i'm michelle caruso-cabrera in greece with a cnbc special report. u.s. futures are higher after a pro bailout party win in today's election. that increases the chance greece stays in the euro. i spoke with the leader of that party earlier tonight. >> hi, everybody. welcome to "the wall street journal report." i'm maria bartiromo. europe teeters on the brink. will it save itself? greece, italy, spain, all facing disaster. what happens next and could it be good news for the united states? but europe isn't the only global story. what do you tell retail investors about the emerging

global markets? where do you get in? where will the next economic miracle happen and how do you get in on it? and the new trend in weddings this summer. "the wall street journal report" begins right now. >> here's a look at what's making news heading into a new week on wall street. on the hot seat, jpmorgan chase ceo jamie dimon appearing before a senate committee abcing questions about what went wrong when the bank lost billions in trades in london. dimon said those who made the mistakes will pay the price. >> for senior people, most of these people, we can claw back even for things like bad judgment, claw back any uninvested stock, things like cash bonuses, so it's pretty extensive the ability to claw back. >> and in talking about clawbacks, dimon was also asked if he would give his salary back

and said that was not his decision but up to the board of directors. the markets did a best imitation of the yo-yo this week falling 140 points on monday, making that up on tuesday, then followed the same pattern later in the week, mostly on hopes for a bailout for europe and more federal reserve easing in the united states. retail sales fell for the second straight month, tumbling 0.2% in the month of may. demand for building materials was down, as was the price of gasoline. no huge developments meanwhile from the apple developers conference. but the company did announce a new operating system to be introduced in the fall, a new 3d mapping system for its iphones and new i-mac pro laptop computer. the stock fell on the news on monday. can europe's debt contagion be contained to greece, or will it spread through the rest of the eurozone? what does that mean to america's economy is the question we're trying to figure out. laura tyson is former chair of the council of domestic advisers under president clinton, currently a professor at the haas school of business at

berkeley. laura, wonderful to have you on the program. thanks for joining us. >> thank you, maria. >> let's talk about so many concerns this week. of course the greek elections over the weekend. that could determine the future of the euro. we're stating to see signals from central banks around the world that they may actually act if needed more stimulus. what kind of impact are you expecting from all of this? >> well, i think it's a moment of great uncertainty because the contagion has really already spread from greece to spain. it's spreading throughout the european banking system. european banking system together is the largest banking system in the world. and so you have evidence of people pulling out deposits, private capital moving out of those financial institutions, concerns about the lack of deposit insurance. so this is really morphing into a full-fledged financial market crisis in europe, and of course that would lead the central banks correctly to say what can we do in the event of a crisis

to make sure the system has adequate amounts of liquidity and to do what we can to bring back some certainty to this marketplace? >> so, what's the impact on the u.s.? i mean, after xwrooes, there are even bigger concerns as you mentioned, in italy, spain, much larger economies there. those countries are facing higher bond yields. that is making it more expensive for them to pay down their debt. the interest rate they pay to borrow money. and a sign of concern about their debt. so are you expecting an impact on the u.s.? >> well, the impact on the u.s. has come through many, many channels. i mean, one channel is that the very dramatic slowdown in europe into recession in many countries has led to a softening of commodity prices around the world, including oil and gas prices, and of course the u.s. is a net oil importer. there's an effect. another major effect has been the running away from anything considered risky and running away from anything considered

risky has been running into u.s. treasury debt, so we have interest rates on long-term debt flirting at or at, depending on the day you look, the hour you look, the lowest rates we've seen in 50 years. so we have those two effects as basically positive, oddly enough, effects for the u.s. economy in terms of growth. but we have europe, our second largest when you take europe in its entirety of the trading market in recession, and then of course you have all of the capital market uncertainties which are affecting u.s. financial institutions as well as their counterparties. >> what about the federal reserve, laura? i mean, we also have a softening economy here, putting europe aside. do you think that the fed takes any new action? we have the fed meeting this upcoming week. >> right. well, i think the fed throughout this whole period, this extraordinary period, has really been very, very clear that it's looking at two pieces of evidence, the unemployment rate and inflation, inflationary expectations, and it's trying to decide, given its tools, what it

should do. i think with evidence of the softening of the labor market growth, it's not that the labor market has turned negative, but it's becoming softener terms of slower growth, and with new evidence that inflationary expectations are well under control with the new downward pressure coming from oil, commodity prices, certainly gives room for the fed to move. i think what they're saying is we need a little more evidence. we need a little more evidence on what's really happening in the labor market. but also behind the scenes, i would have expected the fed to be in a leadership position with the ecb and the bank of england and other central banks preparing a crisis mitigation plan should there be a major financial crisis in europe. >> what about the fiscal cliff here, laura? what are you thinking in terms of tax cuts and spending programs going away at year end? do you think that we're going to have any agreement on this? >> well, i think it will be

interesting to -- for those in power during that period of time to look at the european experience and to realize that we don't have a debt crisis. if we go off a fiscal cliff, it's because we jumped off the cliff. we don't need to put on to a modest recovery in the u.s. economy in a negative global environment. we don't need to take 3 to 5 percentage points out of gdp by tax increases or spending cuts just because we have them slated to go into effect at the end of the year. you have to look at the circumstances. you have to look at the world economy. you have to look at the u.s. economy. you have to look at the ability of the u.s. government to finance itself. you have to look at the flood of capital into u.s. treasuries and say we don't need to jump off that cliff. >> right. >> there's a wonderful analogy about kicking the can down the

road. the europeans that kick the can down the road, kick the can down the road, until they kicked it to a wall and it's going to come back and hit them in the face. the u.s. has room. it has plenty of room to extend its decisionmaking into, say, our deficit problem is a ten-year problem, it's a 20-year problem, and if we do anything dramatic in austerity between november of 2012 and february of 2013 -- >> right. >> -- the risk of recession -- and we've been warned by the cbo -- is very high. >> so i guess then that means extend everything, the tax cults, the programs, because things are too fragile right now. >> however the politics of the package work -- >> right. >> -- we need to pay attention to the fact that we do not want to take 3% to 5% of gdp out under these circumstances. >> i guess it's a poz they've oil prices have gone down. you've got one positive in terms of -- >> oil prices and interest rates

have. those two are positives. american consumers, american households still have been suffering from relatively low income growth, still high levels of unemployment. what they have seen as a result of the decline in gasoline prices up to this point is probably around $500 additional income this year. that's so far. and oil prices look to be headed down further. >> all right. we'll leave threat. good checking on the program. thanks so much. >> thank you marx rhea. >> great to hear you. >> laura tyson joining us. up next on "the wall street journal report," what are the breakout nation ls poised to get ahead and change the way you spend money? a global search for economic miracles and how much it will cost you to visit. and the most expensive event in the lives of young couples. wedding trends from destinations to social media. the times, they are a-changin'. [ male announcer ] citi turns 200 this year.

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one of the biggest economic stories of the last decade is the swift rise of the world's emerging markets. developing countries now represent some 40% of the global economy. but are those leading the trend about to see a slowdown? and certainly we have seen a slowdown in some of those economies. who will take their place? my next guest is an who travels the world seeking opportunities in group. he's head of morgan stanley's emerging equities markets division and author of "breakout nations: in pursuit of the next economic miracles." good to have you on the program. >> thanks, maria. >> the book travels through two dozen economies of the emerging world. we hear about brazil, russia, india, china. tell me about their importance to the world stage in the coming years. >> i think a lot has been discussed about what this global slowdown means for the western world, but not enough for what

really this is doing to all these countries out there in terms of china, brazil, russia, india. i think what we're seeing here is that desite expectations that they would be able to sort of lift and run as far as the global economic growth is concerned, we're seeing a pronounced slowdown now come through in some of these countries. so the latest data on china shows after 14 years of growing at 8% or more, there is a risk that the chinese economy may be dipping below that. and expectations are so high that anything less than 8% feels like a bit of a hard lining as far as china is concerned. the same story can be said for russia, india, and brazil. brazil's growth rate last year dipped to below 3%. russia struggled to get to 4% this year. india, too, is coming off an 8% to 9% trajectory to possibly 6%, 7%. this is a synchronous global downturn out there among the leading emerging market economies, but some new ones will emerge as the leadership of

tomorrow. >> i want to ask you where the leadership will be. but when you see china slowing down from 11% to 7%, 8%, that's a big slowdown, even though relatively speaking we're still talking about very nice growth levels, that's a big number to slow down, 11% to 7%. >> yeah. everyone still expects it to grow at the same pace that it has done for the past decade or so. but china now, their per capita income is more than $6,000. at those levels even some of the most successful economies in economic history -- japan, korea, taiwan -- they all began to slowdown. i expect in the next few years china's growth rate will be 6% to 7%, very important for groebl growth but has a slightly positive message for the u.s. as well. the two messages for the u.s. is one, as china slows down, a lot of commodity prices such as oil, are likely to fall, and the second implication is that the u.s. is going to return, i think, to be the largest

contributor to global growth, because it is still more than twice the size of the chinese economy. >> yeah. that makes a lot of sense. so what's the significance of countries with this trillion-dollar economy? you say turkey and indonesia are two countries that are really heading for that milestone. tell me about those countries. >> there are only 15 economies in the world today with a size of a trillion dollars. and the next to i think join this club will be turkey and indonesia. the indications are quite significant. there's a lot of thought in the west whether that can work. i think the fact that toek yo and indonesia are emerging as stars in their own right sends a powerful signal to the arab world and the west if you get the economics right you can be successful. and that's what's going on in these two countries. >> somebody came back from china recently and told me they were at the beijing auto show and the car that everyone's talking about and the chinese are buzzing about, the lamborghini

suv. the lamborghini suv. so, i mean, it gives you a sense of where the money is and what they're doing with that money. you write in the book about a $24 cocktail in brazil. a bellini. $24. what are the pries of these luxuries around the global economy tell you about the local areas? >> which places are good to do business in, which are not, which are cheap and which are expensive. the big story is today i find among the cheapest currencies in the world is the u.s. dollar. and some of these emerging market currencies such as the brazilian or russian currency have become expensive. i think about the four seasons index. begin to stay at the four seasons hotels or the equivalent, and the prices of the room rates there tell you about which places are cheap and which are expensive. >> look at the price of a room at the four seasons hotel around the world, a room with a king sized bed in jakarta is significantly less than a room in the four seasons in new york. >> yes.

but i think as far as new york is concerned, it is still somewhat better than many other emerging markets with the competitiveness. russia and brazil have become very expensive. when you go to the concierges in new york hotels, a lot of them are portuguese speaking because you have brazilian shoppers coming here for bargains because it's expensive to shop at home. >> what do you tell retail investors about the emerging markets? how do you get in? how do you participate in this growth you're seeing? >> there will be winners and losers and we need to pick which ones they will be and not just a fallacy, stick an emerging market flag up on any country and it's going to fly. >> absolutely. >> this is about differentiation, about figuring out which are going to be the breakout nations, which are going to beat the expectations. this is 40% of the economy now. >> we appreciate having you on the program. >> thank you. up next on "the wall street journal report" whose wedding is it anyway? how brides and grooms are shopping and spending their

money for the big day. find us on facebook. stay in the moment sanya

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oh! >> people always get married. what people are looking for is value. >> today's bride and groom in particular the millennials, they want everything personalized, customized, tailor made. >> technology has completely made. surveys say the bride would rather lose her sense of smell than give away her computer or

smartphone. >> what we have done is to come up with your wedding, your style, the inspirational tool is there to create what bouquets look like, reception pieces, and the designer really brings it to life. >> weddings, honeymoons, it's about 35 per, 40% of our total visits. we have had about 250,000 come to our resorts over the years and get married. >> saying i do is a $53 billion business. what makes today's brides and grooms say i'll buy? elizabeth graves is editor in chief of "murd weddings." >> thanks for having me. >> the average cost of a wedding $27,000. tell me about brides and grooms as consumers. how are they shopping for the big day? well, i think it's all about personalization now. one thing you have to keep in mind is they're getting married a little later. the average age far bride is 27, 28, and for a groom it's 29. in the city, you see that even -- you know, there's lots of 34, 35, 36-year-old brides in

new york city. so they're all about personalization. they know themselves a little bit better. they're also moving in together sooner. we know 81% of people live together before they get married. and many in that 59% of those decide to move in together before even the promise of an engagement. so, you know, he's part of that conversation, and i think they're really focusing on making their day -- putting their personal stamp on it. >> in terms of personalization, how does that fit into the trends you're seeing in terms of colors, venues, themes for weddings? >> it all starts with venue. that's one of the early decisions when it comes to planning a wedding. you see the church, the synagogue, but you also see people looking for a place that's meaningful to them. there's a big trend in having wedding at a place where you can have a ceremony and you can also have the reception. so that's kind of a cost-cutting measure. it also just makes sense. so we see people getting married on mountaintops, where they might have taken their first ski vacation together. it might be a beach or a family

property, a snorkel property. it could be an art gallery. it's what is meaningful to them. >> we saw in that piece that sandals re-created their wedding planning experience. >> yes. >> to meet young technology savvy brides, which, of course, has become a big thing, tech savvy, social media, mobile purchasing. how has that changed things? >> it has changed so dynamically. even in the past year you think what's happened with the bride's dream. you can curate the web, look through any page and pin it, make basically a virtual inspiration board and share that with your planner, your mom, your bridesmaids, and it's taken it to a whole new level. i think the other thing to remember is the thislymy len yal bride, she's never known the world without the internet. she's tweeting, using facebook. an important thing for people is that the bride does still want to keep it private, though. so she might not be putting all the ideas up on facebook, but it's still a place she can share

and her husband might not be on it, not everyone is on it, but they're using everything. >> speaking of facebook founder mark zuckerberg got married right after he took his company public. we've seen a lot of famous brides be trendsetters in the past. any bump in the industry as a result of priscilla chan, mark zuckerberg's wife? >> they're really interested in her. it wasn't a katherine middleton situation, but people took an interest. i think brides in general, they're looking for inspiration from everywhere and everyone. so they, you know, wanted to know who designed that dress. of course we know claire pettibone as a fabulous designer, but i think a lot of people got introduced to someone they may not have known. >> great to have you on the program. >> thanks for having me. up next on "the wall street journal report," we take a look at the news this upcoming week that will have an impact on your money. and take me out to the ball game. what happened when they invited me? on your burgers after they're burnt! [ male announcer ] treat your frequent heartburn by blocking the acid with prilosec otc.

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to help business do more for customers. ♪ now a look at stories for the week ahead. on monday, leaders of the 20 largest economies meet in mexico for a summit. the g-20. on tuesday, jpmorgan chase ceo jamie dimon returns to capitol hill, this time testifying before the house financial services committee. on wednesday, the federal reserve will wrap up a two-day meeting with another press conference from chairman ben bernanke. we'll see if there is more stimulus coming. thursday, a look at the housing market when realtors report the number of xiing homes sold in the month of may. finally, when i take the mound, i mean business. i got called up to the major leagues this week for the second

annual broadway softball classic in the bronx this week. their friendly game raises money for the boomer esiason foundation fighting cystic fibrosis. i was honored to don yankees pinstripes and pitch five innings against nfl great esiason's team. even though the boomers, as they were called, scored eight runs during my long relief appearance. remember this, in sports, life, and even your money, it's all about how you play the game. what a thrill for me. thank you to the yankees for that. that'll do it for us for today. thanks for joining us. next week, join me for marcus samuelsson, the chef behind a new harlem renaissance. keep it right here.