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All right thank you Lauren.
So Greece's wobbly again -- -- -- -- GFI group joined us now John tough talk about Greece nothing new what needs to happen next is it time for Greece to go.
No I don't think it's time agrees ago there's I think too many uncertain factors that if they left the Euro that the compound problems throughout the eurozone.
And obviously some of -- UUS.
Banks have invested in money market mutual funds and some -- dead and European debt so we don't know what the collateral damage would be.
Increase leaving the union.
Think last night the IMF came out there was a rumor at the -- might withhold payment but we see the same type of talk -- -- Detroit kid goes in degrees so I think -- They get to the the point of where they're about to go and they -- to talk tough the market gets a little scared they go in.
They say things aren't that bad and and a matter of fact they think that the U Detroit is not gonna come out the report to the end of August September so.
You know right now we're we still have a month or two ahead of of of us with this class of these kind of headlines coming out of -- they know who -- -- troika.
Who's the troika -- is is the the the countries they go in and take a look at the exactly what -- about she's they have for the ECB obviously I'm sorry.
-- -- let's get pulled tell -- a bit of what is your bigger feared that thought Spain was supposed to be the big -- point today and I see this report in der Spiegel or something is saying that.
Greece could rap about cash in September that -- another got to know France is -- -- to worry about what is your biggest worry among those different countries.
Well I mean obviously -- one of those countries Spain or -- having.
Having to leave viewers the biggest fear right at I don't think that anybody is prepared you have.
-- more money on both sides saying that if they do leave it won't be a problem you have others other saying that it'll be -- Lehman moment the moment so I think that.
The biggest fear is that one of those two countries leave the Euro.
Greece being obviously the first candidate so that's the biggest fear but again.
We're are benefiting somewhat from the problems in Europe you know today the ten -- -- one point 4% was a little bit below Goldman Sachs came out and had a big call on housing today as the housing stocks actually are doing quite well.
These problems agrees are helping homeowners in the United States or refinance and also home buyers to refinance as well as we spoke in the past.
US corporations are able to tap the market.
We're very cheap paper right we saw -- throughout last week they issued ten year paper -- hundred basis points over the ten year so it two point 6% for ten years big board almost two billion dollars that's a lot of money that they can put to work.
That's quite striking at the wobbly this in Greece is actually helping people in the US.
Get lower mortgage rates I'd I'd kind of like that do you think overall the Dow now down 154 John.
And our stocks over reacting to European fears.
Why we like things I know -- very -- what.
All right now I think -- -- the the prospect of not being able to break to new highs weeks we'll have the clarity BOC -- the election coming up in November.
We have that quote unquote fiscal cliff that's gonna happen in January there was a report today on the news wires that said Bonner might come out with.
A vote next week on and on extending the bush tax cuts that would be positive -- and then on on the downside.
There's not there's so much liquidity out there that it's very hard.
For the market to go down dramatically so we're seeing now is kind of like a stair step rise in the market making higher highs and lower.
Higher highs and net and to -- -- low got so OK exactly so you have we I don't think he's very much at Johns -- I think markets always climb walls of worry skies.
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