Services, pmi, International Trade and ism nonmanufacturing numbers that day as well. Forecasters say the economy probably added 218,000 jobs in june to make five straight months of job gains of more than 200,000. Thats something we have not seen since the end of 1999 before the dot com bubble burst. The bulls are looking to close the books on a successful first half of the year. The s p 500 is up more than 6 this year following a jump of 30 in 2013. If the market closed the year at current levels, 2014 would be the best threeyear run for stocks since the 1997 to 1999 period of time. Its weird. Its like a weird goldberg thing the way they do this. Sometimes if it was the first or second of the month with the first friday, they may do it the next friday. They do it weird. Other times we have been here on fridays when some markets are closed and the stock market is closed good friday. Its a lesson here, the only people at cnbc that have to come here joe is winding you up for when we walked in this morning. Hes like, im not coming in on friday. Its just i want to be there. Its not so much friday during the day, its that thursday night. I want to be able to enjoy thursday night. Barbecue or something instead of having to go to bed at 8 00 or 8 30. And this time its a jobs survey and a claims number. Which we are excited about. We are excited its not friday. We are excited for the number, too. It is an important number because have you seen the big argument among all the twitter people about whether we are in a recession. And a lot of them there are people that are sort of aligned with my thinking on why the economy has been weak, and thats because of the government activism or the fed or the obama administration. And they all are so sure that government causes us to be a below par recovery. They are so sure that they want it to be a recession. So its not a recession because the employment number has come down to the mid60s, but then they have an answer for that saying its the Participation Rate. So they are saying you dont want a bad number on thursday. No. I always want a good number. But they are basically saying that the economy is much weaker than the governments letting on. The market looks like its not that indicating the economy is not that weak because its so high, but they attribute that to the fed. Then you have the bank of International Settlement saying the reason the markets are at these levels doesnt make sense with what we are seeing around the globe. They say because of the Central Banks, and they would argue what we have seen with the market is because of what the Central Banks around the world have been doing liquiditywise. I saw something on some economists saying there was a bad day of reckoning coming. This was a it was that crazy fight night guy that wrote something on zero it did sort of it was kind of depressing and just said, look, when youve got governments awarding, you have government workers awarding themselves pensions, which is what happens when you have Government Union because you are negotiating with yourself and no one there to take care of the taxpayer, so when you have unproductive workers allowed to give themselves their own Retirement Benefits for 35 years, everything is breaking down, who do you blame . The high end and get into the class warfare and the whole world gets into sort of a civil unrest story because of the wealth income disparity. I was reading one of the original investors of amazon that has clearly done well. Was this in preparation for the documentary yesterday . No, this is just something he had written. I burned the popcorn again. I did dvr it to watch. I was reading this guy from one of the early investors in amazon saying they are coming with pitch forks if we dont do something to change the quality issues. But it shouldnt be that the people that have earned success and got to a certain point are suddenly the ones with the pitch forks are after. It is not them, it is usually Government Policies that have skewed things to the left or right. You cant blame people for doing well, can you . No, but i think you cant blame the most productive part of society where all the wealth income or all the wealth is being built. You cant hold it against them that it is basically what we are doing right now. Anyway, among the other major first half market themes, a surge in m a activity. Year to date, the global deal line surging to 1. 8 trillion from 75 a year ago. And thats the highest level in several years. The firm is being fueled by cashrich Corporate Giants with strong Balance Sheets. And it is not necessarily a lot of stock. A lot is being used with cash and people would argue that when you hear from efron you were here for that. Who was the other guy . Ralph. Ralph, right. They didnt definitively say it was all great. Some of sit is looking to cut costs in some way. Well look at the other stats. Companies have raised half a trillion dollars selling shares so far this year. Thats the highest total since 2007 before the financial crisis. And among the catalyst companies, original high markets and private firms are looking to sell out of investments they have made before the crisis to get out of those things. They had to hold on longer than they normally would. I was looking at the vicks on pace for the fifth consecutive month for losses down 39 over that period. Yeah. So less volatility. Yeah, less, less, less volatility if you really look at it. In Corporate News for you, the Justice Department is expected to announce a settlement with bnp paribas over u. S. Sanctions violations. The board met over the weekend to give final approval to the settlement. Its said to involve a record 8. 9 billion fine and a guilty plea. Also, ken feinberg is said to announce the terms of the gm recall Compensation Plan today. Hell be outlining what the automaker plans to pay victims from crashes caused by bad ignition switches. Ceo mary barra says theres no cap on payments saying they could go into the hundreds of millions of dollars if not billions of dollars. President obama is set to stayed Bob Mcdonnell as the new secretary of Veterans Affairs. It makes you wonder who would want that. Hes got a military career from west point. Joining us with more on this development, senior washington correspondent, john harwood, had a long career at proctor gamble. At the very end he was kind of i dont know, there were activists involved and people didnt like how proctor and gamble was going, but he had a pretty good career there and in the military. Why do you think someone takes a job like this . Well, i think this is a west point graduate who served in the army who left his job at p g earlier than he had expected to. And he wants to make a contribution. This is something that clearly is a huge management challenge. When you run a big company like png, thats pretty good preparation. Now hes got to trade barbs from bill ackman for barbs from congress. I dont know if thats a good or bad trade, but he appears to be willing to take it. For what has come out about the v. A. Is it fixable . A lot of the stuff thats come out recently is that its really a systemic sort of i dont know how it snuck up on us because remember it wasnt more than six months ago paul crudeman and other liberals were talking about how Government Health care can work. Look how good this wealth operates when it finally starts working. And then we saw the tide come down and realized it was closed. But its been a quick turnaround. This has been a youre right, this has been sneaking up on us for quite a long time in slow motion. Sort of in plain site. Everybody is known with the return of flooding from iraq and afghanistan, the health care itself at the v. A. , veterans like it and its the problem with getting into the system. And it has been an antiquated time. I think the president is hoping someone with Bob Mcdonnell can get that done. Do you like the fact that he reached into your hometown for the guy running that company . I dont know a lot about Bob Mcdonnell. Its a conservative company. Hes giving money to republicans including mitt romney. Yeah. Hes a west point grad and theres a lot of people that would like to beat the v. A. Its the those are the guys we really owe. John boehner who knows pg e very well since it is close to his district praised the pick yesterday. Everybody who has been on the participating side of this discussion took an approach yesterday of saying, Bob Mcdonnell is a great guy, we want to hear what his plans are. Bernie sanders of vermont said we need more doctors and we need more resources at the v. A. You have boehner and jeff miller who chairs the Veterans Committee in the house saying, we need other reforms for the system. And weve got to see whether the president has empowered mcdonald to implement those. I think sanders is its the same kind of rationing, if we keep losing doctors for whatever reason in the overall system, were going to feel it with our overall system. What do you expect, they are overworked . They are working how much now and you cant double the patient load because there are not enough hours in the day. Therefore, it takes five, six, seven weeks to get an appointment and how do you fix it without any more dogs, john . Funny how it works with supply and demand. We learn it again and again. Actually, we dont learn it again and again. What else is going on . We have to go, john, but im trying to think of anything else happening. Summer is different with soccer and i cant believe that the United States is grinding to a halt. Joe, i think you have a perfect time for the game against belgium. Forefought on tuesday. If it is tuesday i didnt get to watch any of them yesterday and they were both although i did see dennis mill who are u er who used to be a colleague here. The penalty kicks is like settling the masters with a windmill hole. One playoff hole will settle who wins. Thats a great compareson. Joe, do you buy the ann coulter argument about america watching soccer . Ill tell you what i understand. And i said this last week, you know, i am comfortable and like the world. Im not saying it takes a village to raise a child. But you need to watch competition. Its like the olympics. There are some companies that dont have the infrastructure for where there is going to be a great golfer or theres so much equipment needed. Sounds like you are secure enough in americanism that you can enjoy this without getting the heebiejeebies from it. You dont have a problem with soccer, you love it. Becky, you love it . I love it. I played 13 seasons. I love it. You played 13 subpoenaeasons . This is like that commercial where that girl asks grant hill, you play basketball . And he says, yeah, i was a pro and because you were a pro Soccer Player . I didnt realize that, joe. Joe, i dont think you can even the score. How much have you played . I have never played soccer. Thank you. This is like me talking to grant hill. Becky, what position did you play . Whats that . What position did you play . Right striker and center half. So you were a scoring player. Its not field hockey. Did you play in college . No, no, i played in high school. And i will admit i played rec because where i graduated we didnt have a girls team. Next argument we have on the show is going to penalty kicks. And joe, ill see if you can stop becky from scoring. Did you see the columbia goal . You saw that goal . Everybody did. Which one was that . Well, the other Team Columbia was playing uruguay, and the uruguay guy headed it back to a columbian guy and then it went back in and the club columbian guy headed it here and then it went in. That was beautiful. Almost as good as the one there have been three or four great ones. You have no problem admitting you love it. I like it, i do. But like i said, its like the olympics. Just dont bite anybody, joe. No. As the guy said, suarez said, these things happen. I mentioned that, someone said, have you ever felt like biting someone . And i mentioned andrew. I think you said that, actually. And i biting, hitting, kicking, something, yeah. Hes not here. If you ever get the impulse to bite him, just think about it and rub his feet instead. Thats a good idea. The corky ceo is rubbing his feet. John, thank you, great to see you. How are the nationals doing . They are barely above. 500, john . Well, they are a half game out. The reds won again, but you dont have anyone like the brewers. We are chasing the brewers. We are above. 500 now but still like hey, joe . Yes. Did you see bryce harper hit three home runs in his stunt two days ago . Is that on the minor League Nationals team or something . Yeah. Thats more detail than im following. I think hes ready to come up. John, thank you. See you soon. Lets get more on the markets as we kickoff the holiday shortened trading week and find out if there could be fireworks ahead for stocks. Joining us is the chief investment strategist at raymond james. And with us is Michelle Girard at rbs, the chief economist. I want to ask you about the lead story in the Financial Times today. They are suggesting that the Capital Markets, they are calling them euphoric Capital Markets are not up to snuff with financial reality. This is a warning from the bank of International Settlements, what do you think . I have to say that i am concerned that you were speaking about a day of reckoning to some extent. I think thats something well be facing over the near term, but i look at what is going on and some of the markets. And i look for the fixed income market with the tight spreads and highyield bonds. Very little additional yields for buying some of the companies. The debt of some of the companies versus a treasury. I think that there are worrisome signs with the fed to some extent janet yellen is speaking about Financial Stability. I think this is an important issue and a day of reckoning when it is time for the fed to reverse course because i do think that the markets are very complace complacent. The central bankers are responsible and is what the International Bank says, so what do you think . We just had our policy meeting and people on the fixed income side are bearish because of the tight spreads and all the people on the equity side are bullish because the evaluations dont look that opaque to me at this stage of the cycle. I think we are in the a bull market and i think its got years left to run. We are nowhere near you. I have to keep telling them earnings have tripled since 2008. Things are going better and thats really all the equity markets care about, are things Getting Better or worse . Things are Getting Better. You make it sound like the Central Banks are not responsible for any of this . You dont think the Central Banks have tried to push investors into further risk down the line, a little bigger risk positions than they might have taken otherwise . I dont know if they attempted to push them into it butits been at the margin to have liquidity in the system. The fed did the right thing back in 2008. We dont think the fed should have bailed out the banks. If we did, we wouldnt be under a depression, but if you travel around the country and travel around the world, things are Getting Better and the equity markets are reflecting that. Yeah, i do want to be clear, again, im not a strategist but even from my economic standpoint and a macro standpoint. The fundamentals are there in. Making money in the modest growth, all of that, im not saying the stock market is elevated because of fed liquidity, but i do think theres a focus on the economy and trying to bring down the rates low and not have a focus on this is setting the stage in some areas of the Financial Markets where ultimately there will be a cost to be paid for all of the liquidity. Yeah, just in terms of the inflation picking up down the road . Well, it may be the pricing it has been for the last two. The capital requirements, theres the ability of shock absorbence in the future. Some of the Companies May have provided a buffer in the future in case this happens again. Jeff, thats an interesting point. What do you think . We are in a secular bull market. There are things to put headwinds in it with the Economic Data. I think what my friend talks about is for real. Theres political change in the wind and to elect smarter policies over the next five years. I think theres a lot of things going right. Michelle, let me just ask you before we let you go with the jobs numbers on thursday, what are you expecting . The truth is, we all fill cheerful it is 200,000 for five straight months. You know, we are slowly improving and need to see job growth at 250,000 to 300,000 if you want the economy to accelerate sustainable to a 3 growth rate. Does 2,000 leave you in a comfortable position with the fed but not so much that the fed is willing to help out. Thank you for joining us. Great talking to both of you. When we return, do higher paid ceos do a better job in we have the results of a new study. And facebook playing with your emotions. The social networking could be social net work using millions and millions of users. Is it a billion yet . Welcome back. Time for the executive edge. Facebook users reacting today to news that the social network manipulated the news feeds of over half a million randomly selected users in 2012 as part of a mood experiment. Facebook changed the number of positive and negative posts that users saw with the goal of trying to examine how emotions can be spread on social media. Joe, today people are not too happy about it learning they were manipulated. What was it again . They put positive