main street, anybody around the globe wants to hear, this is going to be a horrific moment not just for the united states economy, but everybody in main street, right here, usa has to be vitally concerned with what takes place with greece tomorrow. do you think the u.s. will see the impact of the the vote. zero. let s look at (laughter) i hate to burst todd s bubble, but we ve had a million horrible greek moments the last two years, three years, as far as i know. look, jamie dimon said the impact of a greek default, if it goes that way, on our financial system, we d be zero. i take his word for it. but even closer to home, are people let s just say they elect this government, default, pull out of the euro and all the worst thing that could happen. are people going to buy any less ipads or stop going to mcdonald s? heck, they re going to keep going to mcdonald s in greece only way with drachmas, no
drachmas, and those would immediately be devalued by 80, 90%, so they take a huge devaluation in their standard of living. but that s the fundamental choice the greeks are going to have to make in their next election. jon: and you said, i mean, we read so much about a nation, greece, potentially going bankrupt, but as you point out, it s not exactly a huge economic engine, i guess. no, it s not, the it s about 2% of the total european economy, and it s about the size of dallas in the united states. jon, you know, wow. it s not a big economy, but it s more or important now because if it does leave the eurozone, that will be a signal to others that it is possible to do so. it s been conceived once you re in, you re in, and you never can leave. it s a roach motel. now, if they decide to leave, then it would suggest to people that, well, maybe is portugal next? is spain next? could the whole injury eurozone
taxpayers have been unfairly labeled as lazy. and the criminaled cruise line is pushed finally pulled into port. we re live in the seychelles for that. first up, let s get straight to the european stock market action. these markets have been open for the best part of just over an hour. this is how the indices are performing. a little die cot many between the two eurozone markets. the cac is trading down about .25%. ftse 100 up. what has got their attention. ben bernanke s comments are weighing heavily on sentiment not just across europe but also across the world markets as well. this is because he s offered a down beat assessment of the recovery. it is one of the things that has these markets pausing for the moment. european leaders and finance ministers are also in brussels today. over the next two days to come. what they ll be doing is hosting a series of summits designed to strengthen the region s finances and also to prevent another greece-like situation from happenin
out loud. so you re saying that that could be a benefit, huh, we ll want to take greek vacations, cheaper euro, but what if the drachma comes into play? what will that do to the dollar, strengthen the dollar and weigh on the stock market and that s occurred and so little currency that s going to say 100 drachmas on it and sell for 50 drachmas, that s going to be toby, okay, take mcdonald s, you brought it up everything. 40% of theirs comes from euro implodes, the 401(k) s are down and brought the rest of the market down. gary b, you ve got to agree with me. if the vote on monday goes the wrong way, everybody at mcdonald s, that s it, no cheeseburger, stop buying fries, forget it. exactly. only one 16 ounce drink. super size for sure. how will the u.s. slow down happen if greece does leave the euro monetary union.