What's Up On Wall Street - Adam Shapiro, Fox Business

Well my uncle -- mentor taught me a long time ago never looked -- gift horse in the mouth and right now we're in a gift from Wall Street. Yes Dow was up eighty points folks an S&P 500 up ten NASDAQ up 27 when I was up a dollar line on trading at 8461. That ten -- US treasury is up slightly at one point 613. Gold is down two dollars and fifty cents to six. Dean for right the winner of our gas card was Bob he's up in Springfield meeting. And I assume he was listening to a son 1270 WTS and that's our affiliate. Up in Dover, New Hampshire tells your -- north for the summer break and still tune in the financial exchange if you're in the you know Portsmouth, New Hampshire but the coast to -- our place -- are everywhere we are everywhere he did you notice that Jamie Dimon is giving testimony Antony -- Only is this anything -- found the soft balls again -- I want to see you know what I did last time it was. I looked like Richard Shelby was one of the guys that was questioning Jamie -- last usher and then afterwards I went on open secrets got to work. The sea -- or Rodney day that Shelby had been taken. And and what's interesting is all the guys do in the questioning have taken bribes from -- my heart so a how tough they -- -- -- -- -- they give your -- slot Jamie -- around if he's giving you a 100000 bucks for your reelection but. Take the hits in the end who takes the hit for things like redo. -- we go to your banking fees if there was anybody else out of which this was in the the public's. -- here these are legal bribes news. Bribes Adams at fox is all over this we're joined by Adam Shapiro from the Fox Business Network Adam how are you don't. I'm very got today so we gonna do that trick again when would -- -- starts and grove where you put up how much bribe money he gave that particular congressman that's. Giving you know idea I it's a great question make it it would is editor yeah I. Now with a representative thought about they're planning to do that the producers have been working on that but I think there that may be many members of the committee. Think I just laid out but unfortunately it'll be a bang up would you. Pretty what do you think they give the kid glove treatment again. Absolutely not I think they're going to be tomorrow I do update yeah I think -- looking to score points that they can run TV commercials and they re election campaign. And I think they'll beat up on issues that might not be relevant. I think you guys did a good job exposing it last. You know lately in this senators went after him. And and really didn't do much of anything like -- -- we're just talking before he came on about Richard Shelby and you guys taken a lot of money from Jamie diamond saw how tough is he going to be. Yet and that list and they all look like you and I took about it I. I made all the time the best congress money can. That's right they is Europe if -- problems in Europe. Seem to be -- there's a report on fox this is that the the correlation the worst the problems in Europe are the lower the price of oil's. Well we think that if you look at their two -- to metrics we look at with the oil there's nymex oil and that statement in the Tibet group. I could actually had fallen to -- those that 95 bucks a barrel bounce up a bit today because they were it one point. Optimistic that central banks -- intervene -- Europe well. But yet the European economy -- they they have countries that -- in recession in the eurozone. There is no optimistic outlook Eric stepped in Germany. That the demand for oil expects to go down -- -- of -- guilty oil might as well. -- don't get any kind of a bag match. If you don't think China will pick up the slack on -- as it looks like China's actually slowed down a little bit in the Euro already. They've been hoarding oil for quite some time so they -- Commodity yeah. China has been on a commodity buying binge -- it when they don't use them and that answer your question a little look at that it happened in China roughly a month ago China started canceling contracts for higher war. And that different commodities that they use in that process. So they were stopped -- Because there's going out. So will China it depends what demand is in the chat you have in China you still have wrote an effort to electricity demand. So the question is will -- cash for clunkers program where they're great Patrick market of people buy cars and -- though demand and continue to. To grow in China but would grow at a -- because of the price to go out and right now they don't seem to be on the quantity. Let me ask you Oil City 84 dollars a barrel what do you see when you talk to the -- down in New York what are they telling you the bottom is. For oil prices I think error to report on your site last week it's it could go as low as fifty dollars a barrel give us two dollar gas. But it will well we hope you would give it to go to Soledad I never protester did that I understand how they actually turn. Oil and gas that the price correlation because the -- and be totally Cadillac. But the you'd that was the worst case scenario I think you're talking about it if our economy goes back into recession the global economy goes into recession. As we have different analysts -- say that we're actually. It's hurting the bottom right now and in that oil is -- its trading up today. If you get hit a bank intervention we have the Federal Reserve meeting space tomorrow -- announcement if they're gonna start intervene. Whether good idea or bad idea it's stick that drive prices up and they could drive as well. Well with. But I don't McCain if they did all targeted used by mortgage backed securities and treasuries how how does that impact the price of oil. It creates inflation and where he is what they're trying to do is get the price of everything to go -- trying to prevent. That's going into -- -- quality stationary spiral where all active places collapsed. It's very hard it. Oh well as they start pumping money into the system by buying the mortgage backed securities by buying. All right US government debt that puts money into the system and traditionally that money goes into the system. Because there's so much in -- it takes more of that money to purchase that game that you law. That would correspond with oil gasoline they won't let go out. Why don't they do they desperately seeking inflation because of the housing. Still that would be a great book titled desperately he. Basically that's what we did trying to -- last. Yeah who can't can't wealthy and he does seemly course through the worst of the housing. Crisis. You don't agree I -- the I've heard so many people called bottom of the housing prices before and get -- if -- have interpreted expel him. Four point 8%. But we also -- housing permits rose seven point 9%. I I don't by the housing and and simply because I continue to watch myself. Brands the value of our apartment term loans continues to fall. And every time make all the bottom everytime they staters of stabilization. There wrong and yet it interest rates at historic lows. So where is this led to by now people got burned by the housing bubble and I'd I don't think. All right well we sure appreciate your time in and your thoughts Adam thanks for joining us. Yeah you speak aren't -- Adam Shapiro from the Fox Business Network lending some. Cents to what's going on with oil prices right now.