we have steven weiss, and zack callabell out in the ether zone. so many professionals and smart guys saying this guy can't hold, it's just a bunch of short covering. i worry about global recession and i have for awhile, but growth will improve if european banks improve the outlook, and i'm impressed with the t.a.r.p. to protect spannic and italian banks. up 5% in europe is big. >> they're not taking is seriously because there's such a feature and skepticism in market land which you deal with and we talk about every night, and steven weiss will enlighten us about. it's not just european banks, it's that global activity took a real pause in april and may, and you will have data that confirms people's fears even though in my view it's a purely driven derivative. if it's embedded in the system, it's very hard to quantify. if that clears i don't think you have the structural global issues that many other do and this will be a joongoing debate. profits were down, i'm worried about the global story too. i'm not a raging bull, but i'm impressed with today

steel, letter x, the best performer within that space today, up more than 5.5% and steven weiss, thatattention. >> it does. i covered my steel shorts last week because i was relatively neutral to the market and that really skewed me to being very short. i initiated position in joy global and talking about all time being a good asset and i used to have a big position a few years ago and i agree with them. i think it is a quality company at a low multiple. >> head back down to the hearing and mr. dimon. >> i personally if i had a board i would want to hear from a lot of different types of people. it would be fun toy be talking about global markets and not have someone involved in global markets at the table. it doesn't have to be me. >> nothing further. >> mr. chairman. >> mr. chairman, five minutes. >> thank you. mr. lynch wanted to swear you in. you already said something that is false that we all know is false. >> excuse me, let me finish, please. >> sir -- >> i want to clarify something about swearing people in. we had a hearing in september of 2009 where mr. frank was chairman and

joining me is rob to talk about that, and on the fundamental side, steven weiss.lds? >> there's a couple key points here. when you look at mcdonalds from a long standpoint, it's still on track. there's no evidence of longer-term damage. when you look at the weekly data over the last few years, mcdonalds we mcdonald's. the stock is corrected now for six months. it's back in the technical support, getting oversold, and when we talk to larry miller, there is fundamental reasons to own the stock, i like it at these levels. >> steve, you are a tough guy to please, do you like mcdonalds or do you think there is better opportunities? >> chipotle i would not touch, they are nose bleed high, so that stock could be cut in half in a two or three month period. i would not buy mcdonalds and here is the number one reason, sales are slowing. they were far below. you have a new ceo coming in. skiner did a great job, but even good companies, like ge, went through a transition period, so i expect to see the same thing here. and finally, 40% of the revenues are in europe, and i have

. >> steven weiss, one of the traders, who sounded skeptical earlier. >> if you're breaking the company up, a higher multiple on media properties but on the publishing it's going to be something everybody will jump over. the combined company is actually protecting the publishing side. your view, i'm assuming, the real core assets, the gem are on the media side. as long as you have murdochs there and two classes of stock, shouldn't you still get a discount multiple. >> steve, i think you'll have less than in the past. if you would have told me a couple years ago that news corp. would buy back 10 billion worth of stock, i would say rupert would never do that. if you told me he would spin-off publishing assets, i asked him on a phone call a few years ago. his answer was quick, no way. next question. now there's a possibility that you could possibly see a non-murdoch succeeding rupert as ceo. i think the company has clearly become much more shareholder friendly. a lot of that is driven by the unfortunate hacking scandal. >> thanks so much. thank you for being on the show. >> thank you. >> f

. >> lots of trades to be made and let's get a realtime one from steven weiss, managing partner at shortal, cnbc contributor as well. you're looking at the materials and you usually are and focused yet again on steel today. weiss? >> hello. i am here. i hear you. >> i am asking about the trade. you got one. >> i covered my steel shorts last week and said i would be back and i am back. aks came out and said that their production is only to be higher than the first quarter and price continued to come down. a lot of other industries have high barriers of entry. steel has high barriers of exit. they don't get it. they keep producing more steel and it is declining markets and you spend enough time talking about the global economy declining and these stocks go lower and i wouldn't be surprised to see them report losses not only for next quarter but for the entire year. they're the shorts that keep on giving. >> we had you talking about letter x yesterday. >> yeah. it got away from me today in the short side. i am sure it is such a small portion of it that i didn't really want to talk about it,