then we have another first on cnbc, which you mentioned, larry. darren rovell's live interview with nike. it's the first ever in terms of three years or so. they have been very quiet about that. tiger woods, of course, hits a major slump. what is the impact on their business? >>> talk about business, the art world is all a twitter because a pucaso painting has set the record. we'll talk about what that says about the health of the economy and the luxury market. trish, back to you. >>> when we come back, lawmakers holding hearings on capitol hill this hour on into the unregulated banking system. jimmy cayne getting ready to testify minutes from now. >>> plus, the market call heading into this afternoon's trading session. please, stay with us. >>> welcome back to "the call" with your daily realty check. mortgage applications rose 4% last week to the drive to the home buyer tax credit. purchase apps up 13% and the government share largely faa rose to over 50% of all purchase applications. pulte homes posted a loss of 12.5 mlt$12.5 million but that th

so call me at 1-800-743-cnbc. with the horrible guadalcanal-like bloodletting that we saw today with the dow plunging 225 points and the s&p giving up 2.4% -- >> the house of pain. >> -- i think it might be time to adopt a new theme song to help you understand what's going on. and what you should do about it. 35 years ago barry mcguire wrote a song. it was called "eve of destruction." and with the arguments the bears are making right now, every minute i put the tv on or read, i think it's more relevant than ever. ♪ tell me over and over and over again, my friend ♪ ♪ how you don't believe we're on the eve of destruction ♪ >> that's exactly what we're hearing, right? right? or how about -- ♪ don't you understand what i'm trying to say ♪ ♪ can't you feel the fears i'm feeling today ♪ >> oh, yeah, sure, i feel the

how is all this impacting the ftse cnbc global 300 index. let's check it out and see how the index is doing. pulling lower by 24 points, 4,3431. we're watching kooep key data coming out in the u.s., and the adp report is going to be key. it is a precursor to the day of trading, but also a precursor to the jobs report on friday. dow futures, we're figuring out our footing. we're down about 14 below fair value at this hour. nasdaq futures about 5 below fair value. s&p 500 futures are flat. not only do we have the adp report, we have inbev, time warner and ism numbers coming out at 10:00 this morning. >> nicole, joining us now to talk about all these issues, our guest host for the next hour, kirby daily. kirby, markets are a justing down here. how much move of a sell-off dow expect to see? >> i didn't want to imply that risk averge has come back. we're starting to see it because i do expect a lot more. again, the key is this. risk is not properly priced in almost anywhere. spreads are far too tight. they've come in to a point where asset prices

let's get right to our cnbc team coverage on today's market selloff. we have bob pisani, scott wapner, rick santelli, and bertha coombs from new york. let's go to robert pisani, what you can tell us in summary? >> the important thing is it was allows city day for people who have been arguing that the u.s. was decoupling from the rest of the world. we had been outperforming until recently. but look at the way we performed compared to the rest of the world. we were down 2.3% on the s&p 500, but the rest of the world had a pretty tough time of it overall. spain was down 5.4%, brazil was down 3.4%. right across the board it was a pretty ugly day. about the line is we're doing bad, but the rest of the world is a lot worse. european banks had a horrible day and it wasn't grees oig,s it was the concerns about spain, although the spanish prime minister said it was utter madness all stupid speculation. nonetheless look what thoops some of the big banks. how about the u.s. markets? right here remember financial reform is going on right now. they will be voting o

eastern on cnbc. >>> first on cnbc, caterpillar ceo jim oh weapons, the stock taking a hit yesterday due to investors' fierce. can the construction giant keep digging up profits? >>> the greek debt disaster, riots roaring in the streets of athens as the government cuts spending. will the unrest spread across europe? how do you protect your portfolio? >>> sold. a new world record set at christie's, picasso's most famous paintings. is ultra-luxury making a comeback? >>> the next hour of "power lunch" starts right now. >>> and welcome to the second hour of "power lunch." i'm sue herera. about an hour after basically a 100-point swing up from the lows, the dow's given back a little bit. >> i'm michelle caruso-cabrera. lloyd blankfein holding a conference call right now with wealth management clients. we'll bring you any relevant headlines. >> i'm dennis neal. we're still monitoring the bear stearns hearing in washington. we'll bring you any of the sexy stuff as it happens. >> there's still no answer. you're not answering. >> i'm tyler matheson in washington. at the annual meeting here in

i am going to be the face of cnbc to have the post of general electricity, to show him the ceo of ge. so i had met george, the guy that was the specialist. bringing buyers with sellers. simon gagne. what has he meant? >> four goals two n two games, two of them game winner. he was the missing piece of the puzzle. he gave them one more offensive which they needed on the power play. richards is good all the time. briere is playing the best hockey he's played since he became a philadelphia flyer. but they need one more guy. and when gagne came in, that really completed the puzzle for the philadelphia flyers. you see how good... this guy was an elite goal scorer at one time. he's had concussion issues. right now he's on fire. two game-winning goals out of four, and the overtime winner in game four to make the series, the impossible series became possible. game winner in game seven. the guy has done it all offensively. >> given what the flyers did to the boston bruins, where do you think their confidence level is right now? >> somewhere above sky high and jupiter. it's unbelievable. they ha

i sent it to cnbc. they called me and i was sleeping in my house one day, because i was going to bed at 9:00 a.m., sleeping all day, getting up a and going to work at 11th. so 2:00 in the afternoon, i groglely answer the phone, and they said we want you to come in for an interview. so we set it up. i knew i had the job. we hit it off immediately. so right then i went to new york city and bought two new dresses even before i had the news. late that's right day in my sleep, they called me and offered me the job. i never went back to sleep that day. >> you have not slowed down since. >> i haven't, actually. >> it's just -- i think it's testament to what you have done in your career. you have burst through so many of the different closed doors. the floor of the stock exchange, that wasn't exactly the lady's favorite area. >> no. >> and i don't think you were particularly welcome, and you reflect that in the book. you were very candid in the book. i want to talk about the people you have interviewed and deal

new pictures coming into cnbc throughout the hour.get them, we're screening them to make sure they are not objectionable, obviously, and then we're putting them on the air. we're also learning that moody's may downgrade its view on portugal's debt by two notches. which is what is contributing to this problem. all the so-called pigs trading lower, portugal, ireland, italy, greece and spain. and the euro is getting slammed, hitting a 13-month low versus the dollar. and hanging over one of europe's largest economies outside the eurozo eurozone, the british election and the risk of a hung parliament. and the brits have some serious debt management problems of their own. let's send it across the pond. louisa bojesen, what's going on? >> reporter: well, on that particular point, mark, first of all, the british elections, interesting, because why does a hung parliament have to necessarily be a negative? the brits are very averse to this, but we are looking at coalitions a lot of other places in europe and functions. it functions in germany i

eastern on cnbc. hey, you know she had to be here for a reason. >>> still to come, singer shelly wright reveals a very personal secret that could shock the country music world. we'll talk to her about it in a few minutes. but first, these messages. ♪ she can not set up a music stand... oh, they know that she always forgets where she puts her "magic wand"... but when she finds it, she makes magic happen. ♪ [ kim ] people know a lot of things about me, but no one needs to know about my condition. and thanks to depend®, they don't. [ female announcer ] now the best protection also comes in new prints and lors. [ female announcer ] now the best protection the forecast is full of ifs. retirement these days, if i'm too exposed to downturns. if i'll go through my savings too fast. to help you feel more confident consider putting a portion of your savings in a metlife variable annuity. when the market goes up, it gives your assets a potential to grow. while protecting you if the market goes down with a steady

tyler mathisen and cnbc contributor ron insana joins me from mobile, alabama. ty, speak with you. i've been watching you on the air. nice seeing you with franklin rains, also newsworthy there but what are you hearing in terms of the risk trade, this market down 225 from all of those big hitters and managers of money? >> well, you would have to say that they all had one eye on the market, on the dow and the s&p 500 today but the other eye on their bottom lines of their companies and on that score they're feeling quite good so i sense a bit of a disconnect here. yes, there's more to get scared about today maybe than there was last week or two weeks ago. more to be scared about them to be exuberant about, but they have a kind of controlled exuberance about their business results. whether you're talking of wbb or the head of eaton corp, these guys are seeing their business results turn around very nicely. they're not unworried about greece in europe. >> right. >> but they're not overly worried about either. >> well, that's interesting because sue herera, we could have guessed that bec

that's it from cnbc first in business worldwide. peter, back to you. >>> julia boorstin from cnbc.hank you very much for that. i'm peter alexander out in bridgeport, connecticut. we're outside the home of faisal shahzad. 202 sheridan street. our first chance to bring you live and in person. we were allowed to walk around the back a short time ago and saw really very little if anything left. just one bicycle belonging to a child. this 30-year-old suspect in the attempted bombing in times square saturday night. the man there said to have a wife and two young children.dgdñ as we learn more information about him, we also know about the new charges today. he will be charged with an act of terrorism when he is arraigned in court a short time from now. we will give you the latest on that coming up. also today this has already become a political hot topic. the senate minority leader mitch mcconnell weighing in on this arrest a little bit earlier today. let's take a listen to him. >> it's my understanding the suspect, a naturalized american citizen is a native of pakistan and that he travel

that's it from cnbc. back to "hardball." >>> it will be interesting to me, and i'm not trying to introduce a conspiracy theory. but was this deliberate? you know, you have to wonder -- >> sabotage? >> if there was sabotage involved. >> what better way to head off more oil drilling, nuclear plants, then by blowing up a rig. i'm just noting the timing here. >> welcome back to "hardball." those are some of the comments from people on the right about the oil spill in the gulf yesterday on neil cavuto's show. former fecal director, michael brown, said this. >> only now is the president appearing to be engaged. and i think the delay was this -- it's pure politics. they don't say these things without it being coordinated. so now you're looking at this oil slick approaching the louisiana shore. according to certain noaa and other places, if the winds are right, it will go up the east coast. this is exactly what they want. because now he can pander to the environmentalists and say, i'm going to shut it down. becau

one researcher told cnbc that it was a correction and the correction is not over yet. the dow jones industrial average closed down 126 points. it ended the day at 10,066. the nasdaq was down 15 points and closed at 22.13. the s&p 500, down 14 points. closed at 107. sales of previously owned homes in april were higher than expected. the national association of realtors said sales were up 7.6%. that's nearly two points higher than analysts had thought. the numbers are the best in five months, in fact. that's in part, though because of federal tax credits. first-time buyers were offered up to $8,000 if they signed their contracts by april 30. homeowners looking to upgrade were allegeable for up to $6,500 by that same deadline. >>> mortgage rates have dropped to historic lows because of the european debt crisis. according to bankrate.com, the current rate of a 30-year fixed loan is 4.87%. that is the lowest rate in the 25 years that bankrate has been tracking them. the chief economist at moody's investment service tells cnbc that in his words, this is the best time in our

welcome back to "squawk box" here on cnbc. i am joe kernen along with becky quick and carl quintanilla. i mean, british petroleum is better than broken pipeline, the viewers are writing in. are they sure they want bp? they're positive? okay. still to come this morning, one of the neigh's largest home builders joins us to talk about his company's quarterly results. and the health of the nation's housing market, richard dugas, the ceo of pulte group. >>> well get to the markets in just a moment, but first, let's take a look at this morning's headlines. time warner reporting a quart quarterly adjusted rate of 61 cents a share, better than expected. progress is being made on financial regulatory reform been but there's only a little bit on progress at this point. dodd and shelby agreed on a too big to fail protocol, but the senate adjourned without casting votes on any amendments, as had been manned. >>> and microsoft's efforts take a stop forward today. verizon wireless will unveil their first. >> and let's get to the cme with yr

here's cnbc's bob pisani at the new york stock exchange with the details. >> reporter: thanks, maria. it was certainly an unforgettable week in the markets and unforgettable thursday. i was on the trading desk in midtown manhattan. there was more yelling and screaming than the beatles at shea stadium. what happened? the dow dropped 600 points in just a matter of minutes. in fact, almost 1,000 points at one time before turning around. as to what happened, one or a combination of three things. number one maybe a computer glitch although it seems unlikely. or number two, make a mistaken trade. that's possible but kind of strange no firm has come forward and said they made any kind of mistake. finally, this may be the answer. a flaw in the market structure. for example here at the new york stock exchange traders can slow trading in certain spots for short periods, programs 90 seconds. that happened in procter & gamble. it's allowed to trade away from the new york stock exchange. stock went from 60 to $39. if we have circuit breakers, it ought to apply to all of the players. >>> on friday

we'll have a live report from cnbc.lso sit down with two geography wiz kids >>> the dow is coming off the biggest one-day drop since february of 2009. we check in with cnbc's courtney reagan. she joins us with more on that and the rest of the day's business headlines. >>> things look so different now than they did a couple hours ago. we started off the day substantially leer for the dow and we're up almost 93 points. things are looking much better than yesterday. araby ended up closing mixed, europe trending lower. all investing eyes carefully still watching any developments that are happening overseas. especially in europe. after we saw the dow, the nasdaq and the s&p have their biggest percentage drop so far this year yesterday like you mentioned. we have grounded to make up. oil prices are trading around $70 a barrel. that's after dipping below that threshold for a couple days this week. again, kind of a rare situation to happen right around memorial day. this is typically when we see the prices go up. and it's been

cnbc's matt nesto joins us live. tell us how stocks did today especially compared to yesterday's big losses. >> reporter: we are down for a second day. we take a look at the s&p from the high watermark we set in the market april 23. now down 4.2% during that eight-day-eight-trading period. the s&p 500, the nasdaq shed about 5% during that period. these corrections have a way of rolling along in gaining momentum. if you take a look at what was weak today, industrials sector. transportation stocks, ought oh media stocks as well as energy and and basic materials, cyclical companies where all we could get -- weak with the dollar higher and euro stronger. >> so, matt are these -- >> reporter: dollar stronger. >> dollar stronger. all right. are these recently losses or minor setback for the u.s. markets or is this something long term we need to be concerned about? >> well, you always have to be concerned. it has been a long time since we had a major correction, correction being at 10% giveback in the marketplace. we had th

cnbc's "mad money" host jim cramer is here. good morning. i want to take you back to may 6th, the day the dow plummeted 1,000 points in 30 minutes. they called it a flash crash. now we're down about 10% since the highs in the market in april. when you consider this, do you look back at may 6th and put it in a different context now? >> we are six points away from where we were that day and that was supposed to be a bogus crash. it looks like some of the levels were right. now i have to tell you we're not falling to pieces, to use the script's words. >> little pop culture reference. >> exactly. i'm advising no panic. i'm advising this is -- stay the course. a lot of it is just -- >> a guy known for sunlight and optimism says there are parts of the global economy that are now at the risk of a double-dip recession. those are words nobody wants to hear. from here ow i see things getting worse. now you can react. >> he's been negative all the way down, he was negative at 6,500. i was positive there. good point. but i will say this, he does make se

cnbc's trish regan joins us tonight to sort out what this latest wild ride on wall street may mean. reporter: all this volatility, good evening, lester, is really a result of one major thing. and that's the european union. basically the european union and the euro as we know it right now are under attack. they are being threatened. and that's because you have all these different countries, lester, that didn't necessarily play by the same economic rules. so when it comes to greece, when it comes to portugal, when it comes to spain, countries whose economies are truly struggling, they haven't -- they haven't played by the same kind of rules as say, france and germany. it is a little bit like greece was the subprime borrower, such as we know here in the u.s., and the banks over in europe are getting nervous that that subprime borrower, greece is essentially going to walk away from the mortgage that they owe the bank. and so that's essentially the root of the problem. and so it has created this drying up of the market where it is getting expensive for greece, pour portugal, for spain, f

cnbc's courtney regan joins us now. >> reporter: good morning. we saw futures actually slightly higher this morning. unfortunately we lost some of that momentum. that follows yesterday's big wave of selling. where we saw the dow, s&p and nasdaq have their biggest percentage drop. the dow fell 376 points to 10,068, the nasdaq dropped 94 points to 2204. stocks remain under pressure due to that european sovereign debt and uncertainty of china's growth. asian markets closed mixed and europe is trending lower. today we'll get tlab department's state breakdown of monthly unemployment dat skra. before bell retailer ann taylor will post her first quarter earnings. >> what about the financial reform bill? >> it was passed by the senate. passed yesterday on vote of 59-39. things looking up. it goes to the house. they have to reconcile the version. once those versions are reconciled it goes president obama's desk to be signs. >>> courtney regan. thanks so much. >> thank you. >> how much do you pay or would you be willing to pay when you go to the movies? ho

covering your money today is kr cnbc's mary thompson. what's behind this late-day rally? >> reporter: it was almost ruined by a late-day swoon. we saw the dow give up all its gains and then some. all of this almost ruining the big turnaround we saw early in the session. the markets starting the day with a bounceback selloff thanks to a couple of factors. investors have a clearer picture of what regulatory reform will look like. that helped to drive financial stocks higher as banks were among today's leaders on wall street. with the dow down about 1,000 points in the last month, many see the markets as being oversold and a buying opportunity. so a lot of investors stepped in early in the session. and then lastly, the euro steadied. that provided early support to the u.s. markets. recent weakness in the currency has reflected concern about greece's debt crisis spreading to others in the euro zone. late in the day with all those gyrations. that suggested investors are not fully convinced that the worst is behind us. all of this setting investors up for next week when the mar

eastern on cnbc.y, you can take your trading around the world, because now you can trade u.s. and foreign stocks online, in 12 markets, 24 hours a day, all from the same account, and settle in u.s. dollars or the local currency. plus, we'll guide you with international research and realtime quotes, so you can diversify your portfolio, wherever -- whenever. and we'll be on call around the clock, while you trade around the globe. fidelity investments. turn here. >>> welcome back to "fast money halftime" report. we want to clarify something. a conference call happening tomorrow afternoon shall, not this afternoon. still would love to be a fly on the wall today or tomorrow. patty edwards. >> you know, it is down 3%. you are still looking at best in class company. i flow's a little bit of concern about the justice department -- somebody is looking into them. anyway, given that, look at where the support is. i think once you get down to about 250 the stock starts to make a little bit more sense again. i'm c

my co-host scott wapner, and bob pisani, and rick santelli, and joining us from head quarter is cnbc contributor ron insana. thank you, everybody. thanks for joining me on the call. the markets are better shape than yesterday, but the sent lt -- sentiment is turning. what are you hearing, bob pisani? >> well,t

cnbc team coverage with the very latest news on the selloff and what it means for you, the investor.ntator lou dobbs, we have our kudlow all-stars to dissect it all. how should you play it? is it just a healthy correction and what does it mean for our v shaped economic recovery. we'll also

later our cnbc all-star panel breaks down on what could happen tomorrow on wall street weap weapon -- >>> foreign exchange moves, currencies a major factor in today's sell-off. let's get back to rick santelli at the cme in chicago for the latest. rick? >> absolutely. the currency market's wild. we'll start out with a quick chart on the yield curve where the tieest for the entire year in terms of the steepness, the difference between tens and twos and to that currency story, you're watching a bit of history. something we haven't seen in a little over 12 months and that of course is the euro on this intraday chart, briefly traded under 1.30. i saw a trade of $1.29.95. now that's a small violation but there's plenty of trading this week and many are paying close attention to some of the sell stops that might be protective below the market in case of a sell-off. will they be trigger? something to pay attention to. now if you want to take a look at what's going on in broader detail just consider some these spanish breaks like santander. this stock is down about 10% today. look at it's perf

. >> this is a cnbc original. >> "walmart!" >> whose "walmart" is it? >> my "walmart!" >> woo!ted to be your host for the 2009 "walmart" shareholders meeting! >> when you came into this office as ceo, not very long ago, what went through your head? >> to move into this office, these paneled walls that sam walton had installed, is a tremendous honor. >> in fiscal 2009, your sales eclipsed $400 billion. >> the buyers come out into this area. they meet in these little rooms and negotiate billions of dollars of purchases of product. >> in this last year, the international division opened 500 stores. >> we got rid of the smocks just to signal a change. >> we just love our relationship with our associates. we are a family. >> ha! >> what do we want? >> free choice. >> when do we want it? >> now! he's not my family. >> two million people, you're a family? >> it really is that way. >> are you made to work overtime? >> yeah, when it's busy, they will have us stay overtime until 2:00 or 3:00 am, sometimes throughout the night, 24 hours a day. >> twenty-four hours a day? >> i don't mind s

have joining us now, a man who needs no staff to help him, doctor, governor, a medical doctor and a cnbcme that the republicans are so desperate. we saw an example of michael brown saying the president was slowing down his efforts in the gulf of mexico so he could attack the coal industry. that is a bank shot even i can't follow. >> well, you know, first of all, the question is why is michael brown giving his track record on television talking to anybody. >> we invited him and he came. >>> you can't put everybody off the street on television. >> he was head of fema for all of those years. it wasn't like we just came up with the guy. >> precisely the point, precisely the point and look what they did so he may have been reflecting on how things were running in the previous white house. but i don't think he has much knowledge about how they were running in this white house. look, i think the president is doing the best job he can. he's beginning to turn the economy around. we have a health care bill, that despite it's not being so popular, i think he's accomplished an enormous amount. it's

we're going to go live to cnbc's erin burnett at the new york stock exchange.cast. >> good morning, everyone. take a look at the latest. thankfully the last week or so the winds have died off and the oil hasn't spread much further than it had. a few sflots at the very tip of the mississippi delta. that forecast is supposed to disperse more in the days ahead. talking about the airports, flights should be just fine till later on this afternoon. great conditions this morning. look at this forecast. as good as it gets. low 80s, low humidity and a light breeze. going to be fantastic from pittsburgh to boston, d.c. and everywhere in between. later this afternoon, showers and storms will pop up over detroit, toledo, cleveland, indianapolis. we've got minor problems. everywhere else looks really good today. the northwest maybe a shower in seattle. that's about it. have a fantastic wednesday. you're watching "morning joe" brewed by starbucks. national car rental? that's my choice. because with national, i roll past the counter... and choose any car in the aisle. oh, buc

here to explain it all is cnbc's brian shackman. it's difficult to explain what's happening in the market. down overall, a big bounce yesterday, what do we take from that? >> there's a couple of things to take from it, we went down so much, investors thought maybe they could get a few bargains. but investors are like people they don't like uncertainty. the german version of congress approved their bailout. and those things give a little bit of clarity in a pretty difficult landscape right now. >> in terms of our domestic recovery, everybody's been keeping their eye on the employment situation, we saw in april, more than half of all states law lower unemployment rates. that's a good thing, is that expected to drive the market in the week ahead? >> there's two things about that that are really interesting, people are at work, paying their bills, they get to have some confidence and that's the key, if your neighbor gets a job and you have a job, you have confidence to spend your money and not really sit on it. but all the stuff that we

caller: i was watching cnbc regarding the financial muscle bump. they had an interview with someone from the rating services. he was coming up with a bond rating. he said i cannot come up with this unable to do it. he had been in the business for ages. some say he cannot generate revenue for the ratings on. the credit agencies committed fraud. i am not an attorney but an accountant. if it was not criminal fraud, it was civil fraud. either they get hit with criminal fraud and wire these credit agencies not going to jail? guest: you ask some very good questions. first, senator ben cardin has introduced legislation trying to be added to the senate financial reform package that will allow whistle-blowers within these companies to call out the credit agencies -- rating agencies and not be in a position to be fired. there were tons of emails within the company's employees said, this is not working. we are not doing the right thing. many people got fired and quit because they understood this was where people who were selling the city knows -- ceos were pa

last night i was telling the center that i saw on cnbc with demint -- but one important constituencyt does not agree is the white house. why are they pushing back? guest: it is true that tim geithner has been on the phone lobbying against this. you have to ask them. one of the arguments we have been hearing which is simply not true, is that as a result of the amendment congress will not be involved in the monetary policy, determine whether or not interest rates go up. the language in the amendment is very clear. it is not only the white house. it is obviously the fed itself. ben bernanke was visiting senators the other day. we have wall street lobbying heavily against this. let's be clear. in an amendment like this, we are taking on some of the most powerful people not only in the country, but the world. people who led us through their greed and recklessness, and in my view, their illegal behavior, into this terrible recession which has devastated the middle class. out of the rules of the wall street collapse they are now paying out huge bonuses to their ceo's. and they like that. th

caller: i was watching cnbc regarding the financial muscle bump. they had an interview with someone from the rating services. he was coming up with a bond rating. he said i cannot come up with this unable to do it. he had been in the business for ages. some say he cannot generate revenue for the ratings on. the credit agencies committed fraud. i am not an attorney but an accountant. if it was not criminal fraud, it was civil fraud. either they get hit with criminal fraud and wire these credit agencies not going to jail? guest: you ask some very good questions. first, senator ben cardin has introduced legislation trying to be added to the senate financial reform package that will allow whistle-blowers within these companies to call out the credit agencies -- rating agencies and not be in a position to be fired. there were tons of emails within the company's employees said, this is not working. we are not doing the right thing. many people got fired and quit because they understoods was where people who were selling the city knows -- ceos were paying

to the market faster andt faster and many fans have been it just triples to the market's it is on cnbc within seconds and the fact that trading and speeding up is that the market reacts faster and all it isthe designed to two is have a quick pause to make sure thi everybody a understands what is happening so we don't hit a down mak pocket like before. >> we're all strong believers of the market's and we compete with eachfo other aggressively be at we can agree onre're certain wit principles like the sixth circuit breakers that makes the market better for investors because in the and freedom of the market they don'tt believe in if they feel it is rigged they will not invest their money which it is affecting all of these things. >> u.s. andalatio interesting question what will the technology eventuallyte consume less a what do we do, besides tata circuithat breakers to make sure this again it ispen more to it than that.ike pre-execution in multiple technology big news but then eake what isget into the most important? i inexperience risk management team and a deep regulatory department to

totok the market faster and faster an when events happen, it just ripples through the market, it'e on cnbc within seconds and thee, fact that trading is speeding up every day, means that the markew reacts faster. i think hall this is -- all this is really designed to do is cause a quick pause to make sur. everybody understands what's happening and asssembles a liquidity, so we don't hit ae t down pocket like we did before. all of us are strong believers in the market and we compete with each other aggressively and threat we canike agree on principles like the circuitte breakers, which makes the market far better for investors, because in the end, if we don't have a market that investors believe in, if they feel like it's a rigged game, they're not going to invest their money,e no it's going to harm all these things. >> i think you asked an interesting question, which isfo what about technology. what will eventually consume us which is what i heard your question to be and what are we doing besides putting circuit breakers inil placel to make sue events like this don't happen wa again. there

caller: i was watching cnbc regarding the financial muscle bump.ey had an interview with someone from the rating services. he was coming up with a bond rating. he said i cannot come up with this unable to do it. he had been in the business for ages. some say he cannot generate revenue for the ratings on. the credit agencies committed fraud. i am not an attorney but an accountant. if it was not criminal fraud, it was civil fraud. either they get hit with criminal fraud and wire these credit agencies not going to jail? guest: you ask some very good questions. first, senator ben cardin has introduced legislation trying to be added to the senate financial reform package that will allow whistle-blowers within these companies to call out the credit agencies -- rating agencies and not be in a position to be fired. there were tons of emails within the company's employees said, this is not working. we are not doing the right thing. many people got fired and quit because they understood this was where people who were selling the city knows -- ceos were payin

it's on cnbc within seconds. and the fact that trading is speeding up every day means that the market reacts faster. i think all this is really designed to do is cause a quick pause to make sure everybody understands what is happening and assembles a liquidity so we koe don't hit a down pocket like before. we're in the free market. we compete with each other and compete with each other aggressively, yet we can agree on simple concepts like the circuit breakers that make the market better. in the end, if we don't have a market investors believe in, if they feel it's a rigged game, they're not going to invest their money. that's going to harm capital formation, retirement, all these things. >> i think you asked a very interesting question, which is what about technology? we continue to build it, will it eventually consume us? which is what i heard your question to be, and what are we doing to make sure events like this don't happen again. there's more to it than just circuit breakers. there's preexecution, multiple