Transcripts For FBC Varney Company 20240622

Tate andtsot al check thi o a, usasaa we won the world cup and a superstar her name is carli lloyd. And first thing weve got to do, guys lets check the big board. 158 points at one point last night. Almost 300 points its going to be a treacherous start to the market. Weve got it covered for you. And remember oil trading in a range 58 to 60 gone. And not just greece but maybe china as well and were about a flight to safety. First, lets check on cold. Not up that much. Its not the doomsday scenario that we thought it would be at least not so far. Theres a flight to safety. Take a look at the 10year yield when the world goes to hell in a hand basket yielding 2. 3 . Lets go to the man himself. Doing amazing work out of athens. Ashley webster. Ashley thank you very much charles. You can be my agency by the way. Listen, listen. [laughter] what happens now. Now to the excitement of the no vote has died down and the reality is will the eu be able to find some sort of Common Ground with greece . Had all sorts of comments and not been exactly encouraging, the head of the finance ministers calling the greece vote a regrettable decision and germanys ang Angela Merkel saying, its a vote on no what we believe is the right principle. We said we believed the doors were open said germany, but not if greece is wanting a debt relief or restructure. We have a new finance minister but greece this is about going out in style and travelling with creditors and bride. And now we have the brains behind the partys economic policy. Whether mr. Varoufakis or someone else delivering the pill its a hard one to swallow for the eu. We have merkel and hollande meeting in paris and the crisis summit tomorrow in brussels. The question is can a deal be done while greeces banks and daytoday life is certainly on the brink. My, oh my who predicted a twothirds vote for no. Quite a message. Charles it is quite a message. The nation that brought us logic had the most illogical outcome. Were talking about the socalled troika. Greece owes money to the eu and the World Central Bank and the imf. And merkel and hollande. It feels like theres not a united front. Imf comes out with a blistering report last friday that a lot of people said helped nudge this vote. No matter what greece needs this and are we seeing a united front . Yes and no no doubt the french have been the friendliest towards greece. Mr. Hollande is in line and they have germany on the other end of the scale who are inflectionable and say we will not restructure debt. Thats the key issue, debt relief. They say that greece did not move forward without debt relief because they make payments from the last one. Theyre unable to grow the economy and therefore, debt relief means hair cuts on lone and good luck for german people. Well see you in a few moments. I want to bring out Liz Macdonald and Scott Shellady out of chicago. Give us the broad strokes, whats the most important . Whats most important is greece leaves the euro zone and then theres the drachma. This is not unlike argentina 2001. It had a commodity boom at that time. Greece is a relatively closed economy its basically oil, and shipping and tourism. Greece is going through a reality check, this is a major blow, between the center left ap and center right parties. Charles its the emotionalistic thing and look around and say what the he can had did we do . The greek people were sold a bag of goods they didnt say give reform that will grow the greece economy. Of course because they didnt see what they were promised and they said essentially we dont have to reform. Charles its very important that the creditors hold firm here. If they bailout greece again . It will send messages to spain, italy portugal that its okay to live beyond your financial means. Is debt relief or reformulating the debt structure, who is blinking if you do that. They need money no matter what. Or they need to live within their means. And unfortunately, this is the reckoning ahead. And you make the reforms before you cut. You have to be careful what reforms actually mean and you need to focus on growth. They need to focus on cutting risk by that market on simplifying the tax code on privatization deregulation and these are the things they havent done and should have been done in the last two bailouts. You have to be careful with that word reform. The last bailout. They were told okay taxes were higher and there were huge taxes on tobacco, alcohol, and the taxes increase these are things that the people agree were hit the hardest. Only it hits us hard and theyre saying that thats a defactso bailout. You put it on germany and france and in the meantime brace people to take a lot of pain. This is a situation where theres no easy win. The question is who is going to get the pain . There are two scenarios, they put together a package where everybody can declare victory, painful for both sides, and probably cuts on depositors at the banks for the greek people will suffer. And thats one possible scenario. And everybody was throwing something. Im not saying that should happen or will happen, but thats one scenario. The other you say let greece go into a feefall freefall, et cetera. Two points one is the market hates uncertainty. The longer its on. The risk is in the credit markets. Here is the thing, emack if they cut a deal here. No matter what the route theyre saying theyve taken you could say is a victory. The ecb says theyve got something on their minds. Scott just talked about this thing more the credit markets, and equity markets are best, but right now equities look pretty bad, too. Especially at a time when were all looking for some certainty. You know weve got kind of a remark, a lot of money went to europe because what happened with draghi and the quantitative easing. Its ten uous. Lets go back over to europe. This is how theyre going to get out of it charles. I think that youre going to see draghighway draghi and its going to be storm gains, but extremely puffy this summer. Charles and according to ap tsipras just spoke with Angela Merkel ahead of a meeting theyre putting together right now a pretty positive sign. The dow is little off, but i think that this is sort of the kind of thing that we wanted to see and we thought, emack what would happen once they got the other out of the way. But doesnt that become the option for italy, spain and everywhere else . A good point, but the ecb should buy that countrys bonds to calm the reporter. So thats the thing, greece was starting to show signs of recovery before the hard left governor. Charles hey, were starting to recover give us a break. Give us a break, but when you look at the demographic, who voted yes and who voted no. And 65 plus the demo 18 to 24 said no. So the old timers know that greece could have benefitted from that economic restructuring which its going through. The markets im hear on wall street, they take the stairs up and the elevator dodd. Its a perfect test scenario. Joining us now, weve got the president of the chamber of commerce in avens. Welcome to the show. Your assessment on the vote and where does your country from from here . Well last night we had the thing celebrated and a the hard facts of life as far as business is concerned. Everything is sag stagnant and we hope that after the meeting, which is currently held at the president ial palace under the auspices of the president of the republican, that the rest of the klee gas late last week before the referendum was held tsipras promised if it was a strong no vote as last night, he would bring back a deal in 48 hours. The market and economy, were waiting for him to come back with the agreement as promised. Charles what role does the business and businesses provide in this. The strong no vote seems to be a rebuke in some ways of capitalism and the relationship of greece on the economic scale. Dont get me wrong, but awes austerity applies to each in the country. Austerity you need it to a certain extent. What we should get rise is what needs to be obliged on this city. Were heavily relying, 65 of a transaction, straight transaction, and importation. So we need to have the right mixture so that we do have and also we do hope that the agreement the he brings it back and it has all of the elements. Otherwise the private sector cannot last longer. And taken this austerity package and at the moment 265,000 businesses and one put the workers out of the job coming to the private sector. Its certain we cannot have more austerity on this end. Charles austerity means Different Things to different people. One was tobacco, higher value added tax. I dont think thats austerity, but i think that austerity it the idea that you cant work 12 months and getting a vacation for two months. You cant have the hurdles that it takes to create even a Small Business in greece. Its mind boggling the stories ive heard. When youre talking austerity, what can spark your country to bring back 200,000 jobs loss that businesses loss . Most of the points that you made, but you need to champion the Greek Economy ropehopefully. The amount of people working in general 3. 8 mill. And we need to look at the Public Sector and reorganize the private sector. Yes ill agree with you the minimum pay here in greece is extremely low in some cases below the poverty line and thats defined by the european union. What we need to find is the right balance between Public Sector and private sector so we can attractive as far as vechlt is concerned. Not just important and the answer is to have a very strict auditing system so catch the tax evasion that weve been enduring five to ten years. Do pensioners come in here. They retire earlier than most western country, certain the United States. With Social Security and medicare, were wondering how to tackle this. And i think were looking at greece with unsustainability payments. Will there be an agreement . I think only the pensions above 11,000 and if you raise the retirement then probably age 48 50 52 irrespective of what jobs theyre in moving themselves to an early retirement and for bupt bankrupt system and thats what theyll hold over the future. Charles stay with me. I want to go to chicago, our markets are less than 15 minutes away from the opening bell. Scott you know its a sort of erie cam, if you will. Were off the worst of last night. But this kind of an open down 150 160 points and it could become a virtual snowball into a boulder, cant it . Yeah obviously its unsettling. Weve climbed back a little bit, but as the next few hours start to unfold. When we see some of the money not being able to get into the system. How do you think the people celebrating last night are going to feel 20 to 48 hours when they cant get food and cant afford to pay their bills. I think it could unwind quickly. 48 hours, the promise of a deal. If that does not happen what happens to your country . Well its going to be extremely difficult for the duration of this week. It was one week till just about enough to keep us alive, but were not allowed to make the council council. These are important that we need from the central bank of greece for people who import these goods do so. Watch out for the greek population of 10 million, but also for the increased businesses that we have at this particular moment in time. This is the high season for greece and tourism is our head industry. It represents onesixth of the total gdp. And capital controls, and weve never seen capital controls imposed and then taken off, and alleviated in short periods of time. The only issue there is when we return back to normality, the amount of withdrawal that is permitted would increase from 60 to approximately 150 to 200 euros. Thank you very much i applause the calm so far and i really appreciate your answers because you help to understand whats going on. Best of luck to you and i hope certainly in the next 48 hours well get some clarity from you and the rest of the world. Appreciate your time. Thanks. Thank you very much. Charles he was fantastic. I need you to state right there, the market is going to open in ten minutes or so and also, we have other things to talk about like Hillary Clinton bills herself as a chan of the middle class. Why is she literally roping off reporters . This is a crazy thing. I dont know if you saw it it this weekend. Watch this. What difference at this point does it make . [ male announcer ] we know theyre out there. You cant always see them. But its our job to find them. The answers. The solutions. The innovations. All waiting to help us build Something Better. Something more amazing. A safer, cleaner brighter future. At boeing, thats what building Something Better is all about. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . Refused creditors demands for another bailout. Let check it out. Under pressure all night long. Right now the dow is down 169, down as much as 300. But dont let the rebound fool you. This is the beginning of the day. This is all morning for you. What about a flight to safety . The gold has an implosion play. If turned up it was down earlier this morning. Nevertheless, this is one of the safe havens and money that always, always pleases the u. S. Treasury and business basis on the 10year. Lets focus on the campaign. Hillary really sparked off reporters and you cannot make this up . This is a pr flub relations flub by Hillary Clinton campaign. Shes getting heckled on things like benghazi and shes the wounded front runner going into iowa as the Bernie Sanders campaign gained steam. Thats the issue. Hillary clinton lost iowa in 2008. So i think what theyre trying to do is basically ward off heckling and reporters because theyre mingled in with the bystanders. Charles youve got to face the hecklers, you cant rope them off. Thats ridiculous absolutely. And the markets are set to open up after the long holiday weekend. Greece remains the focus, a sharp move to the down side. Why it matters for your money. Well talk about it next. I built my business with passion. But i keep it growing by making every dollar count. Thats why i have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Thats huge for my bottom line. Whats in your wallet . piano music fresher dentures, for the best first impression. Love loud, live loud polident. Fresher dentures. For those breathless moments. Hug loud, live loud, polident. 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And visit our website to learn how you may be able to get every month free. It takes a lot of work it takes a lot of dedication. Ive pretty much dedicated my entire life to soccer. Everything has come second and theres going to be ups and downs nothing is a smooth ride as we saw with the world kupcup. That was world cup hero carli lloyd on fox business early this morning. Three goals in the first 20 minutes, obviously, she was mvp of the tournament and mvp of the world. Certainly the United States. Look at that. More on carli lloyd. Opening bell is ringing at this very, very moment. Were bracing for sharpening to the down side. And the opening bell 13 seconds in. All 35 points as each Company Opens up for trading, this will go lower and lower, we should have a triple digit loss any moment now. Its going to be a tough ride all day long. We will keep you abreast. And Ashley Webster, what is the latest. Ashley good morning to you, charles. Well, i think Alexis Tsipras, the greek Prime Minister has been burning up the phone lines this morning, reportedly had phone conversations with french Prime Minister Francois Hollande and Angela Merkel they agreed that the breeks would bring reform proposals with them for the big crisis meeting in brussels tomorrow. The question is does that include debt relief . The german finance minister saying that germany will not entertain the idea of restructuring debt or debt relieve taking haircuts on loan or for giving loans. Why . Because germany has the most to lose. 68 billion euros, the amount contributed for the eu bailout as well as german banks, that did not sit well its a hard sell for Angela Merkel and the party. And we know that mr. Tsipras has spoken to Vladimir Putin this morning and listening to all and see who will lend a friendly ear. Life as such goes on. Banks remain closed and have been closed for a week now. Were hearing shortages of medicine starting to be an issue and shortages of food and importers dont have the money to pay suppliers. Time is running out for a deal to be done. Will greece remain part of the euro zone . Its more likely than not there will be a messy greece exit from the euro zone. You mentioned talking about a row sounding no vote and in 48 hours coming back with a package theyll love. Do you believe this calm tranquillity behind you, how will at that change . I dont know, charles. Certainly the eu has no faith in the tsipras government at all even with the finance minister having resigned. As for the people themselves. Voting for a no vote yesterday, which was urged by mr. Tsipras himself. He has some credibility here, but i think its more National Pride standing up to the creditors more than the reality of coming back with some reforms that everyone can agree on. 48 hours pigs may fly as well charles. There have been psychological studies, and in my opinion, in their own best interest. Ashley, well be back out soon. And bring in Liz Macdonald, and Scott Shellady in chicago. The markets are open and we didnt crash at beginning although some of them are off 150 points and the reports that tsipras has an olive branch that the markets need to not necessarily fall completely apart between now and the brussels meeting. Youre right and were going to need to see more giving on both sides. We cant have the german finance minister saying theyre not going to negotiate restructuring. At the same time youll need to see more reforms out of greece because 25 Unemployment Rate anyway, their economy is clearly faltering and gotten worse. And one thing out there that maybe talk about later. What if we come back on the table as some sort of greek sabbatical out of europe and get themselves better and are allowed back in. Some sort of timeout. I think maybe that would be as well. Charles what do you make of that . Thats not a bad solution, but but a year timeout. This could be several years. Today is going to be difficult because well have constant news coming out which you dont want to have happen is markets close at the low because that would lead to some instability in the credit markets around the world that im a little afraid of. Thank god all of these earnings season here in the United States because thats ultimately where were focused on earnings liz thats right. Weve got alcoa and pepsi reporting this week. The issue is is this a vote no, is this really about greeces government or the country of greece . Its really about the mismanagement of greeces present government. We look at italy and the bonds now. It has to reset, said again and again that greeces economy is a closed economy. It will not be successful if it tries to devalue out of the drachma. It has to be open and more entrepreneurial and export driving. Charles were down 160 points and it feels like were going to get a series of comments on both sides, that would be a combination of olive branch and sabre rattling. We need more olive branches than sabers. Youll know by the end of the week. You may know by the end of tomorrow what this is going to be. Cool heads can get this deal done. The question is can cool heads get it done and sell it to their respective lector eelectorates. And the other thing is oil. Its breaking some key support points. I think we are going back to the 25 area level. And not see 70 75. Number one, this is the height of our demand here in the states and globally were producing more than were using thats a negative. Number two, the greeks problems are going to lead into that, the european union. And obviously, a slowdown in china. The threepronged approach right now is why weve seen oil come off precipitously. One thing about that the iran deal going through, and a lot of things happening with oil. Thats deflationary and keep that word may be where were heading. Charles you say we have a moat around america and you dont think it will hit us . I dont think it will. Our economy is getting better. Were a haven for money. Its not like well completely ignore it, but not bring us to our knees. Charles what stock is getting near a high. Dont tell stuart tesla, the p. T. Barnum dude. We saw a surge and deliveries are on the mood. And jesus has had a 360 target on this. And a new model coming out. Charles also chipotle nicole, and barrons said negative things about the stock. Indeed its a loser this year and costs are on the rise and they said it could go to 500 bucks. 6 02, thats a move to the down side if that comes true. Charles a fan favorite for a long time. On the other end of chipotle a winner, Weight Watchers . Nothing faces as good as winning deals . How about a chaching, a hurj Hedge Fund Partner may be interested. And gaining 18 , its a big move. Charles thanks, nicole. This year its down 80 . Charles all right, you look fantastic. Well be back to talk to you shortly. Weve got to talk about the Big Health Care deal and aetna, and humana, its a 37 billion deal involving stock and cash. Its the largest deal so far in the insurance industry. Here is a look at the stocks. Humana significantly below the takeover offer and aetna shares are down a lot. Thats interesting, typically both sides should be up. And im going to talk to both ceos of both companies and we want to find out whats forcing this. Is it obamacare because a lot of people worry about the massive consolidation in the industry and they are having three trillion in three weeks. Look at this theyre still on a rollercoaster and this is the hang seng and the shanghai is all over the place. The country is trying to do something about it jim. It feels artificial hold off on the ipos and hold off on the short selling and maybe get some temporary relief ultimately the market has to work and the danger here is that this speculation by individuals who have never been involved in the market before who have driven chinese stocks so high and if it does crash, they could have social unrest over there and it could affect the economy as people stop spending, so theyve got a problem here they should probably just lick their wounds and let the markets do this very quickly. Charles i like the idea of a the market is up so much 20 is up 99 , sure its artificial, but if theyre going to play this it feels wonderful, like a sugar high. China is the capitalism model. Theyre running the market and boy if this doesnt work thats a lot of and scott, this is the same goal of the Federal Reserve to create the cycle that people feel good and spend money that they dont have. I was just thinking that. Maybe its time for the market to take the truth serum. That could be said for u. S. And ecb as well. I think were all kind of the reason why this is a big deal now. When we had hiccup. China had the life boat and now theres no one that can help them. Charles lets check the big board because we are not crashing. You can feel the tension. A triple digit loss on the dow and im sorry . Walmart, mcdonalds, disney three big large names may be a flight to safety and holding this market up. Its a nip and tuck. Because just were not down a lot doesnt mean we wont crash today. Well keep watching this. The latest on greece and well tell you what the Obama Administration is set to do. And more attacks in the middle east and none here for july fourth weekend. Well speak with a former special ops officer. Thats next. This allergy season, will you be a sound sleeper, or a mouth breather. Well, put on a breathe right strip and instantly open your nose up to 38 more than allergy medicines alone. So you can breathe and sleep. Shut your mouth and sleep right. Breathe right. Checking here on the big board. Were off 120 points. A sharp decline to the down side. We could have been 300 points if the market opened seven hours earlier. Keep that in mind. Its not an easy day for the market. Three stocks are higher mcdonalds, disney and theyre comfortable with names that have been around for a hundred years and will be around. Its a harbinger or im sorry, proxy for it back under 10 not looking good and the yield. Remember when our yield is down people are buying our treasuries, thats a lot of foreign money. And its a flight to safety because of americas reputation, maybe not more, but good enough for now. On that note how is washington reacting to greece . Lets go to blake burman in d. C. Good morning to you. The barack Obama Administration has not issued any official statements responding to the greek vote. The biggest public stance in the immediate aftermath of the vote has been taken by senator Bernie Sanders. 51 of voters in the massive felt and inequality. Europe must build an economy which creates more jobs than income, not more unemployment and suffering. The president ial candidates on both sides spent their weekend campaigning and yet to weigh in. The president said last week that greece did not pose a direct threat to the u. S. Economy and the white house says its in everybodys best interest for greece to take a path to growth and now that appears in doubt and the Treasury Department says theyre in a wait and see. And the fed may hold off on rate likes, while others feel that wont be much impact at aum. We could get more clarity from the Central Banks on friday when janet yellen is expected to give a speech on the economy then. Youre absolutely right. Everybody is concerned about hall of these things. Well see. A new gruesome video, we cannot air for you, but it actually shows isis fighters killing at these 25 Syrian Government soldiers in the Historic Town of palmyra. We have jim nantz with us now. The most violent things happening overseas. The United States is safer can we get complacent or things we thud be doing. I dont think we should be complacent. We havent had attacks at the fourth of july, but isis called for attacks and killing infidels. Theyre still at it. Until we take them out, were vulnerable. Charles youre talking about taking them out. Everyone is resigned to this Administration Simply is not going to do this. And weve heard the hubbub and major strikes in syria against isis and then said we killed nine of them. Youve got to be kidding me. Were not going to take them out. If thats the case the threat continues to increase right . The threat continues to increase as long as the black flag is flying and people are flocking to it. President obama is going for a briefing and im hoping someone will tell him that we should let our troops loose on them. Charles many are worried about arm the sunnis and were in hook, line and sinker. And some of them arent our friends. Its a case of picking the least bad people against the most bad. Isis is the most bad. Because we abdicated our position of allies to the Iraqi Government, the iranians are moving in and the worst possible scenario would be the iranians ranging throughout the sunni areas of Anbar Province and that would be the sectarian violence that could set off a hot war in the region. You talk about u. S. Troops we had additional 400 some odd troops or whatever they labeled them. What do you think is politically palatable to president obama. We know he wont go fullblown a lot of troops on the ground and would it work . Could he find some kind of central Common Ground that there would be effective . I think if he changed the rule of engagement and allowed the troops we had there to accompany iraqis on combat missions, the call to fire and do the things theyre trained to do and help the iraqis with leadership, that would help and arming the sunnis would give a multiplier because the Iraqi Government does not want those folks to have weapons. They want to kill isis too and the curd pesch mere are giving them by the dozens. The victory over there for isis and what they continue to fight with, i agree with you, i hope theyll be helped out because thats amazing. Thank you, charles. Charles the womens u. S. Soccer team. They beat japan, and that means dollar signs particularly for that superstar carli lloyd and social media will play a role and well tell you why when we come back. We stayed together stayed true to ourselves, did it each and every day and knew that we could do this. It doesnt necessarily have to start off super strong. I think slow and steady wins the race. 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Call Liberty Mutual for a free quote today at 18884389061 see Car Insurance in a whole new light. Liberty mutual insurance. A fantastic start by the u. S. And and off the post and in . Charles absolutely amazing. The United States won its third Women World Cup title, 52. Carli lloyd mvp of the game with a first half hat trick. She had this to say about the win on fox business earlier. My phone is blowing up. So many Text Messages and so many great messages facebook twitter, its just kind of impossible to keep up with it all. Its pretty surreal. Its unbelievable and couldnt be prouder. My teammates and we did it. We made history. Charles social radar and she says she was blowing up particularly on social media. What does it mean . So last night she gained 50,000 twitter followers over the course of last nights game, taking her around 370 80,000 twitter followers. And its out of a huge success, the hat trick and earliest hat trick ever in world or mens world cup final. Shell look at endorsement dollars and sponsorship dollars and real money in the future. Charles its interesting the first thing she talked about was social media, thats your barometer and sort of your proximent what is the major number . Close to 400,000. Is that where you start to see an athlete or potential celebrity endorsements, look ive got a substantial following and is that where the negotiating power . I think shell start, 400,000 is not huge. Alex morgan has 1. 9 million. The highest paid is Christian Ronaldo makes 300,000 per tweet. The brand and igehere she ceateand thats thvalu in e nt cplefthsnd th ove the cing years oy ontinue to increase from there. You know, emack here. Theres a lot of twitter reaction, theyre calling her the female pele. And suggesting putting her on the 10 bill. A lot of talk of a woman on the 10 bill. I saw that a lot of great mockups of her face on a 10 bill. What it shows is the incredible engagement youre seeing with people on two screens. Its been great. Charles it is a beautiful thing and a great event. Thanks a lot and well come back to you. Well go back to greece and watching this because its your money at stake. Second hour of varney. Technology is giving companies and customers big savings. Recently obama targeted buildings and its 30 reduction in can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . If youre taking multiple medications does your mouth often feel dry . A dry mouth can be a side effect of many medications. But it can also lead to tooth decay and bad breath. Thats why theres biotene available as an oral rinse toothpaste, spray or gel. Biotene can provide soothing relief and it helps keep your mouth healthy too. Remember, while your medication is doing you good a dry mouth isnt. Biotene, for people who suffer from a dry mouth. Charles all right, guys. Whats new this hour on Varney Company . Well, the biggest news event of the week so far. Greece votes no, its Prime Minister saying that the country cannot and will not be blackmailed. Its finance minister went out in a blaze of glory as he quit after the vote and the dow off triple digits. 99 point, we were off 300 overnight does not mean we wont be off 300 before the day is over. Also the changing face of health care more of these Insurance Companies are merging, that means less choices for the American Consumer as well as higher rates. And were going to talk to the ceos of aetna and humana. Its a multibillion dollar deal in the sector. Well have them both live for you as hour two of Varney Company starts right now. Charles lets check on the big board. You know, weve been talking all morning about the changes between olive blanches and saber branches and saber rattling. The Prime Minister of greece calling up Angela Merkel ahead of their big meaning, so far staving off destruction. But not so lucky for the oil markets. Oil down can bigtime, 2. 67 thats probably more than greece a little afraid of whats happening in china as well. The flight to safety argument for gold has not worked out as well in the last week or so although we were down, we were up a little bit and weve got to show you the greek etf. Itll come back a little bit, were off the lows by the way we were under 10 but still off 6 . And, of course, all the money in the world finds safety in our bonds. Our yields down seven basis points that means bonds are going up, and its probably a lot of foreign money just trying to find a place to hide out. Speaking of which Ashley Webster in athens. Ashley . Reporter good morning to you charles. Yes, the markets may like the fact that mrs. Merkel and Alexis Tsipras are talking, doesnt mean theyre going to come to arrangement anytime soon. Greeces political leaders have finished their meeting with the countrys president. Its a meeting that lasted a marathon six hours. Were expecting to hear perhaps some reshuffling of the negotiating team and perhaps trying to come up with their strategy before they present some more proposals tomorrow. Were also hearing that the bank holiday here in greece will go on for, quote, a few more days. You cant get any more vague than that, but the banks are running out of money, and with no new agreement in place theres no way they could open on a fulltime basis. It comes down to the ecb, would they increase their funding, and if they did, would they require more collateral in exchange for those loans, something which the greek banks simply wouldnt have . More capital controls, most of the banks will remain closed while this whole saga now moves back to brussels and whether the greek government can come up with a proposal that the european leaders can actually live with, charles. I wouldnt hold my breath. Been looking into the background a little bit more of the new finance minister. Hes a farleft, marxist supporter so im not thinking hes going to give a whole lot of ground in theres no offer of debt relief on the table. By the way the president s of bolivia, argentina cuba all calling mr. Tsipras congratulating him saying it was a deal for people over money. Charles im not surprised. Real quirk cheryl. Liz and i were looking at headlines out of greek the Greek Defense minister says phi parties will sign a declaration that will back the Prime Minister in the negotiations. And ash ashley, since hes on television, doesnt see that crossing as well. Charles that was a resounding yes vote without a doubt and that gives him the negotiating power he wants. It just remains to be seen if the counterparties, the creditors are going to blink. Lets bring in steve moore in d. C. And Keith Fitzgerald in seattle. You know and also and, of course, Cheryl Casone liz officially introduced you. And e. Mac is still with us. Steve, to you first. Heres the thing, a lot of people dont realize this was originally a banking crisis like our crisis, and then all of a sudden in 2012 it was therefored to the shoulders transferred to the shoulders of taxpayers and the moneyprinting press of the ecb. I think thats why its not just leftists that are saying this is a big deal. Marie la pen in france, the far right saying she agreed with the vote as well. I think lost in this is the idea that Little People around the world continue to come in second while the banks get bailed out and never have to take any pain. Well, look, the essence of the problem in greece that nobody is talking about except maybe here on fox Business News is that this is a failure of socialism. The essence of the problem is very simple. They have made, the greek government has made promises to pay huge pension benefits, huge entitlement programs, everythings going to be free, and they dont have enough workers to pay for it. Charles charles but what theyre saying is the loan sharks took advantage of that. They knew we couldnt pay it back. Thats ridiculous. Charles charles we heard the same thing in america. You didnt even put a nickel down. You cannot argue this resonates on a political platform and its how socialists get reelected or in some countries elected. Exactly right, what youre saying, charles. The people saying, oh, the banks put a gun to my head and made me take this mortgage out that i couldnt repay. But at some point, you know, reality has to set in. And i wonder what the people of greece think is going to happen now. I mean, seriously, where is the money going to come from to pay for all of these benefits . They expect people in germany, france, italy and spain to pay for their own benefit, it would be like asking the people of texas to pay to bail out the california Pension System. Charles ive got a feeling we already did. [laughter] i want to go to Keith Fitzgerald because you always bring up amazing points about japan and their doomed demographic composite, right . More Adult Diapers being sold than baby deep diapers. Greece has one of the oldest populations in the world, maybe number three with respect to people over 65, and one of the lowest birthrates in the world. Thats a onetwo combination that tells me just from a pure population point of view theyre not positioned to bail themselves out and perhaps they wont be for a long time. No. Lock charles, this is very very simple, you know, they call this a liars loan because they lied to get in, they mismanaged their assetses and now theyre saying somebody else bail me out. Theres no Bankruptcy Court for countries. They cant grow their way out because theres no employee base, and this is, unfortunately, a microcosm for a current generation of political leaders in japan the United States and the rest of europe. You cant outrun the math despite the fact theyre charles e. Mac, its a political victory at least so far for tsipras and company. Thats going to be temporary. Steve moore, lets back up. Argentina, a lot of people bring up that, right . Argentina devalued its way out of its problem. But guess what . Argentina at the same time was enjoying a commodity boom worldwide. Right, exactly. What about detroit . Detroit went through a restructuring. I mean i think youve talked about that. Is there hope for greece . Could it restructure itself by going into, basically, bankruptcy . You know i think thats, as i look at the range of options, thats the only one that really ultimately makes any sense. It has to be a detroit type of solution. And, you know charles, you said the country cant go bankrupt. Theyre going to have to. Theyre going to have to some way declare bankruptcy and say look, we cant repay these loans, were going to restructure them. Everyone who is owed money by the country is going to and let me make just one last point, charles. Detroits on a comeback right now. The best thing that happened to detroit was brus. I think these was bankruptcy. Somebody to manage the Financial Affairs because the politicians cant do it. Charles i know what youre saying is logical and, believe me by the way is why puerto rico is pushing for the same sort of solution. But having said that, and steve also the same thing keith, you know, the greek people say they dont can want it, they dont want an overseer, they dont want europe to tell them what to do. Theyre pushing back against this and theyre pushing back against the notion that, you know, this is all going to happen. Of course they would like a haircut or some sort of debt relief, but will Angela Merkel blink . And if they do, why wouldnt italy and spain and all these other countries go down the same path . I think the people in greece right now are completely delusional. At some point somebodys going to have to pay those bills, and the people in germany are saying were not going to pay them. At some point, the people and by the way, one other thing what about the banks . My goodness. Would any rational person put money in a greek bank right now . Charles you know what . Weve got wilbur ross on, hes got one billion in there. The imf allowed this to happen because they wanted to send a message dont do this charles but it might work. In 48 hours tsipras keith, said hes going to come back with a deal that the greek people will applaud. Maybe this works for them. You know, i got a hard time believing that. [laughter] i think were 48 hours away from cay whereas if the ecb doesnt step in. Whether they agree to bail out or whether they blink who cares . Again, the math is very simple here. They do not have the employment base. I dont understand why the greek people think that they can somehow worm their way out of this. Tax avoidance is a National Sport over there. If the government wants to spend money, theyve got to bring it in in the first place. [laughter] getting away with it for years, of course they believe it. Come on. [laughter] [inaudible conversations] charles 60, 70 yes vote. Thanks a lot guys. Fantastic stuff. Weve got to switch gears to iran, remember the deadline and the deadline and the deadline . Secretary john kerry says hard decisions need to be made on this thing at some point in the negotiation, and hes actually saying even at this point it could go either way. So lets bring in lieu tent colonel ralph peters no, hes going to join us at 11 15, but we cant wait to talk to him about that. We do have a lot of other headlines, its a busy monday morning. Heres what else were watching, lauren simonetti. Good morning everybody. Amazon will have better deals next week than they do on black friday. Theyre offering them to celebrate the eretailers birthday. You have to be a prime member to get them. Research shows prime members spend about 1500 a year on this site, thats compared with about 600 for nonmembers. Well the fourth of july turned painful for two athletes. Jason pierrepaul injured his hand setting off fireworks at his home in florida. Burns on his palm and fingers, possibly nerve damage too but the injuries are likely not career threatening. And golfer rory mcilroy, he hurt his ankle playing soccer. He ruptured a ligament in his left ankle on saturday, this is just a few days before the british open at st. Andrews in scotland. Thats a picture of him on his Instagram Account so we wish him well. All professional athletes should stop doing all extracurricular activities. Quit now. Also secretary of states too. [laughter] the no vote in greece is seen as a huge victory for its leaders, but our next guest says the country is being run by high school gans. More Varney Company next. Charles check on the big board, guys. Im not sure this has anything to do with it but ism nonmanufacturing data out. Again, i think its the dow being down only 59, has to do with all the the reports coming out in greece. Yes, tsipras hand is stronger, but hes also acting more diplomatic. Right now the markets breathing a quasi mini sigh of relief. The next 48 hours will be treacherous. Already treacherous for oil, take a look at that, down over 2. Crude has stayed down, makes you wonder if thats more of a china story. Weve got to keep an eye on it, something of a proxy for how strong the world is or maybe in this case is not. Take a look at gold because gold always sort of i dont promote it as the place to go when the world blows up. Certainly weve got a lot of mini explosions, up a little bit but not as much as one would think so far. Take a look at the greek etf its still off over 5 , but it had a doubledigit loss earlier. Its been china, the social media stocks there taking a real big hit. Those are all the media names, a lot of these stocks were up bigtime, nevertheless, down a lot after the government took unprecedented steps to stop the slide in the market. Stocks not getting helped at all. Also want to check shares of chipotle because according to barrons this stock could see a huge plunge unless they make some serious changes. Yeah, you know three years ago David Einhorn said this stock was overvalued when it was at 316. It doubled since then. You know, barrons one of their best lines was for the short sell isers, this stock was like a mouthful of jalapenos. It has missed sales expectations its stock barrons said it could plunge another 50 charles i looked at, for instance their steak burritos and their prices versus some of their competitors, i think they could raise the price 20 cents to 50 cents and get away with it. So im not sure. I know theyre the feelgood company, the do no wrong kind of company. They may have to go to basic capitalistic principles here. Theyre not one to do that. Look at the ceo of chi poet today, he is so commited which i think is a good thing to organic foods. A lot of times you cant even get pork right now because theres a shortage and they dont care. Charles Conscious Capitalism may have a role, but theres a time when companies have to do the right thing for shareholders. Lets get back to greece. Our next guest says hooligans have been running the country, joining us now the chief financial economist, the high school gans are running the show, but theyre running it interestingly. Well, and hooligan wins apparently, so the hooliganinchief the former finance minister is out. So well see how the development will go from there. Clearly, i think that greece has played a blackmail to the European Partners. They have basically threatened that without an agreement, without more money on table, some sort of lehman event will hit the eurozone. Im looking today at the euro, clearly there are weaknesses, but this is not a lehman event. So im afraid that once again can Prime Minister tsipras has lost his gamble by winning the referendum. Charles you know, i think we might be a little early. Lets not forget that the lehman event wasnt a shock. It actually, you know it evolved over a one week period. And, you know, whens to say that tsipras goes and this sorts of starts to devolve a little bit and maybe its not lehman, maybe its bear stearns. Theres got to be a reason that they were able to borrow this much money, over 300 million euros, in the first place if it wasnt important to their counterparts. I think the situation now is very different from a few years ago when we first enter into this greek drama. At the time there was a heavy exposure by european banks to greece in particular french and german banks. Now those private banks, public Financial Institutions are okay. Most of the greek debt is owed by the imf, the European Central bank, other governments that have much more leeway to absorb the shock. Cleary, there are some can clearly, there are some repercussion. We see the spread, but i think it is also political dimension. Three years ago it would have been a shock for European Partners to see an exit by greece. Charles sure. I have the feeling that right now would almost be a relief if greece goes. The dynamic has completely changed. Charles i wallet you to handicap how the next 48 hours go. Do you think cooler heads will prevail and some sort of deal will be done that certainly would include some sort of debt relief . Well you know the simple fact is greece has no money. The banks are running out of money. Sooner or later they will have to take very tough decisions. And i continue to think that the decision to leave the eurozone would be catastrophic. It would be a humanitarian crisis for greece. So at the very end now that they have taken their, you know, victory lap on the referendum, i expect cooler minds will prevail and some sort of deal will be in the offing. Probably it will take some time, so i think the European Partners want to inflict some pain to greece, but they will come back to the table. Charles you know stories of people not getting their insulin shots and that kind of stuff makes the rounds i think to your point cooler heads will prevail. We appreciate it. Thanks a lot. Thank you. Charles officials in greece have found a close friend in a guy named Bernie Sanders. He does say that country has been the victim of income inequality and that the rich people should start helping them out. More Varney Company next. Here is a simple math problem. Two trains leave st. Louis for albuquerque at the same time. Same cargo, same size, same power. Which one arrives first . Hint its not the one on the left. The speedy guy on the right is part of an intelligent system that creates the optimal trip profile for all trains on the line. And the one on the left . Uh, looks like itll be counting cows for awhile. So maybe the same things arent quite the same. Ge software. Get connected. Get insights. Get optimized. With xfinity from comcast you can manage your account anytime, anywhere on any device. Just sign into my account to pay bills manage Service Appointments and find answers to your questions. You can even check your connection status on your phone. Now its easier than ever to manage your account. Get started at xfinity. Com myaccount charles lets check on the big board, now off 77 points. Weve gotten better since the start of the session. Dont forget overnight off almost 300 points, but its still very very close. Its going to be a nail biter throughout the entire session. Well be there each step for you. We do have a winner though, and thats Weight Watchers, reportedly on a buyout offer. After, of course, they beat the stock down 90 , now they want to buy it maybe. All right, guys, hey, lets stay on greece. Bernie sanders expressing support for the greek vote. In fact heres his quote. Quote i applaud the people of greece for saying no to more austerity for the children, the sick and the elderly, liz and cheryl. Bernie sanders would put greece on a highspeed rail to nowhere fast because what is missing in all the coverage is what his remedy is higher taxes and the greek people are already saying no to that. Read between the lines. His idea of growth would be having crab grass rate of growth even worse than it is right now in europe. Yeah, go ahead. Charles he wants a 90 tax at the highest level and, again, the freak people went through a tax hike, but i dont think theres a big enough pool to redistribute from anyway in greece. Hes going far left, thats what hes doing. Hes running for president on the dem the can contact ticket. Democratic ticket. You look at the underlying story with people like Bernie Sanders who got more than 10,000 people to show up at a rally, his own camp was shocked. This guys a socialist, and hes got people rallying around him the disrupters, the trumps of the to world. These are people that come out with these radical ideas that make no sense, but yet theyre touching something in america whats going on. Well, you know what . His economic policies are so filled with nonsense is, theyre worse than a seinfeld episode where nothing is going on. But to cheryls point when the Median Income goes from 56,000 to 52,000 and it feels like wall street making money all the rich have gotten richer its a story that resonates left and right right. Blame the banks, that thats the story. Charles or capitalism, unfortunately. Speaking of capitalism weve got a major deal today in the free markets. Aetna and humana are joining forces, and its great for them, but the big question is, what will it mean for us . Certainly fewer choices for the American Consumer. We have got the ceos of both Companies Joining us in just a few moments. Im going to ask them that and other questions. Test test. Charles we are watching on both sides of the atlantic for you. Also checking price of oil. Now, no relief here, enacting its getting worse. If that indictment of global economy, china, america, were going to find out because breaking key points, and it does not look great. Also weve got to take a look at gold. Gold of course is the place youre to be when the world blows up. Only up slightly, well find out. Take a look at the greek etf because thats also off the lows of the session, of course everyone hoping that indeed overweight next 48 hours something acondition i to salvage that incredible disaster over there. In the meantime look at the tenyear yield because you have a flight to safety. Thats our tenyear treasury yield, a lot of money, including foreign money goes in there. When it comes in, crucially yields go down, and thats whats happening this morning. And i want to go to Ashley Webster, things are moving fast and furiously over there. They certainly are, charles, and with every headline, it probably will move the market. But really the brunt of all of this will come down tomorrow when the eu leaders get together. We found out that after that six hour meeting between the greek political leaders and the president , theres going to be a draft thats going to be agreed upon by the five or six parties that will be released shortly. So well look at what theyre ready to prepare and whether the eu is going to accept the reform measures. Does it contain debt relief . Does it go far enough for germany . We also had this statement from the International Monetary fund saying quote the imf has taken note of yesterdays referendum with greece. Were monitoring the situation closely and stand ready to assist greece if requested to do so. Somewhat of a vague message but saying, yeah, were here if you need us. And you can bet your Bottom Dollar that, yes, greece does need them, but in what form . Also were hearing from the ecb today. What they do to help out greek banks . Its unlikely that the ecb after yesterdays big no vote will increase any emergency funding. Charles, and if they did, they would ask for significantly more collateral in the exchange for those loans which i dont think the greek banks can provide. So they will be closed for at least the next several more days were told by the government, what exactly that means, were not sure, but those 60 or 60 your owes a day are still very much in place, but i think youre going to have headlines coming out over the next 36 hours. The question is can a deal be done . And can the germans be appeased for all the being that theyve done . Charles all right. Thanks a lot. Here at home weve got a megamerger today. Aetna and will prove to be the largest merger inside the insurance industry. They announced a 37 billion deal, theyre going to acquire their rival mumana, and humana ceo, and gentlemen, thanks a lot for joining us. I guess the first question is whats driving the consolidation industry . Is it obamacare . Is it fewer less whats exactly driving it because at least from your stock perspective, you guys have been big winners. Well, i think, charles, that the first probably thing i can say about the Affordable Care act is that it was an action forcing event that is starting to create a marketplace where the consumer has a lot more say than what they purchase from Insurance Companies. In the past it was employers who offered benefit plan to employees who got it part of their employment. With this move toward consumer marketplace, it really goes down to a local market level where an individual is building a relationship with a local health system. And that creates a very different relationship or requires a very different relationship between Insurance Companies and provider systems. And thats what both of our companies have been investing in for the past five years. Charles but is this a way of saying they understood less reimbursement is this one of these deals being driven by cost savings synergy, and it feels like a lot of people things are going to become more expensive be not less. No. I think thats whapping is the local market level were seeing a lot of providers consolidate, physicians going to work for hospitals, and that requires is a very different relationship between Insurance Companies and providers. Its not how much do i pay you for each service . Its more about how do you create a partnership where you got rewarded for improving the health of the population and we provide the backstop from a financing standpoint. So its a very different relationship from the past and that requires local department presence, much more scale, and a greater opportunity to invest capital into those relationships for a long time. And one of the things that has happened with the aca is that theres a regulatory aspect that regulates insurance pricing. And that has created a great opportunity for the consumer both from the point of view of being protected from the pricing. But at the same time while creating competition in the local marketplace. Charles see, guys, ive got let me jump in, with all due respect, what youre telling me belies with the premiums, what youve got is the Supreme Court decision people with 400 above poverty are being subsidied on a scale, and as premiums go up yes, the obamacare recipient doesnt feel it, per se, but everyone else who pays for insurance, including the 150 million who currently get it from their employers, if they cant afford it next year and we see the deductibles are going to go through the roof. So this is what both of you guys talk about, where is it . No one feels does t and no one sees it. Charles, the business relationship has to change. Under the old model regulating insurance doesnt solve the cost problem. And so right now in the Health Care System physicians work on a cash basis. Hospitals work on a revenue base and insurers work on a margin basis. And until evan is on a margin basis, like it does, fixed pricing, nothing will change. So we have to get everyone on the same economic models that requires hospitals and physicians to be paid differently. It requires Insurance Companies to share their intellectual property and their data at the local market hopefully it allow them to do that at the local population. Charles where if that doesnt happen, we dont have any control on costs. Charles you know, listen. Of course there may be its a move point at this particular time, maybe not in the future. But there was an argument that you take down these state barriers, you create a real incentive for new businesses new business models, were in an washington right now where disruptiveness and some of the things that was talked about would be were seeing everything from taxis to hotels, and maybe it could have happened in the Insurance Company, but it seems that i canlike the handful of players that are in there just get large larger and share in the bount with the administration. The Affordable Care act and its associated products and services are less than 10 of our revenue and less than 5 of our margin. Charles so, bruce, let me ask you a question real quick. Why did humana accept this offer . Coming in less than you probably thought, was that something that add to this . Well, actually it gets back to what mark is trying to say. We truly believe the way to make it more affordable for the consumers is helping in the health care cost. Our margin is only three to five percent on a aggregate basis, so focusing on the margin we make versus how we can enhance the Health Care System, and specifically moving from value based reimbursement and giving the consumer a more simple and affordable model is really the genesis of this merger. Charles okay. And the be able to to take our deep clinical capabilities and the consumer focus of aetna and bringing it together to be a consumer focus model with a value based reimbursement. Charles gentlemen, we only maybe i can ask you, mark, when do you see the cost curve bend or slow down. Weve already seen it slow down over the last five years, and we want to continue that. Charles thank you, i dont know why its not near 123 you may have to beef up the cash part of that, but well talk about it later. Thank you. Charles thanks a lot. Time now for your sector report. Sherrill what about are you watching today . Watching health care. Soyce of looking at some of the other Big Health Care names, charles, after of course we got the news on aetna and humana, it came kind of steeling thunder of cigna and anthem, remember theres been talking about them getting together, so they kind of trumped them. If you look at these two stocks, theyre down, both of them. At this point down 1. 5 , and anthem down a couple of Percentage Points as well. So it has been taken out of the other ones, and of course obamacare. Charles yeah, its worrisome that aetna is so far away from the offering price. But greece is the big story. And getting a little help from their friends. Greek Prime Minister chatting up with his new buddy Vladimir Putin, now, the details of that situation, what does it mean exactly for europe . Well have it next have the spark cash card from capital one. I earn unlimited 2 cash back on everything i buy for my studio. 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If you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use. Insurance coverage has expanded nationally and you may now be covered. Contact your health plan for the latest information. Im nicole with your fox business brief. Right now the Dow Jones Industrial down 38 points, had been down over 160 points. So coming up off the lows of the day right now you can see it down about a quarter of 1 , the s p down 3. 5, the nasdaq down almost 3. And some of the dow laggers include the new low for chevron, sisk owe, ge, American Express also under pressure. Were seeing consumer stocks and materials, thats where the strength is today. And as i mentioned oil is down right now 4. 6 , were seeing the steepest drop since april, and such as chevron, all under pressure today energy utilities, financials are the losers of the day. And gopro, well take a look at this one. Well, it turns out that Goldman Sachs says the valuation hinges on the success of the drone. And right now you can see that symptom tock is down about 3 . Always see them. But its our job to find them. The answers. The solutions. The innovations. All waiting to help us build Something Better. Something more amazing. A safer, cleaner brighter future. At boeing, thats what building Something Better is all about. Super poligrip seals out more food particles. So your food wont get stuck and you can enjoy every single bite. Eat loud, live loud, super poligrip. Super poligrip holds your dentures tightly in place so you never have to hold back. Laugh loud, live loud, super poligrip. Charles okay. An hour ago, you would have added a zero to that down 140 and, in fact, we were off 160 points from the dow, and maybe the Dow Jones Industrial average the winner because its got big corporate names that have been around want to 100, 150 years, and a lot of semesters understand what it means in the shortterm those stocks will stay around. Now, weve got one big winner for you, and thats Weight Watchers, down 80 fortes year and down a whole lot more than that for the last few years. Lets take us face it. The Company Needs a white night. One other big winner for you. Earnings have been so, but well be back to the big board in just a minute. But right now i want to go to brian. Huge news over the weekend world cup, youve got a brandnew hero, carly lloyd three goals in the first 20 minutes. Tell me what you think. Well, i think the fact that you and i are talking about in the hauls this morning, i think its great news for a guy who has played soccer through college, watch the womens world cup in 1999, on hand when they had 110,000 people at the rose bowl thinking that ham and foudy were going to lead women to a fine pro league and fame and watch it dip again and see it happen in canada yesterday, i thought it was a great feeling. What i also saw too is nonsoccer fans are talking about this for the first time really in my lifetime. Womens soccer, they attached ta he could in a way in which we envision america. Were going to go at you were going to run you into the ground, and if you beat us, were going to beat us at our best. And japan did not have the firepower or the fit to stay with us. Real quick ive got to ask you about roy mcilroy, he tore a tendin, how did that it happen isnt. He first playing soccer and got hurt. What happens a lot when youre a lead athlete, they dont want you to do anything in the off season. When youre shaq, they dont want you playing other sports, and when golfers have a shot they call their own shorts. Only responsers can control them. Charles ive got to tell you also, im sure relate to theyll be asking Football Players to stop playing with firecrackers. Yeah. Charles and keep up the good work, maybe youre single handledly bringing soccer back to america. I agree, but im going to give all credited to the ladies, and i hope they get the publicity they deserve. Charles me too. And softball. And now dackback to greece russias flat mere putin spoke with greeces Prime Minister over the phone today. Ambassador is i just dont know with with us. And now flat mere pacific at stirring up trouble, and this is a prime not just a prime place to stir up trouble, bill a great place as well if they can get in there. Well, theres no doubt about it. Greece and russia has historical ties, theyve been a pen of the Nato Alliance for many years after world war ii. And these financial troubles i think gives putin potentially gives others like china a wedge in. These problems that were seeing in greece are not caused soully by greeces ridiculous budgetary policies, but by the contradiction in the euro itself. And i think putin that isnt to explode it. How will putin do basically put pressure on nato and western europe through greece . They already signed a gas line pipe deal, russia signed it with greece to build a pipeline, a gas pipeline, which could make greece into western europe. Do you think putin goes so far to install military hard war in greece as well . No. I dont think so. But i think hes looking for politicallism in shortterm. I think its china that may have the money that putin lacks at the moment. But putin is still stung by the european sanctions for what hes doing in ukraine and he would like to find a way to strengthen the russia chinese, against institutions like the imf. So im not sure hes got a complete game plan, he may be playing it by ear. But people ought to know mistake more than a financial crisis were seeing here. Charles and to that point china starting its own version of the imf, and also their own version of the sibling road that will run probably into greece. So youre right. China, russia, both making their play here. Real quick, ive got less than 30 seconds, can you handicap iran when they meet this deadline . Ill bet you a dollar or any amount you want they will find a deal, its only a question how much the administration gives away and theres no bottom to that. They will sign a deal. It wont be the end of the negotiation, but theyll cyber a deal. Charles thank you ambassador. Thank you. 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So how is washington responding . Blake berman joins us now from dc. Hyde blake. Hi, the Obama Administration still has put out an official statement, we are hoping for one or at least some answers regarding the future at a president ial briefing later this afternoon. Youll remember that the president said greece did not pose a threat to the economy and it was the position of the white house that they would like to see a resolution with greece saying in the euro zone. Now, that appears to be is fearless doubt, and the folks at the Treasury Department told us earlier this morning theyre essentially in a wait and see mode. As for the federal reverse the chair janet will give a speech at the end of the week on friday about the u. S. Economy. Well see then if she ends up touching on greece and what this might potentially mean for the fed and a possible rate hike Going Forward analysts told us earlier today. They are mixed as to what this all means. The loudest public stands from dc actually came from the independent and president ial candidate Bernie Sanders. He released a statement saying quote in a world of massive wealth and income inequality, must support to build a economy which creates more job and income not more unemployment and suffering. That was him from yesterday. Other president ial candidates, though, have pretty much yet to weigh in. Sherrill. Oh, im sure they will though. Yeah. Blake out in washington thank you, blake, at the white house. Well, the third hour of Varney Company is just three minutes away he way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business are you moving forward fast enough . Everywhere you look, it strategy is now business strategy. And a partnership with hp can help you accelerate down a path created by people, technology and ideas. To move your company from what it is now. To what it needs to become. Charles greece votes no. The Country Finance manager throws in the towel, and he says quote where the creditors loathing with pride. That was of course the focus greek Prime Minister saying his country cant and wont be blackmailed. Hes on the phone with Vladimir Putin, making all the rounds, all the phone calls, wall street think so this is a pretty good deal. Varney company hour three starts right now. Charles as hes done so much for the last week or so, Ashley Webster joins us from athens with all the twist and turns. Ashley. And who knows how many more we have yet to come, charles certainly the next 48 hours very critical not only for greece about for the euro zone as a whole. So now what happens . A resounding no vote puts the ball back square on the eu saying okay. Weve heard you. Now bring in your new proposal. Well, apparently political leaders from six of greeces parties, meeting with the president , coming up with a new document, that will be presented to the euro zone layer and eu leaders tomorrow. In the meantime the ecb expected to continue to frees its funding to greek banks. They remain closed and now will remain closed for several more days or beyond. And the theory is of course that they will run out of cash before the end of the week. We were saying it last week be but i think were pretty close closest to that point, charles. Also getting reports of Food Shortages because the imports here have no cash to pay the supplies, and of course some shortages in medicine. But the big critical issue here is do we get a deal for greece . Well, some of the rhetoric hasnt been encouraging as it was last week, the head of the euro zone minister saying that the no vote was a very regrettable decision. Germany meanwhile saying were not interested in any debt restructure or debt relief thats not how we are going to approach this. So there could be a major stumbling block in there. Certainly for greece. Do they stay in the euro zone, do they not reach a deal and just fall out . Well, it could have far ranging implications of course. One french publication had the headline today earthquake in europe. Well, the tremors are acceptability being felt, and what does this mean that greece obsessions after saying no to austerity, does that bold enother austerity in spain, and italy, which could cause real problems because those economies are of course much larger than greeces. Charles and theyre doing relative larger and would the be willing to derail their economy to say, hey, maybe we can go back to the drawing board, it would certainly be in play; right . Lash ashleigh . Absolutely i mean the those economies are charles sorry about that. The downtown l. A. Well be right back past the president. Thats all right. Charles greece votes no against a proposed bailout murrieta and that could make it for a difficult time for the greek people and the euro zone. Here in washington more on this. You know, we talked about the developing humanitarian crisis, and that was last thursday, and i read reports where things, like chinese garlic, spanish almonds all stuck at the port because the banks couldnt do the basic billing to get them from the port to the market. Now were talking medicine, things like that. This is going to get ugly, isnt it. Yeah. This is going to continue it deteeter, and theres no sign to address the problems that have led to this crisis. This has been building since 2006 when Government Spending began to skyrocket. If you look at the spending, the fact that the pension grew by nearly 40 , the annual payments were just about a seven year period. Its no wonder that greece is in the mess that its in. Charles now, if you look at the question and the photos that when we show the atm machines, its obviously that those are people who are pensioners, people who are retired, people who have been promised a certain amount of money and at the core of all of this, theyre going to have to give some of that back, and i dont know how much you can sell had a. We can sell in this country, certainly its going to be hard to sell it over there. Well, unfortunately, if those reforms arent made to those benefits, the Greek Economy cannot be expected to recover. And right now you have a situation where around 60 of young adults are without work. And thats because of greek politicians, especially over the last few decades adding on benefits and paying those benefits with debt rather than making sure that the economy can actually support those payments. Until those payments are restructured and the Greek Economy is unshackled from an intense regulatory state, the Younger Generation is going to suffer and the older generation is going to face a lot of uncertainty regarding whether or not theyll be able to afford even the basic necessary assess tease of life. Charles it will be long term and involve spurring a lot of pain. But this particular hurdle were facing right now according to the telegraph and i havent thought about this angel, but they think that the greece was able to put a referendum in a short period of time, no matter what you feel about the outcome proves that this economy can get things done does that give you any confidence even though they voted the wrong way with respect to what everyone thought it was logicalological. Logical logical, maybe thats what theyre looked at. The fact is the turnout was just over 60 , and thats not much considering that the future of the Greek Economy is weighing in the balance. Second of all, if you look at all the protests is that have been occurring, these protesters have not been in favor of actually reducing government regulation, which is shackled businesses. These protesters have been to oppose any reduction in spending, benefits, and its ignoring the harsh reality. Charles one thing we all know about harsh realities, you can avoid them or ignore them, but theyll catch up to you sooner or later. Thank you. Absolutely. Charles lets check on the big board. You should know that for a brief moment we were in the plus column. And nasdaq is up, and the dow only off 20 points. But no relief for oil. Oil has went under pressure all session long, under 55, 54. 27, and what may be the markets filling there. Back above 10, but barrel we had a triple digit loss and now range right around 10. 03. And the tenyear yield. The money usually flocks the u. S. Markets. Ask the yields are hire from demand we were down more maybe 8 basis points, we were down four basis points, but still you can see the flock to safety. As european leaders are expected to meet on tuesday to discuss the next i dont know maybe the next greece bailout. The markets are going to have to really deal with this, and so far theyre doing okay with it. We want to bring in capital hillary cramer. You know, youre on the show with me on making money with charles payne, and youre the optimistic one. Youre the rose colored glasses one. So farran the disaster that we thought it would be. Well, its not the disaster for us because greece is the gdp of the your owe zone, but its a disaster for the greeks. Charles what about the the marks, though . We were at one point last night the dow was off 300 points. So the idea that we could get through this unscathed, how do you account for that . Well, i account for it because in reality, greece into itself is a bubble, and we have money flowing into the u. S. Markets. You have investors from all over the world are saying the as you say safe place to be. This is where theres capitalism, this has where we can trust the books, this is where were going to go. And then also china stabilized overnight. Now, even though it was up 69 and only ended 2 at the end of their market, there was a lot of fear around china charles but theres still fear in the things that the chinese market, like the 20 billion Injection Holding off on the ipos, and some of the things with short sellers, those are short lives, and theyre morals bandaids , and we just talked about having to face reality, i think thats why oil is getting harmered. Yeah. Charles but how long can this go on . We can end the day off with a big selloff descending depending on how everything goes in greece, right now just feels like cooler heads, but to write off we really be a big mistake, isnt it . I write off greece. So i really think were going to go back to the drachma and the greeks need to do that. Theres no way that they can be part of a euro and be able to make their commitment. Charles if they touareg drop, how would that help . Charles they could print their own money. They could print their own money, thats what they would need. Whats interesting that the germans have said, it didnt seem like the presence of the jury matter anymore or its the germans. So theres been a clash which is so fascinating to watch and the greeks blame the germans for being in this situation. Charles yeah, they blame this workoholics. Yeah. You blame the greeks going back to the dramatic pla, and it is an option for them, they have been impoverished and have control over their destiny. And they are wiping out their deet death and there will be lenders, theyll be able to pay. Charles enough lenders that theyll be able to run an economy and who is going to be that learned . The same people who led to argentina after it defaulted. But whats going to happen is listen those pensioners are not going to get what theyre getting now. But theyre going to be in charge of their own destiny. There are always companies that show up after a country defaults, they just acharge more charles hold on a second we have some exclusive breaking news. Russian bomber off the coast of alaska and california, thats according to some officials speaking to fox news. Do you have more on this . Yeah. It was coming from fox news, and it was over july 4th so vladimir and putin was saying a happy Independence Day but its a t985, and these are long range capable of caring nuclear weapons. I dont believe thats charles thats the f22. Yeah. Thats what they sent to interextent. So we disappeared our fighter jets. Now, these two long range bombers from russia did not come into our airspace, they were out 12 not cal miles, so they didnt violate our airspace, but its the playing the old. Charles poking their thumbs up at us for a long time. I was just going back to that market of devaluation. Thats a really very dangerous experiment. What do they have to export . They reexport oil. Charles track companies that are going to come inspect. Thats quite the theory. Charles listen, guys, you can last week trying to get rid of bills, and theres some examples where printing your money is not necessarily the only way to hold. Great stuff, hillary. Appreciate it. Weve got to talk about this deadline now. Yeah. Charles this nuclear deal looming large, secretary state john kerry says it could go either way. Next charles the second big board, we had a huge move from being down, and now were starting to tumble just a little bit more. Its going to be a real crazy, crazy session. Bulk in, guys. Also want to check in with chipotle. The stook could see a huge plunge unless they make serious changes, theyre talking a 20 hit. But hared theres a winner in the down day, and the stock had been pumped but now its up 17, 18 , maybe a hedge fund, and another winner jeffrey saying, you know, we like guests. Up over 4 for the session. And the jets, they were spotted off the coast of california and alaska during fourth of july, and thats according to to two Senior Defense officials speaking to fox news. And Vladimir Putin putting his thumb to us on Independence Day huh . Yeah. Its just putin making a show, the only aspect that we have to worry is their nuclear arsenal. Everything else is for show. Their troops are rag bags, they do maintenance with sledgehammers, and what you didnt hear with that release is the bombers off the california coast, the same day a russian Fighter Bomber fell out of the sky during an air exercise in siberia. So dealing the russians, and ive dealt with them for many years. Youve got to extinguish between the show, the in your face they try to project and the reality. They can beat ukraine, but on a oneonone, we would tear them apart. Charles although we do avoid those one on ones. Yeah. Charles whether their actions in georgia and to your point ukraine, weve avoided any conflict with them. So these sort of goes on. Yeah. But, you know, those aircraft again, theyre just burning fuel. Drilling holes in the sky. I do not worry about any kind of conventional threat to the russian mainland or to old europe, to borrow from dollar. But putins his capacity and will to make regional mischief in ukraine in the baltics, in the nato members in the east. That potential for mischief is very dangerous and very real. So the problem with the danger with Vladimir Putin and his regime is regional, and we can certainly get sucked into something regional and probably certainly we should have done far more for ukraine than we have done. Charles right . My point is that russian except for the nukes, russian is no longer a global power, and that bothers putin enormously. Charles ive got another one because tomorrow is the deadline for this iranian deal. And sounding not real certain, but i want you to listen to what secretary of state john kerry says. At this point this negotiation could go either way. If hard choices get made in the next couple of days, and made quickly, we could get an agreement this week. Charles all right. , colonel peters, what would that agreement look like . If there is an agreement, it will look like a swiss cheese thats been shot up. There will be so many holes in it that the iranians can claim, well, we never agreed to that. Again, charles, the iranians are masterful negotiators, and we went into these talks with the wrong attitude. Withtoput it in law terms, we walked into the automobile showroom and said weve got to have that car, at any price, weve got to have that car. Thats not how you negotiate. And theyre saying we dont want the floor mats, we want free fuel for a year, they keep adding things on. And the best hope for the long term peace is for the iranians to make so many last minute demands and insist on so many deadlines that the deal collapses. But even should the current negotiations with the deadline of tomorrow collapse, we didnt most a few months well be negotiating again. Were negotiation junkies. Charles do you feel that all of these deadlines i think there have been at least three. Every time we avoid one and push it back, that gives iran even more negotiating power and ultimately when we do cut a deal, is that the official count do you mean do you know to them getting a nuke . Well, the countdown to them getting a nuke is already on the way. Theyre working very hard in their under ground and secret officials which is why they dont want us inspecting them. And youve got to differentiate. Ive got a great deal of sympathy, its great culture fascinating, i would love to visit some day if theres a different regime. But the iranian people dont get to make this choice. Its the guys with the guns in the club that gets to make the choice. And while they have their own disagreements, basically they want a deal that allows them to do two things. To continue dopping a nuclear weapon, ill be at a slow space and facilities, and to get sanctions relief. And we from the beginning, obama and kerry assumed that somehow we need this deal. We dont need this deal. The iranians do. Their economys hurting, theyre financially over stretched,. Charles right. Theyre supporting wars in iraq, syria, yemen you know, this is greek with guns. Charles on that note ive got to ask you very quickly on greece, of course Vladimir Putin has been on the phone with alexis today, and hes also been on the phone with merkel. You know, again, i would think russia would be weaker on the financial end than the military end, but can they step up to the plate and provide some financial support. Yeah. They could certainly provide some shortterm. They could provide goods theres a food mortgage is greece and amedical shortage, even in russia, medical supplies are controversially short. But, again, Vladimir Putin has two goals. He wants to reestablish the and shortterm he wants to make them off balance and, by the way, hes a racist who despises president obama and just enjoys screwing with him. Charles well, hes done a great job so far. Colonel peters with really enjoyed it. Thank you. Thank you. Charles and amazon is offering huge discounts to its customers all over the world for their 20th birthday. Well tell you how you can get in big right after this new york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. 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Call 8005016000 to switch today. Perks are nice. But the best thing you can give your business is comcast business. Comcast business. Built for business. Charles happy 20th birthday, amazon. Also some happy stuff online shoppers, jolene content has that story. Big deal huh . Yeah. They want to eclipse black friday and cyber monday, and theyre putting all these deals on celebration for their birthday on july 15th. And theyre pushing to get more prime memberships and offering special deals, even for those who dont have amazon prime, and weve talked about this so far. Amazon prime is such a big revenue driver for amazon. Were talking 53 membership growth over the last year. And so it is created 214 million for amazon in the last quarter. Charles its amazing. I feel like weve set up a Distribution Center at my house because every time i go home theres a box there. You actually have point there because amazon prime members spend three times the amount that regular amazon shoppers spend. And if im a case study charles youve got another case study over here. I bought a grill from amazon, got the free prime membership but then it would be 99 a year, and now im going to have that with the free delivery, of course going to do more shopping at amazon. Its a geniuses thing. Charles but eclipse black friday . Thats the attempt. Charles thats the alibaba envy; right . November 11th, and how much did they sell . 9billion worth of stuff. Wow. Amazon would die for that. Charles theyve got to get guys like me. Old school guys like me using rotary phones. And particularly social media, getting hammered even though their market rebounding there. Yeah. Use alibaba down there, and 10 , 8 , and you really see this because theres a concern in the market as to whats going to happen next. The shanghai deposit down 22 since its high just last month. Charles right. And theyre trying to rain in this fall if you have that temporary lateral raleigh today. Charles why spend yeah. Are these the outliers . These are stocks that are very volatile; right . These stocks are very much predicated on what the Chinese Government allows and does not allow. Thats i couldnt see the hit of 10 . Theyre social media stocks predicated on the government the government is trying to do certain things even they want to be market driven. Charles ive always is the revolution in china will be televised, it will be via the internet, and i know they have this happen gang where they crack down, let them go, crack down, let them go, and its an interesting game, but i dont know if they can stop the economic juggernaut theyve become. Yeah. And if you look at how talented these private hackers are into getting into the private companies and the government, theyre very talented. Charles yeah. Really appreciate it. Thank you. Charles financial chaos in greece, theyre rejecting the terms of bailout, various cash and source apply. Could we see things like that here at home . 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Ask your doctor about cialis for daily use. Insurance coverage has expanded nationally and you may now be covered. Contact your health plan for the latest information. Charles lets check on the big board. Remember, we tickled the plus column on the dow and since then down weve gone. Not at the lows of the day, but moving in the wrong direction again. All the way down all day long has been the price of oil, down 2. 88, 54. 05. Take a look at the greek etf, very volatile giving up some of the oomph that it showed, down 7 was down double digits earlier in the session. And a look at the tenyear yield, down four basis points which means people are flocking into our treasuries. Back out to Ashley Webster in athens with the latest. Ashley . Reporter you know its interesting charles we continue to hear these headlines. The bbc reporting that greece will propose a 30 haircut to e. U. Creditors tomorrow, and all i can say is good luck on that. Thats not going to be accepted by the germans. If that is part of the new proposal, then i think its a complete nonstarter even though others may be a little more lean credibility. We know germany is never going to agree, i dont think, to a 30 haircut. Thats one of things that we are hearing. Meanwhile the eurozone finance ministers making their pitch late this afternoon, saying we want to hear fresh proposals from greece. If its a 30 haircut, i think its going to be a long day of negotiating tomorrow, charles. A couple of other little notes, Public Transportation free again here in athens for another week. It was free last week. Little consolation, though, if you cant get your cash out of your banks. But the government saying were doing all we can to ease the pain for the greek citizens. Im not sure thats going to really carry a lot of weight. In the meantime just a couple of quick thoughts. Reforms here in greece, they were supposed to sell the port of prayers which is just south of athens five years ago, hasnt happened. They were supposed to revamp and reform their chaotic tax Collection System has not happened. So and also reform the Pension System as well. Hasnt happened. Theres no faith i believe, in e. U. Creditors, certainly, with this, with the tsipras government. And other governments before it, it has to be said, theres a lack of credibility, and that will carry through tomorrow, im sure in negotiation. And i think its going to be a hard hard road for the greeks to get a deal that euro creditors will accept. Charles plot thickens again. Thats why the market started going back down. Thanks a lot, ashley. Well, you think the problems of greece cant happen here . You better think again. Joining me on the phone, cato institutes michael tanner. The u. S. Is again on pace to see a trillion dollars shortfall by 2025, already 18 trillion in debt. Maybe aging demographics starting to look like greece and some of europe also. You know, you have to think that people in economic glass houses probably shouldnt be throwing stones. Youre absolutely right. And the United States certainly has some advantages that greece doesnt have. Most of the greek debt is charles all right, weve got a bad connection. Well try to clean that up a little bit. In the meantime, adam and e. Mac. You see this playing out in the United States, but not as dramatically and you see it in the city of chicago, in illinois, in the detroit restructuring whats coming towards us, new jersey runs out of funds to keep its pension solvent in less than nine years according to moodys. What will happen . Either these states which cant declare bankruptcy will default on bonds with which they borrowed money to continue spending, or theyre going to have to go to their constituents and raise taxes which you cant do. This is coming to us quickly. Charles what about the unfunded liabilities though e. Mac . Particularly some of the retirement things. And then you throw obamacare which is 850 billion over the next ten years. Where does that money come from . Well, it has to come from somewhere. Its a 2 trillion to 4 trillion what a lot that is. They filled budget shortfalls with their pension pots of money, and thats a fact. That has been researched, you know charles thats on the state level. Youre saying 4. 7 trillion is what were talking about. Stanford actually did the numbers, and for years the states underreported the true cost, but changes in the law just within the last year require them now to do a full accounting, and its over 4. 5 trillion. Let me just back up. The u. S. Is different. We have a powerful export sector. We have silicon valley. Of we export all sorts of goods and services whereas greece is largely a closed economy. We said it time and again, this is not like argentina. They did devalue its way out of their crisis, argentina, though, enjoyed a commodities boom. They had a commodities boom worldwide where they exported a lot of their goods into the markets. Greece really doesnt have that [inaudible conversations] the federal government though, will our government in say, four or five years say, hey people in new york state or massachusetts, youve got to bail out illinois. Youve got to bail out new jersey because they overspent they cant restructure thatll never happen. Of course it wont, but thats where were headed. Charles i know americas not greece, but that could backfire because we have this false confidence. Wont happen overnight, but i dont think any of us can say its not impossible. Its coming this way. Its much slower than greece but its coming this way. Charles were getting reaction from washington on greeces resounding no vote. Joining me now, fox business blake berman. Good morning to you. The Obama Administration still has not released an official statement since yesterdays no vote. We are expecting to hear something though, along the line in about an hour at the Daily Press Briefing at the white house. Youll remember last week the president said at that point he felt that greece, the situation there, did not pose an economic threat to the United States economy, and it was the stated position of the administration that they would like to see some sort of resolution here that would keep greece in the eurozone. Now the latter appears to be in serious jeopardy, and the folks across the street over at the Treasury Department told us earlier today they are essentially, in a waitandsee mode. As for the Federal Reserve the chair, janet yellen, is giving a speech at the end of the week on friday and investors will be looking toward that speech to see if she mentions greece and whether or not thatll have any effect on a potential rate hike at the end of the year. Analysts this morning who have been talking about this are kind of mixed on the matter whether or not the situation in greece will, indeed, delay a potential rate hike. The biggest public stance so far, charles, came from the independent senator and the democratic president ial candidate Bernie Sanders. He released a statement yesterday writing, quote in a world of massive wealth and income inequality, europe must support greeces efforts to build an economy which creates more jobs and income, not more unemployment and suffering. So there he was standing with the greek government. As for the other president ial candidates on both sides still havent heard much yet. Charles . Charles blake, thank you very much. And go back out to europe, and what are some of these potential contagion companies saying . Well, spains finance miner is says that greece should minister says greece should be open to even more bailouts. Adam shapiros here. You used to live in spain yeah madrid. This is a man who is a member of what would be considered a conservative party. Im going to pronounce this incorrectly charles i mean the Prime Minister of spain. Heres whats really going on. So the spanish are looking at their own elections coming up this fall, and theres a party there and this is the party that is cheering the greek no vote. They are for less austerity in spain. So the government and they are polling by the way equally with the other established parties in spain. So you have high unemployment with youth who are following a party that is just like the greek party against austerity that could very well share in the next government in spain. So you have spanish finance minister and others in the Spanish Government coming out ahead saying we need to keep greece in the euro, we need to negotiate with them. Charles all right guys. Hey, up next, big name athletes injured off the field. Were talking about a football star who blew up his hand with fire crackers or something. And then the worlds top golfer ruptures a ligament playing soccer. More varney after this. People with type 2 diabetes come from all walks of life. If you have high blood sugar ask your doctor about farxiga. Its a different kind of medicine that works by removing some sugar from your body. Along with diet and exercise farxiga helps lower blood sugar in adults with type 2 diabetes. With one pill a day, farxiga helps lower your a1c. And, although its not a weightloss or bloodpressure drug farxiga may help you lose weight and may even lower Blood Pressure when used with certain diabetes medicines. Do not take if allergic to farxiga or its ingredients. Symptoms of a serious allergic reaction include rash, swelling, or difficulty breathing or swallowing. If you have any of these symptoms stop taking farxiga and seek medical help right away. Do not take farxiga if you have severe kidney problems, are on dialysis, or have bladder cancer. Tell your doctor right away if you have blood or red color in your urine or pain while you urinate. Farxiga can cause serious side effects including dehydration, genital yeast infections in women and men, low blood sugar, kidney problems, and increased bad cholesterol. Common side effects include urinary Tract Infections changes in urination and runny nose. Do the walk of life yeah, you do the walk of life need to lower your blood sugar . Ask your doctor about farxiga. And visit our website to learn how you may be able to get every month free. Im Nicole Petallides with your fox business brief. Weve been under pressure all day long, certainly the greek crisis weighed down stocks in the early going. The dow is down over 160 points. But right now its down 46 some of that a comeback is due to the fact that the imf says they would step in needed to help greece. Were also seeing some of the dow laggards including general electric, intel and caterpillar, chevron among them as well as oil is seeing its biggest selloff since april, down about 3 today. Harley davidson, if you read barrons over the weekend, potential of 30 to have to the upside over the next couple of years. The brand is iconic and the stock is up 1 at the moment. And amazon, you want lightning deals every ten minutes beginning at midnight . Well theyre going to do exactly that beginning on july 16th for their prime customers and new customers as well. Charles it wasnt good news for some of the worlds best athletes this week. First, new york giants defensive end Jason Pierrepaul he severed severely injured his hand, as a matter of fact on the fourth of july with a fireworks accident. Then theres rory mcilroy, well, hes wishing there were mulligans in soccer. The worlds number one golfer ruptured his left ankle while playing soccer on saturday. Rick delgado big daddy. [laughter] whats the deal with these guys doing this kind of stuff man . The stakes are too high these days. You know what it is . Theyre still kids so they think they can still do the things that we did when we were 8 and 9 years old, they just happen to be 31 22 21, 22. Charles theres also this sense of being like, invincible. We hear about these guys riding motorcycles without helmets, but the stakes they make so much money in one year now, its like a small country. Youre in a business, does someone try to say, hey, guys, lets cool out . Play marbles, play checkers, do something, but you cant risk the body. The body is your instrument to fame and fortune. Well, these are the discussions that myself and my brother have every day with clients because we tell them, you know what . You cant do this, this and this, or youre putting this at risk. If you want to do that then lets take out insurance, make sure that you can go to bed at night being safe and sound. God forbid something happens to you. Charles what kind of insurance do you have for a guy like rory mcill oi . He loves soccer plays all the time. In case this was even a worse injure than it works . We insure them for a careerending thing. Charles right. So youre talking 200 million . You can get as much insurance as you want, but when i say, c. P. , heres the premium, youre like [laughter] charles hey remember that dude, anna chin, the kid michael the golfer, he had michael chan, right . Charles whatever happened with that . This guy, he could play golf but he was able to say he couldnt and would have made, like, 20 million. I mean, it comes down to that, right . If they do take these deals and they are hurt, they may come to a point where they could accept this money retire early or try to come back and limit it because of the injury. What happens is its career ending. Like you said he got hurt. He want toss take that boatload of insurance money, yeah, take it but that means you can never play golf again. Charles what kind of premium are we talking about 100 million what would that cost . Oh charles looking at obamacare . [laughter] i hope i can sell that. [laughter] charles you already probably have. Weve already got one private jet. Oh, lord. Charles what is the state of sports right now with respect to these over the weekend these contracts keep coming out, who was it, the kid Anthony Davis . Yeah. Charles you know . The money is immense. Some would even say obscene. Are they taking care of themselves so we dont have to hear these Horror Stories about them being broke 20 years from now . Thats a casebycase thing, because you hear about all these guys that i had a 180 million contract, but he has nothing. Its because they have this big circle of people that dont know the business. Charles yeah. Have no understanding of how charles i understand people want to keep it real and, you know, do something for the hood. You know what . Buy a Basketball Court or something. Yeah, yeah. Donate some money. Dont fly everybody to every game, you know . Charles see you soon. Thanks a lot. Hey the u. S. Womens soccer team, they are the worlds champions. They beat japan 52 last night, and one player had the game of a lifetime leading the charge with three goals. Jeff flock is in chicago with more. Jeff . Reporter its a mini world cup out here every day, charles. This is the bean in chicago which attracts an amazing number of international tourists. Ill tell you, you really get a sense when youre out here how big an interNational Sport the sport of soccer is. Even womens soccer which may not be quite as popular, but i tell you its taking off. Remember that name carli lloyd. Unbelievable, three goals yesterday. There you go, what more can you say . She goes in the history books. People from just all around the world here, this is a group right here from lithuania. They did not win the world cup, i dont think. Did you win the world cup . No, i dont think so no. [laughter] its okay. Theyre still happy to be here. You know, a lot of u. S. Pride down here. When you come to the bean in chicago, you find more people from around the world than you find from chicago. Happy times though here. Charles . Charles all right. It is happy times. Dont forget the star was from new jersey. Thats all we can say, okay . Hey, Health Insurance rates [laughter] you heard me huh . Theyre rising as much as 40 all because too many sick people are signing up under obamacare. Its not working out the way they said it would. So much for being affordable. Affordable. Theres a reason. Affordable affordable, affordable affordable. Super poligrip seals out more food particles. So your food wont get stuck and you can enjoy every single bite. Eat loud, live loud, super poligrip. Super poligrip holds your dentures tightly in place so you never have to hold back. Laugh loud, live loud, super poligrip. You pay your Car Insurance premium like clockwork. Month after month. Year after year. Then one night, you hydroplane into a ditch. Yeah. Surprise. Your Insurance Company tells you to pay up again. Why pay for insurance if you have to pay even more for using it . If you have Liberty Mutual deductible fund™ you could pay no deductible at all. Sign up to immediately lower your deductible by 100. And keep lowering it 100 annually, until its gone. Then continue to earn that 100 every year. Theres no limit to how much you can earn and this savings applies to every vehicle on your policy. Call 18884389061 to learn more. Switch to Liberty Mutual and you could save up to 423. Call Liberty Mutual for a free quote today at 18884389061 see Car Insurance in a whole new light. Liberty mutual insurance. We live in a pick and choose world. Choose choose choose. But at bedtime . Why settle for this . Enter sleep number. Dont miss the lowest prices of the season going on now. Sleepiq technology tells you how well you slept and what adjustments you can make. You like the bed soft. Hes more hardcore. So your sleep goes from good to great to wow only at a sleep number store. Right now, save 300 to 700 on select mattress sets, plus 36month special financing. Ends monday know better sleep with sleep number. Charles you know this already, but Insurance Companies still warning of even bigger rate increases thanks to all the sick people who have been signing up under obamacare. I actually had an opportunity to speak to the ceos of aetna and humana last hour, and i asked when insurance costs, when are they going to go down . Listen to this. When will we see the cost curves bend or slow down . Weve already started to see it over last five years. What we want to do is continue that. [laughter] charles i couldnt believe it. One viewer well, a lot of viewers werent happy about it, but one tweeted this, quote i doubt youll ever get those two crony capitalist jackals on your show again, not happy. We do have one that will be a little more honest with us yes. Its not a high hurdle, my friend. Charles you know, gerri willis every day people talk about lost coverage, higher premiums higher deductibles, so its very frustrating when the industry insiders who have benefited from this both of their stocks up 260, 290 since obamacare began. Its going to continue to get worse. Scott gottlieb of the wall street journal saying inis ted of having instead of having five insurers were going to have three. Lets talk about some of the higher obamacare prices that these companies are filing for. Look at this, a 54 increase in premiums by Blue Cross Blue Shield in minnesota. Now, im picking on them but the reality is you look at any of these companies what theyre offering on obamacare and its higher. To your question about bending the cost curve, thats what we were propsed, right . Not happening. Not even if youre getting your insurance from an employer youre seeing all of your costs rise as well. You know, youve seen a little slowdown in the rise in costs, but why . Because during the recession people werent getting care. Charles i think we should also point out other parts of obamacare begin to kick in, still not kicked in is the cadillac plan. A lot of people are going to be shocked when they see that. I think more of these employer kinds of things with parttime job stuff. This is still working its way through the system and not in a good way. Thats right, it takes a long time for obamacare to phase in. What you mentioned is critical, because people think its really fancy expensive plans. Its most of employerprovided plans. Theyre going to get hit, youre going to pay more, theyre going to be able to offer you less. Charles i was shocked that these guys, you know talked about the local competition no. Charles oh and the options, you know . Listen, we got silver really its all about the silver and pewter plan. Honestly, without trying to be too facetious itsly dick allowing. Weve its ridiculous. Weve got fewer choices than before. They talked about coops, this quasigovernmental replacement of Insurance Companies. They are tanking. They owe the government a lot of money, theyre underwater so nothing it seems to me, is working as promised. You know, you cant keep your doctor because of narrow networks. Youve got to change out of your doctor can. The costs are rising. Nothing is as it was supposed to be, and now, you know, the government says hey, you know, gerri, look, you know those higher costs on obamacare, thats okay because youre getting money from the government to pay for that. Charles right. But whos paying for that . You and me and every other taxpayer. Its all subsidized, and that means its coming from a fellow american, them and their family. Thanks a lot gerri, really appreciate it. More very think after this. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business the danger with Vladimir Putin and his regime is regional and we can certainly get sucked into something regional and probably certainly, we should have done far more for ukraine than we have done. My point is simply that russia except for the nukes, russia is no longer a global power, and that bothers putin enormously. Charles that was lieutenant ralph peters saying how russia is no longer a threat except for their nukes. All right, neil cavuto, take it away. Neil charles payne, great job with the ceos today and just saying what price deflation . Welcome, everybody. Very glad to have you with us right now. Of course, greece is still the word right now but i do want to show you the fallout here on something that shows the half full glass if i can for a moment. Im showing you right now the yield on a tenyear note. I know that seems rather arkansas cape to you here arcane to you, but it is going down in yield, up in price as this flight to safe haven continues. So the worse things get over there, the better it looks for any kind of dollardenominated assetted, treasury notes and bills and bonds, that have been benefiting from this. The reason why i point that out is that has mitigated much of drop weve been seeing in our stock market. The Dow Jones Industrial has been all over the map here, i have no idea how it will end the day. Suffice it to say the futures for a whi