jimmy dunne of sandler o'neill will be our special guest. >> now stand aside, worth adversary. 'tis but a scratch. >> a scratch? your arm's off. >>> heading to the battleground. john harwood is in ohio where there is more at stake than presidential politics. >>> plus eric rosengren raising the curtain on what's going on inside the central bank from qe to the euro crisis. the third hour of "squawk box" begins right now. ♪ welcome back to "squawk box" on cnbc, first in business worldwide. i'm joe kernen along with andrew ross sorkin. becky quick is off this week. our guest host is jim rohr of pnc. u.s. equity futures up most of the morning fractionally, 38 points or so which is a quarter of a percent. things happening today, you can see, 0.3%. massive fire is striking a major refinery, a chevron refinery in richmond, california, near the bay area. the fire is contained but not quite out yet. the densely populated industrial suburb of san francisco and you could see smoke going over the entire bay area, a number of train stations were shut, res

. >> conspiracy theory or -- >> your guest jimmy dunn said great things -- >> he said better things offthen he just said all he has left is the fall. and you didn't coo over what jimmy said about it unfortunately. >> i was trying to coo over her. >> well, that's okay but -- >> look, there are some people who say you coo. there are a lot of people who would have preferred we should up and shot him with a revolver. >> you really doesn't like profit making entities. you like to break them up. >> if that was the case -- >> you like to break them up. let me talk about mcdonald's. the futures now on the dow, they've been down 30 all morning. they're down about 47 or so because mcdonald's, a dow component, is down more than 2 points after these weaker than expected same store sales. people were looking for gains, looking for up 2.4% in europe, and don thompson is making a comment saying our promotional activity in the u.s. didn't offset the effects of a sluggish economy and the launch of last year ears mango pineapple smoothy. that must have been a loss. a weaker performance in germany and sev

. >> you had sandy and then jimmy dunn on and it was the same day son of sam was deploring gun violencet liking big banks was like son of sam. >> not very. when sandy pulled to get rid of the old rules his idea was to create a big franchise over a bunch of financial institutions, and combine them and get the benefits of a bunch of companies working together to sell financial products and keep costs down. i don't think sandy ever had in his mind to make his bank into a free money hedge fund which is really what happened. i think sandy was -- >> that's what happened, with zerp and everything else. >> with everything. back in the 1960s, when i first worked with sandy it was a different world, you had brokerage houses and they serviced clients. you had investment banks who took the risk of underwriting companies that were trying to grow or not to grow but to become public and you had banks who were responsible for gathering money and lending it out responsibly. >> would you say the end of glass-steagall caused the financial crisis? >> i think it was on the way, because you had your investme