digit swings have become more the norm than the exception. >> do you think that scares away individual investors? >> eventually it will and i think it has right now. and the actual-- a lot of the long-term investors if you look at flows in and out of equity mutual funds, they're dramatically out the last two or three months. >> where do they go. >> go to cash, the bank account. they go into fixed income instruments. >> and what were the hot commodity plays are they kind of winding down? >> no, they're still hanging in there pretty good. but when people have fear, they usually go to gold and they go to u.s. treasuries and you're seeing that. the yield curve of the united states treasuries is flat and down quite a bit lately. >> we need some clarity and you say we're not going to be getting it soon and now you've got protests in rome and could see more protests in greece. and so what do investors do, sit tight? >> i think they will sit tight and i think that lehman is still fresh in everybody's minds and that's what the fear

is with greece. >>en 0 lehman brothers, we just fold our tent and go away? >> you wind up with the direct impact, what you can see. the issue is the secondary and tertiary impacts that you can't see and if you lose confidence, i think what is starting to happen in greece and perhaps in italy. the confidence there, you basically have an issue and markets will finish you. all right. good seeing you, thanks for coming out. >> good to be with you. >> neil: when we come back, forget graffiti and smashed atm to new assaults on banks that could be far, far worse. and the head of the international monetary fund pleading for more cash. to the u.s. congresswoman who says not another dime. what mar smartphone's most powerful trading app ? total access - to everything. from idea to research to trade. including financials, indicators and real-time streaming quotes. whether you check your investments every day or every minute, our app can take them from

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>> euro no, here we go again. well, he is dangerous for the country, that's what greece's opposition leader is now saying of prime minister

george papandreou. that's why he is calling for snap elections to shake things up. if the elections were to happen, it could, could put into question the entire bailout. we shall see. and all of this as italy fast becomes the european migraine and thousands of protesters calling for silvio berlusconi to step down. it started as a concert grew into a large protest movement and the international monetary fund essentially baby-sitting berlusconi keeping the pressure on to make sure a tougher deal gets done. here in america, it's bargaining transfer day is. do you know where your cash is. the folks leading the charge against big banks, say that americans should tack their big bank dough and run to small banks and if everyone follows suit wouldn't that be

a bank run and wouldn't that be bad? >> our julie banderas is on bargaining transfer day. >> many people. hundreds of thousands have octobered on this 650,000 bank customers, estimated to have taken their money out of beg banks and transferred them into credit unions where they know they won't be charged with checking account or debit account fees. this, after bank of america had issued that $5 debit card fee, which they have since canceled, but it doesn't matter for a lot of the people who are just angry at these big banks and they're moving to the smaller ones. amounting to 2, to 4.5 billion dollars actually in new savings accounts, according to a national survey of credit unions by the credit union national association, by the end of this weekend, the number of accounts that the credit unions and community banks could actually grow by tens of thousands more. this movement was started, as you know, by a facebook user and former bank of america

customer. there are now over 81,000 people attending bank transfer day on her facebook page. the big banks are keeping mum whether they've seen an uptick in account closures in recent weeks, but when asked to provide a statement on bank transfer day, bank of america declined to comment. a spokesman says the following regarding the dent fees. >> we've listened to our customers and decided that given the feedback and the competitive conditions in the marketplace that we would not proceed with the planned fee. and others have not been shy about the new business they've been enjoying. one says a new account opening september and october were up 38% from a year ago. and that is just joining the several other credit unions that are seeing an up tick in business. meantime, you know, with financial regulations coming down hard on bank, even though bank of america has stopped charging that $5 debit fee they're going to obviously have to make up for it in

other ways and customers that aren't pulling their money i'm sure will have more surprises down the road. >> we shall see. thank you, very much, julie banderas. and my next guest supports this movement and with the credit union out of the gate, is the d.c. director. heather, and looking at what your group is trying to do and i don't think you realize the dangerous thing you could be doing. you could be encouraging massive bank runs which generally are not good. does that worry you? >> so, just to be clear, i'm not -- my group is demos, a public policy organization. >> neil: you agree with this, what they're doing. >> yes, like millions of americans who say, you know what? i want to know when i put my money in the bank it's going to serve my community, it's going to small businesses, it's going to help the finance the american dream for my neighbors and my community and not going to what these banks do, which is send so much of their money on lobbying, on predatory lending, they

actually invest 3 billion dollars a year in pay day lending which is just legalized loan sharking. >> neil: we can go back and forth what the money bank do-- give to communities. step back, step back. >> small banks give so much more to businesses-- >> let's say you're right, but let's say what happens now you get what you wish, a run on the banks and everyone takes money out of bank of america and starts taking their money out of wells fargo and money out of citigroup. third world ring a bell to you? >> first of all, i think it's pretty clear that the large banks who have-- you know, bank of america has one out of every three customers in this country. what people want with the move your money movement is just some accountability. there's a feeling crash the economy, they're foreclosing on my neighbors, you know, who are unemployed because of that financial crash, or because of a terrible loan that-- >> wait a minute. you say that crashed the economy, does washington,

under either party's control have anything to do with it or-- >> absolutely, i think there's a lot of frustration about the nexus between washington and wall street. you're seeing that both from the tea party and the occupy wall street movement. >> neil: iment with a-- wait a minute you'd rather going to credit unions and favored banks courtesy washington, than individual institutions that have much more money and giving much more money to the causes you hold dear. i'm not apologizing for the bank, but you're supporting a potential run on the very banks na do a lot of the stuff you want. >> i know exactly what the big banks are doing with their money. it's very, very clear that-- >> let me, let me, do you know how much bank of america. >> small businesses-- >> do you know how much bank of america gave to communities and communities general lending last year.

>> smut. >> neil: 11 billion dollars. >> they're a behemoth bank. >> dollar for dollar. >> neil: do you know how much wells fargo gave to minority businesses last year? >> now, neil, this is very-- >> 7 billion dollars. no, no, no, i'm not taking sides, i'm just telling you he wh you urge people to pull money out of these institutions. >> it's their money. >> neil: what they're doing-- wait, you are also telling them to pull money out of the institutions for all they're doing good. >> i think you're really making sort of factual argument. >> neil: it is a factual argument. >> i said an facile. and they have the roux i to do with their money and and in i want to go to a credit union that doesn't do pay day lending. >> neil: your credit union has the resources to give to these enterprises you value nearly as much as some of the big banks. >> well, here is the key, here is what we can see.

when they have the threat of some consumer choice, banks can stop doing some of the practices, they'll feel the heat and maybe they will say, being 0. >> neil: do you think they're all evil? are they evil? >> they're doing great things for communities, but investing in pay day lending and foreclosing and robo signing and that's what consumer accountability can create, stop some of the practices. i'm not saying i want all of the banks to go out of business, but want them to do business good for america. >> neil: thank you. they've got the cash and it's got bolten joltin' and 16 billion and counting what we're giving the imf. the congresswoman who says stop. i know you're worried about making your savings last

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fiber one. h, forgot jack cereal. [ jack ] what's for breakfast? um... try the number one! [ jack ] yeah, ts is pretty good. [ male announcer ]alf a day's worth of fiber. fiber one. >> well, honey is tight, but not for the international monetary fund and saying yes to more funding for the imf and they're just not saying who is going to fork over that

cash. my next guest says it shouldn't be coming from the us of a. and katherine mcmorris roberts. and we are the biggest funders for the international monetary fund by definition. are you saying that that should stop, congresswoman? >> i think we need to have that debate at least. most of the mainstream media hasn't been covering the fact that when you look what's happening in the european union bailout that a third of it is coming from the imf, as you said the united states is the larger, largest funder of the imf. we cover about 16, 17% and so, if we're talking 1.4 trillion dollar bailout currently on the table, then you're, you know, historically u.s. money contributing to the bailout fund and we need at a minimum to have more transparency as to what's really happening and what the united states commitment is and have that debate in congress over those

dollars and whether or not we want to be involved. >> neil: all right. congresswoman, their point of view and those who support the u.s. role in the imf say it's money well spent because in the scheme of things, what we spend to help on the bailouts, avoids even bigger problems down the road and we have these structures more organized and in place and the last of the meltdown, we nt wouldn't have had the cost of the meltdown, what do you say. >> where does it end? we're talking about greece, greece is 11 million people and 2% of the european unions economy and we have committed now over 300-- not the european union bailout is over 300 billion dollars for greece. that's over the entire amount of their gdp, and we've already given portugal and italy, or portugal and ireland over 100 billion dollars, and that far from-- >> you would let it go. if greece couldn't get its act together and italy and ireland and portugal and some of the

other bailouts couldn't get their act together, sianara or whatever the proper term. >> we need some tough medicine. >> neil: the imf says it's tough medicine. >> it's not tough enough. what i've seen is more like what we see in america, maybe a decrease in the rate of growth of government spending, right around the edges, but this path of record deficits, record bailouts, the federal reserve, quantitative easing, it's making our economic crisis worse. it's deepening the hole and threatening a crack around the world as we see this policy of bailing out record bailouts. >> neil: congresswoman, we're getting reports that there could be a super committee deal on trimming debt over the next ten years. maybe substantially higher than the figures we were earlier told they need to shave about 1 1/2 trillion dollars, talk is, they might have a 4 trillion dollar deal on the table.

do you know anything about that or where it's going. >> i know that we're doing everything we can to get as big a deal as possible. if there ever was a time for republicans and democrats to have the give and take and do what's good and right for america, it is now. it is-- >> is that deal included some, i guess they're calling revenue enhancements and not sure whether that means closing tax loopholes and getting rid of credits. would you be more that? >> i'm certainly for tax reform and anything that brings us to a fair, simpler tax code, and if it means that more would be paying under that tax system, i think that that is good. >> neil: okay, congresswoman, thank you very much. good seeing you. >> good to be with you. >> neil: speaking of money, do you need some? do you need a lot of money? i want you to meet the world's new sugar daddy. not us, china. john bolten 0en why he's very, very worried about this. at bank of america, we're lending

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>> all right. as you might surmise by now the europeans need cash, a lot of it, but they're not calling the us of a. they're not calling us. they're ordering chinese. and saying you know, that's a problem and you know, why does it worry you, ambassador? >> i think if china were going to make a purely financial investment decision to buy into this so-called solution to the euro problem that would be one thing, but what china has already said, at least some of its senior officials, is that they intend to impose political conditions, along with the financial resources, they're going to bring. and the one that's gotten the most attention is china saying, we'll have no more criticism from europe of our currency manipulation if we

provide this assistance. there are other things you can imagine as well ending the post tiananmen square, trading embargoes trading sophisticated systems to china as well. that would mark a dramatic change in china's sovereign wealth investigating and possibly signal changes in other sovereign wealth fund investing as well. which would be a huge deal. >> neil: so your fear is that china will try to exact a not so subtle form of pressure on countries to whom it might give money i can understand that, the chinese are shrewd investor and willy nilly about money, internationally almost cheap about it looking at arms stakes in this country. if they're avoiding italy, at least at this point, if they're avoiding greece, at least at this point. they may be toying with the idea, that may be the strategy, but avoiding these areas almost like the plague. what are we to make of that?

>> welcol, i think they're probably making sound financial judgments, too bad we weren't doing the same. >> neil: right, right. >> instead domestically and 0 your own policy instead of supporting imf participation in the euro zone bailout as you just discussed. i think it's a big mistake. the only good news about china stepping into europe's rescue, maybe it reduces the amount the imf has to pitch in. >> well, there is that. do you think that this is an issue that's appreciated enough on the campaign trail yet, or do most americans and by extension, the candidates, trying to win over their vote, hopes that it stays that way. is it too ethereal, the protests going on in rome this morning and what's happening in greek this week, it all seems foreign, all seems remote. the idea of us lending to either or both countries seems just too crazy. so live and let live, ignore? >> well, i think, i think it does seem remote to most

americans, which is unfortunate, but which is also typical, neil, of the absence of discussion about international issues, national security, foreign policy and defense, the last three years. he think that's a real problem. i think our inattention to the broader challenges america faces, to the troubles that our allies see as the euro crisis. and really contributes to an ill-informed public and will need, i'm worried, to ill-informed decisions next november. >> neil: all right, ambassador, it's always good seeing you, thank you, very, very much. and john bolten our former ambassador to the united nations. all right, we're halfway through looking at the world on a brink. we've got art laffer, bernie marcus and ralph nader and italians protesting in rome. what started as a concert has known grown to include a huge indictment against silvio berlusconi administration. this one, not over any sex scandal, but a financial one.

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