financial crisis from the 1300s to today. how should we interpret the economic data and the calendar to understand where we are in the evolutionof this current cries? >> in terms of the current crisis, i think the signs all point to being the worst is over. we're near a trough. that's pretty much in line with what we've seen before. the question is, of course, the recovery, and our own readings, as ken was saying, these recoveries do take a while, and it will be a couple of years before we get to where we were before the crisis if history is anything. >> what's next this n that evolution? where are we in the cycle? >> across the bottom where we are right now to getting back to where we were. we're two years away, using a

standard pattern. i think some of the bad news is behind us, but we haven't seen the worst in unemployment. >> i throw in that we find that equity parts tepid to come back faster than housing prices. housing prices take a very long time. sdoo let me ask you about that, ken. the strength and weakness of the dollar appears to be one of the drivers of the stock market recently. what does that tell us about the markets, and why has the market come back so quickly? this is just a typical move, or is something driving the market? >> i hesitate to say typical, but the equity markets do come back after two or three years. maybe they reached a peak. want two or three months, but two or three years. you know, it's not so unusual what's happening. they're looking ahead to the normalization. with we could look at the particulars of the situation. whether growth will be fast enough to justify how much

they've come up. >> what about debt? you took a real close look at debt and the role of debt in financial crisis in the past. are we taking on too much debt as a country right now some. >> well, we're certainly, again, driving down the traps of these past crisises where debt nearly doubles within a few years, and i think the scary part of the crisis and part of the aftermath of the crisis is that the debt becomes a problem down the road. are we employing to raise taxes? are we employing to -- >> we solved the short-term. it's not a crisis anymore, but then also the longer term are we going to raise taxes? what are we employing to do? >> this is the first crisis since the great depression that truly is global in scale. >> absolutely. >> you mentioned the g-20. this week we saw some members form coordination on a couple of issues. you really don't expect anything major to come out of these meetings, but i guess people like the idea that we've dpot the leaders of the largest industrialized country talking together, but can a consistent

international regulatory standard come out of this? should it? >> boy, that's a tough question. i mean, clearly we live in a globalized national system, and you need to do something to prevent money from just going to the lowest common denominator. on the other hand, the banking systems are so different, the financial systems are so different, that's why i don't think anything big will happen quickly. >> carmen, kent, good to have you on the program. >> thank you. >> up next, middle east peace and the recovery of the global economy. my conversation with former british prime minister tony blair is next. other bold-faced names of this week's clinton global initiative. and the lessons of the business world to the indicational woes. what bill and melinda gates are doing to repair america's schools. let's take a look at the stock market performance as we head to a break.

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sfoo it has the benefit of the franchise and is critical for the economy. special constraints can apply, and it's really justified. i'm a xwraet fan of government involvement, but in that particular sector, it's critical that all people working in the operation are driven by a general interest. >> i think we are in a fragile recovery. i think we're seeing the beginnings of some growth in canada, but i wouldn't underestimate in canada, united states, globally, how much this growth really is due to stimulus measures, monetary and fiscal measures. >> i think now we are done in terms of bottom iing. the market is still 10% down, because also what happened in the market, i think, was too much too quick.

>> i believe that we have extremely friendly relations twreen the czech republic and the united states. that's the first thing. >> hello. the government and business leaders i spoke with this week in their own words at the clinton global initiative in new york. one special guest, the former british prime minister tony player. he is currently serving as special envoy to the middle east on behalf of the u.n., u.s. european union, and russia. we talked about the connection the israeli-palestinian peace process has to economic stability in that part of the world. >> one thing you think about spending so much time out there is if you go and stand on the jordan side, you know where moses looked over the promise land, so you are in jordan. you look over the whole of what would be a palestinian state. you can see right into israel. if you were high enough, you could see right into the sea. okay? it's a small bit of land, and everybody knows there that if

you can't get security, there's going to be no possibility of getting either economic prosperity or states living side-by-side in such a small bit of land, but on the west bank in the palestinian side, there actually has been a big change in the last year to 18 months. i travel around there. these cities that used to be with militia running them are now with clever forces, some of which the americans have helped train that are keeping order there, so we're steadily building it, but here's the problem. it's always fragile until you get a final agreement, and obviously, gaza, which is separate from the west bank, is still in the very, very bad state, indeed. >> let me get your sense on the economy globally right now after the financial crisis that we've all been through. how would you characterize things in the u.k. right now? >> i think people -- there are

sudden signs of recovery. the house markets just coming up a little bit now. i think people are still very uncertain. you know, it's been such a shock to the system that it will take time for people to recover confidence completely, and i think then the question is how do we make sure that in this recovery, you know, it doesn't just kind of pick up a little bit, but we start to see the economy really move and to make the difference on the jobs market and on living standards. >> and is it fair to say we'll probably see a recovery that is muted and bump along the bottom for some time? that's certainly the case in the u.s. is what we're hearing. >> i think the dficuy with the recovery is the fact that you're not any longer falling off the edge of the cliff. it's not the same as getting back to the high ground that you used to be on. you know what i mean? i think the issue now is how do

we actually make sure that we have the policy that is promote enterprise, creativity, give the private sector some momentum. >> is the biggest issue still the u.s. consumer? a lot of countries out there saying, look, you know, the biggest -- the most important market is not moving, and that's one issue. i wonder if we're actually seeing a change in policy in terms of government policies in terms of, you know, trade issues. you saw obama's stance on tires coming from china and then some retaliation coming out of china. is that going to impact the consumer? is that going to impact broad economic landscapes around the world? >> ithink that the single most important feature of the modern world is this interdependence, the interconnectedness of the economy. so actually what happens in china also matters today as well as what happens in the u.s. now, you know, there will be trade issues from time to time even in the best of times, so don't -- in general terms, i'm

convinced the less protectionism, the more free trade, the better. >> do we need international standards across the world in terms of the financial system, and has this now taken a back seat to other issues, for example, in the united states we're talking so much about health care. it seems to have put financial reform on the sidelines for a bit. what are your thoughts on financial reform? >> i think the most important thing

thing. >> the reason why every major nation in the world looks at their health care system is because of the cost of it. you know, that's not divorced from the economy. the stronger the economy, the better able we are to afford the health care system we have. >> final question, what would you like to see come out of the g-20s? what wau like to walk away an say this is a success? >> i think what happened to the london summit was very important because it gave a clear direction. i think what people want to see this time is a continued clear direction. a sense of coordination coming together, the major economies of the world at least greeg of a basic framework for global economic policy. >> my thanks to prime minister tony blair. up next on the "wall street journal" report, what's the richest man in the world doing with his money and his time? bill gates on fixing america's schools and how high-tech will have an impact. >> where the computer can see, it can talk, it can listen. it can talk, it can listen. the

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>> gaet school suicide a joipt effort between viacom and the bill a melinda gates foundation. it's aimed at broadening americans' involvement in the crisis in education. in a wide ranging conversation i recently spoke with bill and melinda gates about science fiction, science fact, and what they hope to achieve with this program. >> over one-third of the kids drop out. even the kids who graduate are really ready for a college education, and so by raising that awareness, we hope that people will look at the few success stories and demand improvement. >> and, melinda, it is pretty extraordinary that this is supposed to be the richest country in the world and we do have these shortcomings. can you talk to us a little about why we have these short comings in our education system? what's what's wrong? what is broken? >> what's broken today is that

the schools really aren't serving all kids well. they serve some of the kids well -- about one-third of the kids today are actually served very well by the public school system -- but we're leaving behind to-thirds. we don't have the right curriculum and expecting for all students. not just some students. we don't have an effective teacher today in every single classroom around the united states. that's imperative. we don't collect data to see how kids are doing as they progress through the school system. those are all failure that is we need to address. >> well, today there's want a measurement system that's really used to encourage improvement, and part of the idea of collecting the data using new telling nolg, having more charter schools where experiments can be run for some of those ideas to be -- that work can be transferred to all those kids. these things need to be done. >> melinda, is there another school system away from the united states that you could see the u.s. modelled like or something similar that perhaps we should be replicating? >> well, we are seeing great education systems across the

world. some of them are in the nordic regions up in netherlands, swed. we're seeing good models in china. some in india. we're going to take a lot of those models and replicate them. i think the most important thing is some great models are happening already in the united states. we have fantastic charter schools that are taking kids from -- minority kids from across the nation no matter what circumstances they come from and educating them well. it's getting those examples spread into the u.s. public school system zoosh how can technology play a more important role, bill, in terms of the meta morph sis of the education system? do you see technology really advancing things substantially? >> it definitely has a role to play. if you want to look at data in a rich way, see the trends, if you want to take the bets teachers and have their video on-line so that an advanced student or a student is behind or a teacher wants for learn can access that. a path to diagnose where you're

falling behind so you can focus that student center team m right place. we are funding, along with these personnel system improvements, a lot of use of technology so a teacher can even take on a web cam and have part of the day they want advice on how to do better and get feedback. >> let me ask you a question away from secondary school. i heard an amazing fact just this week from gary becker, the nobel laureate from university of chicago saying 60% of higher degrees in education are going to women. do you have any thoughts about how women and men are diverging in terms of their education over the long-term? >> well, we are seeing a lot movement in getting law degrees, and even when i was graduating from college, law degrees and medical degrees and business degrees. i think that is fantastic for the nation. what we have to be careful is that we don't leave the men behind and particularly that we don't leave minority men behind. i think where we're still focussing on math and science and getting girls into careers that are also great professional

careers in addition to the ones i mentioned, that's really important. also, serving the minority boys really well. >> interesting. let me just ask you a question about technology. can you talk to us a little about what you believe are sort of the long-term trends, maybe the most innovative things hamg happening right now? is it mobility that's going to have legs over the long-term? is it something else? where do you see technology going, whether it is for education, health care, which you've spoken so much about in the past or something else? >> well, mobility has already happened, and that's spreading out. big breakthroughs are where th computer can see, it can talk, it can listen. the screen is sort of every wall. you even have robots. you know, there are some horizons out there that you are just starting to see the glimpts of. >> should we be worried about that? i remember bill joy writing an article in wired magazine" that robots will take over and we should be worried about human jobs. >> robots can be very hefl, and,

you know, there are safeguards we have have for all new invasions, but i think overall, know, mechanization has been good and this will help us interest w some of the great oblems we have. >> my thanks to bill and melinda gates. up next on the "wall street journal" report, we'll take a look at the news this upcoming week that will have an impact on your money, and 85% of the global economy, 20 world leaders, 3,000 journalists and threers. the world comes to pittsburgh.

sfreechlt check out our website wsjr.cnbc.com. you can find a link to my blog investor agenda at@cnbc.com. here's a look at the stories that may impact your money this week. on tuesday the kay shiler home price index will be released. it's an important indicator of how the housing market is doing right now. sdmrimplgts thursday federal reserve chairman ben bernanke will testify before the house financial services committee on monetary policy. also, the latest figures on personal income and spending will be released. and total auto sales for the month of september so reported that day. on friday the labor department issues the jobs report for the month of september. typically a market mover. we'll find out if the unemployment rate has changed from last month's reading of 9.7% much the company unemployed. and, finally, today andy warhol's hometown got its 15 minutes of fame this week. pittsburgh hosted 11 presidents, seven prime ministers, one chancellor, and a king at the g-20 summit on the global

financial crisis. the burg ranks sefbt in the nation as home to fortune 500 companies. alcoa, hein sgr and u.s. steel. forbes recently named pittsburgh as one of america's best cities for job growth. that's it for us for today. next week what your kids are eating at the school cafeteria. we'll talk to a different kind of lunch lady. join us for that. each week keep it right here where wall street meets main street. have a great week, everybody. i'll see you again next weekend. >> announcer: the following program is a paid advertisement for the big boss grill, brought to you by emson, incorporated.

imagine making delicious grilled meats and veggies, tasty stuffed sandwiches, golden brown waffles or scrumptious snacks and desserts in a flash without turning on your oven. well, now you can with the big boss grill, the amazing countertop cooker with interchangeable cooking plates to make all your favorite foods, from pancakes to paninis, from breakfast to midnight snack. attaching and removing the interchangeable plates are literally a snap. and the big boss grill cooks both sides at once, so it can cut your cooking time in half. join us today as emmy award-winning comedienne, beloved tv personality, and former legendary cast member of the carol burnett show, miss vicki lawrence, shows us how this one easy-to-use, easy-to-clean, and easy-to-store cooker is the most versatile kitchen appliance you'll ever use, and stay tuned to discover how on this terrific tv offer you'll also receive two additional new cooking plates so you can make fluffy omelets, even delectable mini doughnuts. and here to tell you more is our

host, rich hollenberg. [applause] >> these days, everyone's lives are so hectic. we're all on different schedules, and we all just have a lot less time, so it can be difficult to prepare quick, tasty, and most importantly, healthy meals and snacks for our family. oftentimes, we end up resorting to fast food, which, as we all know, isn't the healthiest, or we end up settling for microwave cooking, trading good taste for faster cook-time. but now i'd like to introduce you to someone who promises there's an easy way to prepare delicious, nutritious meals any time of the day and in half the time. the star of stage and screen and everyone's favorite mama, miss vicki lawrence. vicki, how are you? [applause] >> hey, rich. hi, kids! >> great to see you. and i look at this table and i think, "wow, that's a lot of food." >> isn't that something? i made pancakes and bacon and some beautiful blueberry waffles for breakfast. this is a tuna melt. this is a beautiful ham and cheese grilled panini sandwich for lunch. how about a juicy steak and some grilled veggies for dinner, and because i personally can never forget about dessert,

i have a baked apple strudel. >> baking, grilling on the stove... how do you manage to find the time for all this? >> you know what, i love to cook, but just like so many of us, it's so hard to find the time, isn't it? and we want food that's delicious and that's healthy for us, and that is why i am so excited, because i did all of this, rich, without going anywhere near a stove. all of this beautiful food today was made with one incredible countertop kitchen appliance-- the big boss grill. >> this grill made all this food? >> this is not just any grill, rich. this is the unique big boss grill, and it comes with its own set of interchangeable cooking plates, so you can go from a grill to a griddle to a waffle maker, even to a sandwich maker, and watch how easily the plates snap in and out of place. so you can change up your cooking method just like this. if you think about it, rich, this one unique little appliance could replace dozens of the appliances that are in your kitchen, and you know what the best part is? i guarantee you you're gonna use it every single day.

so, should we do some cooking? >> sounds good to me. let's go. [whoosh] >> first of all, we must grill the all-american burger, right? >> hey! >> i added some crumbled bacon and some cheddar cheese to our ground bee but you can put whatever you want in them. you can do nothing at all. you can use turkey meat, which is great, if you prefer that. you just close the lid down, and because the top is also a cooking surface, our burgers are gonna cook on both sides at once, so there's no turning. >> oh, that's great! every time i grill burgers, they break apart and stick to the grill. >> well, exactly right, and because these cooking plates are nonstick, what could possibly be easier? so now let's do something a little fancier but every bit as fast. i have boneless, skinless chicken breasts, and i cut a pocket in them, and i stuffed in a little bit of feta cheese and i'm just gonna throw a little bit of salt and pepper on our chicken breasts. i'm gonna load 'em onto the grill. you know how sometimes chicken breasts can be a little bit dry or bland when they're on the

grill? >> sure. >> well, wait till you see these. they are gonna be so good so fast. close the lid down. they're gonna be done in about six minutes. >> and listen to that sizzle already. >> yeah. here's another favorite of everybody's-- the kabobs. i used shrimp for these, but of course chicken, lamb, whatever you want. just throw those on the grill. close it down. and again, so fast, so easy. >> and they smell great already, vic. >> now, as i said, rich, this can do the work of many different appliances, so now we're going to use the griddle. >> oh, great! so it goes from a grill to a griddle. >> yes, it does, and we're gonna do one of my favorite diner foods, which is french toast, and i've already got the bread soaking in the egg there, so we're just gonna put those on the griddle. here we go. close that lid down. and again, no watching, no turning. >> i know that's gonna be one of my favorites. >> we'll see. i think you might like this too. this is some really nice french bread i have, and i spread it lightly with a little bit