Today for the annual running of the bulls. Joe, any interest in doing this . No. Never . Never. Thousands cram into the streets to watch. Some participating and while bulls are seeing red, joe referred to this earlier, the Nobel Prize WinningEconomist Joseph Stiglitz has a market message for the bulls there. He is uncomfortable with stock market levels and stiglitz argues that the high levels doesnt signal a high level in the u. S. A very strong stock market price is a symptom of the weak economy, not a symptom that we are about to have a strong recovery to our real economy. I dont think he is headed to pamplona any time soon. The fact that my multinationals are getting a large chunk of profits from emerging markets. Wait a second, you would run with the bulls . I clearly have an ambition to do that. You cant do that. Its a touch of bait interesting thing to do. You are looking at me like im crazy. Joe said it was a counter what was your i didnt know you needed a nobel prize to say the same thing 90 of the guests are saying. What did dan used to say . Everybody has an opinion and they all stink. No, that wasnt him. He just said just one mans opinion. Okay, so we have a nobel prize. They give three or four out to economists every year. Usually three or four. So 2014, in the last 20 years, theres 70 how many are alive for nobel peace recipients . This guy is one of the most far left wacky staglitz is so far out there. That doesnt mean hes not right about this. But one thing hes saying is that the extraordinary moves by the Central Banks around the world can put a disconnect in of where the underlying economy is doesnt seem very profound, so hes allowed to weigh in. Thats fine. If you think hes the right indicator, let me tell you about another i dont know if you think shes the contraindicator or not. She want ed dullish policies she in this case is imf, but Christine Lagarde says Global Economic activity should strengthen in the second half of the year and accelerate in 2015. Thats good news, but heres where it gets more bearish. Shes cautioning that momentum could be weaker than expected with the imf update of the Global Economic outlook expected later this month. Well hear more about the details then. In corporate news, some might say this offsets some of the other stuff thats not quite so bullish. Adm is buying swissbased food flavors and special Ingredients Company wild flavors for 3 billion in cash. Wild flavors is the worlds sixth biggest flavor provider. I dont know about a great flavor provider. For them to be called wild flavors is kind of weird. And damage in a Train Derailment in montana. Do we have images . They were on their way to boeing factories in Washington State and ended up in a river. Thats kind of it looks worse than it is. Because they were empty, i guess. Boeing has september a team to assess the damage and no word on whether the accident might affect the production of planes. Well, the question i have is, would you could you ever imagine them certifying the fuselages then to be repaired and then put them in the air . And thats a huge issue. Did robert say that . Well, several billion dollars, hundreds of millions of dollars in damage. You have to figure they are insured for that, though. They are probably waterproof. Who are the guys in the raft . Were they just going by or out there investigating . I think they were they look like they are investigating. You are waiting for a White Water Rafting joke. I dont have any evidence they are not. They are probably it is kind of a mostly it would be a hard site to get to apparently or to access, right . I think that the helicopter doesnt get you off the ground. Well, where is it . How long did it take in a white water raft to get there . Inquiring minds want to know. I dont know. Were those really the guys going out to see what was they probably were. Im going to say so. So you dont think it just happened to be it could have been tourists. I dont know. Thats something you dont see every day anyway, the fda is moving to opening skies for small commercial donees. The air safety regulator is drafting rules to allow this and allow Remote Control planes and helicopters to be deployed for everything from tv News Coverage to monitoring crops to checking out oil rigs. It doesnt come as a petition of the faa to be exempt from the ban on commercial growth including companies that want to use drops to shoot movie scenes. That would be a real help in helicopters to do it. And be exempt from them . Right now you cant use them but subpoenas went out to Real Estate Companies in new york last week that were using drones to come around peoples homes and apartment buildings to get the 360 views. So the question is whether those guys should be get out of here. I kind of think the rules should apply to everybody. Why should some people get exemptions for some of these concerns . There are a lot of concerns about this. You need to have a license. But theres no license process. The exemption would apply to everybody else. I threw my hand out there, but thats my prefireworks where i went and had remotecontrolled airplanes, they were lit up and neon. They were very cool and do barrel rolls and loop the loops. A couple times they did buzz, get pretty close to where and they also seemed like there were three of them flying and you cant tell from the ground. And i was thinking and said to my wife, you know, you can poke an eye out with that thing. Tomorrow so did you celebrating our countrys birth in a way that did imply violence and lights and bombs and that thing, is that okay with you . Im okay with it. I dont know, i just i wanted to tell you that where did you get a grill this weekend . Were you a real help . I helped. We did hamburgers and hot dogs and where . Up at my parents house. What kind of grill . Thats a good yes, i dont know. A gas grill. Oh, gas gone, no charcoal. Yeah, we did the real thing. In the old days i would watch my father and mother argue, you know, it was hard to just spray it on and jules wants it and then would have no eyebrows. Just take a little off the top in this case. So you have hamburgers and hot dogs. You didnt answer did you take the boy and actually sit somewhere to watch the fireworks display . We actually did not, we did not. Because it just seemed very we are exceptional. Its a big village. Did you go to watch the fireworks . Yes, but im talking about you. Tears were streaming down my face as Lee Greenwood sang proud to be an american. All that stuff we are in new jersey. We are happy. We are not thinking look at this. Am i part of this administration . If im running in 2016, i have to start with the post. Did you see the post yesterday . The post reported yesterday exclusively obama would like Elizabeth Warren to run. The administration tried to hammer that down pretty quickly. The way he explained it in the post is different than his book, like copying sentences. He was plagiarizing himself in the article, but then he is characterizing himself. They think it is all what you would say i dont know what is happening. I like the dinner between president obama and president clinton. I like that stuff with so much tension. There are seven or eight people that were at the dipper, supposedly. Anyway, politics will be great. Well see what hillary does as she why doesnt she distance herself from what is happening in the country . Well get more on the markets after the dows strong run last week. Joining us is paul shatz onset to talk about the economy. Michael hampton, senior u. S. Economist at bank of America Merrill lynch global research. Michael, ill start with you, is the market totally disconnected from the underlying economy . 280,000 sounds pretty good, that sounds like 17 on the dow, no . I think you are seeing signs that the economy is trying to get more healthy and the First Quarter gdp was quite week, but a lot of other data. Even payrolls werent that week with auto sales strong, theres a lot of indicator that is show the economy was not contracting at 3 . And i think the markets are showing that now. So you dont think that the fed orchestrated this it is having some impact, but the fact of the economy is working. Does it pull out 17 for the next year or make it two or three years, or are we headed to 1 18,000 or 19,000. I dont think 17,000 is the end. We are a ways away from the bull market ending, and a lot of things will happen before the bull market ends. One of we havent had a pullback yet, so from a modest 4 to 8 pullback, which should eventually lead to a correction of 10 , which eventually is to not have the pullback yet. So the full market still has legs. People hatd it and disvalue it and cast it aside and rationalize like we did. The problem is theres still no place to put your money. And people are talking about the bubble and the preponderance of the bull market having problems that cant last. Thats going to fuel further gains, so we hit 17. It is only a number. 18 is next for your. All right. So, down 2. 9. What will the Third Quarter be . We are looking for 3. 4 in the second quarter. 3. 4 . And then back below, will they come down . Yeah, a touch to 3 for the second half of the year, but growing above trend for a change. That would be that would account for 3 . A year is a whole is going to look around. Probably to below 2 , right . But the run rate, that will be enough if i find it. And when do we see it move up . I think it will be late next year. Not early 2015. I think it is unlikely at this point. The feds have a lot of tools they need to hike. They dont have a lot of tools to ease further but they are erring on the side of caution. For a while in both jobs and in inflation, they would say we need more accommodations. They can say inflation below target and pull him in. Still not where he should be. They are working on unemployment and starting to say we have undershot for a number of years, twoandahalf or something. Twoandahalf is on the high side, two and a quarter, thats quite possible. Obviously pc is being targeted and im looking into how to get corporations to give us the next step up in profits. Are they going to build some plants or hire someone . Or are they going to try to increase productivity. It will be more of the same, joe. This is your typical post financial crisis recovery. It never stays on the backpack. Go back in history until you get to the other side of the net for the recession. Nothing is really going to change in corporate market. We are stuck where we are and lets remember, all these tax increases over the past couple of years have come to roost. It is still dragging down the economy. A tenth of a point here or there, i think its a little naive to believe all of a sudden were going to have 3 fluff growth year over year after me. And i think we are in a later stage of the recovery. It is not a great stage but it has been a recovery. Yeah. And none of the signs that would indicate some type of loom iing. But isnt it always . There are slowing signs in each recession, there were signs before that. They have slowed, but in a normal economy they pick back up and theres always shock that comes. So of course when the bull market ends, theres going to be some kind of shock that people are going to say, oh, my gosh, the bull market end ed where else are you going to put your money . You have nowhere else to put it. You are not putting it in the mattre mattress. There is nowhere else to go. Appreciate it. Are you a djokovic guy or federer guy . Djokovic. He had a shot early on in the second. It was this set that mattered. And he had a chance to be up 1530 with djokovic serving. It is weird in five set matches that you can see momentum building. I do remember watching federer, he was never at the u. S. Open. He was on the a lot of the hands were not ignored. You have to hit a winner for him to screw up. And hes 33 only . I thought he was older than that. No. Senator still has 13, so i think djokovic has weird hair. It looks like fur to me. I was hoping for federer. Roger federer, only 32. Not even 33. He seems like hes been around for 25 years. I think he won the junior wimbledon when he was 16 year old. I like him but dont understand the other ana tour thing. They are like best buddies and i dont get that. I saw prince charles, man. Nevermind. And i saw william and kate. They were actually right behind my back. Philip was there, too. Coming up i think it was one of the more reputable like a british tabloid . No, it was a u. S. I have to look it up. Coming up today, the markets waiting for Monthly Retail sales. We have a preview of the hotels that may not survive the summer. How can this onetime gambling of the mecca recover . That is next on squawk. Financial noise financial noise financial noise todays Atlantic City is now looking to survive. Morgan brennan is joining us from Atlantic City. This is a stunning turn of events for a place that has been so hot for so long. Thats so true, becky. Take a look behind me because over the Left Shoulder this is the showboat casino. Over my right is the rebel. 2. 4 billion mega resort owned by join asset management. And if the buyer doesnt materialize for rebel, that could close. Between these and the already out of business atlantic club, a. C. Could end the year with 25 less casinos than it started with. Gaming is down 45 since 2006 creating what analysts say casino saturation. That prompted new Jersey Governor Chris Christie to file a plan for Atlantic City. He started that in 2011 and why the mayor will be speaking to leaders later as they are undergoing a massive economic transition. The goal to turn this into an event destination for groups and conventions and are using las vegas as a template. One example is harrahs and another casino located here. So much of the plan has revolved around rebel. It was expected to usher in a new era for Atlantic City but now is facing bankruptcy. This is the second time in the two years since it opened. That coupled with 10 unemployment and what is still a very high rate of crime has many critics wondering if this city will be doom ed. The Retail Industry and rebel someone is going to buy it. Somebody will do something. Somebody is going to do something, it cannot just sit there. Although Atlantic City is having a tougher and tougher time. Sandy was in the midst of that when it was opening and that didnt help, but it has seen troubled times. Maybe when the governor comes back he can talk more about what is happening with Atlantic City. And a couple other things this morning, the tsa is tightening security on airports and ipad. The other Electronic Devices are not charged up or able to be turned on, then the new measure is part of the effort to boost safety measures. It sounds like they are going to check whether you can turn your device on. If you cant then thats the issue. Thats a problem. I have walked down to planes with my phone out of battery with the plan of using the plane to charge it. Hes into solar, yeah. Hes into space and cars. Things like that. Theres a new airline making its debut today. Check this out with a shot of it. The a. R. Headlines. Im traveling today, so is this for me . We are going to be on. My children are no longer babies. Too small to fly is the motto. Theres a screaming rugrat on the right. No babies allowed anywhere on the plane. And you dont even fly to airports with babies, do you . We try to avoid them if we can. Im flying to jfk today. Hes flying with kids today. Im flying with my children today. You are going to bother everybody else. I am going to bother everybody else in this economy. We are all going to be sitting in coach together because they are gregs and dont deserve your firstclass treatment. No. I think it is better for the kids to be we should all be in the back for all sorts of reasons. But then im making moral judgments that i dont want to deal with. Get me out of this. Lets get out of here. I think thats your commercial break coming up. That shows you how far we didnt put that together on friday. A viewer made that. A viewer made it. It was scottish. He came in the hallway with other funny videos and pictures. Scott, thank you for doing that. Look at that approach thats good. Thats another good one as hes trying to lecture somebody dodd frank. I need one of those sometimes here. You dont need one, actually. I have a fog horn myself. Is the washout for major retailers. Will back to school sales save the day . Well talk about that coming up. And are you in need for a keyboard for your iphone . We found a problem from the shark tank. Four letters. Join us to talk to the ceo. And the winners and losers for the week. [ male announcer ] meet jill. She thought shed feel better after seeing her doctor. And she might have if not for kari, the identity thief who stole jills Social Security number to open credit cards, destroying jills credit and her dream of retirement. Every year, millions of americans just like you learn that a little personal information in the wrong hands could wreak havoc on your life. This is Identity Theft. And no one helps stop it better than lifelock. Lifelock offers the most comprehensive Identity Theft protection available. 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