what if interest rates are higher? what if interest rates are lower to give you an idea of how our forecast changes. >> i thought your answer was going to be yes on that. so if the cbo's forecasts are correct in ten years we will be spending $827 billion on interest payments alone give or take a billion dollars, is that correct? >> yes. >> and what could we be doing with that 28$827 billion if we were not just spinding it on payments to investors? the banks? >> not my decision but -- in other words. >> in other words, the answer is we could be spending more on all the other things we talked about spenting, whether it's infrastructure or health care costs or if you believe in educational costs, those other things could be funded by it but we can't because we'll be spending it on. >> on the debt. >> and on interest payments. also until this report the cbo projects federal tax revenue will grow, so that's an upside, by $3.2 trillion over five years, up to $5 trillion and 25%, that's an average of 4.5%, 4.7% is your projec

party kind of trying to date someone not interested and three or four other entities are not interested that's okay. so i was only moving forward under the belief we were moving in would someone that is showing a little bit of interest and president to find out why their late to the job interview if we widened it for all pre-qualified we shouldn't have it as a disqualifier did you but it would be nice to know why they didn't submit. >> i'll be uncomfortable if we stebd the date it should be extended for every firm to which a proposal went and whether we extend it for a week whatever it is i mean, we clearly if a second firm that got the original proposal comes in it's a that's a fair question why didn't you file or respond by the 26 like we told you and unless they've got a good answer that maybe important and saying what they'll meet dell's from the future but if we do it for any of them that got the original proposal we should extend the time. >> is the next question how far we'll extend our process - our proposal? >> that's the third proposal whether we extend it by asking h.r. or yo

but interesting times as always. interesting times. bernie, thank you. still to come here on the show well refusing to target the rouble. why she is putting a top priority on inflation and not currency volatility. you're watching cnbc's worldwide exchange. you can find us on twitter. we'll be back right after this break. thanks for calling angie's list. how may i help you? i heard i could call angie's list if i needed work done around my house at a fair price. you heard right, just tell us what you need done and we'll find a top rated provider to take care of it. so i could get a faulty light switch fixed? yup! or have a guy refinish my floors? absolutely! or send someone out to groom my pookie? pookie's what you call your? my dog. yes, we can do that. real help from real people. come see what the new angie's list can do for you. >>> angela merkel keeps the pressure on greece to implemented reforms in return for a bailout deal. this as athens admits it can't pay back the imf at the end of the month. >> the euro hitting a one month high after growth forec

it is interesting. a group of students were caught on camera -- current camera phone rather, singing a racist song about lynching. the students immediately were expelled from university. by president david of university of oklahoma. is anyone troubled by the singular action of the president? is anyone troubled the university president has expelled students unilaterally question mark yes? >> i think these things come up a lot. in our quick reaction society where people are robbed of the right of due process. and i think particularly in the university setting, i think anyone would be hard-pressed to defend their actions but not to defend their right to due process. prof. chatelain: it is a scary idea right, that there can be -- a student can make a choice that has an impact on the community, and there are choices students make an university settings, and there can be such a quick response. one may argue if they had worked at the university of oklahoma that perhaps the response may be a distraction to othe

this is self interested interpretation. the nature of this one symptom -- they are aware of the constraints they see around them. for federalism questions, most presidents will not be unduly sensitive to that. although occasional ones are jefferson, jackson, reagan and so on. it will happen but you need someone with a certain conservative mind cast to do that. the supreme court has been active in that realm. pretty much more against congress than the executive. the jerusalem case mentioned is where they may wield presidential power a little, but most of the court's granting federalism has been through the regional statutes. >> a very interesting case from last year's term of the spring court in which the court addressed the question that before the decision had pronounced that addressed -- the court may vary in thing in that decision. >> it is a 5-4 decision demonstrates you can get anywhere you want to get with history. you can make a good historical case for either side. the one thing that it does, is to make it almost im

so concerned interest. so concerned about the overinclusive this and under inclusiveness suffers from that same flaw. the plaintiffs definition excludes relationships families that have been discussed this morning that might benefit from having state recognized marriage and includes people who have no emotional level commitment toward each other and get married for other reasons. if if those are the reasons why the state -- >> marriage provides a lasting bond between people who love each other and make a a commitment to take care of each other ucla and lets that logic can be limited to two people who want to have sexual relations and would not extend to larger groups the one i mentioned earlier two-minute to women will i and it would not extend to unmarried siblings who have some sort of relationship clicks over and underinclusive. my.is that the state does not have an interest in emotion at all. if we have a close the government does not regulate when that begins or ends. the government sole interest is no

anna: are you talking about two hikes and interest rates before the end of the year -- in interest ratesefore the end of the year? they were suggesting we would see to rate hikes by the end of the year. michael: we are looking at the first being in september and the second and december. it has been suggested, but not yet priced into the market. there is still room for the dollar to strengthen. anna: the dollar fell back since march. the end of a strong run for the dollar. michael: we think when you catalyst to get the dollar -- we need a catalyst to get the dollar moving again. the fed -- the interest rate remains data dependent. we need a strong surge in q2. anna: that was janet yellen's argument. the q1 data was a temporary thing we had to look through. do you think things have become better? and that john -- and that janet yellen was right? michael: it was due to the weather affects and the residuals due to the strike on the west coast. we should be seeing a surge in q2 and spilling over into q3. anna: let's talk about greece. what is at stake for the euro in this situation? you might

earnings and interest payments. subject of a direct effect. we don't even need to go to the one in anyone with the debt has a lower debt service ratio. for u.s. households you see that today's debt service ratio which includes the cost of interest payments and smaller principal payments is not at a level lasting into the early 1990s 20 years ago. .. had my people under the age of 60 or have benefited because they have more debt and it's almost a linear effect. households under age 35 on average and $1500 per year to almost 3% of disposable income. it grew 35 to 44 benefit in $1700, 2% of income. households over 75 tend not to have dad are losing $2700 per year through lower interest earnings. households between 65 and 75 lives about 2% of their income. there hasn't been a generational impact for sure. overall hard to see how this worsens inequality. i want to end with an open-ended question meant to spark discussion. we looked at the impacts of ultralow interest rates compared to what they have been. there is a very

and interest rate volatility. and what the fed is about to do it is not just about employment and inflation, but it is also what i want to talk about is how do you balance the risk of policy mistake versus the risk of a market accident. >> right. >> and that concern -- they are concerned about risk taking. they are concerned that artificial rs that no longer consistent with fundamentals so i think they want to normalize. i still expect them to raise rate this is year. >> on that note mohammedalery an with alliance. >> more issues in greece rattling markets. it won't make the payment due to fif tomorrow. they plan to bundle four payments. 1.6, a lump sum due on june 30th. s allowed under fif rules but rarely used. >> west texas intermedial fell to $58 a barrel and despite concerns of a global supply glut many investors expect opec to maintain current production levels. jackie deangelis has more. >> the oil market awaiting tomorrow's opec meeting to see if it will cut production to stem the oil in the market. accord

interest rates about the same.e were hearing before whether or not the fed really does control interest rates. [closing bell ringing] they do control the fed rate but the markets are closing and again not an impressive gain. looked like we were going that way when janet yellen was seeming to be quite dovish in her remarks. they looked twice. there were some indications there may be two rate hikes before the year is over. whether that is true we'll have to wait and see. bottom line the market, a lot less sure of itself now than it was about an hour ago. while markets wait for tomorrow. here is everything you need to know right now. not ready for liftoff but the fed signaling that rate hikes are likely before the end of the year. here are michelle meyer, deputy head of u.s. economics for bank of america merrill lynch and cme trader todd horowitz. todd, let's talk about market reaction first if we can. they seem very enthusiastic what was happening. they calmed down a little. what happened? >> hi,

you now. >> i'm particularly interested in -- in -- i'm interested in younger writers, and i'm interested in writers my own age or slightly older. i'm still very interested in what thomas pynchon is -- is going to do next. but for -- you know, a recommendation for a younger writer, well, two younger writers, and just accidentally they're both male writers, but one is ned beauman, who has written -- written -- published three novels. he's -- b-e-a-u-m-a-n. he's british. and he has a novel out called "glow" that's kind of like my three previous novels written on the head of a pen, because it's like a really small thing, but it totally has -- it totally has all of that going on, and much more. not that he's trying to do me, but he just very similar -- >> yep. >> very similar -- >> so ned beauman. >> yeah, ned beauman. and nick harkaway, who -- whose current novel out is called "tiger man". >> yeah. >> and he -- he's like, i don't know mervyn -- like mervyn peak for the 21st century. >> but how -- how great. this is sort of like the reverse oprah. >> yeah. >> you know you're -- >> yeah. >> yo

you know interest rate is up a quarter point. interest rates are up a quarter point. the real world it's going to be a slow, slow, steady path through low interest rates. they're going to be with us for four or five years to come, these low interest rates. >> the gang in front of me has some questions for you as well. >> howard lutnick, jon najarian. questions about some of the municipal bonds and liquidity or lackof. volume is great for you guys on the real estate side and the regular bonds, but how about the munis where we hear so much of the volume isn't there. the liquidity isn't there any more? >> the problem is, municipal, municipalities have had credit issues. so they've become more of a credit story. they used to be more of a rates story about what's the interest rate. now you really got to study when you look at municipalities, you got to study the credit quality, of those municipalities. people have seen detroit have problems and other cities have had problems. so they've become a credit story and therefore, that needs to change. so buyers of municipal bonds

sarah frier covers interest for us. she was at interest when they made this announcement. so, pinterest users have wanted to see a company get into this. will they need to leave interest if they want to search on amazon or google if i want to buy a? >> you will have a blue price tag at the bottom of pins on your site. whether that changes the experience of pinterest and makes it less about inspiration and more about purchasing -- whether that turns people off we will have to see, but it's true that consumers have been asking this for a while. emily: i want to bring in one of pinterest's buyable pins partners from shopify. what is the nature of your partnership with interest? i wonder how big you expect this partnership to be? guest: we are excited to work with the pinterest twin. it's the aspirational cataloging of things that are of interest to them. they have the opportunity to take those unique, discoverable goods and bring them into the pinterest ecosystem. i think the key is that word discovery. what you are not specifically looking for, but that is what interest is m

again, it is an interesting population because it is really multigenerational. about 2 million are first generation come the second generation is another 2 million the third is about 1 million. the majority of mexican-americans in the united states are nativeborn. so we think of mexicans as being immigrants but the majority are nativeborn. >> host: do they tend to cluster? is this group tend to cluster in their living habits? >> guest: well, we have seen there have been traditional areas in which mexican-americans have typically lived. los angeles chicago, texas. these are the typical receiving states. but we have seen dispersal in the last decade of mexicans americans and latinos moving into destination states. many move for greater economic opportunities. udc cities that were primarily black-and-white for example in terms of race and ethnic city of tremendous growth in the mexican american or latino population. so this is something -- the growth of the mexican american middle class integration of just concentrated in specific geographical areas. >> host: profe

very interesting. the last one, states where sex education of provided must include negative information on same-sex relationships. we see another layer. don't be ashamed if you are from these states. we are all different. i saw some hiding. how did sex get into schools? the first question that iswe think about the past, we suggest that people were compliant until the 1960's and all hell broke loose. that is a kind of dim the u of humanity. that this idea that young people were so absorbed with the idea of conformity that they could just accept sex education as it was given to them until the sexual revolution. what she is saying is the relationships are more common. verisign's of questioning these ideas. -- there are questions of these ideas. sex education was a form of training. when i think about this book i think about a 1957 facts of life and love for teens. if you want to borrow it you can ask me privately. it is everything a teenager should know about life. one of the things that is interesting,

and it was interesting. both of them were leaders. both fell at the absolute height of their powers, the height of their prestige, and height of their accomplishments. >> right. >> but jackson's death, i think, is overshadowed by lincoln's. to some extent, jackson's death, which happens right after he and lee engineer the single greatest confederate victory of the war, chancellorsville. >> chancellorsville. >> chancellorsville. but then jackson's gone. and then what happens immediately after? gettysburg. >> yeah. >> what happens? confederacy loses, largely in part because jackson isn't there. lee is on then for another two and a half years of the war. i think jackson sort of got subsumed into the war. however, i must say in the confederacy, in parts of the old confederacy, jackson is still the man. the state of virginia today, there is still lee jackson day. it's a school holiday. >> right. but the reality is outside of the old confederacy --. >> right, right. no, yeah. >> there's not a ton of knowledge of exactly what happened and ho

one last point, on the interest rate. interest rates are going up in the future. they are not going down. i cannot understand people making the argument that stocks are cheap relative to interest rates. alix: you sound like robert shiller. i am not sure that the current situation is a classic bubble. the current environment may be driven more by fear. is there something to that? we might see a bubble, but there is something different going on. michael: it is a fear of missing out. i think it is people feeling the need -- this market has been mark of the resilient. we had almost an economic disaster. you had the fed step in and do great things to prevent that. recovered, they did not take their traditional role of removing the liquidity and tightening policy. we have had six years of zero interest rates. it has been nine years since we have had an interest rate hike. we are still at zero interest rate. we have a long way to go. stocks areer says, really expensive, but that does not tell you anything about what stocks are about to do. it could be several years befor

that is interesting. makes me think regarding the rd 180 is not the russian who actually knew how that work. where is that person and maybe the chinese did that with the integrated that into their long march or maybe the blueprints. you kind of wonder -- you hope the team of scientists can do great things and in many cases they have. some cases there are these individuals who come up with the secret sauce and that leads us to the very interesting feature of space that or they do not rely the patent system to protect their ip preferring instead the trade secret system which is basically nothing there knows that the entire western system of protect intellectual property. i am not defending the patent office but this is kind of an interesting challenge here. just keep it locked up in a safe like the coca-cola formula as opposed to publishing and disseminating and protect them legally. there are many challenges we face as we get into this issue to make sure we have assured access to space, that we have a perh

angie: interesting. david: he has my vote. angie: anything interesting david? watching stock -- and we started trash talking. [laughter] you have to swing for the fence. it didn't trade yesterday -- lastthe last bit was i checked it was at 3800 already. we do say much. -- see a match. conspiratorial whispering here. david: very rude. taking a look at woolworth. australia's largest supermarket, shares down 13% already. the ceo stepped down yesterday. hours later, they cut the ratings outlook from stable to negative. salesg -- saying store are negative trend. could be good and very interesting for the stock exchange. that is the verdict. coming up next, going the extra mile. how singapore airlines plans to revive its direct lights to the u.s.. we will hear exclusively from mark: i'm mark halperin. john: and i'm john heilemann. and with all due respect to pope francis, the world is definitely getting hotter. but you are pretty hot yourself right now. ♪ john: ok, happy national eat your vegetables day. a handful of new polls in battleground state provide a snapshot

0 an associate that represents the tdr interests and w work with deafening there or 27 items of interest and they've engaged with administrative body the vice president of the interior and the regulatory licensing and potential financing opportunities that have dried-up it is long term and - one the priorities at the federal level to look at the insurance of our water rights they've done an amazing job and continue to stay on point and provides water key support as we're engage with the first progress with regards to pg&e we're seeing the local government to engage with the drought relieve and dearly will talk about that and the last bucket of work in addition to the legislative and regulatory work the sfpuc is collaborating with other agencies in an effort to elevate the water structure radios it relates to the job committee so 18 months ago general manager kelly talked about the coalition he helped to kickoff with the folks in washington, d.c. to create an inner form group of folks to impact the jobs in the community those those efforts we spotlight the work that the puc does and helps

they are very interested in the predecessors in office. they are interested in what it's become. they use mostly strategically things that were said at the time. lincoln did a lot of this. reach right past this to the declaration of independence. lincoln did that because they were such defects in the original constitution which he was having a war over. he wanted to go back to the founding values of liberty and equality. presidents who reconstruct american politics and affect the constitution very often reach way back to what they sell to the people as original values. ronald reagan is probably the most recent president who has done that effectively. again, they look back to basic values but not technical originalists. peter: so, there's a kind of moral perspective that comes into play? or is it a story of continuity and legitimation that presidents turn to in basically selling what they are doing today? or it just a fine with they are doing today? hal: yes. i think that teddy roosevelt's bully pupllpit notion undersells it. i do not think the moral dimension of the office can ev

to go back to the debt and interest how do we -- the interest will surpass defense spending. is that still the projections from cbo? >> i don't remember. if that was a projection, i suspect it hasn't changed. >> what can we expect when interest rates do at some point go back up. how are we as congress supposed to handle the debt service to $18 trillion of debt and debt that's only going to continue to rise? what happens? >> well if you want to avoid the debt getting out of hand getting to unsustainable level, you have to make cuts. you have to manage spending manage revenue, you have to do something. >> thank you for your candidness. really appreciate it appreciate the chance to ask you a couple of questions. look forward to working with you on this committee and welcome you to your new position as well. >> thank you. >> miss blackburn is recognized for five minutes. >> thank you, mr. chairman. dr. hall, we so appreciate your time and your willingness to work with us. i think we all realize that we have some spending issues and budget issues and it is -- constituents want us

interest. how do we, the interest will surpass the next ten years and you what? i don't remember, if that's the projection, i suspect it hasn't changed. what can we expect when greats do at some point go back up? how are we as a congress, supposed to handle the debt service to 18 trillion of debt and a debt that will only continue to rise? what happens? >> well if you want to avoid the debt getting out of hand you have to make some cuts. you have to manage spending or manage revenue or you've got to do something. >> thank you for your candidness. it's appreciated and i appreciate the chance to ask you a couple of questions and i look forward to working with you on this new committee. >> the gentleman yields back. the gentle lady ms. black burn is recognized for ten minutes. >> we so appreciate your time and your willingness to work with us. i think we all realize that we have spending issues and budget issues and it is constituents want us to get these addressid and think we're tired of the bur

the reason why the fed targets and interest rate, and it is an interest rate of 2%, which is modest, they look at it this way. they say there is a level of price increase that is actually healthy for people because it means wages are also rising a little bit. it means businessman businesswomen, entrepreneurs can look ahead towards slightly rising prices. and if you get it at the right spot, and they really kind of made up this intuitive bright spot. there is no magic formula, they feel 2% is the rate that will not affect people's decisions, if that makes sense. it will not make you rush out to buy stuff because you think the price is going to rise and suddenly become way more expensive, and on the other side the deflationary side, it will not make you hold off purchasing because you think the price is going to fall. they feel that 2% is kind of a sweet spot where prices are going up in little bit, but it is not causing people to really distort or change investment decisions, savings decisions. and importantly, it also give them room to operate. here is where really comes into play. i

every time interest rates fall prices get more sensitive to movements in interest rates.'ve got bonds now, moving in price movements of very low yields, more than they've ever moved before. why have they fallen? central banks squash interest rates and when that happens, everybody has got an opinion. the fed is going do raise rates. the ecb does more qe. they're at extremes, a lot of people are long the market or short the market. there's very few people in the middle. when you have lon durations and very extreme opinions, you have get the market to move and then it turns into a giant move. we're having a rout in the bond market now, but back in january it was one of the best months in the history of the market. >> it was the best january ever for the 30-year treasury bond. >> i've got data back to 1871. so in this same year that we're having this rout, you also had one of the best months ever and that's the structure of the bond market. it either booms or busts right now. >> jeffrey, when i look up at our markets, i think about corporate bonds. one of the big topics this

the 10-year note in this interest. >> interest rate is less important than dollar going down, euro going to mount an advance on the eve of the big employment number. hard to mount an advance without this being solved. you can't get too bullish without an opec meeting getting past that employment number getting past that and greece getting past that. we've got road blocks. not a cul de sac, road blocks. >> the opening bell going to be ringing any second now on this thursday. the realtime exchange getting itself together. here's the big board. transportation and infrastructure investors -- those chinese took it to us on infrastructure yesterday. >> they are highway builders. >> at the nasdaq dinner with the boys a new comedy off broadway. way to go. >> what the heck? why don't we advertise barsa miguel there? 27 out of 30 stocks in the dow jones average are weaker. when you see futures down horribly on the idea europe basically, they may not be able to buy back as many bonds. that is counterintuitive our markets are down. begin the fact 27 out of 30 unitedhealth not benefitting, that's par

>> that's interesting.e a big bad event that passes usually more buyers come in than not. i would like to hear more people say greece isn't going to stay in and then i would feel more comfortable. yes, i'm going to say it wouldn't be bad to trim into tomorrow's strength if it's a typical situation. if the fed says we're going to raise no matter what because today is the day we raise, then i think that the market goes down. >> i'll tell you one thing. the vic vix as it relates to the dax, you have to go back several years to see it this high. people are starting to come home to to this idea. >> if you shut greece down you'll have immigration and the drop. who will come in? will greece go to the east? who lost greece? let's keep in mind 45 boll. take a look at the market in october. a lot of negativity building. that's good. the fed is a wild card. the imf now labeled a world class criminal by greece. that's not how you do deals. christine lagarde does not look like the world's most wanted figure. >> generall

it is quite interesting in the currency wars, their hiking interest rate.intervention try to get the currency down. but if we look at what has happened in the last couple of months, we no longer have the dollar. that has changed or shifted to the other central banks, the other banks were getting easy as the dollar was spending the currency was dropping. they have to take more action. anna: how we look at these rate cuts? they are driven by the from factors. we have seen to in the last 24 hours, and south korea and new zealand. how we look at those in the lens of what is going on in global interest rates. people are still talking about when the fed is going to increase rates. and we have the world cutting. jane: the common nominator at the moment is geography. the other factors are totally different. the koreans are dealing with mers to how that will impact consumer confidence. that impacted consumer confidence and demand quite a lot. they're trying not to get that same economic impact. that is probably why they decide to go today. in terms of new zealand, h

for an increase in interest rates. he said that just because we are talking about what the fed will do and might do and when, it doesn't need that market participants want to be caught off guard when the day finally comes. a two-day summit of eu leaders begins in brussels today, as greece moves nearer to the filing of the euro area bailout. joining us now is hans nichols in brussels and guy johnson in athens. it is a busy calendar of talks today. where do we stand? hans: it appears that the greek government is not giving into any demands by the creditors -- it was remarkable yesterday when we saw it go down in the late morning into midafternoon. a continued to go south through seven hours of talk. that we had a finance ministers meeting that ended before it began. all the leaders went back in around 11:00. they went back in and emerged around 1:00, no deal. here's where we stand -- technical games of started an hour ago and they reconvened to figure it out. the actual leaders -- tsipras, lagarde, younger -- they decide

in terms of the availability, in terms of the interest rates charged, in terms of when that interestate clock starts ticking. i think it's kind of crazy that you take out a student loan and the clock starts ticking immediat in terms of the interest. it should probably wait until you graduate. what would you -- >> the interest rates for my loans is 9% at the moment. >> it's been a number of years though, right? >> yes. >> and could you pay back the loans today if you chose to? >> no. i don't ha no. would i if my ship came in i could pay it in one sum. instead of saving for my children to go to college, they wouldn't have to go through what i went through, gee i don't know. but you'd ask me what i would like to see happen. when obama first ran for president he talked about loan forgivenes and i think that the most , forgiven, in some cases. i think the government should work out some kind of a negotiatio plan with students. instead of hiring collection aejensies to pursue them. >> the pro loa forgivenes tha drives up the rate of interest rates for the people who are left in that pool.

they are interested in what it's become. they use mostly strategically things that were said at the time. lincoln did a lot of this. reach right past this to the declaration of independence. lincoln debt that because they were such defects in the original constitution which he was having a war over. he wanted to go back to the founding values of liberty and equality. presidents who reconstruct american politics and affect the constitution very often reach way back to what they sell to the people as original values. ronald reagan is probably the most recent president who has done that effectively. again, they look back to basic values but not technical originalists. peter: so, there's a kind of moral perspective that comes into play? or is it a story of continuity and legitimation that presidents turn to in basically selling what they are doing today? or it just a fine with they are doing today? hal: yes. i think that teddy roosevelt's bully pupllpit notion undersells it. i do not think the moral dimension of the office can e

they have had interest in doing it for several years.don't know exactly if the talks have really progressed to the stage that anything is significantly more serious than it ever was. the timing does make sense if you go back and look at reporting. late last year we set dish would try to buy t-mobile in the first half of this year. that is sort of what we're seeing here potentially. that said, there are so many hurdles that dish and tell -- deutsche telekom need to overcome in order for that to happen that have not -- not been overcome, and that is the price and structure of the deal. my sources have long indicated that deutsche telekom finds the stock severely overvalued. any deal that was done from a cash ends talk standpoint may need to be more heavy on the cash and less heavy on the stock . those things will need to come to agreement between dish and deutsche telekom in order for a deal to transpire. matt: back when deutsche telekom bought this company i actually went to the purchase celebration in seattle. haseems like rigid telekom

very interesting. i think it is possible to get people to address that balance to some extent and when they see the sorts of things you can do just to spell out the reasoning of little bit, a family of four gets $1,000 doesn't make much difference. you do of the roughly what they would get every two weeks anyway. in today's dollars it is $1.75 so there are 1 billion people in the world on something like $600. any less than the one thousand dollars a year in you have given them a full year's salary and the charity that i am delighted to greenlight is sharing some of its returns it gives $1,000 so there's no dependents coming from it to the poorest families in africa and it follows up what they do with it and they do things like buying a tin roof to release -- replace the leaky thatch on their heads so when it rains they can keep dry and their food is less likely to spoil. and also they safety expensive resection which costs $30 but it is a savings and long-term investment but because they are on $700 a

what is investor interest? think our clients showing very strong interest in china's equity market right now given the massive rally we are observing. i have to admit that there is a lot of confusion, the diversion of economic performance and equity performance. some people are still not convinced. people: we have seen reshuffled their emerging market portfolios with money diverted to china. >> i think this is only the starting point. from a longer-term perspective, when you look at how china is actively promoting the opening of its capital markets to foreign institutional do l investors. also, the gradual opening up of capital accounts. you will see more foreign institution money allocated into china. this is just the beginning. rishaad: what are the risks? i think the macro situation has to continue to be under control. you cannot have a hard landing. think you cannot see a kind of risks off environment globally. either triggered by europe or other places. those of the things we are keeping an eye on. if you

>> well interesting, i agree with tom's comments long term. but short term the market is very focussed and illiquid. a number of things that could happen this afternoon could cause big spikes in each direction. so i would look particularly at the bank stocks. we heard the previous group talking about that. i think if we had a negative reaction i would look to buying stocks still in a relative attractiveness basis, quite far up there. and then my old favorite is the big techs, of course. i would be mindful that people are set up maybe for a little negative surprise. >> negative surprise. we'll delve deeply into the banking stocks and what they're thinking about the rate hikes later in the show. go to powerlunch.cnbc.com why you have to be very careful when you invest in china. i think that's an understatement. >>> a read on the health of housing ahead of the decision. diana olick in the d.c. area with details. hi diana. >> hi ty. higher interest rates hurting mortgage volume. fell 7% from the previous week. applications to buy a home off 4% for

>> to us it's interesting.h tv what we found with tv networks, unfortunately is that they were in many cases retailers for a program and when new programs showed up a bunch of people went over there. they've seen a decline in individual networks. radio has the pop sit.opposite. our digital ratings are up almost 20 %. so we don't have a consumer problem. we have a modernization problem. for us unlike the other business, we just have to get more money for what we do. we're making progress step one was to prove that you do have a superior roi and when you've got six to one versus a two to one, you say i think we can figure out a way. >> you need more elvis due rans. >> we do and ryan seacrest and big boy. >> thank you so much. we'll have much more from the cans lion festival cans cans cans -- >> lucky lady. good assignment. see you later. when we come back on "squawk on the street," more and more consumers are relying on the internet when it comes to shopping for their next vehicle. that's music to true cars ears

open interest for calls rising faster than open interest for puts since what? may? early may?> there's been a lot of speculation about this. one thing i would say about this trade, because dan has actually done risk reversals in twitter before and timed them very well. the idea here with that lower strike that he's selling is he's willing to buy the stock, but he's willing to buy it essentially on its all-time lows. right? it's post-ipo lows just above $30, it's had a couple of these situations where the stock collapsed. had brief rallies, then collapsed again. this is essentially what you want to do. essentially saying i'm willing to buy it, only at cheaper levels, more than 10% where the stock is currently trading or if the stock breaks out, either way. >> and what about it, carter? >> it's a mess. so something's got to happen. all of the things you're talking about, or this is just a dead duck that it's been for one or two years. the burden of proof is on the bull. >> carter, this is not groupon. this is really an important point. not groupon, a massive scarcity value for t

not because i found it particularly interesting. let me just say as a general matter, the president believes that there is a strong case for us to make looking at the data, about the significant progress that our economy has made since the worst economic downturn since the great depression. that said, the president believes there is substantially more work that needs to be done. to strengthen our economy and further expand economic opportunity for middle class families. that's why the president is aggressively pursuing a trade legislation that he believes would create jobs and expand economic opportunity. it's why the president continues to believe and you heard me talk about, even in the last couple weeks about how much we would like to see congress take action to reform our tax code and use some of that revenue to invest in infrastructure that we all benefit from. those kinds of significant commitments to infrastructure would create jobs in the short term, would also lay a foundation for economic strength in this country. there ar

that would foster or promote the interests. we instead said that is not enough. the fundamental right to marry -- an important connection. we can't deprive the prisoner even if the prisoner at least at the moment and presumably those serving life sentences had no chance of procreation. >> this court decided two prisoner cases, one was tailored, you referred to the other as but there. even someone in prison with an expectation of getting out sunday has a right to consummate their marriage, someone serving a life sentence it is appropriate to deny them the opportunity to marry because they never had the opportunity so the state interest we are asserting here to mary joy. let's take away all laws regarding application and intimacy outside marriage so there is no criminal conduct for all those things. if the state decided to have no marriage, that wouldn't violate a fundamental right. the fundamental right in those cases was the right to be left alone, not the right as chief justice roberts intimated in the first part of the argument to force the government to come t

you're interested. >> it's not always about yourself.metimes takes a nobel laureate to remind you of that. on that point, signals of interest versus signal of desirability. how does that work for a participant in the market? you write here about the dating example and the application example which you just briefly mentioned and you basically say a peacock's tail or a big bank building, those don't indicate interest, they create desirability. how can a participant try to master both of these signals? >> well so let's think about college admissions. if you're a high school senior who's going to visit some campuses, he should be sure to sign the guest book in the admissions office so they'll know he took the trouble of coming to visit. that already distinguishes him from people who might have been applying to 11 colleges and decided to make it an even dozen and just added an application to this one. so colleges have to think about that because they have limited capacity and they want to fill their classes and dormitories but not overfill th

and because they felt an interest in the civil war, they felt an interest in the leader of the union effort. towards the end of his life, lincoln was already beginning to acquire something of a global reputation. it was after his death and i think in the u.s., his reputation evolved quite radically after his death. his international reputation certainly did. and it was after the assassination that lincoln really began to acquire legendary status around the world. there's a convenient way to gauge his reputation around the world immediately following his death. in 1866, the u.s. state department published a volume of letters of condolences that had been sent from around the world. they gathered these letters into a volume and published it. the volume is easily available online for those who are interested in reading more. you can download the pdf and read transcriptions of individual letters. it's a very, very interesting volume indeed. there are over 1,000 documents in there. they come from all of the world. the large majority were either from latin america or europe. those were two

august the, right now as we adjust, it it seems pretty interesting to say. betty: greece could miss payments on their debt if there is no deal by the and of the month. it can see all of jim o'neill's interview tonight on "charlie rose" at 7:00 p.m. eastern time on bloomberg television. mark: microsoft is shaking up the management team. several big names are leaving. executive vice president stephen elon is one of them in the former ceo of note here and mark is also leaving. he was hillary clinton's chief strategist in the 2008 presidential campaign. several other executives will also depart. microsoft is forming a new team called the windows and group. forlators have find at&t $100 million for the unlimited data plan. the fcc said they would slow down internet speeds after consumers used a certain amount of data. at&t said they will vigorously dispute allegations. betty: fedex is cutting their forecast in the u.s. economy this year. the -- the operator of the largest cargo airline said the gdp will rise 2.3% in 2015 and down from 3.1% in an earlier forecast.

that is an interesting development. tim: apple has been aggressive in its efforts to build out its platforms and usability in china. we have seen deals with union pay there. to augment the app store. we have seen the larger screen iphones in the last year, which were aimed at the asian market. tim cook says china is going to ultimately be its largest market. he is doubling time it next year. starting to see an ecosystem for apple in china. angie: black larocque -- blackrock is warning investors that their hong kong treated counterparts offer great value. a near seven-year high. the valuation premium for eight shares has grown to 40%. that is up 2% in november. on track to be the biggest manager of the end -- of yen bond sales. a 19% market share and putting it ahead of morgan stanley. that is despite the slow rate of corporate bonds that the slowest rate of corporate bond sales in 16 years. hong kong is advising residents to avoid traveling to south korea because of the spread of mers. middle east respiratory syndrome h

remember we had the recycle program with brown grease we're interested in the - everyone felt hotels in san francisco have an intercepter with trucks that is what we're interested in we know douglas double the gas production adding that that is basically liquid and get money on the front end might charge you $0.11 a gallon and collect them thousand of gallons a day we're interested and for the tippy too. >> we only have a limited amount of spice space for accomodation. >> one question on the can be it is i guess the organization we're talking about but i noticed there's another one organization is that the same technology or a xeefrt in the field versus another item. >> it's the same technology the exerts in the field have the same process and different tank size one process that performed a process slightly definitely but thermal hydraulics the same this is the xeefrt but can be has been around but the selection of technology we want to be on the leading edge not the bleeding edge we of the people that have a 20-year track record china signed up for 5 more and to be able to see for