welcome to cashin' in. >>

welcome to cashin' in. >> and tracey burns and john lay field. welcome to all of you. and tell us what you think. this is close to half billion in government bonuses that they paid out. you think they should give it back? >> of course. it is outrageous. the government is not profit oriented and not supposed to be rewarded. that's what you get. you are hired to do a certain job and fulfilled that job and you are rewarded for that salary. you don't get a bonus or anything extra. your earnings and revenue is higher . all of those things . that's what a bonus is for. that price is set and what it should be. there should be no bonuses and that is an interesting point. obviously bonuses are part of it. but should it be that way with government jobs? >> this is the animal farm syndrome. in the private economy. paid with private dollars and in the government that is a tax dollar. and that's good. i have to say i disagree with wayne. the problem is the size and scope of government in the last five years that grew in terps was work force. and we have researchers and libarian and

with cheryl casone and cashin in. >> 401 k's are not okay? one union leader said they are too risky for workers . letting all worker join state run pension plans. is that too risky for payers. wayne rogers and hn lay field. it is 401 bad and state mention good? >> state pension that are risky. 31 states have teams like this and underfunded. it is more than just ricky. it is insulting. freedom doesn't work and they are smart enough to make money. but idiots to know what to do with it. they talk about promise of guarantee. that is a state run program. the left just love it >> is she right? >> no. you can guarantee you will not have money in retirement. tut-- put the government in charge. and we talked about states can't manage money y. would i want my retirement money with them? >> sally, look at the pension plans and there is a lot of bail out of pension plans. and 249, are taken over by the government. >> look. what the official is saying in essence that we have taken retirement securities which is part of the way we prevent -- social securit

with cheryl casone and cashin in. >> 401 k's are not okay?der said they are too risky for workers . letting all worker join state run pension plans. is that

still, veteran trader art cashin calls greece the burning ember than could ignite a global inferno. >> greece is about the 39th largest economy, not to be dismissive of it, but if things go badly there and it looks like they're leaving, it could lead to bank runs in spain, which is the 12th largest economy in the world. >> reporter: in the last few weeks, the dow has fallen 5%. that's since elections in france and greece raised new doubts about europe's fragile economy and dimmed hopes for an easy solution for its debt crisis. greece leaving has become more than just a worst-case scenario. today as european leaders gathered in brussels for another summit, there were reports of contingency planning for a possible departure of the debt laden country from the euro. one strategist puts the probability of a greek exit at 40%. >> i think it's most likely that greece continues to stay in the euro zone, but the probability is fluid and could increase in the coming days and weeks. >> reporter: if greece chooses to go it alone, its departure won't be an orderly event. over a weekend, banks will

i'm cheryl cassone and welcome to "cashin' in", wayne rogers, jonathan hoenig, tracy byrnes, john layfield and back with us the proud new father, returning from paternal leave, congratulations, to kristen dorsey. and, the middle class is basically getting taxed out? >> absolutely, and kristen, kids need good dads like you. and in illinois they raised the corporate tax rate an except the large corporations. so, the people that are having to pay it are the small and medium sized businesses, exactly what happens with our national tax. and so, politician don't have the will to pass what california is trying to do at 13%, state tax, and pass things they can get passed like a soda or cigarette tax and not a filet mignon tax, a cheeseburger tax, yes, it adversely affects the middle class and lower. >> look at food prices, and, everything is going higher. and 8.7% for chicken and let's tax your sodas and your beer, is that fair, wayne, do you think? >> it's not a question of fairness, it is a question of the local constituency, desperate for money, states, counties, cities, you think the city of v

legend art cashin explains how greece could end up back on the draw wow the headlines went from elections to drama and less than forty eight hours we told you greece was going to be a big deal we speak to investor jim rogers about real solutions and this banished government says it will bail out one of the country's largest banks after saying it wouldn't need to throw money at the banking sector any more hoops goodnow themselves with trying to prop it up with all the can kicking in europe and in the u.s. and the refusal to look at the debt overhang where our country's headed well we have some hard cold empirical facts to show the toll it can take we're talking twenty five percent hit to real g.d.p. will tell you and and look who's taken on walls three there they are that's our show's producer dimitrios xenos with host of the kaiser report max kaiser we'll show you more let's get to today's capital account. so yesterday i sat here and i talked about the political uncertainty in greece in the twenty four hours since the watershed national elections that are brought not just greece but the e

as you just heard art cashin say, pretty good, all

before we go, can i mention our dear friend, art cashin, just named one of the 50 most respected people on wall street. the only guy on the trading floor, the only guy on the sell side. >> in our book, he's always in the top. >> congratulations, art. >> absolutely. we love you. >> thanks so much, bob. bill, see you later. >> well done. >> let's get to the energy sector. it's been a major drag. courtney reagan is doing quadrupule. >> less than an hour left in the trade, mixed picture for the sector we have mostly negative. energy by far the biggest underperformer and chesapeake energy, down more than 13%. that's plg down shares of a number of other names. strong earnings and increasing its first quarter died gans, also giving fiscal year guidance right around the street's guidance. investors are buying in. these shares are at three-here highs, at least right now going into the close. investors have reservations when it comes to open table. despite the eps beat, first revenue quarter is light and so, too, was the second quarter guidance. maria, welcome back. >> court, thank you so much. r

and after the first few hours of trading, art cashin saying today was the rumor mongers olympics. positive one allowed for that turn around and bill just told you about the headlines out of greece. the market taking a hit on fears that uncertainty in greece would prompt european officials to suspend the country's bailout money. some taking comfort that that means that the tronch will be made available. >> you get the influence with the overnight trade and then a sell. simon hobbs here with us onset and rick santelli also joining the conversation. bob, kick it off with you. >> i'm encouraged that we're continuing to see outperforming. it makes some sense. 46% of the earnings with the s&p 500 are outside the united states. europe is an important component. we should be down somewhat. if our markets are going to do better than the rest of europe, we should be doing better and i think the markets are reacting rationally. the issue is what is going on with spain. spain is facing nationization. >> they are contemplating cash going into the collection of the seven savings banks that is a

. >> art cashin, we're beholden to what goes on in greece right now. here we go again, right? any movement until that's resolved? >> well, we have a slightly paradoxical situation. the next deadline is the election and that's in the hands of the people. viewers need only look to see what the lines are at the atm machines in athens. >> we'll have cameras on those as well. thank you both. good to see you. we'll see you

art cashin tells me some of the strength we saw early were from some reports that china's considering stimulus package. also some early strength out of what we saw from europe. france was higher. germany was higher. even greece was higher. then come around 11:00 a.m. or so that euro starts to slide. so, too, did our equities right in step with the euro. that was something that we're going to continue to watch though the euro is right around those same levels. still a gain but considerably losing some steam. the s&p case-shiller home price index is an interesting one. it did not show an increase. it showed the slowest decline in housing prices in over a year. the markets are seeing some hope in that move. you've got some of those housing stocks a little higher. just continuing their year to date run. some of them have been very impressive. toll brothers i know up 40% year to date. lennar up 44% so far in 2012. >> thank you for that, courtney. i also want to mention something else which i'm sure is also harmful to retail investor sentiment right now. that is facebook. it is below $29. s

additionally art cashin says around that time of the close there was a report out there that the pro-austerity party is leading in greece. >> yes. there were in fact two polls. which was written by reuters at half past 10:00 new york time this morning. you saw the greek stock market rally very strongly on that. over 3%. but broadly ignored here because that's not the narrative that a lot of people are seeing at the moment. it's all negative. they don't see the fact potentially we could get a deal out of greece. >> right. these were a couple of the catalysts coming from this. again, as traders have been saying, the focus here in the u.s. continues to be these headlines. we are vulnerable to the headlines we are seeing in europe. again, the group here leading, financials under pressure but now trading positive. >> we've got to go. >> sorry. >> tyler, over to you. >> all right. thank you very much, folks. you know, the other major story we're following is this, exactly two weeks ago the question on everyone's mind is, where will facebook price tonight? and what would that company do when it opene

our freiend, art cashin, is her with us. 20-point pop to the upside or off of our lows of the tradingthe fact that we have what you described as a vision selloff in the euro. >> yeah. and it stabilized over the last ten minutes or so. and i think that's giving bargain hunters a chance to shop in the equity market. the key will be what happens to the currency? if they can stabilize it here, we might see some mild improvement. but this is going to be a dangerous week. >> how do you think the afternoon is shaping up? when i came down here this afternoon there was just a lot of tension. there's so much uncertainty. and the dollar is soaring against the swiss franc, which there rumors of intervention out there as well. what do you think? >> again, it's about the currency. the euro has seen a dramatic fall. almost historical in the sense that you don't visually see currencies move in that fashion. they're trying to stabilize it here under 1.24. if they can hold it, we might be able to trim some of these losses. if they start to sell it again with worries about europe, we're going to have a

art cashin there from ubs. >> okay. >>> yahoo!tepping down after being at the job for just five months. dan lowe will be one of the three new board members at yahoo! phil george is a professor at harva harvard, sits on the boards of exxon mobil and sachs. guys, great to see you both. >> thanks. >> nice to be back. >> bill, i want to start off with you, certainly yahoo's management history is not a good one in terms of ceo turnover. is this change more disruptive, or is it putting the company in a better place? >> oh, i think it's totally disruptive. it's not just the management that's in a state of turmoil, it's the board, they're having six board members report, dan loeb and six others coming on. it's not just scott thompson. this is a company that has no strategy. they've lost the innovative touch. they turned down an opportunity to buy google many years ago. they turned down a great offer from microsoft north of $50 billion. and so i think they don't know where they're going, what they are. >> right. >> i expect the private equ

. >> art cashin wrote in and says who has the other side of the trade, big winner or spread among many. >> i talked to a number of hedge will funds and i think there are a number of funds who have been playing the other side. >> especially since the journal's article came out? >> and even before that. it was widely known. and i've heard from players even rivals like goldman sachs that said we've been watching this and thinking it's an issue, too. it was a pile on last night. >> was goldman playing the other side of it? >> that, i don't know. >> goldman is always on the other side if one of their competitors is going to have a problem. >> but given the proprietary trading argument -- >> yeah, maybe not. maybe you stay away from it about. >> betting on europe is dicey. jon corzine, was he advising jamie? it's tough to bet on europe, isn't it? it seems to be very difficult and it can go wrong and it moves -- were we assuming there wasn't going to be a spring swoon this year? >> that was his assumption. but everybody else is taking the other side of the bet and that's why he was calling it

art cashin is watching that in places like greece a lot of folks are taking their cash out. trying to put it somewhere else, in case things fail in greece. they actually exit the euro. those are things people are convinced is going to happen, and the markets are doing better. here today, another cognitive dissonance. we've got cisco with the dismal outlook, down #% tod9% today. it's weighing down on the dow. we'd be negative if that were the main thing going on. in terms of nasdaq 100, that's got it in negative territory. all of the cloud space has been a cloud because of cisco. what's really strange is, even with oil down, we've got airlines moving higher today. what's interesting to me, when jet fuel prices go up, they raise prices. but as it comes down, they somehow don't bring those fares down. >> kind of like the prime rate with banks. they take their time when it's going a certain direction. thanks, bertha. bertha coombs. back to gary kaminski, who's in vegas, i believe, with a special guest. >> i am here with the grand pubah of this event, anthony scaramucci. you had

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as art cashin pointed out other places money are moving, none paint a good picture.deference to germany if you look at the region stock market still up on the year. we know they are a vibrant economy. we're not surprised that investors are using that as a safe harbor, there just aren't enough safe harbors right now. >> exactly. the so-called tallest midget. thanks again, rick santelli. >>> want to move to stocks in the faber report. take a look at sirius satellite up 2%. we got news this morning from liberty media. you may recall liberty owns a huge slice of preferred stock which is now going to be converting some of it into common. all of this as well as it tries. well, here is what's really happening. they are in a battle with the man who runs sirius. they are basically putting two things on the table. saying we're going to a 51% ownership stake, get the fcc to agree we own this company. we're going to do that and everything that comes along with that. or, mel, you're going to agree to allow a reverse mortgage trust, tax-free manner to our shareholders. we include