tv Countdown to the Closing Bell With Liz Claman FOX Business July 13, 2015 3:00pm-4:01pm EDT
competing globally, the idea we can't compete on a global basis because we're paying more in tax than any other place in the world, that's crazy. i think even president obama would agree, something needs to be done to reform corporate taxes and bring them lower to make us more competitive. not quite what we heard from her. anyway, liz claman is going to check you into the close, up 211 points right now. liz: high of the session, yes. we've had a little more rocket fuel thrown on the markets. two stories half a world away driving u.s. markets and your money right now. you need to watch this hour, because just over an hour ago the white house said it'll blow through yet another deadline in the nuclear talks with iran citing, quote, genuine progress. but that, quote, sticking points remain. a 6 p.m. eastern deadline no longer intact for the u.s. and five other world powers to come to that agreement with iran over the nuclear weapons program. reports earlier suggested that a deal could be imminent and would be announced as early as
tonight, but now there will be an 18th straight day of negotiations. so what reacted? oil markets. origin originally in descent, then reversing course moving higher, and now fading again. and a potential deal in greece overnight -- this is really what's moving the global markets higher at the moment. we are at the highs of the session or close to them for most of the major indices. greece's prime minister, alexis tsipras, now back in athens face with the the task of selling tougher austerity measures to his own people, the same citizens who he hold to outright reject a weaker plan just nine days ago. there is a deliver picture of parliament at the moment, people milling around watching as they know greek parliament must approve what they are given by wednesday. before creditors will move forward on a third bailout package, $95 billion in cash is the number. that's what's needed to support and reopen the banks. we're less than an hour from the
closing bell. you're making money if you're in sock stocks right now, so let's start the "countdown." ♪ ♪ liz: oh, boy. so the latest breaking news is that iran's foreign minister says no deal tonight. he indicated that from a hotel balcony in vienna an hour ago to reporters standing below waiting to hear. he tweeted: it still shows hope. if iran deal reached, this is what he's saying in the tweet, triumph of diplomacy means we all will have won when we all could have lost. plain and simple, no spin needed, end quote. but not everybody feels that all have won in the potential iranian deal. here is what israeli prime minister benjamin netanyahu had to say over the weekend about the talks in vienna. quote: world powers concede more and more to iran. in tehran demonstrators burn american and israeli flags. you know what? that's true.
they were burning a lot of flags. so what is the hang-up that's causing talks to likely extend through tomorrow? is well, iran and the six major world powers have hit a snag over not nuclear arm, but plain vanilla conventional arms and missiles. the embargo iran wants lifted. will another few hours help clear the way for this historic deal, and what's the next step? we bring in former cia director, ambassador james woolsey, along with the former mayor of shiloh, israel. will there be a deal on wednesday? and that's a critical deadline. >> well, it's only a critical deadline if you think an agreement would be a good idea. i think anything headed in the direction that this agreement appears to be is up there in a league with chamberlain's concession to give the germans
czechoslovakia at munich in 1938. it's really in the first rank of modern appeasement, and i very much would like to see in the interest of peace and security this deal fail. liz: well, we haven't seen the details of the deal, but here's what we are hear, and i'm sure they're the same things that are really agitating you and a lot of people who are against this. number one, no surprise inspections which kind of made me laugh. it's like telling kids in a dorm room we're going to inspect at 10 a.m. on tuesday, so make sure -- [laughter] everything's put away or cleaned or hidden. so that becomes an issue. but the sticking point about lifting the arms embargo for conventional arms, are these the two things that bother you the most, or is there something else, ambassador? >> well, letting iran have production capacity and industrial base for nuclear weapons is the first and worst. they had, were going to have essentially none two years ago at the time the interim agreement was signed, and that was the american position.
and then we began caving right and left. now they're going to have thousands of centrifuges. it's kind of just a question of how we figure out when they may turn them on. so i think the conventional weapons issue is an important one because iran is not just sending nuclear materials and infrastructure and so forth and working on it with like-minded states like north korea, it is also moving into a world in which it's supplying the houthis in yemen, supplying hezbollah and all with conventional weapons. so we are tipping them $150 billion practically in order to increase their ability to give conventional weapons to terrorists. so the leading terrorist state in the world. liz: that touches a nerve with israelis have been able to trace weapons shipments they've intercepted with the israeli
navy in the past indirectly through back to iran. you look at that and say, well, these guys have helped hezbollah, they have certainly been giving weapons in certain conflicts in gaza. so if you were to accept the fact that there is going to be an agreement, what is the one thing you would like to see, make sure that is not in there? >> well, first of all, i think that one thing that strikes me about this agreement is that there are already celebrations in iran. they're already celebrating in the street. the politicians are making boasting speeches proclaiming that an agreement is at hand. meanwhile, in israel you have almost across the board opposition to this agreement right across the political spectrum. and in the united states, congress is up in arms already, very upset about this agreement and the details that are coming out. liz: well --
>> i think that alone says it all. liz: well, the issue with congress, let me just jump in here, is that congress gets to review this for 30 days. but if the deadline blasts through and is not done by wednesday, that, i guess, that period grows to 60 days which, of course, will entail much more scrutiny, correct? and what would you say to congress right now if they could hear from david rubin, the former mayor of shiloh, israel, who's also a victim of terrorism? >> well, i think they need to pay attention to who they are making this agreement with. i don't think that iran can be trusted in any way, and i think there is too much in this agreement, way too much in this agreement that says that we're relying on the iranians to be trustworthy. if you cannot go in and have surprise inspections of their nuclear facilities when everyone knows that they're working
feverishly on a nuclear peps program -- weapons program, then i think that's a big problem. i don't think they can be trusted, and i don't think the iranians can be trusted. liz: israel's defense minister said this deal will force israel to defend itself by itself. is that a little too dramatic? you know, the americans have always said they will continue to help and defend israel. >> well, i don't think if i were an israeli i would trust the obama administration to defend me, at least not with anything other than some occasional words. i think that it is a very dangerous and difficult situation, and the israelis may have to take action of some sort based on their own decision. i think that it's really an extraordinarily bad situation. we are on the verge of signing one of the two or three worst international agreements of modern times.
liz: ambassador james woolsey, former director of the cia, speaking with us along with former shiloh mayor david rubin. thank you both very much. i know it's late in israel. we appreciate you getting in the chair for us. the russians are definitely supporting the iranians when it comes to lifting the arms embargo because they're working on selling the iranians a missile system. just keep that in mind, putin always inserting himself. well, the greeks take to the streets as the government agrees to a punishing ultimatum and lightning fast passage of reforms. but doubts remain about greece's ability to implement the changes by a wednesday deadline. we've got two big deadlines on wednesday, iran and greece. greece has also set, what a surprise, to miss another payment to the international monetary fund. sources close to the issue say it will fail to pay the $497 million eau owed to the -- owed to the fund this monday. ashley webster with this report from athens.
>> reporter: well, liz, all is quiet in athens at this hour, but all the action is going to take place in that greek parliament building behind me where the prime minister, alexis tsipras, will try to convince a majority of lawmakers that the euro deal is good for greece. but it's not going to be easy. critics call the reforms draconian and say greece will be trapped in a cycle of debt, up able to grow their economy. but e.u. leaders want some of those reforms in place by wednesday. in the meantime, greek banks are closed for a third week with capital controls still in place. with the economy hanging by a thread, getting a deal done is critical for greece to survive. liz, back to you. liz: and by the way, the stock market still closed. what are we on, the 12th day? insane. it's closed, simply closed. and the banks have not been able to trade, but many of them are just pennies per share. much more later on the greek deal with the man who negotiated on greece's behalf in the last bailout.
former imf executive director andrea montanino who predicted on our show last week that the banks will flat out run out of money by this past weekend. well, how are they continuing to run? andrea will be joining us coming up. closing bell, we're about 49 minutes away. nbc did not air it, and donald trump wasn't there to see it, but a new miss usa was crowned last night. and apple's dominance in the smartphone market underscored by a dramatic new report. that and how the markets are reacting to greece and iran, with the very latest, we are very close to session highs right now. we'll take you to the floor show and the traders who are moving your money next on "countdown." ♪ ♪
♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. liz: we've got a market alert for you. take a look at these numbers on the screen. we are just off the highs of the session. now, while there are nearly 1,000 companies that make smartphones, just one company makes most of the profits. not a surprise, apple. apple has recorded 92% of total operating income from the world's top eight smartphone makers in the first quarter according to people who check these things.
this is remarkable considering apple sells fewer than 20% of the smartphones in terms of unit sales, right? you know that samsung, some of these other names are really selling more, but apple really bringing in the bucks. the markets rallying on that bailout deal for greece that isn't even a sure thing yet. we need to stress that to you. a lot of hurdles that it has to overcome with the dow and the s&p though loving it. now positive for the year with the gains you see at the bottom of the screen. with this greece deal at least on the table and an iran deal close to being done, what should you be watching in the markets this week? traders at the cme group and the nymex, chris robinson, let me throw this one at you. put aside greece and iran for a minute, we have janet yellen speaking wednesday and thursday before members of congress. she gets congress can up to speed when it comes to the economy, and once in a while some of these members will throw some very pointed, laser-like questions at her about rate hikes. could that move the markets this week?
>> oh, yeah. if something came out unexpected, absolutely we'd have some sort of reaction. and you've got to look at where we are, we're at the top of the trading range again. we've been here for seven months. we go to 18,000 or so on the dow, then break to 17,5. just last week we were 600 points lower. liz: yep. >> if you have got some worries about a correction, you've got to know what you're going to do before it happens. liz: we're only 30 points away from hitting dow 18,000 once againful we certainly lost it in the last week. nymex, let me take you to tom reilly. oil behaving very, very strangely today. it's not unexpected, but oil, when it appeared there might be a deal today with iran, started to drop because in the short term an iran deal would add 200,000 barrels onto the open market, correct? suddenly, then we started to see it move higher when that didn't indicate it would happen, and now we're back down again. what's going on with oil? where do you see it in the next week?
>> well, i think we're going to be trading lower. i think there's going to be an agreement although i think most people aren't going to be happy with that agreement. and i think in an already oversupplied market if the iranian oil does make it to market, i think you're going to see us trade down to around 44 or $45 based on that agreement that could come about. liz: i believe bank of america put out a note saying that we will see oil below $50 a barrel in q3. so you say that's realistic. >> oh, yeah, definitely. especially if this agreement goes through and you see how much oversupply authority is out there now and the driving season is over and the heating season won't start for another three or four months, i think you'll definitely see oil below $50. liz: greece is important, chris, obviously, because i i think it's really what's driving the markets higher today. but what are the traders really thinking? if there is any whiff that the germans or perhaps the finns because we know finland is starting to see some dissent among the ranks of its political
party in helsinki that if this starts to slow down and we don't see a deal by wednesday, what tube of mayhem could that do to the markets? >> oh, we could have another correction. we've been very, very volatile. pull up that long-term chart and, you know, we've been trying to get a breakout. hopefully, if you're bullish, you want to break out above the market, but if we were to take out support and also have some unsuspected political action, yeah, you know, we could have a bigger correction. and with the dow at 18,000, 5% is 900 points, 10% is 1800 points. so that's something you've got to be looking at if you're worried about the possibility of a bigger downside correction. liz: let me just say that right now the volatility index showing no fear at all, down 16% at the moment. gentlemen, thank you. chris, tom, great to see you. >> thanks. liz: joining us now to really dig deeply is jim frischling along with charlie charlie gasparino who's, now, all-day anchor to.
[laughter] your perspective is certainly important, but as you look at what's happening, why do you think we're at session highs? >> i saw this during the financial crisis, not to compare -- we're not in a financial crisis right now, but during the financial crisis we used to say, well, why is the stock market up on this one headline? and you remember stock traders trade off headlines. greece staying in the euro is, i guess, net-net better than it not staying in the euro. but let's be real clear here, this is not a long-term solution to greece's problems. they're adopting the same sort of davos, world economic forum, economic growth models which involves high taxes, continued austerity through government regulation -- liz: although they're putting together a fund, charlie, that indicates that the private sector, that they have to start privatizing things, jim, they have to start -- >> well, let's be clear, they're raising taxes. >> yeah. this deal, this deal was reached for a completely, i'd say, negative reason. and what i mean by that is because the alternative was
worse. and, in fact, prime minister tsipras was sent there with a mandate by his people to really hold his head high, and if he couldn't cut a better deal, then walk out and exit the euro, and he's now got to sell a story. he's got to go back and say, you know what? you gave me that mandate, and i'm going home, and i got worse. [laughter] >> you really think the greek economy's going to get -- >> it's not going to -- well, i do think the alternative -- >> would have been a lot worse. >> -- would have been a lot worse, and that's why i agree with carr -- charlie's point. this is better than the alternative. i also think a lot of the downdraft last week, china, it was a mosaic of in addition to greece, you had a lot of turmoil in china. now we're trading up because i think china finished the week better last week, and now we have a good greece headline -- liz: but bring it home to the u.s. investor, charlie. i don't trust anything that's coming out of china, by the way. >> your last guest, i think, put it pretty well. there's been a trading range on the dow. don't ask me about the s&p, it
always confuses me. but the trading range on the dow is between 17,500 and a little bit over 18. and we've been hovering around there until we figure out exactly, get some good economic news to figure out where the economy's going, where interest rates are going, and these headlines cause us to bounce in between there. if i were the average investor, i'd be, all right, time to maybe -- i wouldn't say pull out, but it might be -- liz: jim, what are you doing with your money? >> i like financials. and i think the deal with greece right now, at least the proposal is going to be good for a lot of the european banks, it's going to be helpful to them, and i think jpmorgan and wells fargo report tomorrow, and i think the financials are an interesting place to play especially because i think rates are going to begin creeping up. liz: okay. jim, charlie, hang out. thank you very much. closing bell, we're 38 minutes away. put aside greece for the minute and talk about puerto rico. puerto rico's debt crisis, we've been telling you it may well have bigger impact on your money.
there a meeting going on -- there is a meeting going on right now in new york city that has more than 300 financial guys in attendance. hanging on every word about puerto rico. why? well, charlie's going to come back and give you some context on that. it does matter to your money even if you think you're not invested in puerto rico. that coming up. dow jones industrials up 210 points. ♪ ♪
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relations but it was answer of runner-up miss texas maid headlines for business network audience. a judge asked her if the government should put limits on executive pay. ceo pay. here is her response. >> if you work hard enough, you can attain anything. this is the land of opportunity. and ceos, i believe that they work hard enough for their money. so i think they should be attain whatever it is they are working for. liz: she is not pretty enough. oh, my gosh, is she beautiful? so pretty. >> that is brilliant, brilliant answer. liz: free marketeer like us at fox business. the pageant aired with no mention the controversy surrounding the co-owner donald trump. reelz network, its channels carried it after trump's comments on mexican-americans prompted nbc and univision to drop the competition. trump did not attend the pageant. we're waiting on ratings. as soon as we get them we'll let
you know. at this they minute, government development bank, gdb, holding a meetings for its investors. talking about the $72 billion debt hole puerto rico is stuck here. here is live picture what is going on right now. 300 plus people in sustained dance, standing room only. fox senior business correspondent charlie fast gas -- charlie gasparino. formerly a lead banker at jpmorgan, focusing on puerto rico. you raised what, billions in muni bond markets correct. >> you're the reason. liz: you're fault. what can come out of this meeting? what can come out of this meeting that can change the picture at all? does puerto rico have a plan? breaking headlines are coming out now. >> i'm obviously not at the meeting since i'm here today. i suspect a lot of the discussion will be around hired guns trying to get the support
of investor community with the help of getting chapter 9 approved in congress. i expect a lot of what the discussion going on is and getting the buy-in of the community that a chapter 9 will be much more organized process. >> let's be clear here, puerto rico is commonwealth of the u.s. it is not a state. >> correct. >> it can issue bond like states but it can not declare bankruptcy. here is the odd thing, states can't declare bankruptcy. you would essentially be giving puerto rico extraordinary power. >> that's correct. with regards to the geobonds, puerto rico doesn't have any ability to restructure their debt. they tried to pass an act on june 30th last year. t was, a federal judge said it wasn't constitutional. they just failed -- liz: give you a headline here. puerto rico's gdp head, she is saying that the plan for the island needs, sounds like greece, needs sacrifice from all stakeholders including citizens,
businesses and creditors. the plan must also include federal government money. >> what does that mean? >> bailout. >> oh, my gosh. >> even a chapter 9 is bailout since the investor purchased bonds at certain yield and dollar price they didn't have the ability to declare chapter 9. chapter 9 would be almost unfair and bailout of sort that the investor community is not in favor of. >> i think the parallels to greece are pretty amazing here. i've been doing a lot of research on puerto rico. a huge amount of debt. a huge government workforce. lots of welfare. bizarre tax system. they gave some, they gave some incentives for businesses to go over there which they did. then they rolled back the incentives and increased taxes on everybody else. >> right. >> it made a bad situation even worse there. and i think you know when you hear someone like that from the
i guess from the government go out there everybody needs to take sacrifices, and with no real plan, you get impression they're doing what germans are making the greeks do. raise taxes on people who can't afford it and squeeze the economy even further. liz: keith what is citigroup's involvement here? they're lending their auditorium but they are authorized as broker-dealer for debt issuance, right. >> for new issuance. liz: people in the audience, oppenheimer, i don't know who else is in there. nuveens of the world. >> hedge funds. liz: people -- >> you got two, well you know this you have a couple of groups of investors. you got the individuals who bought it and held on to it, they're getting crushed here. >> right. >> individual investors. rich people buy triple tax-free status. mutual fund are hedged, mortgage of a diversified portfolio. you have speculators, who came in over the last year or two,
bought it very depressed prices who will make out no matter what happens here i think, even if there is sort of for bear rans and some of the deal where debt gets forgiven of the bought it 30, 40 cents on the dollar, whatever it was, may spike to 50. liz: economist ann krueger is calling puerto rico's economy appalling unrealized. keith is it worse than 72 billion. >> these are hired guns puerto rico is using to lobby to get federal aid or bailout with given right to use chapter 9 to restructure debt. that is what i see the meeting primarily as as well as get the bondholders on board. medical ba acosta, president of the government bank and medical steen and company and gottlieb the law firm involved in trying to help them convince holders. liz: looks like a bailout. >> looks like they want a bailout.
do you think congress goes for it? no way. >> not this congress, charlie. first we'll hopefully see greece get done. puerto rico will play out over the coming years. prepa, first one to be restructured, forebearance is extended until december 16th. electric authority. they have a lot of other agencies will need to go through a process. i see it playing out over number of years. liz: charlie gasparino, keith houseman. >> keep you here. >> a couple years. liz: set up futon for you, keith. right behind there on the set. keith is ceo of oxford capital. closing bell, we're about 26 minutes away. hillary clinton lays out her economic plan today. as another republican contender jumps into the 2016 race. our politics panel breaks it all down next on "countdown."
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♪ liz: what a busy day today in the 2016 presidential race. look on your screen. hillary clinton is about to speak right there in kansas city. she is making her case to hispanic activists. this morning she has been traveling a lot today, she was in new york here at the new school, announcing details of her economic agenda. she is putting a fight for higher wages for quote, everyday americans, at top of her list. here is what she said. >> wages need to rise to keep up with costs. paychecks need to grow. families who work hard and do their part deserve to get ahead and stay ahead. the defining economic challenge of our time is clear.
we must raise incomes for hard-working americans so they can afford a middle class life. >> but how? how do you do that? well, who knows who has the best ideas but in less than three hours from now wisconsin governor scott walker will take the stage to formally announce his run for the presidency. he is now the 15th republican candidate. he tweeted his intension this is morning. we're joined by christian dorsey of the economic policy institute, a democratic strategist, along with ed rollins, fox news contributor, former principle white house advisor to president reagan of the welcome to you both. >> thank you. liz: hillary is out there morning and this afternoon. i will go to you first, christian. she said we must raise incomes. what is the best ideas to do that? easy to say we must close the wealth gap. how? >> there are many policies.
hinted at few of them. government legislation raising minimum wage for people at low end. when she talked about middle income americans talking about profit-sharing at corporations. she was also talking about other ways to include improve middle class life-styles such as paid family leave. she has a host of ideas that she is throwing out there. no one thing dramatically changes the picture but all of them added together move us towards the path of raising wages for the middle class and for all workers quite frankly. liz: ed, this goes for all the candidates. they get out there and they say, we must, we have to, and then where are the ideas? i mean that is a big issue here. >> the problem is there are no ideas. the problem is, we need more revenue obviously. only way you get revenue by growth. we should create a stronger economy. create more jobs. we need more jobs than higher wages. everybody wants higher wages. at end of the day you have to study economic, minimum wage who
pays for that? franchiseees owner? what does that do to the picture. liz: states are on their own. >> that is where it ought to be. at end of the day, mrs. clinton is obviously traditional take from the rich, give to the poor. robin hood philosophy, obama and everybody else talked about. deal with a congress, republican at least in the house foreseeable future. a lot of things she is talking about, infrastructure takes more revenue. talk how you raise revenue? raise taxes? great, talk about it. liz: neil cavuto had lee on cooperman. he came on and don't make better economy by taking from those who succeeded to give it to those who haven't. he also felt that scott walker, who is jumping into night is not somebody he would ever vote for because of his social position on things like gay marriage. if you could switch sides, giving awe high school debate lesson here, switch sides to advise some of these republicans, stick to the economy and forget about social issues?
>> absolutely. what i hope that is unasailable when hillary clinton talked about, economic growth particularly for working americans being central challenge of our time. it is necessary precondition to realizing any of the growth and positioning of the united states as a world power. so i would encourage republicans to actually talk about what matters. stop trying to create division within the country and unite around at least understanding what is our common problem. and ed is right. jobs are necessary precondition. good, quality jobs, you know restoring the unemployment rate to levels that are, equivalent to full employment, that is the cree to raising wages. it is something that all of the candidates would do well to talk about. liz: ed, 15 republican candidates, who do you like? >> two more getting in. governor kasich from ohio is getting in very shortly and governor gilmore, former rnc chairman from virginia. i think that is the end of it. i like several of them.
i think governor would be very important. if we could elect one, jeb bush obviously has enormous amount of money, family ties. i think like governor romney, conservatives are not particularly happy with him. they will pick somebody, walker, somebody else to be the challenger. it will be a long, drag out race. by the time we'll have a significant candidate who will be battle tested to take on hillary. liz: we're thrilled both of you are with us. thaw for your perspective. christian and ed, thank you both. >> give advice to republicans how to win iowa without the moral agenda. liz: goes back to what lee on cooperman said. stay away from the moral issue. >> except there is very strong constituency in iowa. liz: have to do that stuff to win the primary. >> what plays in iowa doesn't play in new hampshire. complicated for them. >> it is complicated. liz: thank you for you both being back. we have much more on the 2016 presidential race this evening. charles payne will have complete
coverage of scott walker's announcement on making money at 6:00 p.m. eastern. don't miss it. at 7:00 p.m. lou dobbs speaks exclusively to one of the 15 presidential candidates, louisiana governor bobby jindal. closing bell is about 15 minutes away. oil markets hanging on every word of the iran nuclear talks. jeff flock is in the pits of cme following every single trade. it is bankruptcy for a rap star turned businessman. we'll tell you why that guy is no longer with the man with the golden touch. "countdown" is coming right back. of moderate to severe rheumatoid arthritis. before you and your rheumatologist decide on a biologic, ask if xeljanz is right for you. xeljanz is a small pill, not an injection or infusion, for adults with moderate to severe ra for whom methotrexate did not work well. xeljanz can relieve ra symptoms and help stop further joint damage. xeljanz can lower your ability to fight infections,
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for chapter 11 bankruptcy protection today in the middle of an expensive settlement over a sex tape. according to court papers, 50-cent, seen here with me in january, with his very successful sms audio headphones company, reported assets and debts each in the range of 10 million to 50 million. now when i was with him at the consumer electronics show he was celebrating the fact, he was all smiles he had struck a deal with intel to help develop the sporty headphones. fact some of them are after certain characters in "star wars." would you think considering dr. dre sold beats to apple more than $3 million. he is also an actor. he has his music business. but no, there was a sex tape he put out there somebody sued about and guess what, he owes millions of dollars on that, bankruptcy. oil settling down more than 1% today. losses steep owning into the close. look at very interesting
behavior. down in the morning. moved to the upside. after the mid dale rally crude plummeted caught in a tug-of-war between supply and demand. latest push and pull comes amidst concerns over the iran nuclear deal. if there is a deal, that would expand already a glut in supply. that overshadowed opec calls for slight rebound in oil demand. jeff flock in the middle of the push-me-pull-you in the cme where they trade oil. hey, jeff. >> sex tapes, scott shellady has to pay to get into them he said. that is what oil was down today, 50 cents. what do you think. >> i don't think we'll have a price plunge. oil will drift lower. rig count was cut by more than half to the 50-dollar level. >> put numbers on the rig count. but that look at number of rigs out there dramatic reduction. >> but our production is all-time highs. our demand, this is big time of
year for demand but we're still producing demand plus, plus. the supply is big. hard for oil to rally for a couple of big reasons. for one, a lot of quantitative easing money went into new production. number two, the rigs that came out of business will start producing. >> you will not get above 60, 66. >> very difficult. >> numbers up on iran what they are exporting now and what they could export that has to have huge impact. >> combined what i said absolutely number one, but number two, the reason why we saw a little squeeze today they thought the talks would be delayed longer. will take six to eight months to come online. >> there you go. liz. i leave you with the gas price numbers. go up real fast when oil prices go up. they don't go down so fast, do they. liz: they never do. especially gas station guy with the stick changing numbers. always quick to change them to the upside. we'll work on sex tape situation for you, scott.
>> we'll bet back to you. liz: very close to the highs of the session. dow jones industrials up about 22 points at the moment -- 222 points. s&p at even 2100. totally different story in greece. a few euros left in the bin in greek banks about to run dry as greek leader continue to debate to accept the terms of a new lifeline. the man who negotiated greece's last bailout is with us exclusively. we'll ask should the greeks take the deal or leave it? ♪
judy gold the comic will be there. that is "red eye" tonight, 3:00 a.m. eastern, midnight pacific on the fox news channel. mom, stay up till midnight please in california. the take live pictures outside of parliament right now in athens, grease. discussions still probably going on at least at some level here. greece is set to buckle to nearly all of the creditors demands that its own people voted down a week ago. the government has two days to implement the tougher forms before getting 96 billion in fresh aid. meanwhile banks remain closed, hanging on by a thread. exactly one week ago we asked imf former representative how long the banks can hold out. listen to what he says? >> we have fully into friday. if there is agreement between now and friday the ecb will probably intervene to keep the banking system alive for a while. we have to wait three or four days. clearly if there is no agreement
right now, probably will be bankruptcy of banks and then a new drachma. liz: and drea joins us right now in fox business exclusive. andrea, how is it possible the banks are holding on? >> they're open but not open in some sense. they're basically still closed. we're continuing with so-called bank holiday and the ecb is continuing to give some emergency liquidity assistance but for how long, it can't stay this situation. really just a few, few days. at this stage the ecb, the european central bank can not do anything but wait, wait to see for a full deal or not. we're not in front of a deal yet. liz: do you agree we moo, alexis tsipras, the prime minister, will run into severe opposition? three people, among them his former finance minister,
varofoukis is very unhappy. his former energy director, who is currently the energy minister along with another person very involved, the parliament speaker, who is, all three of them are very much against this. he may have a lot of trouble getting it passed? >> well, i mean the deal as it is now, it is completely the opposite of last week. last week was a no to the proposal of creditors. now we have a proposal that is even harsher than the previous one. so, whoo they expect in the greek parliament now, a lot of reshuffling. maybe we'll have some opposition parties voting for the agreement. and some people in the ruling party voting against. this will mean a new majority for greece. liz: andrea, atlantic counsel director of global economic programs and former im fsec tiff director.
thankthank you very much for jog us. we appreciate it. that is it for "countdown to the closing bell." look who is with you i. i am with you. david is off. melissa: well with you, my friend. iran's president tweets his joy about a nuclear pact but in fact there is no deal today. tennessee congresswoman marcia blackburn tells us what she would support if one makes it to congress. liz: near total surrender. greece strike as deal to remain in the eurozone requiring brutal austerity measures in order to secure its third bailout but the prime minister has two short days to get his parliament to sign off. as you saw it will not be easy. melissa: no, absolutely not. as the closing bells get ready to sound on the rally day on wall street. here is where major averages are ending the day. it has been a big day on wall street. [closing bell ringing].