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So what if this market higher Slovakia eggs -- -- -- headline news and you said that your last and we move on headline news yeah.
It's a good headline yeah a little engine that could.
Well it's there that one of -- final seventeen I needs to vote on NASA but here's a thing about Slovakia and and for your viewers the average.
Citizen -- the average as salary per citizen and Slovakia.
Is a little over 121000 American -- -- So that's a salary rate to get a coronation -- big attitude about what's going on in Greece -- the problem -- a huge problem so when you start thinking about -- -- -- in nationalizing Dexia.
-- us -- took place when you look at it cost aboard.
-- we're we're not even overreacting markets denied ever reactor now last correction we price under reacted because it and we still don't know what to what went bad that it's -- -- stick of dynamite right now.
But it -- would you -- this is suckers rally then put god yeah yeah this is.
We just turn higher once 65 up one -- that we just turned higher for the year once exercise so we're right there -- so on who were higher for the year now it is volume is incredibly -- yesterday's volume was just ridiculously low.
On so there's zero conviction right now from traders.
Beat that feeling is right now and earnings are not going to power this market it is our headline driven it's all about Europe.
And we again until we find out what else is going to take place in Europe what -- this plan clearly what help -- -- They do try to give us some clarity -- once we hear what's happening then traders can make a decision on what they wanna do for the rest of the year.
You I guess and I senator regular that was Iraq is coming from they are so -- they -- trying so hard to do it and it they're basically being asked to help bail out Greece and nation that's -- -- Clinton.
Glut and stand in a yes yeah this each -- -- Tarrant fifty sap gap right so what I mean I -- that.
And the problem I thinking again we talked about this it's not increase its Italy.
It's Spain Portugal big big nations and increases what the size of Jersey if you think about half.
Bigger nations if they go down then what happens.
-- Europeans have 170.
Billion dollars and I exposure to Greek debt.
When you combine Greece would Italy and Spain as well it's over 700 billion hours when you -- in a bunch of the other countries.
On it's it's much more than that actually goes into the trillions Greece is not the issue right now it's all this other countries that you mentioned Tracy.
And that's the problem because we don't know what's going to happen and when you start talking -- anybody says it suggests over there it's not happening here they had their heads in the sand because.
What happens to our banks is that we have counterparty risk we -- treating concerns obviously which -- hit revenues JPMorgan releases -- number tomorrow they're already warning us Tracy that they're looking at 10% drop.
Of the across the board on dollar not trading volumes and then you -- right here in New York City we're talking about another 101000 layoff -- financial services sector by the -- -- 2012.
And He had talk about the tens of millions that are going to be hit on this tax -- that impact everybody here in New York City so and then not just here but also the entire state.
So -- start thinking of going forward what is going to have a how does Europe really hurt us it hurts everybody even if you're not even invested in the smart.
Oh OK do you does that mean you're in a double dip recession can't expect it to -- it -- me that we're gonna I.
-- -- It's not even in my opinion it's fact look who get back to 1948 -- the very first hear the government could compute gross domestic product.
Any time of the year over year rate dips below 2%.
The economy is always ended up in a recession it takes one to three quarters later but we always end up in a recession.
Figure every year rate right now as a one point 6% it's not my opinion itself back.
Personal spending but what is up with zero point 3%.
The post 1960 averages 3.3 percent you can't have -- economy people that spent is.
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