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Let's go over to Howard ward -- is from Gabelli funds Howard let me ask you first of all about your FaceBook call.
-- -- you're not saying that it's necessarily gonna go through the -- -- saying that you should have a piece of this in your portfolio.
And maybe now's the time to -- and is that right.
Yes -- -- a few shares today I think it twenty -- 29 dollars or getting a nice discount from the 38 dollar.
IPO price and I think this company does have an extraordinary opportunity.
To become -- The place for display ads on the web over the next couple of years.
There'll be an army of software developers that will help them to get that right and also in mobile they'll be an army of people helping them to get that right.
Now were showing some breaking news that JP bite Dow Jones sources Dow Jones saying that the FaceBook IPO disaster.
Was due to technical problems not any kind of rules that were being broken and looks like Morgan Stanley might be in the clear according to those lower thirds but does that.
Cleared away at all for some more optimism for this company as you say a lot of Smart people -- -- it -- where it is today 900 million members at some point.
The Smart enough to figure out how to monetize suspect.
Yes I mean this was a very sloppy IPO unfortunately there -- a host of problems I think personally I think it was over priced at 38 we've.
Didn't put in -- -- 38 my counselor my funds.
And -- it's a different story and sort of stumbled out of the blocks has gotten a little bit of -- it will overcome that I mean this company is very young units in its history and and that's got a very bright future.
Now I Howard we're about to have mr.
doom and gloom himself up we're going to be targeting -- as a second mark Farber.
But you say that -- our markets are kind of stuck until we find some kind of resolution with the European banks but.
Our European banks in the same position that our banks worry in.
In -- of being highly leverage should be capitalized back in 2008 is that about where Europe is right now.
Well yes and in some some sort since they're worse and so -- let me just focus on how could they be worse than that.
Well film the level the amount of leverage involved in a number of the banks in Europe is far nexus of what we have here.
Now and in Spain of course the concern is not with the government debt -- -- -- with the banking debt and the assumption that the government will have to assume the bank debt.
So my fear right now is that we are in the early stages of a run on the banks.
-- -- -- -- in Spain and elsewhere.
And it's critical that they stop this and stop it now time -- of the -- essence.
I am afraid that they are taking too -- to do this and you think about it.
Every time somebody -- an idea on how to solve the problem someone else stands up raises their hand and says sorry we can't do that that's a rule that prohibits it.
So it's as if they've created this system that can't be saved from itself.
Let me get take -- to Larry in the pits you know Howard is -- which is put it up this gigantic board that says.
Really that would the perception even of -- -- on the EU banks is is incredibly frightening to the regular investor you know in the -- how closely are you guys watching that.
Well there watching it very closely but the thing -- people are just shocked and surprised that we're not down a lot further than we are.
Given all that rumors that are coming out.
Especially with banks -- -- with Spain becoming another Ireland 350.
Billion dollar bailout who's gonna do that.
That's just a fleet Europe.
And so really even though there's a lot of carnage behind these people are -- -- -- not a lot worse that really adds.
By the way Howard it may seem like small potatoes compared -- European Bank collapse but.
We are expecting a ruling on obamacare coming up in June on that individual mandate you say that that ruling could affect the markets house -- yes well mall my personal reading of situation which of course may be flawed is that obamacare will be overturned as the individual mandate will be viewed as and held as unconstitutional.
I also believe that -- when the Supreme Court takes these decisions into account they look at the will of the American people and in this case majority the real American people seem to be against obamacare.
And majority of the states we have 26 states actually suing.
In the Supreme Court and ordered her to prevent -- because they can afford how could that affect the markets I think you'll be the next major cattle.
That we see to see stock prices move higher.
Thank you Howard good to CEO Howard board is portfolio manager the belly funds Larry we'll see when a few minutes for the S&P futures close well.