Erik. He is on assignment in athens. Stephanie i would love to say that our erik was at the oscars last night, at the vanity fair party, but no committee is working in athens. We have had to take you to the breaking news on the Housing Market. Scarlet fu is in the newsroom with the headlines. Scarlet disappointing read steph. Economists had ratcheted down their expectations over the last three days because the expectation is down 1. 6 as recently as friday. On an annualized basis the rate is 4. 80 2 million, dropped from the prior month. This is not a government report. It is from the Industry Group the National Association of realtors. What it measures is the purchases of previously owned homes. It makes up 90 of the Residential Housing market. Some might argue a more important indicator than new home sales. In terms of the effect on financial markets, u. S. Stocks were lower before the report. No real change there. The dollar takes a little bit of a leg lower even though it is firmer when you look at the ds wife and next. Stephanie thanks so much scholar. Lets bring i michael mckee. What do you make of this . Michael i was wondering how the weather might have impacted this. The northeast mightve suffered, and it did. But 7. 1 in the west california had the warmest january since 1895. It is not just a question, apparently, of what the weather is at this point. That raises questions if the weather is bad and people dont go shopping browsers, they will go when it gets better shopping for houses, they will go when it gets better. Stephanie all right, michael dont go anywhere. We have more to cover this morning. Alix i think we have a lot more to cover, but it is time for the top business stories of the morning. Once again the clock is ticking for greece. The government has until the end of the day to come up with new financial policies in exchange for funding. That is part of the agreement to extend bailout funds for four months. Greeces finance minister spoke out in athens. We have promised institutions it will be submitted in good time for them to have as much time as possible to assess it. Were pretty confident very confident that the list is going to be approved by institutions and therefore we are embarking upon a new phase of stabilization and growth. Alix the greek government wants to show voters it will be able to do so under although barred under the current agreement. The dish chairman will become ceo in march. Dish lost subscribers last year and one of the Big Questions he faces, what to do with 50 billion in wireless airwaves he bought but isnt using. Reportedly he is invested in buying tmobile. It is merger monday in big pharma. Value pharmaceuticals has agreed to buy salix for 10. 1 billion in cash. Last year valeant was thwarted in his effort to buy the maker of botox. Valeant is known as a serial inquirer. It r d costs to boost profits. A pay cut for the ceo of british bank hsbc, which has been hit by lower profits and a tax evasion scandal. His competition has been cut 5 to 12 million. The bank is still dealing with fallout from report on how it handled accounts for Texas Raiders and criminals. There is no a permanent ceo of darden restaurants. The owner of the olive garden chain. He will be in charge of efforts set up by starwood capital. The oscar went to a birdman. The movie about a washed up superhero won for best picture and best director. Patricia arquette, who won best supporting actress, use the opportunity to call for equal pay for women. Patricia to every taxpayer and citizen of this nation, we have fought for everybody elses equal rights. It is our time to have Wage Equality once and for all, and equal rights for women in the United States of america. Alix late last year emails stolen by hackers indicated that Sony Pictures paid phenyl stars less than men. Ive a fivemonthold and i do not watch any movie settle this year. Did you have a favorite pick . Stephanie i watched the movies i watched the oscars, i watched Patricia Arquettes speech, i watched amy pascal being interviewed about women in hollywood being paid less than and i think women in those jobs should be advocates for women. Im not saying i dont believe in free markets, as i absolutely do but i believe entrance pentagon and if all these women in hollywood have any idea that those men were getting paid that much more money, they wouldve said hell no and finally they are. Alix you saw meryl streep. Stephanie meryl streep to next to j. Lo. It is a big week for the economy. More on housing and Consumer Confidence and more importantly jenny yellens senate Janet Yellens semiannual testimony to congress. Lets bring in the chief economist at Renaissance Macro research. Neil what you think of the housing numbers we heard . Neil i dont think much of them. The Housing Market continues to improve in this gradual session. We have seen Housing Starts above the one million mark. If there is a sector that may have the opportunity to break out on the upside this year, it probably is housing. Formation rates are rising. Mortgage rates are low. The fundamentals are in place for a recovery in housing. We know that inventories in the existing market are quite low. It is going to be important to say that new home sales are rising. That is what happens in a normalized Housing Market. It is hard to see existing home sales going up much further from your. Alix lets look at you Janet Yellens testimony. This will be the first time she speaks since the killer jobs number we saw. What are the chances we see more hawkish rhetoric . Michael i dont know if she will be more hawkish. The message she wants to which race we are datadependent. She wants to portray is we are data dependent. Whether the fed moves is dependent on whether we see the economy moving. It is my way of setting up neil because i know what he is going to say. Stephanie you disagree with that. Neil i think the economy has that shes cruising altitude. Stephanie what does that mean . Neil how many more jobs and was will take to satisfy people . Stephanie the fed people . Neil those that are bullish on bonds, the doves on the fomc, go down the list. The u. S. Economy is growing around 3 and that is more than enough to keep pushing the Unemployment Rate down and the fed, by their own admission, as for themselves in a corner have put themselves in the quarter. That is why they are having so much consternation about what will happen after they removed the patient language. Patient language alix will they offset that in some capacity . Neil they made. The big risk for the fed is how do we keep the markets from pricing in the full tightening cycle after the first volley . Stephanie whoa, whoa, whoa walk us through that. Neil how do they avoid a taper tantrum . More people are going to expect rate hikes and a more aggressive pace of rate hikes. There will be problematic for fixed income investors. Alix what are the chances we will see smaller increases . Not 25 . 0. 08 or something, very marginal . Michael they havent done that since the early 1990s. Whether or not they would go beyond that in language is the real question. Do they tell is where the terminal rate is going to be . The argument comes down to if you start earlier, you dont have to go down as fast to raise rates to start later you have to go much faster. Stephanie but michael, isnt it a disappointment then . Sounds like janet yellen and her posse are putting politics for data. Before data. Neil i sympathize with the fed because they have to err on the side of caution. You are looking at Central Banks that a had to go back to the zero bound after raising rates. The United States doesnt have much in common if you look at places like sweden, australia mike israel. Neil heavily involved in the extraction process. By contrast, the u. S. Is a closed economy. Whether the set consisting of titan cycle you see this whether the fed can subsist a tightened cycle were seeing r d spending pickup and that is good news for productivity and bad news for the long end of the treasury curve. Alix it seems like every other central bank is cutting rates as well as seeing negative Interest Rate could what are the bigger term implications for that . Mike the biggest implication is for the dollar and that continues to strengthen and that means you import inflation into the United States some deflation into the United States. The question is does the fed take that risk at this point with inflation so low . That is the other side of the mandate. We have seen a lot of strong jobs reports but weak inflation reports on the question for the fed, does that continue . They dont think so but a lot of economist think it is possible. Stephanie hopefully we will get the answer tomorrow. Neil dutta chief economist at Renaissance Macro research and economics editor michael mckee. Tomorrow you want to tune in at 10 of 5 p. M. Not just for Market Makers. We will have coverage of Janet Yellens testimony on capitol hill. Alix coming up, greece is playing beat the clock once again. We will go to athens where Erik Schatzker will tell us about the latest deadline alix now for some of the top headlines around the world at this hour. Dockworkers resolved a nine month contract stand up on friday. Since november the disputed has reduced productivity of the fourth by as much as half. Tighter security of the biggest mall in the u. S. After a terrorist threat. In the video, terror group also bob alshababab called for attacks in the u. S. , u. K. , and canada, and specifically mentioned the mall of america in minneapolis. Secretary johnson if anybody is planning to go to the mall today they have to be careful. There will be enhanced security that will be apparent federal security as well . Secretary johnson there will be federal security there. Alix 50 shades of grey was tops of the box office once again. Since it opened this month it has grossed more than 400 million of white. I had no idea the woman in that is Melanie Griffiths daughter. Hello, where have i been . Stephanie where have you been . Dakota johnson . Yes. Alix i have five kids, cant leave the house. Netflix . Stephanie if you wonder where my partner Erik Schatzker, is, he is covering the following greece. Fallout in greece. Erik this is not a great deal for the greek government. What is the reaction . Erik well, stephanie come here i am in athens, and by the way, high alix, as well i thought i would see some evidence of political rebellion inside series of syriza or perhaps outrage on the streets because we already know that greece got very little out of this negotiation. But lets be honest, greece did not have a lot of negotiating power. The popular opinion right now and the opinion within the ranks of government appears to be that greece got just about the best deal it could. There isnt a lot of opposition or heartache in terms of what happened in brussels on friday. That said, we have yet to see the specific proposals that the finance is going to present tonight to the eurogroup the finance minister is going to present tonight to the eurogroup. Those proposals have to be approved if the bailout extension is to take place. That is what we are waiting for get a government spokesman has been on National Television today talking about the things that the government isnt going to do. It is not going to cut publicsector pensions any further. It is not going to cross the socalled red line. It is going to restore collectivebargaining and it is going to put in motion a plan to raise the minimum wage stephanie hollande eri hold on, erik, i want to stop you. Tell me what it is like on the ground, actual greeks, their reaction. Erik im telling you what they say they are optimistic. They realize that varifakis had his hands tied behind his back and this is the thing that takes a little bit of adjustment, a little getting used to the idea that from afar it looks like the greeks got stiff but on the ground they feel that, hey, it is not like we were going to get that far in the first race. Of course the government made all kinds of promises before the election but here we are, this is reality. Any progress is better than nothing. As far as they are concerned, it is better than what they got from the last government. You wanted to know what it is like from the standpoint of people on the ground. What about people in a position of financial power . I sat down this afternoon or stood up, i should say with it greek shipping tycoon, a member of one of greeces wealthiest families. We were talking about the relationship between the government and the europeans and whether they had played their hands right. Youre is when he had to say. Here is what he had to say. We are wasting our time, the banks are wasting deposits. The countrys wasting a lot of valuable time with gdp no more being able to reach 3 as far as the forecast for next year. Were talking 1 now. I wonder if that is the best way to negotiate. I wish them the best of luck. Erik what will it take in your mind to bring investment and Economic Growth back into the country . Thanasis political stability and some economic reforms. Those are essential to matter what the government of the day is. It is not a partisan issue. The country needs to restructure and the sooner the better. Erik we heard today that this government, as part of its proposal to the eurogroup will begin to restore the minimum wage back to roughly 2012 levels. It is going to give people collective bargaining power. What do you make of those proposals . Thanasis i am not against a decent minimum wage provided it doesnt harm the economy. Im cognizant that many of our members, for 19 eurozone members, have minimum wages which is a fraction of our projected minimum wage. That is an issue that needs some time and needs to be handled very carefully. Erik how would you describe the impact austerity as imposed by the troika has had on this country . Thanasis that is certainly a failed policy. As much as i disagree with the current negotiating tactics, i also disagree with extreme austerity. However, it is not an unexpected event, given the fiscal craziness that our political system has adopted over the last three or four decades. Erik you are in the shipping business, the Hotel Business. How has austerity affected you . Thanasis shipping business is completely unrelated with what is happening in greece so that is unaffected. The Hotel Business has been very badly affected, starting in december 2008, when we had very violent demonstrations and we somethings going down up until 2012, which was lets say, the lowest point in both revenues and 2013 was much better, 2014 was much better. We are looking forward to a healthy 2015 if political stability does remain. Erik in your opinion does the finance minister understand what the economy needs . Thanasis well, if he does, and he may well do, he is not approaching the subject and why i personally find acceptable. Erik give me your best case and worstCase Scenario for where greece will be a year from now. Thanasis best Case Scenario which i hope is going to be what will eventually happen, is a deal with our lenders. Stability, wider political cooperation, not only with the government of the day, but also with the rest of the article spectrum, which is something our country very badly needs. The worst scenario is grexit. Erik why is grexit worstCase Scenario . Thanasis for starters, it is not an economic consideration. It is a political consideration. We are too small to be left alone in this part of the world politically. It would harm our National Interests and it would be a disaster in the economic sense as well. Stephanie our own Erik Schatzker. We will have more from erik in just a few. Stephanie coming up, billionaire Charlie Ergen retakes the rains of the company he founded. Alix plus, you cant say the bourbon boom is on the rocks. Hes out there. Theres a guy out there whose making a name for himself in a sport where your name and maybe a number are what define you. Somewhere in that pack is a driver that can intimidate the intimidator. A guy that can take the king 7 and make it 8. Heck. Maybe even 9. Make no mistake about it. Theyre out there. I guarantee it. Welcome to the Nascar Xfinity series. Live from a headquarters in new york, this is Market Makers with Erik Schatzker and Stephanie Ruhle. Stephanie im just Stephanie Ruhle on Market Makers here. I had a talk about alix getting a haircut. Erik schatzker is on the ground in athens. Lucky me, look whos in the house. Alix i dont need cool socks. Stephanie who needs cool socks . These are the top business stories of the morning. Signs of an uneven recovery in real estate. Sales fell 4. 9 to a ninemonth low in january. Houses dropped for a second straight month. It made it difficult for them to buy us to get into the market. The dish Network Founder and chairman Charlie Ergen has found someone to jump start growth at the company, himself. He will take over from the ceo Joseph Clayton at the end of march. Clayton is officially retiring. Dish lost 79,000 atv customers last year. His top task is figuring out what to do with the 50 billion worth of spectrum he has only brought