Cisco just posting its worst revenue decline in five years. And gdp in the Second Quarter did not go at all. The compass the economies of both germany and france actually shrank. U. S. Markets are waking up. You are with that european news. We are joined by Bloomberg Economist david howell. The numbers for germany, france, both worse than excited. Itd take the markets by surprise . Yeah. Both of those numbers were less than expected, so they took the markets by surprise. The moral of the story is the drag on growth came from weakness because of the unusually mild winter in europe having advanced construction activity, which kind of stole away from the Second Quarter. The other is the drag from that export, which is partially linked to the situation in Eastern Europe with russia being a very large trading partner of germany. That meanid, does things will get worse, or was this just a oneoff . Unfortunately, it looks like things are set to it looks like the growth picture is set to stay
Melissa mortgage giant freddie mac is heating up just when the government wants to cool it down. Freddie mac is reporting its Second Quarter largest earnings ever today but is it the cash cow that it seems to be . Or is there a catch in there privatizing freddie and fannie mae may sound good to some but how hard would it hit and hurt the Housing Market. We have former senior visor to the treasury department. Great to have you back on the show. Great to be here. Melissa so the big question today, how do you reconcile the idea they come out and have this five billion dollars profit and looks like they are on fire. Doing great with all their mortgages. They have their mojo back and at the same time the president comes out gives a speech saying we have to wind thhse guys down . How do you reconcile those two things. Dont get distracted by the shiny 5 billion. We have still 50 billion in the hole, in the red from the bailout. Melissa they have a lost quarters like this to pay us back. Exact
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