The First Look - Adam Shapiro, Fox Business

Morning and welcome to the financial exchange call me naive but I just don't quite get it I'm looking at the its stock futures. There in positive territory despite the fact that you've got a Spain bond trading close to seven. Percent that's a ten year treasury in Spain at almost 7%. And yet a terrible jobless report this morning we did dig and all of that more but June it looks to me like the futures are positive territory I'm not. Looking at yeah of course in the now know what you should never do that -- not take the money any day of the week had Dow futures up 27 points S&P is down eleven NASDAQ flat. Oil flat at 8262 a barrel he'd get a tenured US treasury sitting at one point 618 that's up slightly. And then of course gold it's always via these days it's up seven dollars forty cents to sixteen point six. -- are right well we are not beyond bribery here. At 2 o'clock in the financial exchange we will bribe you to listen and at some point during the next couple of hours you could win our. Form -- bride which will pop up your tank with a gas our premier gas card that we giveaway and you've got to listen to the gas pump belt. Be the tenth text or at 68680. At the -- and mortgage tax line. And -- like you -- against not bad not bad well let's go to new York and talked to Adam Shapiro CO things are in New York Adam how are things. I'm great I'm gonna ruin your debt give away just listening to meet you -- guests shortly after the gonna wanna pick our technical. Well I tell ya I I was watching all the data break this morning and I saw that unemployment report said boy. I'm gonna talk to Adam at 910 and I know he's gonna tell me the market's down why would the market be up based on there may be -- is just ignoring me we're gonna always just have higher levels of unemployment that was a a bad jobs number from my perspective. Yet we're approaching that 400000 mark again the trend is up which is not good for initial claims of unemployment benefits but here's the deal. -- reading you're seeing futures up right now is that everyone is betting on. On some kind of intervention from central banks not only in the United States that the Federal Reserve that's quite aggravate -- -- -- -- expect to get ready to do that right but. From Europe you know Europe's about go to take down and expecting the ECB did that then. To that one in every that you would be stuck here -- -- So you're waiting eight leaders agree elections this weekend I'll write in that. -- Sunday -- about it beyond net the net. Ya -- dignity do you think that ends up in some kind of bloodshed or civil war in Greece and mediate the. Let you know that they get it to that point. There have been two really good articles about what the people who are increased are going related an absolute depression they've been in recession for five years. You have people who are you know it's hard to fight booed when he don't have -- in cups and it will only be worse if they. You know reject the austerity measures that Europe is trying to impose on them the left wing parties which could win in this election are saying that they have to renegotiate the deal because you have a eurozone economy which is absolutely collapsed and nobody in Europe is doing anything to trying to reverse that. So you know the outcome on went on Sunday route is anyone's bad side. People in -- also angry we have a correspondent there -- -- Webster reporting from apple and it is a nightmare scenario. What does she tell you about tourism degrees because I've talked to a couple of tour operators here in the Boston area. And they have canceled. Tourists to Greece and they're not booking anything new to Greece. You know we will pull out our correspondent Dave -- it's you know there's seeing tourists that there but there was an article where I read that the one thing that selling -- -- suntan oil. That's they're still took that and still going up the Acropolis. I think it's in the New York Times this morning. Talking about people who are still there but. You look all you need to look at for its part to panic at the Greek themselves are feeling at the fact that a billion dollars a day or billion euros they're being withdrawn from Greek banks. And deposited into northern European banks -- as the Greeks don't trust. That they are going to -- they have enough money. And that was going on in Spain last week as well right nadir -- your money your. -- -- -- -- -- He's not in Spain the problem now for Spain is that despite -- 125 billion Euro promised that the shore -- Spanish bank. Now that bond trader there is some like that the vigilantes are driving up the cost of borrowing -- they don't think the government did not look good at under 25 billion euros. -- that the government is going to be -- but they're back. They did you get kicked out of the Jamie dime testimony yesterday I I was -- I was watching it. I lord I had about -- -- they they were just Jason his rear end I mean it was how -- I -- I haven't -- that much you know like that you know I'm not gonna make a bad joke here what's interesting is that Jamie got an absolutely it is. Very capable Smart well respected banker. When you get to choose to that are in your bank you're wanting to do it but he admitted that that the -- more into trading for profits and the problem. And we've regulation is they can't really define what the difference between an edge and what the defense team proprietary trading. Meanwhile the B -- the average zeroed in on those questions and we hand. And why you know there was an article in the Wall Street Journal -- it two days ago that said. JPMorgan Chase in two years ago that the London office is taking these kinds of bets are beyond the capability. Well I got a kick out of this morning I went to a website called open secrets got to work. -- I -- to myself after I watched some of the testimony yesterday and some of the guys the senators. That word. Grilling allegedly growing general diamond writes I looked them up on open secrets dot works to see how much in the way of bribes -- received from JPMorgan. Richard sharp really and Richard Shelby right that senator from Alabama that conservative right wing guy right down and no -- about three million now at 97000. Dollars this year just from -- where he had just just in 2012 the -- jungle if it's. It was that I think it was one chart that showed how much each of the senators has received over the lifetime -- -- electorate that. There at their service to public office -- Schumer. -- here in New York it's over five million dollars. Yeah why why don't the networks cover that side of the story like I I've been watching fox and Cavuto and some of these guys over at Fox Business. You know you guys ever talk about doing it never. Did we get wetland. In the -- The -- -- testimony. We which are even members of the committee and then a ball screen which are you how much I think contributed to them. You know from the senate banking -- JPMorgan Chase's it's about that that this government that we -- to ban as a people -- Never forget we live in the greatest country in the world with the best congress money. You remind me of that every week and I just wish people would take that into consideration. When they voted you know it just seems like we keep vote in the same bombs in every every couple years. Obama could -- have not -- -- disagree with you I don't quite use the word bomb a time. Are right hey thanks for joining us out of sure appreciate have a great weekend you -- that's Adam Shapiro from the Fox Business Network joining us today on the financial exchange.