>> 5,000. back in the day. >> we were doing music and remember there was -- there was even a nasdaq stock, they made the catalogs that you pull out of the back seat of the airplane seat. remember the sky something -- >> sky mall. >> sky mall! that was the hottest thing. that was like a bubble stock. >> i looked through sky mall on monday. >> people who buy things in sky mall -- >> do you know people who buy things? >> i bought something when i first came back from maternity leave but i think that's because i hadn't been out and shopping in three months. that very first flight -- it wasn't maternity related. i hadn't been out shopping. >> your hormones were like -- >> and my hormones were going crazy but i hadn't been out and hadn't spent any money. >> that wasn't you. i love the gadgets. >> i actually did a test because that was three months ago when i came back, it was a flight i went out to omaha and i circled all these things i loved in sky mall and i bought half of them and then i got on the plane this time and looked through and there wasn't a single thing i wanted. it may have been hormonally related. >> do you dial the phone when you're watching cable and order things like that, too? snuggie? >> the huggy. it's like a blanket -- it's a blanket -- >> a blanket with sleeves. >> the snugly? what is that thing called? >> i'm going to get you one. >> we have news to do -- >> what is it? >> what's it called? >> i don't know. john is talking to me. let's do global market headlines and we can talk about some other stuff. overnight deposits by banks at the european central bank spiking according -- making a new record early in the week the ecb issued a huge batch of lo long-term emergency loans to the continent's lenders. also today barclays saying that it's tapped europe's central bank for $10.9. the move is a change for the british bank as it did not take any cash as the previous offer in december. i'm about to cough, excuse me. barclays had been worried about the risk of taking funds. the bank says the money will be used to manage funding gaps in spain and portugal. >> you're a young man. >> i was going to cough. >> you're doing geezer like moves. you are. did you see duvall? geezer moves. >> we're on these wireless mikes where where you can't turn them off. >> you were just going on fine and all after sudden -- >> i could feel the cough coming on. >> swallowed your tongue or something. that was weird. are you all right now is this. >> now i'm fine. >> back in the u.s., san francisco fed president john williams, the great composer, too, says recent signs are encouraging but in a speech in honolulu last night, he warned that the rebound has been anemic and said the federal reserve must keep applying monetary policy stimulus. >> that is different than we heard from every one of the fed presidents who has been speaking over the last two weeks. >> i want to talk -- i want you to let me say a few things before you defend geithner -- >> oh, boy. >> you're an expert on the financial crisis, because they're too big to fail. >> go for it. >> treasury secretary tim geithner pending an op-ed in today's "wall street journal" reflecting on the financial crisis making the argument and he writes in part only four years after the financial crisis some people seem to be suffering from amnesia about how close america came to complete financial collapse under the outdated regulatory system before we had wall street reform. he argues that the costs of reform are not too high, but, okay, he writes, my wife occasionally looks up from the newspaper with bewilderment while reading another story about people in the financial world or their lobbyists complaining about wall street reform claiming they didn't need t.a.r.p., she reminds me of the calls she answered late at night or early in the morning from the giants of our financial system. deputy treasury secretary will join us live at 8:10. here is my only problem with this. >> okay. >> the notion that anyone has forgotten about the financial crisis given that this -- and it's not just this administration. maybe because we're in financial news, we know -- we hear about it every day. that's why we're at 8.3%. that's why it's been so hard to come back from this. that's why even though it's not great now, it's so much better than it was and i brought it back from the brink. think what was happening. think if we hadn't done stimulus. who has forgotten about the financial crisis? >> i think their point is bankers have gone from being very grateful to being very angry and you can say it's for a lot of different reasons, maybe the rhetoric -- >> or they're perfect. >> no, no, because you can look at the reforms and say, wait a second. a lot of the stuff we're doing had nothing to do with the crisis in the first place. there's a difference between fergting about it and disagreeing with the remedies put in place and whether the pendulum is swinging too far or worried -- >> back to 2008 as things were about to fall off the cliff, i think many of the financial giants, so to speak, would have taken anything. >> some of them department want t.a.r.p. citigroup, aig, bear stearns, lehman brothers. some did. >> sure, you can do anything you want and we'll take it. >> all right. but there's a difference between forgetting and being ungrateful and disafwreg with some of the remedies that are being applied and looking at credit. >> it's difficult when you paint them all with a broad brush. you did have people in big, big trouble and others who weren't. >> it also helps them play into the narrative it was all the banks which we know was a huge global society, a housing boom, it was a leverage boom that was ten years in the making, there were government policies that were flawed. >> that's a good point. >> all these different things. once again, immediately pins it all on the guys that perpetrate it had and they haven't learned their lesson and it also is done to try to push all these -- it's an election year. >> he's yelling at you although i was making the point. >> i'm going to agree with becky. >> that's why i said let me talk before -- >> i'm going to agree with you in that it was a larger issue than just the banks and this has become political -- >> who has forgotten? >> and the wall street banks have become political football. i think tim geithner's comment has less to do with saying everybody has forgotten, he's using that as a euphemism for a larger issue the banks have pushed back and pushed back as publicly as they have and what that says to a larger it -- to the country about what's going on. if you would ask me in 2009 whether i would have imagined that the big banks would have literally had as many lobbyists as they had pushing back on this regulation, i would have never thought that. having said that, i would have never thought the did yourbin amendment necessarily would have been included. >> stupid there's a prime example of what we're talking about. wrong-minded. punitive, stupid. >> look, i don't know -- >> by someone -- >> i just know it has nothing to do with the financial crisis. i'm saying it's unrelated. >> bank of america was at $5 a share and he went on letterman and said vote with your feet. he's like trying to cause a run on the biggest bank in the k country. they do stupid things, andrew. >> and that's why the banks do push back. >> let me ask you this. if were you a shareholder are of a bank and you saw that you are going to have tough years and the whole industry is going to change, as a shareholder would you not want your bank management pushing back on these reforms? >> absolute ily. everybody has a horse in the race. >> a dog in the fight. >> or dogs. race dogs. >> horses don't fight. dogs fight. >> you have a dog in the fight. >> or a horse. >> a war horse. you don't -- because horses don't fight. >> you have a dog in the fight. >> you do? what is blue -- >> a vote? >> yesterday, red, she was asking for it supposedly, that's what people wrote in that it was welcoming sexual advances. what is blue is this nothing? >> you found that article from "the new york post" and brought it right in. i don't know what blue means. >> blue means she's confused. >> no, blue is a cold color. blue is stay away. >> now today i'm ice queen. yesterday what i did notice you and i both matched with the red. today andrew and i match with the blue. >> so you are confused today. >> i don't know which way i'm going. >> i've gotten that out. >> i'd love to hear -- >> but for a while we have seen both -- geithner has said this a lot that we need these reforms. he can't believe that they're pushing back. so this is the latest. >> this is also a full frontal coordinated attack that's coming not only from tim geithner who has an op-ed in today. if you go to "the economist" there are letters by sheila baer, by dodd, by frank, all of them defending dodd/frank. >> this is much more than political. >> what i'm saying is true. >> but i would argue something else which is tim geithner and the administration have been -- their rhetoric, their bark has been much harsher than ultimately their bite. >> none of the rules have gotten past at this point. so many of them haven't been implemented. >> more broadly, i think, the rules are not as harsh as some people expected. >> that's probably fair, too. >> there are a lot of rules that need to be written. i've been doing some research for this speech. at the chamber. and did you know that there are nine different reimbursement rules in obama care for being injured by a parrot? >> what? >> nine different reimbursement rates -- there's three different for being injured by a flaming water-ski in case that were to happen. >> you're lying, right? >> what's a flaming water-ski? >> it's a water-ski that somehow is on fire. >> specifically written for that or if you happen to have -- >> no, there's 140,000 different rules, reimbursement rules. so these rules take time. these rules take time. have you ever been injured by a bare rot? it's not pretty. >> you're not being facetious? >> does every health insurance policy have a rule for each type of injury? and then i might understand it but it still makes no sense. >> becky, go ahead. i'll look it up. >> for anybody wondering it's snuggie. >> it is a snuggie. and i'm sure you can be damaged by those. you're stuck and you can't move. >> who was the guy i love who does the other thing -- >> whamo -- >> that guy? you know -- >> you know who knows him is darr darren rovell. >> he has a new product out and i want it. it's the roller. >> have you seen it? >> i almost called the number. >> i won't own a parrot after this because i've learned. i have learned. >> it's your turn. >> i know, i'm going to. time for the global markets report. ross westgate is standing by in london. they're dangerous, ross. they're dangerous. good morning. >> parrots, yeah. got to watch. we've got green parakeets flying around our house. i duck every time they come by. we are pretty flat during the session, 5-4 decliners outpacing advancers. it comes after solid gains yesterday 1% to 1.5% higher is where we finished. tennessee points to the ftse, the cac up nearly a tenth. ftse mib doing well, up half a percent. that's where the focus is again as we continue to see bond yields fall particularly on spanish and italian debt. look at these two boards here. ten year italian debt below 5%, 4.95%. the yield, ten-year spanish debt 4.88 so we're continuing to see post-ltro 02. the declines in bond yields particularly at the short end of the italian curve as well. the yield 1.77%. you move below 2% tore the first time in 15 months and we've continued to drop below that. and that's where we're seeing the benefit of l it tro 2. you were talking with about barclays earlier taking $8 billion because they felt the stigma had dwon. of course they were saying they were ring fencing that away from bonuses. so trying to deal with bonus criticism. there's been a lot of that in this part of the world over the earnings season, trying to separate that out and say we're not going to benefit from ltro. banks are benefiting and they will make big profits in the first quarter because of the fall in yield and the rise in the stock markets as well. as far as euro/dollar is concerned, weaker today. euro/yen falling but still near the recent multimonth highs. dollar/yen hit a fresh high, 81.47. that's where we stand ahead of the u.s. open. back to you. >> ross, thank you very much. have a great weekend. when we come back the last continental flight prepares to take off tonight. this is after the united/continental merge. this is it. >> this is the final flight? where is it going? do we know? >> i don't know. >> then it's united. >> it's called united. >> yeah. i'm surprised that it's actually finally happening. >> i miss continental. i like them more. i guess i'll have to switch. >> you have already. your miles are already over. >> i mean switch allegiance mentally. i like richard. macgyver. >> there we go. we'll be talking markets when we come back ahead of this week's final trading day, first, though, sports news for you. davis love iii shooting a course tying 6 under 64 to take the first round lead in the honda classic. harris english is among eight golfers tied for second. tiger woods is seven strokes off the pace and in danger of mott making the cut for the weekend. now we'll head to a break. as we do check out the global market headlines. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ welcome back to "squawk." a little bit more red over there, 11 points lower if we open up now. the last flight of continental taking off tonight from phoenix to cleveland. united and continental merged but the big change occurs early tomorrow morning when united finally combines passenger reservations combining into one massive computer system. frequent flier programs this one website. now given the travel we should be talking about the weekend forecast. scott williams joins us from the weather channel. sco scott? hey, good morning, joe and everyone. of course it looks like a pretty nasty weekend for some as we're tracking a volatile storm system gathering some strength right now. through parts of the midwest. look for long lived, long track tornadoes. in the 30s in new york city. 7 in dallas. san francisco 42 degrees. where you see the red, that's where we'll find the greatest risk for severe weather. this storm system will be on the move towards your saturday bringing with it clouds and showers. denver, some snow for you today. seattle rain and also snow. looking at the tor: con forecast on a scale of 1 to 10, kentucky, middle tennessee an 8. that means an 80% chance within a 50-mile radius of seeing tornadoes today. eastern tennessee northern alabama, a 60% chance for tornadoes and a 50% chance for southern indiana and also western kentucky so a dangerous situation a little later on today in parts of the ohio river valley. guys, have a great weekend. back to you. >> scott, you have a great weekend, too. we'll see you next week. meantime a check on the u.s. markets and on the economy. joining us this morning president and ceo at sentinel investments. chr christian, thanks for coming in today. we are look iing at dow 13,000 again, nasdaq 3,000, and it's starting to sound like a broken record. we keep making these runs and then giving up. >> we've come a long way. we're well over 20% since then. it's beginning to feel like it's rolling a little bit out of steam and volumes have been high and low again but generally have not been as high as i would like them to be. i think what we've seen is crawling up to these levels about 1370 on the s&p. the dow jones always gets skewed a little bit by the high-priced stocks. it feels like there's not quite as much momentum or willingness to take it to the next level at this point. >> i read something yesterday, maybe a note from bob pi ssani, forget where, pointing out something even though we're looking at higher levels on all of the major averages there's not enough conviction behind it because when you look at the number of stocks making new highs, it's a relatively low number, that we're talking about stocks like apple that are doing very well. if you break it out and look at the russell 2000. >> that's an important point. on tuesday i think s&p 100 though those are the mega caps outperforming by quite a break, almost 200 basis points. when that starts to happen it looks like stocks are more for their liquidity aspects as opposed to some general confidence that all of the markets are moving in one direction. the russell is going to be more volatile and more reflective of optimism and negative feeling and obviously more cyclical in nature. so if i see that kind of roll over and go to the large cap stocks it feels like there's tiredness going on and more asset players rather than selection stock players. >> could part of it be the play for the last many months if not the last half year is that people are looking for dividend stocks and those dividend stocks are the ones you can rely on to be high yielding stocks tend to be the bigger stocks. >> there is that and i think that's an important play and not so much the high dividends. it's getting cash which has been sitting on the balance sheets out to shareholders in forms other than share repurchase payback so a lot of pressure to get companies to release the dividends. i think you'll see other cash dividends and more pressure for th that. they are more in the large cap stocks but it's happening more on the russell as well. we're seeing more can companies release more cash and that's a very important sort of secular trend which i think -- pension funds needed, individuals needed, insurance companies need it and 130 companies of the s&p have the unpaid dividends. that i think is the story that's gone on. >> are the big dividend players already run? >> no. i think there's more to come. >> not necessarily more dividend, what's happening with the actual stock price itself, meaning people have bought into these. >> if they had, they wouldn't be yielding what they are, right? >> the 5%. >> i think you can see the move down from 5% to 3%. but 3% is still a healthy pr premium which is what you are looking for. more you want to look for the good covers and the good dividend momentum so you don't want to be stuck out in the utilities and the bristol-myers. you want to be in the freeports and american express. >> in the old days, the only reason to buy a stock was to get dividends. raised at 12% a year and like six years the dividend -- >> ahead of inflation. >> and then suddenly -- >> hopefully the stock would reflect that. >> the big share repurchase plan sort of came back in the '80s and '90s, tax rates and dividen dividends. it's been very badly exercised. you don't get the cash. you have to wait for management to release it to you when they feel like it. so we're putting a lot of pressure on our companies to make those dividends happen. >> you are? >> absolutely. >> if you think about it, let's stay a stock doesn't pay a dividend, buying 1 billionth of a can company that with no cash throw coming, that's a big leap of faith to owning 1 is billionth of a business. hopefully they're reinvesting t it. why would you even buy it if there's no hope? only if you could sell it to someone else for a higher price. >> apple. >> i'm thinking about apple and things like that. owning a billionth of a share. >> are you convince that had wi