default on some debt. it doesn t take a lot to cause a worldwide panics we ve written off greece and it would have to spread to other countries. the u.s. economy is weak, not in a reception, but it s weak, we can t take the entire european euro area and go into a deep, deep recession, versus the mild recession they re in. ne could hurt america. and you see the pictures of the turmoil and the unrest in greece and it s spreading around europe. and here in the u.s., we re looking at that and sentiment drives the market. sure, absolutely. not just, the behavior. and we saw it fell down 2/10 of 1%, and we saw starbucks coming out and obviously, companies that have european exposure, and serious problems and you know, we re having a bank run in greece, that s clear. that s a panic, the next things that are going to happen. there s going to be a panic, i guess, my friend todd here is a sooth sayer and he knows that the vote is going to go against europe, but let s
they are tall. welcome back, we re back with edens enl. you played with ras car flats and tonight again in boston, mass. you ve got to come out and see us. tweeted out there, itunes or the amazon store, join us for the after the show, show. bracing for greece and the countdown for sunday s election close ins, the fear that chaos will break out and a leader who wants to break out of the eu. if the vote goes that way will a massive financial meltdown be on the way. i m lori roth in for brenda buttner for bulls and bears. tobin smith, jonas max ferris, gary b smith along with todd shown berger and susan. todd, start with your worries. absolutely, tell you, laurie, this vote is not going the way that we, wall street,
assume todd the sooth sayer is wrong. and stilling, it doesn t solve any of the problem. what americans are seeing, their level of uncertainty compounded by this other country called europe debt that they understand is going to have real problems and they re sitting on their hands more, they re stopping behaviors that they were doing and gary, that is a psychological point and we re seeing it now. you can t deny the numbers. toby, toby, let me explain to you guys weeks back to 2008 and this is what s going to happen. you guys are actually making out greece as if it s some type of a small problem. it s a huge problem. it is, similar effect it s maryland, for crying out loud. you guys are looking at the size of the country and that s it. let me tell you the number one customer for china right now is europe, europe goes down and china is not there to buy our treasuries. what about this perspective, guys, the wall of worry, let s get susan in on this one. you mentioned uncertai
immigration is good. if you believe in free trade it s the same side of the coin, it lowers labor costs. it s a good thing. todd, do you think it will help the housing market? facing facts, they will be able to lift freely and this is not, obviously, the path to citizenship, however, moving forward it can only help them. they re living in homes and help the housing sector, a great move for the economy. susan, where do you stand on things? do you think it s a good idea to let 800,000 illegal immigrants obtain work visas. absolutely, they re working in the economy right now, and brought here under means that were not their own and one of the big advocates has been jose antonio vargas, a pulitzer prize winning journalist, he s contributing. if you think the more that people can come out from the shadows, and can get certified and skilled training and earn more work, and become more productive members of the economy, it s absolutely a win. all right.
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