i think that was spencer patton. we'll see if we have him in a bit. jacob, let me start wit you. what do you thk of these latest developments? >> well, i think they're fairly prectable actually. it is very clear that the european central bank has given cyprus an ultimatum. it basically put as gun to your head. unless you come up with a deal that qualifies you for an international financial bailout by monday we're going to blow up your banks. unsurprisingly the cypriots are scrambling. we'll see what they come up with. melissa: lance, what do you think about that, one of the things, this is just one rert that came out a couple minutes ago, that they were talking about potentially instituting that levy on deposits again. they were going to levy deposits bigger than $100,000. that insane idea is back on the table. can you believe it? >> sure. well, n only that, these capital controls are much more nteresting because, basically what they c do is come in and convert demand deposits like checking accounts, into cds. to keep the money in the bank. melissa: oh. >> thhre is lot of real in

joining us now is spencer patton. he is in investments founder and ceo and mary, first to you.hat a world without hugo chÁvez from our perspective is a better place. >> i think that it is a necessary but insufficient condition to change venezuela, but it is necessary. a lot of cubans would be happy if the casters have moved off the stage. >> there is nobody to take place on under phony promises. >> that is probably true. i think we should keep in mind that they are to have a military dictatorship in place. they already have control over the revenue. so nicolÁs maduro is the vice president. i don't expect a lot of change. david: were you surprised that there was virtually no effect on oil markets today? >> i was a little bit surprised. the dow jones is at an all-time high. the crude oil has lost its gains for the year. we will have some interest here very shortly, this is just another element of the crude oil market. david: one thing is to replace all of the engineers and the professional cronies. basically he turned it into a crony capitalist operation and they are producing a

jonas max ferris and spencer patton, is chief investment officer at steel vine investments. encer, let me start with you, do you trust this rally right now? >> oh, i don't at all. i have three really quick points to show that will contrast this from 2007. you have unemployment back in 2007 at 6.7 million. now it is at 13.2. you have food stamps, it 6 million people in 2007. you have it up to the 47 million now. the price of gold 7750 during 2007. 1600 now -- 750. if you look at price of dow, price of gold you're not halfway back to new all-time highs. this is phony money. this is fed printing. it is fraudulent. melissa: you saw fundamentals don't support it. kyle, i would point another balance sheet. the fed balance sheet was a trillion dollars. now it is 3 trillion. i think that is part of what is fueling it. >> the fed is part of ts and let me make another point, melissa. i'm on a lot of conference calls listening to companies reporting earnings and as we've seen earnings are coming in very strong. that is part of the reason why the dow jones is where it is now. okay, howev

spencer patton, chief investment officer at steel vine investments. you recognize jonathan hoenig, he is portfolio manager manager at capitalist pig.com and fox news contributor. thanks to all three of you for joining us. lance, let me start with you. the average person is watching this and hearing record, record, record. saying what am i missing? what are they missing? >> well obviously they're missing the market going up but there is kind of this assumption that the average investor has been out of the market three years, four years now and now they're just kind of waking up. that is not the case. most people that are invested --. melissa: you don't think so? >> no, it is not. if you look at lot of data, only 20% of the americans are actively involved in the market anyway. the bulk of those are inveed for the most part. they're in the markets. they're participating and, you know the issue really becomes though we have to look at risk here. we've obviously got the fed inducing markets. 85 billion a month. melissa: right. >> driving these market price