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-- now minutes ago some breaking news big news from the Federal Reserve.
The very first Chinese owned bank.
Has been approved to come here to do business in the United States we bring -- all of a portion he's Gary Goldberg financial services president co manager.
Of the GMT defensive beta fund how significant is this.
And what is sort of the impact up.
But I don't think it's something that investors need to be overly worried about but it certainly shows that China wants to be investing in the US in -- opening branches here.
So I think on -- long term basis I would -- as a net positive for nothing more.
Well there isn't too much net positive lately today we have the could.
The bad and the ugly that you talk about let's reverse at the start with the ugly obviously European you're -- it's horrible.
-- out there yeah I mean you have a real revolt against incumbents you have a revolt against the austerity measures.
By the southern European nations and you have just as much of a revolt in Germany.
Against people who voted to help save Greece and support Spain and.
It'll all right but let's -- what we've -- that -- you've got.
Real stress in Greece they're going to get another five billion plus heroes -- Dow Jones Newswires reporting that some of that will be withheld till Monday.
What ever I mean it would almost be -- children were so serious.
What's -- to Spain some problems with the Spanish banks if any problems were to become systemic could that hurt our system.
It yes it can because everything is interconnected suspect has basically said we need to nationalize our banks and you can dress it up anywhere you want but that's in essence.
What they're saying with regards to the very high capital ratios and a new equity they need to raise.
And that's very very worrisome for markets and that's why you're seeing for the last few days the future being pulled down so much before we open and then kind of rallying a little bit after -- -- European markets.
Exactly which at one point the Dow was down folks a 184.
Points now we're down 87 coming back a significant amount now that was the -- skip to the back.
-- -- well the bad -- with inside the United States we still have a soft labor market we have you know lower labor participation rates.
We continue to have a weak housing and home building market and certainly that is the last leg of the stool that we really need to push forward because.
Outside of that the US economy is actually doing pretty well.
You know what I like -- yeah.
Let's -- -- -- can we -- -- we just don't forward to the good.
Yes so the good is the US economy I mean we are yeah -- that the US occur well that's the portion of the US economy that's bad but if you think about it in 2012.
We're probably gonna grow by two and three quarters percent in the US economy.
-- terribly bad.
Corporate profits are great and we just finished we're finishing earnings seasons and they've been very robust what about 60% of companies have reported beating on earnings and revenues.
And US corporations are sitting on some three trillion -- of cash so there's a lot of good that's built off and that's why you seeing some of that resiliency in the market.
Plus as we said oil town that means gasoline finally coming down better for the consumer.
On Monday when we interviewed Warren -- he came into the building.
At about 9:20 AM eastern -- credit spears says was I'll be there in a minute.
He put in stock orders for US equities he told me.
Yet and and as he shouldn't as investors should but you wanna be very careful and be selective and not just by the broad based indexes it is a stock pickers market.
You wanna look for equality you wanna look for size you -- I would look -- dividend yield.
And you wanna look for earnings growth -- Oliver will name the names that he feels fit exactly into that to script.
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