going from 1 to minus 1 i don't think it's enough of an impact to justify today's sell-off. >> steve liesman, cnbc's senior economics reporter. guy -- >> the one word brian used i think at the top of the show is confidence. steve talks about economies. that's fine. he's probably spot on in terms of what it will do to our economy. but what he didn't talk about was what it will do to our market. and if the confidence is lost in this marketplace, which it may be on the verge of logs, thsing we could see the 10% 15:00% sell-off b.k. thinks we're in store for. >> that's what i'm talking about. 1% on gdp isn't going to matter, but it's all about confidence. spain doesn't have a problem. until they do. and that's the problem. that's why i think the ecb needs to come in tomorrow and start buying bonds. >> and the 23% number that steve was referring to is a domino effect. it's got a domino effect. so while it may be a hard number in terms of goods and services, services has a domino effect. it actually plays out in a much deeper way. >> right. >> so i disagree with mr. liesman there. >> let's move on

i think that's got what's -- what's got some of the traders concerned. >> steve liesman. >> scott's pointcal than it is necessarily anything related to these -- i mean, we have been talking about greece how long? >> steve made a great point earlier on your program where he said the mark set in a quote, unquote comfortable range. i subscribe to exactly that whole thing. i think it is more technical than anything else. >> right. >> art, if we just had to assess the relative risk here, i just want to say that -- lehman with all those aig, all -- trillions of dollars, far bigger systemic risk than greece or even spain. what do you say, art? >> absolutely. i think we are missing the point. that's absolutely correct. you look at -- greece in terms of the magnitude of a -- its difficulties, global economy, it doesn't show up like an aig or lehman. the thing you have to remember, though, this is important here. this is probably going to be an event where, yes, we are going to spend a few days. i don't necessarily think that market at the top because of the increase of volatility. what it is marki

this is a trend steve liesman's been watching closely over the past couple months. steve, what do you read into the headlines? >> well, you know, as you said, it goes to the story that we talked about a few weeks ago. march came in better than a year ago. now april looks like it's come in better than a year ago. we showed the chart yesterday that withheld receipts were up 3%. so, it's part of the economic recovery. it may suggest there's a little bit better underlying job growth. it's a good sign there's still a lot of debt to issue now. what we had today were the best job growth numbers from adp in more than two years, but it wasn't good enough, as you can see, to shake the markets from really a greek funk. analysts have taken a much bigger bump in the report from april to get investors to focus on the string of better-than-expected numbers that have been coming from the u.s. of late. of course, it's ironic that our debt numbers are improving while what's going on in greece. you can see right there. adp, total product employment up 32,000 upwardly revised from 19,00