what we do? we go right back and we sell off again. so, i get nervous with this sort of development, and the market watcher extraordinaire i get nervous when we get too excited. guest: you should. we have heard this for the last three years. they have a big bailout coming. neil: and they get it and then, you know, we wake up and we realize it stunk. guest: what is lacking, neil, is details and where the money is coming from. now, today they came out and said we will do whatever it takes but they did not he did say the euro zone would survive but did not say in what form and whether all of the present members will be future members. furthermore, he doesn t have the power to print the money to bail out all of these countries. there was a a new crisis each
connecticut. that would be my wife driving. from picking up the kids. in the your typical game of chicken but that is what is being played out in washington over the tax cuts. the economy is headed for its own smashup, new home sales plucking 8.4 percent the biggest drop we have seen in a year. ford is creeping to a halt. the culprit is europe because sales are plummeting, $1 billion worth of plummeting. and apple is not immune to the slow down plunging after missing earnings estimates. so market watcher has been adding it up and seeing a load of fiddling in rome. guest: right. we talk about the uncertainty. we know what is happening. you heard senator lieberman talking of having some time of stability or a plan in place.
is called the philly fed report, okay? project onwards and they re looking at job creation of less than 50,000 in the next report which comes out the first friday in, second friday actually in july. that could be a very bad report for president obama if it does indeed show virtually no job creation. it is public that the unemployment rate will go up again. bill: it is all serious stuff, stuart. i know you have a lot to talk about at fbn. good luck to italy and england. no question, bill, we ll win. bill: have a good weekend. jamie. jamie: i did promise some good news. there is a little bit for drivers. gas prices are falling big-time. average gallon of regular will cost you.45. down 50 cents from where we were in april. diesel also falling. it is 3.74 a gallon. 40 cents than april. at least one market watcher is saying we could drop all the way down to three bucks a gallon for regular gas by
people now and when they knew it, what the fed knows and is doing with our money, and how much they are doing it, there is a commonality here. guest: and it is not a go time to be on this part of the calendar. and russian debt crisis and asian currency crisis not late summer months, it is looking like a very bad summer to me, a slow down certainly in the economy but just being a market watcher and what i tell my clients when the market moves up or down because of what the fed says or what is coming from europe that is not a good sign that means the market is not comfortable and we will have a big move one way or the other. so this summer this is an expression go away in may and come back later, something like that, but is that wise because it will be a bumpy summer? not we get solutions from europe, that is a long way away. a couple days ago after the greek election it is a mess. i would say be careful. yes, maybe come back at the end of the year and we have the
major sell off if the vote goes the wrong way over there. and my market watcher is very worried. what is 9 impact? guest: well, it is simple. the markets love bailouts, right? we learned that from spain and italy and from the united states, so if the party which is ready to give the finger to the rest of europe, if they win there will no bailout a restructuring of bailout terms, no austerity, no progress. neil: is the fear that we are too exposed there, or the fear that it just sort of like a domino situation that hits? or both? guest: a little bit of both. it is a total domino effect because you have a lot of investment in greece from the united states and countries in europe alone, but, your point about investment involvement, one of the pictures from the financial crisis of 2008 was more involvement and more connection of the global banking system worldwide. what that means, u.s. banks and european banks, they got a lot of cash in greece banks and that is not good.