tomorrow night, good night from new york. neil: hours away from getting their hands on their own money, cypriots told not all their money, 300 euro tops, if they had any plans on leaving the country or shifting some money out, 3,000 euros, that is it welcome to new cyprus order. when you hear what i am about to tell you welcome to new world order. i am neil cavuto, 7 more days is how long the cyprus government is expecting the controls to remain in place, don't think for a moment cypriots are still not getting screwed. remember who is paying the cral controls, and -- capital

controls, the same government that promised after shut down bank they would reopen in 24 hours, more like 240 hours. the same government that promised no one's bank accounts would be tacked only to backtrack. and no wate wonder cypriots are concerned. the idea is to prevent a bank run, but what do you think happens when nervous europeans see what is going to and discover, maybe this is what happens when the government takes charge of your account? do they take their money and run before the government gets a chance? , all we're officially hearing, cannot happen, it will not happen, and cyprus is cyprus and not us. are you worked up? i am, we ask sandra. >> i just think that this is a

situation, like a first timer. cyprus, small people have not been able to get to their money since march 16, that is 11 days now, you pull a limited aim out of the atm . we don't know who has gotten out, we don't know if the big guys are already gone, one would think so at this point, smaller guys are they lining up at atm and deplete their funds? that is becoming realty. but bigger picture, there are weaker situation in spain, italy, are we going to see a run on those banks. neil: we wonder, if this passes calmly, you can argue, they just got away with raiding the people's bank accounts. albeit rich people or russian oligarchs. but let's say that it goes smoothly, if it does.

if you a government looking for a quick way to raid the cash pile that is a pretty good thin, right. >> top european officials, just the other day said this might be template for future bailouts in places like italy or spain, the 17 trillion-dollar question neil circumstance how should americans feel about this. should we be concerned? i think some alarmism about this a imminent parallel is overblown, cyprus is the third smallest eurozone economy, a far cry from the u.s., but. i think there is a really meaningful cautionary tale for u.s., we're seeing what true austerity and a trie true debt crisis looks like playing out in living color on streets in europe am if we continue on our path we are on we will have an imminent problem in the future.

>> i worry about, maybe needlessly, but let's say, they don't get amount of money they thought they were going to get from those rich deposited acounted, the oligarchs own, maybe they got out of dodge before everything hit the fan. then they have to go down the food chain to get it some somebody. likely smaller depositors. allay me of my concerns. >> the key is consumer confidence, whether in cyprus or u.ss the bottom line is this strikes at the heart of a lack of financial integrity in the banking system, if they feel like those banks not stable that could cause serious financial issues with ramifications across europe. dee for u.s. is don't think this is a behind situation, ary ta - taboo has bn broken. if that happens there that could happen to us as well, we want to

make sure there are saf safeguas in place this goes to consumer and buyer psychology for cyprus and here, if people are not confident their money is going to be there that may cause them to save less, spend less, the banks lend less that can cause this economy to slowdown quickly. neil: you know, what i wonder. say they continue, hit up the rich, this is an easy way to do it, just attack the bank account, the precedent has been broken and there gump at the very least, other governments can 11, if yo 11 learn, if you a quick dash for cash that is it. >> we've not seen the fallout yet, their unemployment is twice of what it is in u.s. right now, have you many more people out of work, getting laid off who are working at banks you have people with limited amount of cash on

hand to pull out of the banks to spend at local businesses, the play out on the economy, we have yet to see, this could be a disasterrous situation. so, i don't think that it will be that easy, that tomorrow whether everyone goes to bank whether it is calm or we decide if it is well and good. when you worry about whether or not we could see it in u.s., don't think that u.s. would make is so obvious, we have capability of money printing with our central bank. neil: there is precedent. roosevelt when he first assumed office shut down all of the banks, it was ment to calm everyone down but it got everyone nervous, when it reopened it was a new world, from a strict government, they argue that could never happen now. >> how is that calming going in cyprus, they are opening the banks tomorrow with all these limitations about how much

people can make out, they do not know how this is going to go. principle is so important. the pro verbal hours is out of the barn, americans should think about this a lot of people had their tax refunds directly deposited on their banks, there is thousand present in world, not saying tomorrow or in 10 years here, but there is precedent for a government doing the inverse now, going in doing a direct withdrawal, from our bank account, and unless we control things, we have the opportunity, that is the key point here, we have the opportunity with our fiscal policies here, to stave off anything like this ever necessary. by being responsible. and we have to support those politics in this country who are willing to tell the difficult truths and head off the problems before they come to our shores. neil: well, that not happening. derrick, you said, about instilling confidence. i think that is the gest of what you said. if a precedent has been set, for

going after folks banks accounts, albeit rich folks. i find that the latest example of very create wif creative with gooernments wants to get money than they are when it comes to saving money, that is just latest remind or me and that troubles me. >> when you think about financial distrust that is lead on a financial bust, if americans watching this feel that same situation could happen here at the local bank that could cause a debt in their buyer and consumer psychology, two-thirds of our economy is how people feel about it their willing nose spend their hard earned dollars, if they feel that is in jeopardy if that i want to get a bank lone, toic pend their business they cannot, that can cause them to change how they do their finances. this should be a lesson for all of us, it could happen in

cyprus, 1% of population of u.s., if regulations and controls are not put in place, and really renewed evidence in from our government to say, our banks are strong we're not like cyprus, you can rest confident, until that message is clearly stated, americans need to be vigilant about their personal economy, they want to make sure they could go to their bank, and find out if somebody happened how accessible are their fends, american consumers have to realize this not isolated. in a global economy when a domino falls the entire deck is call. >> thank you all worry much. meanwhile, you want to know how you prevent volts like this? make sure you find people's jobs like that. the great ehickser i ehickser -s

simple as great employment. >> and white house on a big mack attack, while jobs are under attack. ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operation. ♪ when emerson takes up the challenge, "it's never been done before" simply bemes consider it solved. emerson. ♪ ah. 4g, huh?

verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the st consistent speeds indoors or out. d, obviously, astonishing throughput. obously... you know how fast our home wifi is? yeah. this is basicalljust asast. oh. and verizon's got more fast lte coverage than all other networks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing? uh, charles couldn't make it. his single miles card blacked him out here and here. he should have used... the capital one venture card. he's coming to us from home. hey fellas... hey baby, you nt mama to iron your undies? nice tightie whities. i didn't know mrs. barkley made quilts. really? looks like a circus tent. is that the best you got? now if you put this, with this, you have a sailboat. what's in your wallet?

neil: beware of any administration official promising any employment. he is full of -- well you get the picture. but you have to wonder what cbo is saying about the president and his policies, congressman, you think about it, is that a damning indictment, using numbers that white house is not quoting, what do you make of it? >> well, neil, the cbogave us an assessment of this far out at fourth quarter of 2016. which would be last year of this administration. and i thought it was interesting, somewhat intriguing what they said, i'm concerned

about you know unemployment rate today. and the reason we have seen u unemploys hovering around 7.8% is because administration has not been focused on jobs but focused on finding government solutions or growing the government, and everything they have done for the most part has been bad for jobs. in terms of you know excel pipeline, and raising taxing bad for jobs, and health care bill, bad for jobs. you know, we don't need more taxes you heard we said we need more tax payers this add spin tradinadministration has not doa lot in terms of created taxpayers, unless is in the government, if it is in the government you have to take money out of entrepreneur's

pockets or private sector pockets to pay for the government. neil: this is like a from fess or grade -- like a professor grading on the curve. that goal, looks unrealistic according to the cbo that could change. but, right now, the way that cbo is forecasting years on out, very little reason to think we could get close to that level. what would it take to do that? what would it take to make that more realistic? >> i think that cbo, they are taking a look, at what we've done over last 4 years to say we'll do much of the same. it will be much of the same result. neil: they are saying, i'm sorry they are saying that rate comes down. you front high over 8% to likely, you know, close to 6% or so. not full. but lower. so to speed it up, what to we

do? >> i think, neil, we got examples that you can look at in country in terms of states and what they are doing, to kind of turbo change our job creation, as i said, when -- taxes increases, i don't think, i don't think that is answer. i think that health care bill, is probably going to get us pretty close creating a part time unemployment base. companies are saying we're not going to expand, we're not going to grow. the way they are making their progress today by and large is by you know, operating ratios reducing assets, reducing employee base, cutting people back, not replaces allowing attrition to kick in. so, you got to create an environment, i don't care if it is a republican business person or a democrat business person. for people to expand and grow,

their employee base, they have to have an environment, or government should be responsible in creating an environment, for them to do that and the environment for that to happen, has not happened over the last 4 years, because of regulatory policy, because of economic policy, et cetera, et cetera. but go to north dakota, and texas, and alaska, those places that are creating jobs, you know adadministration has been hostie to those places, they are doing a good job of it. neil: congressman always a pleasure thank you. >> thank you neil. neil: in the meantime a thousand dead ducks found in a chinese river. but yoko is still singing the same old tune. still thinking it stinks here, yoko should buy a one way ticket

there. [ lorenzo ] i'm lorenzo. i work for 47 different companies. well, technically i work for one. that company, the united states postal service® works for thousands of home businesses. because at usps.com® you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, nousiness too small.

neil: there must be something in china's water, it is not yoko ono and daryl hannah. while they protest pollution problems here, 1,000 dead ducks floating over there. little more than a week after 16,000 pigs were also found floats just as dead. in another river this yet no quacking or squealing from environmentalists here, sabrina schaefer thinks something stinks. she said it is at green double standard, you think that

environmentalists are ducking an issue? >> absolutely, this is a perfect example of environmental alarmism going awry. we have them here, terrifying the people, and encourages growth of regulatory state, in name of protects the environment, and turning their back on real environmental dangers, 16,000 dead pigs in the drinking water of shanghai is something not to ignore. neil: we had the option of showing dead pigs or yoko owny ono singing. you should recognize we have big problem in china, big problem in end la, shoul la yeah -- in inu should be a fair and balances attacker. >> you would think they would be

agovernment on what is going on, dwar-- aghastwith what is going. they spend billions of dollars subsidizing the solar, inefficient solar energies they are trying to push our people on, greens are always consistent, they love nature, they hate mankind, they will come out against the industry,ancy damage against particular, for daryl hannah and yoko ono they did it here at home. neil: your thoughts? >> well, i think china is probably one of the world's west if worst offender of environmental standards, it is not just the pigs and ducks, there are many animals very found dead, the water is light

polluted and the air is polluted to say that international environmental movement has been silence on it if wrong, they have pointed to china about worst. neil: i am talking about protest movements here with regard to keystone. >> let me address that, i think that international environmental focus on things that it can change with respect to the international situation. it is difficult for activist groups to change something that is domestic in china. with respect to their agenda here, i think that some of you like jonathan like toportray is as a fringe agenda. when in fact the major case that just came before the court of, you had senior judge, an arch conservative saying that eps afteepa wasnot only right but rr the obama can starting. >> so, so much of it based on

junk science. >> that is funny, the court said, that court, i would like you to respond, court said in that case, science was indispute indisputable. including jutian -- >> so much of that alarmism in general related to environment is based on faulty science that is how theic expanding regulatory state. and i think unfortunately that fueled so much of this alarmism. >> nuclear -- >> let me point out. >> keystone. neil: jonathan, i see where you are coming from. in in decision, i know a little bit about this, he was argue, you could have your cake and eat

it too. you can have your energy initiatives as long as they are environmentally safe, i am cutting overly simply here. but if that is a goal. then why condition that be a universal goal? jonathan, my point with a lot of these people who act up here, chain themselves to white house fence or whatever. i don't know what you get out of that outside of a policeman unchaining you. i will say, that why then condition this rage be universal to reflect anx about our growing economy power, one of our biggest trader partners violating on steroids the things they pro activity outside of the the white house. >> i have to say i agree with jewel yen that environmental movement is against industry, and fossil fuels in the world. >> not what i said. >> not just an american invention, but when china, suffering from most is lack of

property rights, if you had a strong erierenforcement of property ris would not see that kind of plug, but it is government owned. >> let me respond to a few specifics, worst offenders in china are not by the government, it is by private industry that is not regulated. to your point about. >> there is a whole. neil: finish that thought. >> the point is it is not enforced. to your point environmentalists being antiindustry. the clean air regulation were not just pro public health they are very pro industry, they were very pro -- >> to be fair you can pick and choose your courts and battles. battles. what i want to get a sense out of you, down the road, are we then being selective,

environmental movement here, if in fact is picks on the united states, nene assumes china is china, then we can't do much about it, india is india. whether in fact you could ar you the u.s. >> you know i'm a mom of three little kids i'm concerned about your environment, i would like a safe and healthy environment to enjoy. but i think that we all know we have to balance that concern with our environment. with the economy. i'm also concerned there is job creation, and economy growth, we focus on the united states, we seem destined to pass legislation or pass regulation, that are going to cripple our economy that will not have an impact on the environment. when we have countries that are doing massive damage, i think that is where people say, this does not make sense, if you care about changing the environment, then why are we crippling our economy at home. >> my problem with what sabrina

is saying, i agree with yoo neil about evenhandedness. with what sabrina said, he is making generalized argument where it is based on junk science, i component out in a major case have you a circuit court saying that it was compelling, and then sesays but generally based on junk science. but not a specific example. >> i'm point out i can point out -- >> if i may finish. neil: it is well taken. >> if i may finish my. neil: you may not. wire tight, we'll get you back here, talk amongst yourself during the break. >> the white house push targets the poor by targeting big macks. sandy victim who said that government is still hanging him out to dry even now. >> fema ain't doing nothing still, they keep going in a circle, and they go denied,

we're still looking at your thing, it's a joke.

neil: all right, get ready for michelle to give them hell, america's first fitness buff, targeting the poor, why so many are them are eating big macs. to former mcdonald's ceo, who has been chewing on this and has

advice on the administration, not so much on getting them a salad but maybe getting them a job. what do you make of this. >> craziness, nanny say the is taking over, the problem we have, illinois announced their unemployment at 9. 5%, let's get people back to work so they can afford nutrition food, get off their rearens get active, it is calories in, burn emup thi thems that simple. these programs are full of waste and fraud, you can go to street corner in chicago people are selling their link cards for cash. neil: people say, poorest among us gravitate toward food that is not perfect, i'm not saying that mcdonald's is not perfect, but you make a b line forward the

stuff that is not good for you, this is incumbent on michelle obama school to come in and set your head right. >> i'm in favor of education, teaching people how on make better choices and choose the right food, but to tie this to a program like, our current food stamp program, i think is insane. go into any grocery store, look at line after line, of snacks, poe papotato chip, soda somewhae you, some in moderation makes sense, but in abundance is wrong, there are more fundamental issues. if we had unemployment at 2% then we could worry about this let's get jobs back illinois and let'sable like texas, in illinois, get jobs get people to work, they should be the priorities issue not whether or not someone is eating a bag of chips. neil: in texas may eat hardez.

-- in texas they eat hardy. i'm the wrong guy to debate this issue, hamburgers are a part of my food pier mad. pyramid. i wonder, going after your point, whether we go after the wrong thing. when you treat people like idiots are you reinforcing the notion they can never get jobs. you are in a perverse way feeding a cycle. >> i believe that. you know, big mac is a good nutritional sandwich once in a while. these folks are smart, they can make good choices if given opportunity. if they can go out and buy what they need because they have a good job, they will make better choices. choices. >> what about if someone uses welfare checks or food stamps for bad stuff or things that deemed bad by the white house, i

argue, whatever you argue, it is their choice not yours ? >> we're a society of closet eater,. neil: speak for yourself, young man. >> i am all in favor of education, and making sure that people understand good choices, but at the end of the day, it is their choice. they are capable of choosing between this and that. why push them into a scenario they become dependent, i don't get, that we don't need dependency, we need intelligence, and programs to help people make right choices weather, it is food for life style. neil: very well put edward, in chicago. >> you betsy you soon. neil: are you thinking of putting your home up for sale, but you want to wait a little bit longer to see if the real estate real estate come back is real, you are not alone, you are actually part of the problem, i'll explain.

neil: fits in starts but steady as she goes, housing is back, not gangbusters back, but back just the same. home sales rising, home prices rising home demand rising. what makes it north worthy is consistency over last 8 months, let's ask real estate experts. is it real? >> this housing recovery is real. demand is back. and it feels solid. there are many factors that are different this time. than say 2005. when we saw huge price increasing, one mortgage under write it is more difficult to get a mort gang. neil: it has not changed?

>> it is still difficult to get a mortgage that is good, you have to put 20% down, people are not buying homes they cannot afford, our number one issue is still supply. we have a lack of inventory in the nation. one reason is because people have negative equity, as prices continue to appreciate that reverses people become more confident, they have more equity, they list their property, you get more supply into the market that makes market more balanced. in addition to that you have new construct coming in. which is also helping supply. all of these factors will help stabilize the market. and east and west coast are doing well, midwest is taking a little bit longer to recover, one reason is unemployment. but northern california, southern california, miami, florida, new york, texas and carolinas and washington d.c. they are doing well, it is solid, it feels real, and consumer confidence is coming

up. >> you know david, what worries me is this phenomenon where, the supply is limited because as she just pointed out there are a lot of homeowners who are waiting efficient their home to appreciate get out from under water that can all of a sudden cut whatever momentum you have short they might never put their homes up for sale, and pent-up demand is squashed, what do you think? >> that is -- there is another factor neil out there that has a cloud over the recovery, this recovery is real. there is no question, sustainable, real data. but here is what the cloud is on the horizon, number one, we have reason for this housing recovery is not because all of the americans in world showed up in in -- marketplace, visitors, hedge funds bought up the home at low prices and renting them out to people with credit impairment. and find they can only rent, it

has been a great time for investment community to get in here. neil: how long does it take to work off. >> we have worked off a lot of but there is more to come, there are more foreclosures, what is interesting the markets that take offer those state that you don't have to go through course to complete a foreclosure, called non-judicial foreclosure states, those states, the recovery is retarded because the time is taking to work through that inventory. so, investors are driving, it that are is cause of inventory but they turn, an dump investme, property are increasing, they are satisfied they go to orlando florida for example, say, good market, good return let's dump these properties here, and put them back on the market, that could be significant on this recovery. neil: you know, katrina, do you

think a lot of folks, out there in florida, they want to go back to those days, where real estate was like a cash cow. and you could buy a condo sight unseen, and flipped before it was finished built, that is our perspective to go back to those go-go days, we learned that not routine. we won't get back to that. but we might get back to something consistent prior? >> i'm actually glad we're not too going back to, that people think that will happen again, they are looking for bargains and deals, and i would rather have a healthy market, another factor, in addition to everything that was mentioned they are all great points. is international market, a lot of people are bringing money into u.s. from russia and europe and china, and japan, and

brazil, now italians may come, and stronger numbers as well. neil: my people are coming in. always the it tigh italians to e rescue, thank you very much. >> thank you, neil. neil: just when need them, some people say housing is back, sandy victims are still trying to get off their backs, now the government has just surprised them with such a shocker, this sandy victim, loaded for -- alec, for this mission i upgraded your smart phone. ♪ right. but the most important feature of all is... the capital one purchase eraser. i can redeem the double miles i earned with my venture card to erase recent travel purchases. d with a few clicks, this mission never happened. uh, what's this buon do? [ electricity zaps ] ♪

you requested backup? yes. yes i did. what's in your wallet? ah. 4g, huh? verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously... you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fast lte coverage than all other networks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing?

neil: here is good news sandy victims, you're covers, bad news, whether you have broad flood insurance or not, you are clued.

fema saying, they need to plan for big rate hikes. craig talking about going from paying hundreds of dollars a year to thousands of dollars a year because congress has been having fema pay for itself, never mind fema foots bill for those who never get flood insurance, now sandy victims like scott mcgrath who has done all the right things getting doubly penalized for seeker not happy but she here. what do you think of this? you had flood insurance, extra insurance. >> i had homeowners insurance, and flood chunks, and after thet hurricane they made me get additional insurance, have you home owner insurance does not cover structural damage, you have to get flood insurance, then it covered structural damage but not content, and it

has become a big headache for everyone. neil: was that required before sandy? >> depending on the zone you are in. i was in old a zone, now i am in bzone. >> all water susceptible areas ? >> yes. >> you have to pay more. >> if you have a mortgage, now there is a several people like i live in an old community, a lot of people that own their houses out right, they did not have flood insurance, after the flood, they only might have seen 30,000 from fema. now we have a major problem coming up. you heard they want to raise the rates and stuff, rates will go like this, you will have 2 hop options, to either razor property -- raise yourrproperty to above sea level, that will be determined by fema and government, it could be anybody's house raise from 5 to 15 feet. now when you have higher an

architect. have you on hire an architect eand engineer and someone to to raise the property. neil: while you pay higher insurance. >> right, now, say for example. i have to raise 10 feet, we're told that can could 10,000-dollars a foot to raise your house, that is $100 thousand, you call your insurance company, flood insurance company, they tell you they only have an allowed amount of 30,000 for you. >> who foots difference, do you? >> grants or take the xba loan 92 it is more complicated for you, have you your all of your insurances, you thought you were covers weather, fema came in after the storm, it was pretty much rewarding everyone, whether you were covered or not. a guy like you who do all of the right things of doubly screwed? >> you of, you are not really

through the red tape yet. neil: you are less inclined to get help because you have a back up. >> they tell you, if the -- you are better off not being insured. you get helped a lot faster. neil: you need to explain that. argument is those, with no chunks had no fall back, you were stupid enough to make sure you had insurance, you had to wait longer because did you the right thing. >> >> right, and not only wait longer but your check cut to you, but made out to you and youmortgage company, they have o endorse it they will not endorse the check, they want you to endorse the check, they hold on to the check while you do repairs. neil: how do you do repairs without the money from the check. >> they tell you, they will come inspect it, and contract will submit the bill to them, a contractor will not do that, the

mortgage companies are holding the money to the victims of sandy, we're screwed by them, and screwed by the government, if do not raise your house above sea level, you will be required to pay up to $20,000 a year. neil: what, is that you are unlucky sob, and fema has for years, maybe, whatever they call it you know all these storms, global warming whatever it is, bottom line, a lot more storms fema got in real deep, it has to find a way to get out. so, the best thing it can do to make itself whole by congressional order if i read it correctly is tick it to you. >> it is middle class victims again, the average american middle class that keeps getting us, it we never, they don't want us to go ahead, they want us to

stay there and be crippled, they have other agendas for the property, they want have force you out so cityo state can takeover and rebuild, they say no, but they will rebuild, in november we are supposed to vote for, what legalized casinos. i sell that out, i make all money i need for city and state, if you take -- >> they make a tidy profit. >> that buyout program, buyout program, if you got money from fema, you will be required to pay that money back before you get money for your house. but, it is going not before the recession, before san sandy val. neil: you were already underwater before, and then. >> now they take that -- >> amazing. >> the people that helped, i started a nonprofit, with my

wife, we did a survey, people want to come back to their homes, you got rescue, yellow boots, and boots on ground, they have been helping the people, they are helping people rebuild. but now people in limbo because they do not know if they will be able to afford the house. neil: like a chicken and egg thing, amazing, i can't believe how much more they can throw at you, when we come back, we're getting news out of great britain, that will change your mind on what is going to, on cyprus. after this. your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. at's why you need lifelock to relentlessly protect

what matters most... [beeping...] helping stop crooks before your ideity is attacked. and now you can have the most comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my home. >> announcer: credit monitoring is not enough, because it tells you after the fact, sometimes as much as 30 days later. with lifelock, as soon as our network spots a threat to your identity, you'll get a proactive risk alert, protecting you before you become a victim. >> identity theft was a huge, huge problem for me and it's gone away because of lifelock. >> announcer: while no one can stop all identity theft, if criminals do steal your information, lifelock will help fix it, with our $1 million service guarantee. don't wait until you become the next victim. you have so much to protect and nothing to lose when you call lifelock now to get two

full months of identity theft protection risk free. that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfd, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! neil: it is about to get royal. in the u.k. is getting ready for cyprus. the bank of england suggesting the bank put $38 million aside just in case.

just in case of what? >> it is frightening. pilot and cyprus and i hope it is no less at home we get the national debt which is claiming steadily under control. we are frighteningly close to moving the direction of portugal and italy and greece and now cypress. neil: but our situation is not as nearly as dire although charlie gasparino said rear the tallest midget in the room. is that enough for now? i think the u.s. is the main beneficiary of the implosion which this is not just a couple of days in the making i talk about the stock market as a leading indicator the stock market was down 90% over the years preceded.

if you look at stocks we have the u.s. dollar at the multi month high and u.s. stock market not far from the all-time high but bankamerica, a jpmorgan will do very well and made beneficiaries. neil: when i see england take the insurance fund out out, and i hear an italian depositors worry, obviously they are trying to prepare for contagion they hope never happens but they take measures to cover than if it does. are you worried this widespread? >> yes. i am not overly worried because of how small cyprus is and it was written the fact they bought a lot of bad bonds from greece but i am worried about the solutions, the remedies that

i -- that depositors have to write down deposits but i think them metastasis elsewhere would be disastrous. neil: is it any less onerous going after big depositors? >> i agree. it is a bad idea because it makes it much harder for places like italy and spain if they have problems to figure out how to recapitalize. particularly if you drive investors away. the way it was handled which is why i think the europeans come out the way they are. it shows in the european union is much weaker than we thought because it does not have the capacity to do with the problems that are varied from country to country. we had a crisis but we had a chart system that worked very well and we made money.

i don't think they're using the imagination that we used >> i disagree. we bailed out in this country just like greece has been bailed out no less than three times in three years. a better solution is to go down the path of iceland that declared bankruptcy. neil: if they don't get the money they want, they obviously have to go down the food chain. right? >> right into people's savings accounts. could we face something like that at home? i don't think we are as vulnerable but if we don't get our own spendinggproblem under control then to show