the most qualified person running for president dealing with this issue. for me to get border security, i have to deal with the democrats rationally. we will not get everything we want without dealing with the democrats. the democrats want some things too. they want to give a rational solution to the 11 million. nobody wants felons to stay. the idea that non-felons can stay here. that is how you get bipartisanship. >> donald trump is now part of this debate on immigration. what is your impression of him? sen. graham: he is a complicated guy. i just went t

i'm not concerned we'll return to the old days of the alan greenspan fed.hink those days are over. nevertheless, again, many don't trust the fed to do the right thing. i do. many suspect we can be thrown back into recession without much problem. i don't. now the dollar i'm giving you that one. i'm concerned higher short term rates will make our country a magnet for money around the globe. if you're a wealthy individual or a manager of a huge pension fund or muft in our country and new the low rate environment yourself, you would much rather buy our dollars and take them and buy our bonds. that will keep jacking up the value of the dollar to the point that all our exporters will be hurt. it's a real and genuine concern. it's one i am very on the fence about in terms of telling you what i feel confident is the right course of action about. most wealthy people and pension funds want to stay closer to home and would prefer not to have to buy u.s. dollars. most important. don't think for a second when the fed is raising rates it's a better time for the stock mar

cheryl: programing note, don't miss tomorrow on "mornings with maria," former fed chairman alan greenspan for a rare interview. followed by influential investor bill gross. only on "mornings with maria." >>> the battle with isis in the spotlight once again. a new warning from the fbi. that is troublesome. that is coming up. >>> plus the irs targeting scandal just keeps getting bigger. new documents showing more government agencies were involved. ♪ d protect you from cancer? what if one push up could prevent heart disease? [man grunts] one wishful thinking, right? but there is one step you can take to help prevent another serious disease- pneumococcal pneumonia. one dose of the prevnar 13® vaccine can help protect you ... from pneumococcal pneumonia, an illness that can cause coughing, chest pain, difficulty breathing, and may even put you in the hospital. prevnar 13 ® is used in adults 50 and older to help prevent infections from 13 strains of the bacteria that cause pneumococcal pneumonia. you should not receive prevnar 13 ® if you've had a severe allergic reaction to the vaccine or its

you have a big problem like social security about to fall apart, you are running out of money, alan greenspansays you have to do the following to save it

alan greenspan explicitly refuse to use it. in one of my favorite quotes in 2007 before became obvious was happening, he said in his book "economics and the age of turbulence," it is true that these mortgages carry a high risk of non-repayment but it is worth taking you cannot have a capitalist society without strong public's work for property rights in this creates support for property rights. he refuses to do it. a group of states start to act. georgia was one, new jersey and they start to act, north carolina at an act to regulate mortgage practices. the bush administration response in 2004 i a blanket [indiscernible] the only thing the state could do was enforce the fire code. and say they are not discriminate on racial grounds. total blanket preemption. we did a lot of good stuff, we ended that and we restored the right of the states to do not as much as before but a significant amount of regulation. that is the second effort to do with subprime mortgages. it is the state and the bush administration preempted. at that point

your -- you remember alan greenspan saying how shocked he was the did not regulate themselves.- that happens all over the place. everyone is for free market until it breaks down. brendan: what is a good rule for intelligent, limited regulation. >> there is no weight in the current system to make them objectively. they are all subjective and done on a power basis. who is in charge of which committee? which political party has the majority. how do you decide between -- brendan: there is a libertarian ideal of no regulation. i agree that it is bad in theory but in practice you need some. how do make these decisions? i don't see either party advocating for a way to make the decisions. tom: within that is donald trump. >> i knew that would come up. tom: does he have any constituency in washington? we knew -- no he does among truly disaffected republicans. are they represented in your washington? >> not that i have been able to see. if anything, he throws a wrench in. no one was expecting him and no one was thinking about him. he doesn't represent the establishment. he is totally out

alan greenspan said derivatives are good.is not that they are bad, it just creates that much more complication and choices as opposed to the marketplace. vonnie: energy, raw materials, those banks in the commodity -- tom: this is a great discussion format thursday. -- for math thursday. [laughter] brendan: i am at the death of my ability to keep up. vonnie: why don't we turn to photographs? brendan: please. vonnie: activists in portland oregon are dangling themselves off st. john's bridge as we speak. shale investors are in town before heading to alaska very the protesters are hoping their bodies block the vehicles passing. they are tweeting from midair using the #shaleno to spread the word. [laughter] i like that #. never to talk, officials have captured the second largest python in florida. tom: you have got to be kidding me. vonnie: 18 feet, three inches long. it is a female burmese python. four inches shorter than the rural yes -- than the largest. they can eat deer, alligator. brendan: i was watching this on the news fro

to avoid particular lobbyists lobbyists, but sometimes in the past particularly i think under alan greenspan who was seen to have magically mastered all the levers of power and had it all under criminal there was a lot of dark under control there was a lot of deference that there probably should have been a little more, to go back to the auto thing checking under the heard. host: senator shelby's bill was mentioned. do you agree and can you tell us more about what it would do? guest: i don't agree with the characterization that it would roll back big chunks of dodd-frank. what shelby's staff did is went through the house is of and senate and looked at bills co-sponsored or passed the house or one of the committees with a large majority and i believe there are seven -- i could be off on the number. i think i did a forbes column on this. there are six or seven that passed the house unanimously some by voice consent. they were all like tweaks at the margin margin. one of them is a manufactured lending thing. one is a rural designation thing. there is something like 30-ish different definitions

neil: i think that was alan greenspan telling maria bartiromo another case of irrational exuberance intorket and ahead of itself, and any slight uptick in rates will be a big kablooey for a lot of folks, quarter point increase on $18 trillion debt, you do the math, it automatically builds it up close to 19 trillion at the wave of a wand to. cato analyst ann mitchell how great it is. especially when we hear the present federal reserve chairman janet yellen is inclined to raise rates later this year. that might mean longer-term rates over which he has no control come down, it's all a moot point. but clearly janet yellen is wrestling with the bubble issue as well, right? >> i think there are two things we have to be concerned about. first, if rates do go up with all the existing government debt we have, that's going add to the fiscal burden on taxpayers. secondly, if we have a bubble and that bubble bursts, that causes instability in financial markets. either way, i think the lesson we should be learning is maybe we shouldn't have had artificially low interest rates in the first place that

we're not on any automatic pilot when it comes it raising rates like alan greenspan was in 2004. this is a mantra they've been pounding. i don't know the amount to which they've been successful. right now the message from yellen for what it's worth is the first rate hike is not that big a deal. it's the subsequent ones and those subsequent ones will be gradual. the slope will be very gradual. >> do you agree with that michelle, what steve was saying that perhaps it is telling that there wasn't discussion op concerns over greece and china? >> i thought she was going to say than quantitative ease something not a greek word. sorry. i've gone native. first, i guess i'm not surprised that she didn't address greece directly because -- i would have liked it it would have been very pertinent. but statement just as president obama told the american public not that long ago, whether or not what happens here truly has a deep effect on the american economy, i'm not so sure. i'm pretty sure she's far more focused on employment and what is happening there. but i would agree with your assessmen

coming up, the federal chairman alan greenspan and that's tomorrow.oin us here at the same time and place, mornings with maria. "varney & company" is next and charles payne in for stu. a fantastic show. >> you never really know what's going to happen when the market opens today and that's why we want you to watch all three hours of "varney & company." >> as it appears right now. the lights are on and the cables are plugged in and it looks like maybe they're raring to go. it looks like they're raring to go and hope and think that everything should be working formerly when the market opens in the next half hour. as hillary clinton might say, what difference does it make? >> and as for the actual market, well, greece and china continue to really echo big time on the background, but we will see a solid bounce right as we open in the market, again, about 30 minutes or so, but the question is,

up the federal chairman alan greenspan and that's tomorrow. join us here at the same time and place, mornings with maria. "varney & company" is next and charles payne in for stu. a fantastic show. >> you never really know what's going to happen when the market opens today and that's why we want you to watch all three hours of "varney & company"." >> as it appears right now. the lights are on and the cables are plugged in and it looks like maybe they're raring to go. it looks like they're raring to go and hope and think that everything should be working formerly when the market opens in the next half hour. as hillary clinton might say, what difference does it make? >> and as for the actual market, well greece and china continue to really echo big time on the background, but we will see a solid bounce right as we open in the market again, about 30 minutes or so, but the question is some say sell, others say is it time to buy? and jeb bush. i like what he had to say. it's time for america to get back to work. the left actually criticized him for

to avoid particular lobbyists lobbyists, but sometimes in the past particularly i think under alan greenspan who was seen to have magically mastered all the levers of power and had it all under criminal there was a lot of dark under control there was a lot of deference that there probably should have been a little more, to go back to the auto thing checking under the heard. host: senator shelby's bill was mentioned. do you agree and can you tell us more about what it would do? guest: i don't agree with the characterization that it would roll back big chunks of dodd-frank. what shelby's staff did is went through the house is of and senate and looked at bills co-sponsored or passed the house or one of the committees with a large majority and i believe there are seven -- i could be off on the number. i think i did a forbes column on this. there are six or seven that passed the house unanimously some by voice consent. they were all like tweaks at the margin margin. one of them is a manufactured lending thing. one is a rural designation thing. there is something like 30-ish different definitions

greenspan. are we going to do it again? alan: i think the new word is gradual.what janet yellen has said in the past -- brendan: there was a time when we thought she might do an experimental pop up and see what happened. now we're looking at a staircase? alan: i think you act. you see how the markets responding you get the feedback from the markets in terms of what bonds and equity does. as long as it doesn't tighten financial things too much, you can tighten again. brendan: should they also be pricing in some kind of collapse or downturn? alan: it would not be a central forecast. the chinese have numerous weapons. there is clearly a meltdown. that is one of the considerations out there. tom: we are going to wander down to the twitter question of the day. brendan: will we have a greek deal by monday? the answer. no. they will work on plan b. the question is, does the eurogroup the summit has to come up with some language. tom: we fast track it as hans and says. what happens after sunday? brendan: if they sign off on this deal, there is no need for the summit. we

says inflation, unemployment, baroque, and now even financial stability but you have people like alan greenspan before the crisis saying we shouldn't be regulating banks, they know much more what to do they believe in self regulation opening up the door for predatory lending, abuse of credit card practices, market manipulation, all these things, the short of it they transfer money from ordinary americans to the people at the very top. that is the way we create inequality, drift by drift. lot by lot. and it just accumulates. so what we saw is some of these banking practices, predatory lending, particularly insidious because you can see at the same time making poor people for and the rich people richer. that is creating inequality. .. >> that's historic fiction. i'm also a history buff, and so