Donald trump calling for an investigation into chinas import taxes just moments ago on cnbc. Also, Bernie Sanders saying hes proud Goldman Sachs thinks hes dangerous for wall street. And what jack dorsey says about investors lack of confidence in squares stock right now and why hes not worried about the short sellers. But well start with the markets. We mentioned draghi expanding their qe program to 80 billion euros a month, consulting the refi rate, cutting the marginal lending rate, the deposit rate, adding, jim that risks to growth remain on the down side and trimming their gdp forecast. What can i say, hes got the Bank Stocks Going i mean, if they wanted to, they could issue equity. We all know that worked here. The liquidity hes throwing at this is amazing. This guy, sum total, dollar going higher. So, i know everyones very excited. I know our futures are up big. When will people realize that these are not necessarily positive for us . Now, i had a ceo on last night, europe was very strong, tech data do a lot of that most of the ceos i have on air say europe will be even better, this will make europe even, but at the same time, if youre a cfo watchi ining this and you are sg here we go again. Proctor and gamble, here we go again. The sum total of all this maybe it picks up business later on as these banks get more liquid, but the dollar, we dont need the dollar higher. We do not need the dollar higher. Then theres the added pressure now on the fed, and certainly, on the boj to start getting as creative as draghi appears to be getting. What can the boj do thats more creative than what theyre doing . Buy cars they will buy anything. They will buy anything. In fact, some hoped draghi would open it up even more in terms of what theyd be willing to buy, not just, i guess its some investmentgrade bonds. Right. But whereas, the bank of japan will already, i think theyll buy real estate, theyll buy your old clunker, if you want to sell it to them, theyll buy you new wallpaper for your house. This guy will stop at nothing. Really . Im just making sure youre paying attention. I thought you were sort of fading out for me. Thanks, yes. But maybe they will. Look, i mean, we can get all excited and be thrilled and the pajama traders can say, if the italian bonds are yielding 1. 3 and europe is up and france is up, lets buy United States. Wait a second its at our expense its at our expense. And you know there was someone whos running for president who spoke earlier today, president trump, right . He calls himself president already, right . Isnt he skipping that whole election process . Hes president of the trump organization. Well, i listen and i say, well, look, you know, if you want to play fair, dont keep bashing your currency. And these have the effect of bashing the currency. But i do think that down the road, if these italian banks which were so hobbled, the Spanish Banks, their stocks are up. They should be pricing secondaries the way our natural gas and Oil Companies do. They should be out there. Like all day, all night. All day, all night. Buckle down listen to me because notice how i speak that is. I havent heard that in a while. They should do 100 million, whatever they do, right now. I mean, they need capital, all right . They need capital. And you know what, and these other the countries, could they please start borrowing . Would it kill these countries to start borrowing, taking care of the refugees who are actually, draghi mentioned refugees a few moments ago. What is he saying . Is he saying that these people are fighting to save their lives . That these little kids dont want to be in syria because, like, they dont want to be killed . Right. Help them geez, help them very difficult political and economic question yes. For the ecb and for merkel. How about humanitarian . Not a difficult humanitarian question, but yes, the other things, yes. Right. My bleeding heart . Okay. No, im just trying to get a sense of how bad things are in europe, because i feel as though weve sat here for the last couple of years and weve said, oh, theyre pretty bad, and then sometimes youve said, actually, theyre not as bad as you think people told me [ everyone talking at once ] draghi doesnt seem to think theyre too good. Well, im not getting that read from the companies that do business over there. Im getting a very positive read. Look, im getting a positive read. The auto companies, theyre all doing much better there. But whats i think internal lending versus, say london. I can understand why london wants to leave this thing. London, uk is doing great versus these guys, but i do think there are real issues here involving the need for the italian banks and the Spanish Banks to have more money and feel more confidence that they can lend, and this is a chance for them, if they take it. If they take it. I dont know if theyll take it. Yeah. By the way, the gentleman speaking right now at the ecb is the vice chair. Well keep track on what headlines are coming out of the meeting. In the meantime, are we going to liesman, talk about draghi and what happened earlier this morning . Teev liesmans been covering it all morning long. Steve, what strikes you as the most important thing right now . You know, i think two things, carl. First of all, he delivered exactly what the market was looking for. That contrasts with the disappointment in december. And he seems to have gone a bit further. You know, the headlines im reading from the analysts right now are talking about draghi dragging out the bazooka, and that, of course, is what the market was looking for here. And you did get a rally in the dollar versus the euro. Coming back a really bit, let me go through the four points he did. Lower the deposit rate by ten basis points to 0. 4 , lower the refi rate by 0. 05 . It is now nothing, zero, as in nothing. Expanded the monthly asset purchases to by 20 billion to 80 billion euros and going on until march of 2017, rather than the earlier stop this fall that had been discussed, and a new series of longterm refinancing operations. Hes including nonbank corporate debt into the qes that can be used there. So, everybody got everything they wanted here. And he was asked about this issue how low can rates go . He said im not saying there isnt a bottom to this, but hes suggesting they havent reached it, they could yet go lower, and he said that he expects rates to be at the current level or lower through the time that qe is in operation or even further beyond that time, and thats march 2017. So, we didnt get the disappointing draghi. We got the draghi who delivered today, carl. Steve, thank you very much for that. Not the last well hear from you today. No. Quickly wow. Wide picture of the white house this morning. Canadian Prime Minister trudeau coming to town for a state dinner. Last time the white house hosted a canadian state dinner, 19 years ago really . Under bill clinton, so, its been a while, even though theyre really not that far away. You know, im going back and forth with simon hobbs, speaking of englishspeaking people and other parts of the empire. Yes. He was saying, look, these Bank Eurozone bank stocks rallied 7 shortly after mr. Draghi started speaking and measures of bank credit performed strongly. Banks will be able to replace expensive bond financing with longterm loans from the ecb. If youre an italian bank and youve been frozen . Wow i mean, you know, these countries banks, they are solvent, but theyre not really doing anything. Hes forcing their hands to do something and making it so you can get cheap financing. I dont know. I mean, the guy is doing everything. Hes doing everything except for buying the wallpaper what was it, the wallpaper . Wallpaper for your house, yes. If you need new wallpaper in any one of your new homes hes not an elected guy. Yes. Wallpapering all your homes could actually add up to something. That would be an economic expansion for many different countries. Yes. But this is a very, very big deal that is not going to have any impact on the United States, other than negative. But you know what, people buy futures because they see the futures over there, they think whatevers good there were going to have the conversations again about policy disparity, particularly with the fed, even though theyre not going to move now, maybe in june, and the dollar is the key differentiating mechanism now, isnt it, jim . Yes. Mine, and what are, we are going to be revisiting that . We were so close to being year over year that we wouldnt have to talk about the dollar, that ibms statements would be about when i watched ibm creeping up, i thought about that because they have huge debts, the company i use to really suss out the dollar because they had the worst exposure, and its not working. Canada. Theres trudeau with the president. He should be talking, the canadian the looney has not been doing well. Were thinking of buying some property up in canada. Im with you, lets get a compound. Prince edward island. If they would let us. I like it. We can do the show from there. Carl can come with us. Trudeau and the president Kindred Spirits politically speaking, both very progressive. Theyre expected to talk about climate. That will be at the top of the agenda today. Right. Along with the tpp. Canada is a signatory to the transpacific partnership, and whether its lumber or oil or what have you, a lot goes on between canada and the u. S. Ill tell you, the United States right now should be selling its bonds. The fed should be selling its bonds. There is a world shortage of bonds right now. What a chance to lighten up. Then we wouldnt have to hear about how the fed is gigantic about a longterm debt. Sell, sell, sell i mean, if i run the fed right now, sell, sell, sell heres draghi now, says ecb doesnt see any need to reduce rates further, and euros gone from 1. 08 to 1. 09. Oh, okay. Is this it . Is he signaling thats all weve got . What else is there . I mean, chemical weapons. I guess he could do chemical weapons, right . He did the bazooka analogy terrible. Lets go beyond the bazooka analogy, thermonuclear war. The guy, hes giving the italian banks and Spanish Banks, their stocks i couldnt even look where their stocks were, theyre so bad. Get their stocks up, its just an equity. Use the ecb loans to be able to make better loans. Now, how about some demand . How about some projects . How about something to do . I mean, when i was over at uk, there were in london i counted 40 cranes. I actually sat there and i counted 40 cranes. I dont know. Look, i had some time on my hands. Thats a lot of cranes. Thats a lot of cranes. Weve got eight cranes in brooklyn, i see. Theres plenty of cranes if you walk around, even down here. Theyre just hidden. Well, but these cranes were working. No, these are working, too, theyre just in little spots. Theyre building a lot of stuff right here, all over. Yeah, 50 million apartments, but aside from that yeah, that will be empty. I looked at a 5 million chinese people, but never actually visited. Those are for sale. Manhattan, dont get mad at me, brokers, but manhattan real estate peaked and there are very big reductions in manhattan real estate, and thats in part because the russians arent buying anymore, the chinese arent buying, the brazilians arent buying. Pricing is lagging lower housed pricing. Yes. It is. A lot of people blame the stock market. Brooklyns still going up because there is a big differential, but brooklyn is still strong. Not to be too local here, london cranes. You talked about the crash in the shake shack. I thought that reduced us to a completely new york granular show. Sorry. Ill go national now. Sports and weather after this. Yes, right . Sports and weather. Anyway, look, i just want to caution people that if you buy stocks up here, draghis not going to speak tomorrow, and what youre probably going to hear is theres going to be some guy who comes on air, a gunlocke type, and says, hey, listen, this means that the fed has to raise rates, so just be aware youre buying on top of whats going to be a negative set of chatter in the United States. Yeah. When we come back, well get to square, the first Earnings Report as a public company. Jack dorsey with our Kayla Tausche last night on the record. Well talk about what he said. Then, these primaries entering a key phase. Steve agoland with the committee for Economic Development will join us later on. Take a look at the premarket stocks, on track for being up for four straight weeks. Havent done that since november. More squawk on the street from post 9 in a minute. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Square earnings out after the bell last night, a wider loss than expected, but revenue well above estimates. The company also out with a pretty bullish 2016 forecast, which has shares up about a percent in the free market. Heres jack dorsey addressing skepticism last night talking to our Kayla Tausche. I think we need to constantly show were focused on the right things. Were focused on building great tools for sellers and that they value them, and we continue to see that growth, and i think were not only a first mover in a lot of areas and innovator in a lot of areas, but also we have the best experience. And we certainly compete with a lot, but what we find is that our competitors are only going after one part of the equation, whereas were looking at a cohesive endtoend of what a seller truly needs. To that point, hardware sales did double. Revenue up 49, was better than most thought, and so is this earnings guidance. I thought it was a very good call. One of the things i thought was really interesting as a Small Business person about a lot of things, i do a lot of stuff on quickbooks. This thing works really well with quickbooks, which is what smallmedium really loves, because you dont really have a big infrastructure for payments. And profitabilitys going to come from these new products and jpmorgan says it will be profitable next year. It was a good call. It was a surprisingly good call. And wow software and data increased 52 , underlying strength here. This was a remarkable kind of unexpected series of positives. There is an ecosystem, and its working. It was a very coherent call, too. Stocks up 40 from the low. Well, it could be a profitable company. They were right to come public, and they ended up doing a good thing for shareholders. I like the call. I mean, i was kind of there were two calls last night, the box call, aaron levy, and this call. Theyre both Young Companies and the calls were terrific. They were great. They were very uplifting. You know, i havent been feeling that well. I got on these calls, i felt much better thats good. Of course, box doesnt need to share their ceo. Did you hear anything on that front that satisfied you from dorsey . You know, look, dorsey is still he has a lot more time than i have. I mean, im up 18 hours a day. I guess he just, maybe hes on some sort of drug that makes it so he doesnt have to sleep. I dont know. Interesting story today in the wall street journal about the challenge of falling stock prices for companies such as twitter and how theyre meeting that challenge while trying to basically make good, if you will, on the stock compensation part of that by twitter paying more as a percentage of revenue than almost anybody at what, 30 . That was a very high number in terms of the stock compensation in terms of revenue. 200,000 to stick around for another 6 or 12 months. Why dont you make money . Thats a great solution having a stock go up. Remember when we reported adjusted ebitda for these companies, it doesnt include stock compensation, so why not pile it on . Does not include plant and equipment. Right. Does not include advertising and marketing. Were a restaurant company, but adjusted ebitda doesnt include opening restaurants because thats not something we do. Look, im not going to include what we pay people or food costs, that would be ridiculous focus on the adjusted number. Dont worry about the other number. Yeah, as a matter of fact, im only going to talk about people who walk by. They dont have to come in. My walkby ratio is unbelieva e unbelievable people just walk right by. Im counting them. Its adjusted. Youre talking literally traffic outside. Yeah, they dont have to come in. Its adjusted. Its adjusted. I au adjust for that. I adjust for no sales. When we come back this morning, well get cramers mad dash, count down to the opening bell, look at the premarket and well see if the gains in the futures are sustained as the euro makes a big reversal before the open. Back in a minute. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. 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