the market because we have a new, very important argument, the ability of the public debt after the psi. >> reporter: there was a bit of discussion in the german press about how schaeuble, our german finance minister and you and even your predecessor whether greece should stay in the eurozone, should not stay in the eurozone, what would be better for you. everyone agrees greece should stay in the eurozone. was there ever a discussion for y you? >> wolfgang schaeuble is a great personality, excellent colleague and friend. we have important discussions on the euro group but our position is a public one. greece is and remains always member of the eurozone. >> reporter: a great sigh of relief are from the political scene, not only the parties this power but the real test in the upcoming elections. after the game is before the game, at the end of april/early may, we'll have elections in greece and i think mr. venizelos appointed the candidate for pasok for his party. he will have to prove to his electorate that they believe greece can turn the corner and that he can help greece to turn the c

swedish finance minister says agreement of psi and the greek bailout is very positive. that's good to know that he thinks that. now let's just remind you 83.5% of all private bondholders have taken part in the greece debt swap that includes both the international bonds and the greek law bonds focusing on the greek side of that, the figure is 85.8, all regulated under greek law. finance ministry will hold talks now with the euro group to decide on whether to activate the collective action clause. that meeting starts at 1:00 gmt, 2:00. if they activate that it would take participation rate up to 95.7% and at that point they are guaranteed to get the eu/imf bailout money. at the same time isda is going to meet to decide if a credit event has taken place in greece. the committee received another question in relation to the greek debt swap. it's meeting at 14:00 cet. if if it is decided, it is worth over $3 billion should be triggered. joining us now is alberta gallow, head of rbs. kit is still with us. the interesting thing, what i should explain about this question is they

and the 130 billion euro aid package that should come within this psi. >> we just spoke to one financial experts in frankfurt who seems to believe that greece has to leave the euro. this deal is barely a saving grace for the moment. how our financial experts they're predicting the future? >> of the would like opinion shared by many, that greece needs to leave the road, that is the only way that they can rebound by devaluing their currency comanche get sports-- currency, cheap exports, they say it's is infested view. if they were to exit, it would have a cataclysmic a fact on markets that large. on another point, many greeks wonder because this represents 2% of the greek economy. how was europe unable to put up this so-called fire wall to protect the european markets today to% academy -- a 2% economy creates such havoc? we have all seen greek politicians drag their feet when it comes to the very tough and painful reforms. why is you're not more on top of this matter? no solution has been found. >> thank you for that update, natalie. >> european officials are gearing up to look at this dea

the psi is with or without the collective action clauses getting triggered. so, look, remember the whole theme here basically is we get through the greek psi, the deal gets done and tomorrow you get 200,000 plus on non-farm payrolls, u.s. economy is in tact or at least improving. that's why you get one down day on tuesday and two big updays in the last couple days. s&p right near old highs. i think 1374 was the old high. that was on march 1st. we're ten points from that. >> indeed it's been a nice two-day rally. let's see how much longer it can last. thanks for that, bob pisani. >> tomorrow is payroll day. the expectations are up as is our economy. but can this hopium hold out? rbc just releasing its latest read on the health of the american consumer. and the man behind the survey with us now onset. we'll get to him in just a moment. he'll have to set tight -- that was bad. >> that was bad. >> steve liesman here to give us the set tight. >> yeah. rbc index, brian, up about 47.5%. it's below the long-term average. a question i'll ask tom in a second is it just

. >> and, finally, staying class psi. the anchor man, will ferral announced he's making a sequel. anchor man, the legend of ron burgandy. >> i think even in if general public, there was a lot of funny moments. >> one day i'm going to end the show with i am lynn barry? >> and this comes to us from ksee. kz 24 news in fresno, california where nearby, the dog is back on his paws, thanks to a modern technology. due to a bone disorder, skip was missing a limb and couldn't walk. surgeries didn't help. but a company said that makes artificial legs for humans came up with a version just for this pooch. now skip has a few new springs to his step. this is "early today." just your first step of the day on your nbc station. we have 62 degrees right now in the nation's capitol. good morning to you. i'm joe krebs. >> and i'm eun yang. it is thursday, march 29. we begin with a developing story. this shows george zimmerman hours after he shot and killed the florida teen. it could be damning to his account of the confrontation. you can see him getting out of the police car and getting his pockets

fresh off a scandal, another cop trois fer psi over allegations it read a secret sabotage unit that promoted piracy of its pay tv rivals. >>> latest of the estimate 58 average high to retreat from the radio program after his on-air attack of a graduate student who testified in favor of insurer provider contraceptive coverage. >> the web site, potter moore where e-books will be sold exclusively. and unlike other sellers, harry potter e-books will be compatible on all major readers. more for the pie. >>> the mavericks top the rock as the sabers play the caps. plus, kobe bryant comes up clushed. your early morning sports headlines are straight ahead. it's all about big and little. you're watching early today. >>> good morning, if you're just waking up, this is early today. magic johnson is making a return to the los angeles sports scene. but it won't be with the lakers. here's fred roggin with a look at all of your early headlines. >> good morning. after years of uncertainty, they have a new owner. a group led by magic johnson selecteded to be the new owner's of the dodgers. money talks and mag

fresh off a scandal, another cop trois fer psi over allegations it read a secret sabotage unit that promoted piracy of its pay tv rivals. >>> latest of the estimate 58 average high to retreat from the radio program after his on-air attack of a graduate student who testified in favor of insurer provider contraceptive coverage. >> the web site, potter moore where e-books will be sold exclusively. and unlike other sellers, harry potter e-books will be compatible on all major readers. more for the pie. >>> the mavericks top the rock as the sabers play the caps. plus, kobe bryant comes up clushed. your early morning sports headlines are straight ahead. it's all about big and little. you're watching early today. what do you think of this one? really? what's this? this is a rose i made from a turnip. let's try together. perfect. two worlds that fit in one kitchen. come in today and save up to 20% on a kitchen from ikea. what a bargain! [ female announcer ] sometimes a good deal turns out to be not such a good deal. but new bounty gives you value you can see. in this lab demo, one sheet of new bount

for the private sector initiative, the psi deal, the private sector bond holder side of the deal. think there's a lot of nails being chewed about this. what do you think, manoj? >> absolutely. everyone is looking for greece to receive its next bailout money on march 20th. we heard comments from the isda, the international swaps and derivatives association last week that there wasn't a credit event that justified credit default swaps the insurance on greek bonds being paid out but if events don't go well for greece this week, it's likely that $3 billion will be paid out to credit default swaps holders, the insurance on these bonds. and greece will be defaulting on its sovereign debt. >> let me be absolutely clear about this, so i understand and the viewers understand. what you're really saying is there's a linkage between whether this whole deal with greece is formally designated a credit event and whether the psi, the deal goes through this week. in other words, unless the $3.2 billion or whatever it is, get paid out, we won't get a deal this week, is that what you're saying more

adjust that minimum participation requirement so overall back to the confidence that we do get this psi over the next 24 hours. ross, back to you. >> julie, thanks for that. the likelihoods are where they could ask if they want for the collective action clause to be implemented. if that happens you can be sure there will be some who will ask the question whether that constitutes a default in terms of activating credit default swap. so what happens? petition for another ruling through isda. they would then have a vote. that goes in three different ways. if 80% say yes, we actually have had a credit default, there would be a possible bond auction payout. if 80% of that committee says no, then there is no cds payout. what happens if we don't get 80% either way? well, then we go to a three-member panel review who will then take that decision. so it's not that clear. but we are expecting, as we say, the betting man, the markets are assuming that there will be a collective action clause potentially. we'll have is enough votes to get that. if that happens, what are they going to say? still som

. >> friends and father and mother psi say he was a dedicated student with a bright future ahead. >> he could have played for any school. a loyalty of coaches was actually looking at him. he was only in middle school, but he was being looked at for a lot of high school skoechs. coaches. i'm sure he would have been looked at by a lot of colleges. >> the school posted information on its web site. >> students here are expected to wear blue to class tomorrow in langley's honor. it was his favorite color. the county coroner says he's expected to perform an autopsy tomorrow. reporting live, jean ellie, nbc bay area news. >> don't put the umbrellas. a good dosing of wet weatr. right now, still tracking a few showers over santa clara. we're going to have that full time line in a second storm in that seven-day forecast. >> 3673 million bucks up for grabs tonight. one of the winning lot toe tickets was sold in the bay area. >> it's one thing you need to do to land a tech job in silicon valley. >>we $2 landed a $2 billion dea? you'll recognize the team's new owner. >> tonight, check this out. j

some of that may be the fact we're closing on the psi deal. there have been vague unconfirmed reports of a greek television station saying the participation might be 95%. i find that incredible. i don't know how they're getting to that number. i think that may be a factor as well. everybody's wondering, how do we get anywhere with the stock market right now. remember the key pillars of what's going on, why the stock market have been going up. number one, the stock market and the u.s. and economy here is going to be improving. get a tight shot on this, because everybody's wondering why are we holding up so well. these are the three reasons. number two, europe is in a whild recession. and number three, china 7.5% growth. bottom line is, guys, i think they're going to do a lot better than that. these are the three reasons the market is holding up so well. >> kelly, we get the initial jobless claims today. for the most part pretty positive. what does that tell us ahead of the big number tomorrow morning? >> it tells us we better not be too far shy

. >> just to update what's going on with the greek psi, we have headlines crossing the munich read saying it will take part. it is participating. i will sign up to be a private creditor deal, but we do have until tomorrow evening for all parties to show their hand, to bring any more breaking news. through the show. brazil's central bank expected to cut rates by 50 basis points later today as it battles slowing inflation. however, policy makers may be attempting to reduce it further following disappointing gdp figures. they have said the so-called rate could drop to single digits from the current 10.5%. expanding to 2.7% following a 7.5% of growth in 2010. mark, let's just get it from you on brazil. i mean it's still growth, but certainly a very sharp slowdown in growth from before. i guess one of the issues we have been concerned about with many of the formerly fast growing companies and the impacts upon them. is the investment story still intact for them? >> it's been the growth in china, particularly the infrastructure-driven growth in china. remember the chinese have told us something

did we do is use a couple of extra psi is in san francisco cbs five.the woman who embezzled millions from the giant has been sentenced to 21 months behind bars. robert o'connor was the team's payroll manager she admits she still more than $2 million from the team prosecutors say she spent on cars, a second home and trips to the spot. o'connor has also been ordered to pay back about two-thirds of the embattled money. and the mega millions jackpot is now $363 million. the chinese monad of course the odds of winning a ridiculous but tell that to one bay area woman not only does she would do a million dollars a few months ago last week she bought a ticket is worth more than to under $50,000 this is where it gets complicated. at like a tobacco and more in mountain view a story about how more money can mean more problems. a lottery investigators examining surveillance video of the purchase of a winning lottery tickets. that is 31 year-old emily lee to the dark when i tell you may remember back in january she won $1 million at the same exact story and use mos

psi's out of the way. there is probably an election coming up within the next couple of months. and i guess people here are eager to say let's leave that behind and let's get down to working. business has to grow. business needs to grow. that's what we need. >> as you and i spoke about in singapore, there is a liquidity crunch of epic proportions in greece. is you wanted to start a company today, it would be next to impossible. government sector jobs, which had been a growth sector, are contracting if not just completely going away. so where in the heck is the growth, any growth, going to come from? >> well, quite frankly, as we had this discussion, the only place this can originate from is the private sector. the private sector needs to be allowed to work on its own. and there is a key opportunity for greece coming up this summer, which is the tourist industry. and by that time we need to be able to allow the tourist ministry to work and flourish. otherwise unless this happens, i agree with you. the situation is going to prove unsustainable in the future. and greece is going to

these are 60 psi. >> this is available in all different sizes, eighths of an inch? >> number 3 is 3/8. >> number 4, number five, maybe 5/8. let's pass this around. it is heavy. it is deformed. tell us what that means. >> in the surface of the rebar, that is what engages the reader are with the concrete and creates the section that works with the compression. >> it is rough, and roughness of it connects or secures to the concrete. when i was in kobe, japan, right after the 1995 earthquake, looking at some of the damage, i saw some failure of concrete structures where they had non- deformed read bar -- rebar, smooth steel, and concrete just pulled right off. this has been deformed, which has been used 50, 100 years? >> i believe after the 1930's, he formed rebar is what is used. >> this is standard. that is used in the vertical wall, almost any place except for the special slabs. >> the slab also has reinforcement, but it has much less than a conventional slab. >> they poured the slab one grade, sitting right on the ground? >> it is one great, but it is designed as a

because even as we speak now, after the psi deal was done, the new bonds but that had been issued are already been discounted down by 78%. so it is evidence -- this deal will not do the trick. we have to convince them otherwise. otherwise the next three months we will be facing exactly the same problems, if not worse. i have to say once again -- we run the risk of a social explosion, and i am sure nobody wants this, not only in greece but the va news as well. >> absolutely. thank you very much, indeed. after some much brutality in syria, the desperate search for the end of violence there called -- the work calls for dialogue on all sides. that has been roundly dismissed by the man heading the main opposition groups abroad, the syrian national council. he described the proposals as pointless and unrealistic. the urgency of the calls for help will resume further today, as the u.n.'s head of humanitarian affairs visit seven syria border. jim is following developments from the roots and he joins us on the line. first of all, what seems like a pretty flat an outright rejection of coffee an

the psi >>> ladies and gentlemen, the president of the united states. >> thank you very much. seat. sorry we're running just a little bit b it's a great day to enjoy the rose garden. todaysimp choice to make. they can stand with the big oil with the american people. right now the biggest oil companies are in record profits. profits that go up every time folks pull up into a gas station. but on top of these record profs, billions a year. billions a year in taxpayers enjoyed year after year for the last century. twice. preum at.peop at the pump right now, and on top of that, congress, up poi, a good idea to send billion more to the oil companies. it's not as if these con.ie last year the three biggest u.s. oil companies took home more an exxon pocketed nearly$4.7 million every hour, and when the price of oil goes up, the prices at the pump go do these companies' profits. in fact, one shows every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits. meanwhile, these companies pay companies on their investments. partly because we're billi

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>> it's whenever they make the greek announcement for the psi. >> all right. trade. you can catch more "money in motion" currency trading every friday at 5:30 p.m. eastern time. >>> when we come back, some breaking news on oil inventories. we'll break down super tuesday's big race to the gop crown with former house majority leader dick gebhart. we're back in just a moment. >>> want more "squawk on the street"? no problem. talk to us anytime. e-mail us at sots@cnbc.com. follow us at facebook.com/cnbc. and get our twitter updates, . s [ man ] predicting the future is hard. but i have this new smartphone. and now i can see everything more clearly. ♪ i can organize the analysis. sort through all the data. maybe even rattle some cages. i predict that i'm going to like the future. because the future is where i'll be serving up humble pie. a la mode. [ male announcer ] at&t introduces the samsung galaxy note. phone. tablet. both. ♪ >>> i'm bertha coombs at the nymex. eia inventories show a smaller-than-expected build when it comes to crude inventories, up 832,000. we

go way up to skyrocket and they even found out from two thousand to two thousand and nine wisconsin psi thirty two percent increase in reported cases of s.t.d. eyes and basically that's because kids are just getting them younger because they're having sex younger probably way before they ever had to take effect that glass like in high school kids are starting to get as high as in middle school sixth grade if the refreshing obviously hasn't doesn't work very well i think what's frustrating here is i mean in my personal opinion i can't imagine having to talk to my own children about sex much less having someone else do it for me i think it's really something that's happened in the home but the problem is it's not people aren't doing it and their kids are having sex and so it's very this is the current issue too is that if you have a spreading like wildfire you can talk to kids about it well sure i mean i. i'm a bit troubled by a couple of these things one is that this report is taking place and want to go county and it's called winnebago county we should address that it's going to be good

let's talk about psi. is it your expectation we won't avoid a collective action? >> i think a slightly smaller number that if we don't hit 66% you won't even get the collective action clause. >> they need 60% to have a collective action clause. >> i think it's pretty inevitable that we are going to see the collective action clauses triggered or try to trigger if we don't get 66%. if you're a holder of greece bonds and you're a holder -- >> absolutely. absolutely. i think conclusion one is a high probability that the collective action clauses actually are in force. now the credit rating agencies actually last week put greece on what they call select ive defaut and one can get into a debate on what it means. i'd have thought if the cacs are activated and enforced, does that mean that they move from selective to outright default and does isda say have a write-do write-down? >> i think isda to claim that is a proper default when we see the cac executed. some in the market saying last week's decision not to execute on the basis of the subordination question, because no

while psi some say it is an invision of privacy, others say they can't afford to say no.s proposed legislation to forbid public agency from asking for access to social networks. companies that don't ask for them, often ask an applicant to log into a social website during the interview. the practice is more prevalent at public agencies such as law enforcement agencies. would you be willing to offer up your facebook password in order to get a job? you can share your response on wbaltv.com. you can send us an email to water cooler at wbaltv.com. >> a new study reveals most sign us insinus infections might not require antibiotics at all. >> and tips to keep your kids safe in today's medical alert. >> getting reports of an accident. we'll update you and check in on we'll update you and check in on the you're probably muddling through allergies. try zyrtec® for powerful allergy relief. and zyrtec® is different than claritin® because it starts working faster on the first day you take it. zyrtec®. love the air. >> welcome back. the time is 5:41. you can see there on skycam we hav

who needs a bald eagle when it is the caly psi cgingrich. newt more. look at all of the newts.ital is the mooven. above the state capitol, the flag flies proudly. newt gingrich will streamline everything. a visual representation of how the u.s. government works. here is how it works in newtopia. very simple. let's make it happen. after all, these states have already divorced america once before. i am thinking they would be doing it again. i am done talking now. away to the moon. the face of newtopia! >> thank you brett. in what may be the most anticipated history, the game change finally, airs this weekend, a film about the 2008 campaign received added dose of publicity when virtually every member of the mccain-pal inteam promised to ignore the movie but what about the 2012 election. the folks in our digital war room held an online casting call to see who should play the major figures. here are a couple of my favorites. bruce campbell has the unenvable task of capturing mitt romney sins his robotic manner goes against everything an actor is trained to do. and will arnett should

. >> and remember that transmission line was blowing out at 350 psi.o it shot a blow torch almost horizontally into a neighborhood of houses that, until we shut that gas off, we couldn't stop that blow torch. >> 6:25 p.m., just minutes into the explosion, and the fire continues to spread out of control. captain charlie barringer plans a plan of attack. >> at that point my tail man went up to the hydrant. and he says, cap, i got no water. now it dawned on me that this explosion or this event blew out all the water mains in that area. that whole grid pretty much is out. >> airplanes and helicopters must now hold the line. they release water and flame retardants to stop the fire in its tracks. >> the helicopter started dropping in our neighborhood. and due to the time of day being we still had daylight, we still had a couple hours of daylight left, we were able to get air support. and that was just a tremendous amount of help initially until we got our hose lines and our supply lines hooked up to our engines to stop the fire. >> as i turned and looked ove

you mentioned psi, and now you understand. in my late 50s, that's something i don't worry about, a prostate exam. ive with we've got to be careful. you've got to care about the futures. will greece default again? these are the kind of things that i absolutely care about. i care about the future, not about which banks are going to be in trouble. am i worried about the banks? united states banks are the strongest i've ever see them, because tim geithner put a gun to every bank in this country. >> and earnings estimates starrting to come up. >> jpmorgan are too low. >> everybody was worried about the greek default, with the cac there's some mention of a credit view. >> they said no. they said no. >> that's right. because they didn't have the cac. the cac as you know is just jamming it down their throat. >> oh, come on! you are selling those bonds, you are brain dead or -- >> somebody owns -- maybe the ecb owns it. i don't know. >> they will make a decision this morning. and we will see. the question is, brian, you know, if you sa

the bid for the psi, for recapitalizing the bank, and as we go along, as the psi deal hopefully goes through the rest of the money will flow bit by bit. no big surprises there and no sort of big controversy. no controversy, also, about the growth idea. the idea that we're slightly out of panic mode. we signed the fiscal compact which is basically the austerity solidarity pact, so to speak, that the budget discipline impact, that 25 out of the 27 su nations have signed, the eurozone plus eight. that's already a success although you know the eurozone would have liked everybody onboard, the uk and the czech republic for the time being not onboard. so we'll have to wait and see about that. and now yesterday a lot more talk about growth. but, also, a lot of singing from the same engine say we can't fall back into the old deficit trap. we can't fall back into the old eu trap signing grand statements about deficit discipline and after that go and spend galore. how on earth they're going to put the two together, of course, is a different question. you just mentioned the spanish unemployment

chinese data spooked the market a little bit along with the psi. i think we could backfill this move today a little bit. on any weakness i would be a buyer. >> we're at 1354. where do you see us sort of landing in the s&p, and then at that point, i guess you would be even more of a buyer? >> yeah. 1335, to 1330 is really where i want to back up the truck and get long the market. i think we are going to 1400. i think the rotation out of bonds and into equities is going to push us there. >> darren, thank you very much for joining us. appreciate it. >> thanks, tyler. have a good one. >> we've got 15 minutes before the closing bell sounds for the day. dow industrials up 95 points. up next, the new ipad game changer. >> i'm jon fortt in san francisco. later on the "closing bell," i'm here outside the apple event. it's over, the new ipad is called, the new ipad. we'll talk about what the new features are, how this changes the game for apple and its competitors. >> who's got game? we'll look at whether mobile app makers like zynga could be benefiters from

big day, the day we're going to find out about greece and whether or not they're going to take that psi exchange. we'll find out how many private bond holders accepted that offer and whether or not any collective action clauses are going to be triggered. how about wednesday, what's up with apple. are they going to launch an ipad 3 or is it just going to be a somewhat fancier version of ipad 2. apple, $400 at the start of the year, to $525. let's see if the payroll can stay over 200,000. dow basically flat. there's something i don't like to see. the russell 2000, the small cap index down 3%. we don't have any leadership from small cap stocks. that's a concern. back to you. have a good weekend. >> bob, you, too. we'll see you on monday. what a weird day for shares of wynn resorts. up sharply this morning, then the stock was halted for quite some time over confusion about a regulatory filing. let's get to jane wells with the story. >> hey, maria. the company made a mistake about expansion, and later today an official announcement about moving forward with regards to expansion here at home.

we'll also be watching and waiting for the greek psi decision. what will the takeup be. 30 major holders of greek bonds have already confirmed that they're going to be taking part in the debt swap. and we also get numbers out from the top four and henkle. we'll be talking to their ceos to see how they're coping in the environment. tune in to cnbc world to catch all of the world overseas. i'm louisa bojesen, "going global" with your money. with a new view of the market, you could see an investment opportunity you didn't see before. fidelity's next generation ipad app lets you see what's trending around the world, as well as what over a million fidelity customers are trading throughout the day. and advanced charting lets you customize your views and set up your own comparisons. our ipad app can help refine your strategy or even find a new one. i'm velia carboni, and i helped create fidelity's next generation ipad app. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades and explore your next investing idea. >

and insolvent even after the psi. they need to restructure again. greece will be the first country to exit the eurozone. not this year, but maybe later next year. in order to restore growth, it can only return to the domestic currency. >> portugal exits and italy, i don't think italy is ever going to exit the euro, we spoke with prime minister mario monte a couple of weeks ago and he's adamant that italy is not going anywhere. >> any of them might require a currency restructuring. and any commission of them, eventually some of them might exit. restructuring after greece, i think portugal is going to require that restructuring and maybe eventually exit like greece. italy and spain right now, they're stabilizing their spread. i have fiscal austerity, the strength of the euro, if they have a recession, if it doesn't bottom out, the market is now worrying about growth and unemployment. and the spread will widen again. >> so you're still bearish on the global economy. you've been talking about a hard landing, or, you know, not such a soft landing in chin

. >> and if we don't believe in the next few months that iran is at the khi plum psi of iran, we'll havetake action. >> thank you. we appreciate your inputs very, very much on this. programming extended special coverage to super tuesday tomorrow night on "the kudlow report" followed by cnbc special. we will see you then. super tuesday. ttd#: 1-800-345-2550 let's talk about the cookie-cutter retirement advice ttd#: 1-800-345-2550 you get at some places. ttd#: 1-800-345-2550 they say you have to do this, have that, invest here ttd#: 1-800-345-2550 ttd#: 1-800-345-2550 you know what? ttd#: 1-800-345-2550 you can't create a retirement plan based on ttd#: 1-800-345-2550 a predetermined script. ttd#: 1-800-345-2550 at charles schwab, we actually take the time to listen - ttd#: 1-800-345-2550 to understand you and your goals... ttd#: 1-800-345-2550 ...so together we can find real-life answers for your ttd#: 1-800-345-2550 real-life retirement. ttd#: 1-800-345-2550 talk to chuck ttd#: 1-800-345-2550 and let's write a script based on your life story. ttd#: 1-800-345-2550 mber the day my doctor to

it's a little dice psi. i'm taking a step back.got a little short here for a trade and we'll see how it reacts with very tight risk parameters. >> jim mcdonned, welcome. le me just ask you one small question. profits have been driving this thing. profits have doubled, stocks have doubled. i think pa profits are more important than the federal reserve and easy money and all the rest of that stuff. but is there enough profit power to get us through 2012? a fourth year of the bull market? all right, from march to march. is there enough profit power? >> we would only look at profits in the u.s. growing in the 5% range. but stocks are trading at about a 3 pe multiple discount to history. so as long as the accommodating central bank policy continues, we think stocks can work. >> what does that mean, 3 p multiple? the forward earnings multiple is what? it's about 13 times. it's not rich, but it's not cheap. >> we tend to look at trailing earnings and in about 14 times trailing and the historical median is about 17. if you look at emerging

if the psi deal does finish on time as the headlines are suggesting here, keith, to what extent do you think this is going to help the markets? >> i think if you look at the greek matter, it's been something that's been brewing for almost a year now. it's not really in my mind then are for the selloff. i think it's more coming out of the middle east. if we at least get some relief out of europe, this market wants to go higher. this market might have dynamics or momentum all the way through the quarter into the next month of april. >> richard, to what extent could any real progress on greece actually help the markets at this point? considering i feel like a lot of the scenarios have already been built in. >> yeah, it's not all about greece. the problems, the issues are quite a bit broader than that. we saw confirmation that euroland was in recession last quarter of 2011. it's likely to get worse before it gets better and it's bragg dragging in the larger economies in europe. possibly even france and germany next year, maybe not in recession but certainly representing a drag on their gro

michelle, is this psi going to fail?e a squeaker for sure and that's why you see nervousness in the market. we are 48 hours away from the deal expiring, 3 p.m. new york time on thursday is when bond holders have to decide whether or not they will participate, accept this offer, and analysts have looked through, made their best guesstimates about who owns how much of what. they think that at least 72% of bond holders will tender their bonds, but for this deal to happen, you need 75% to tender their bonds. that's the problem. they added up the greek social security system, the greek banks, the steering committee, the best guesstimate about the creditors who have come toward to say they're going to participate and you don't know about the hedge funds. it was just a couple days ago the clearing agencies for greece were trying to figure out who even owned the bonds. so the nervousness is this is going to be a squeaker. on thursday at 3:00 new york time if we get no announce meants, we can assume that that means good news, the

vernon ladies' association, and the first time i went there i wanted to sit on the back porch, the psi and watch the sun,. i did that. i got up at 431 morning. it was dark. i made my way there in a set down on that far right side and watched the sun comes up over the potomac river. for a biographer like myself there has to be a moment when i really connect with my eight subject. from be that moment was right here. i saw this incredible sunrise, over the potomac river to when i realized how many times must george washington have seen this very sight. and from the it was a moment that he became real. in my research he really became more and more real the more i researched his life. here is a close-up of young george, and each of these terms and i talked about in the book, i really like to sort of sum up what george washington was like. at this point in his life and these years when he is a man he ended up to be about six to come by ready complexion with chestnut color hair. athletic and strong and hence long arms and legs. he was a survivor of the wilderness. he loved the horse races, fo

we have the psi in it greece to see finalized.onsolidation would be our guest guess but the key point we're making for our clients people look at the rally and not just this year but since october stocks are up by a fifth. people think this is just fluff and without substance. they have actually been some fairly positive developments and a large chunk of this rally so as we go through this consolidation phase at the moment our advice to clients is to view this as an opportunity to move into some of these markets on a long-term basis rather than to run away from them. >> okay. so buy on weakness. what is it you're supposed to be buying? >> a corporate sector on both sides of the atlantic whose valuations in terms of multiples relative to the profitability and balance sheets you are looking at look to us to be still on the low side. and you are also buying into a news flow which is probably a bit less grim than people were fearing. remember, it's only a few months back that people were taking it for granted almost that the u.s. econ

one of the great versatile psi is a vibrant, financial system.not a big one. one of the things that would be interesting is what he thinks is happening in southern europe and how we will be affected by that. italy, spain, even though the banking system looks like it's going to be surviving a little while longer. >> well, europe is going to have a tough two or three years as far as growth and recovery is concerned. the basis of it is right. it goes back to the point i made about what the united states did in late 2008 and 2009. we had the fed injected $13 trillion of support through the credit markets, flu the mere yawed facilities. the first version of them and we followed a textbook approach which in a financial crisis, you respond with overwhelming force and you respond fast. . europe did not do that. not a fully developed central bank. obviously not the capacity for stimulus. they didn't choose to recapitalize their banks, then, and so forth. it's quite a contrast. and you're seeing that in the extonality to which the united states is recoveri

a statement -- car psi said -- karzai said in a statement this is a assassination. >>> the anniversaryi the entire country held a moment of silence at 2:46:00 p.m. local time to observe the moment the earthquake hit one year ago. it included the emperor and prime minister. they are pledging to rebuild their nation better than before. they joined mourners laying flowers. nuclear protestors observed the anniversary with a demonstration at the nuclear power plant. some wear masks and hill no nukes -- and held signs that said no more nukes. >>> livermore police are looking for a man that tried to kidnap a child. this man walked into a day care center at about 12:15 yesterday afternoon. he pointed at a four-year-old boy and said he was there to pick up his son. when an employee asked him for the verification required for pick up he was unable to produce it and left. the boy's mother said she did not authorize anyone to pick up her son. the man is described in his 40s. six feet tall. 250 pounds with blond hair and long side burns. we are hearing a 92-year-old woman pulled from a burning buil

remember when's happening, the markets are betting that the greek deal will go through that the psi willcap or without the cap. and next ber two, u.s. economy will continue to improve. looking for numbers up of 200,000. what's changed? why is this stock market holding up so well? why doesn't it keep going down? get a tight shot on the assumptions under which the stock market is going up. u.s. economy slowly improve and outperform. most of the world including europe, europe is in a mild recession, everybody knows that but not a massive breakdown of the euro. china, they talk about 7.5% growth and likely too low on that. probably around 8%. that's the scenario that people are betting on right now, carl. i think so far, so far, much of this is actually coming to pass. if this doesn't happen, you are going to see the stock market -- we get 1% gdp in the u.s. economy and not at least 2%, that's going to change things a lot. so far that's not happening. meantime, carl, everybody's talking about tomorrow. third-year anniversary of the lows on the stock market. those of you who don't remember, i

it's crunch time on the psi this week. thursday all private bond holders will find out how they are voting on the debt swap. they have to get above 66% and somewhere below 90%. below 90% will trigger the collective action clauses. most people feel that is a bit incomplete. if they don't get 66% they can't enforce the deal. the whole thing tethers on 66 or 90%. i guess the question is if it is good or bad. most traders i talked to think that is part of the deal. the whole thing below 66% tethering is not built into the market. did you see what moody's said about ireland? said ireland may need a second bailout. these are the guys everyone loves in europe. their gdp is not going to grow as strongly as thought. they will be negative again. >> they are very unaware that i'm going to ireland in the first week. expanding a week just doing a gigantic a to z pub crawl. >> pubs are closing down. there is a massive cratering in pubs. maybe you can help them out a little bit. >> four or five places i wanted to hit. it's too early. >>

the iif in representing the private sector in this private sector involvement, hence why it's called psiching the first advanced economy in nearly 60 years to tell the world it cannot pay its debts. back to you. >> yeah. thanks, michelle. i'm making a -- you don't have the ft probably. but the cover of the "ft" has this really cool graffiti, that someone drew of the euro, and it looks like this mechanical monster with all these tentacles and that's how greece must obviously feel about -- or athens, about the euro, and all the forms of austerity. i'll get it for sylvia. she's always in front of that what is already a monstrosity in frankfurt, the ugly thing. i'll use this one instead. great job, today, and michelle, good to see you. we'll see you in a while. >> reporter: thank you, guys. >>> we're coming up to 8:30 eastern and that's when we get the february jobs report. we'll get final predictions from our panel of experts next. [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral

we got the psi deal out on friday so that there's good news in the markets. u.s. nonfarm payrolls creating. this is the typical european story. we get you one event. we start focusing on the next so that neither concerns about spain or portugal, in the backdrop we had the euro group meeting in brussels. we're expecting to hear the go-ahead for the greek second bailout. we'll wait for news on that. you can see how the sentiment is playing out. the ftse here in london slightly weaker in the red. one of the strongest performing indices in europe this year so far. the cac heading north. the ftse bouncing up 0.4%. let's take a look at bond markets. i want to focus in particular on what's happening in italy. we had some news out today showing us the latest picture on q4 growth that came out as the market had expected, a contraction of 0.7% on the quarter. this is the same as the preliminary reading and it tells us that really for the end of the year we did see a contraction in growth so two negative quarters of decline. the prices are coming down on the ten year which m