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let's look at china, japan, brazil and india. ina right now, which is the biggest holder of our debt, is rated below us. aa-minus. japan, same. brazil, some of these are wrong on your screen, so i'm going to correct them. japan is rated aaa. brazil is a bbb-plus. india is a bbb-plus. japan, i think, is a prime example. this is a country that in the '90s saw its debt downgraded to eventually be upgraded, if you will, back to aaa. so it is possible for that to happen. but les, you can speak to this as well, it takes a long time. eventually they can gain the aaa rating back, but it has taken anywhere from nine years to 18 years. so the real question here is, is the united states going to remain downgraded for at least nine years. if history repeats itself, that is a scary scenario for this government. >> the whole s&p downgrade right now, poppy, the whole s&p downgrade certainly will affect what's going on. but remember, there are two other major ratings agencies that have not downgraded the united states. >> right. i think that's su

brazil and the u.s. it spread to asia, japan, china, hong kong, singapore and then back to europe. $3 trillion wiped off of shares worldwide. the crisis was triggered by fears that italy and spain would be unable to repay their debts. that was stemmed on july 21 when the government said they would be able to use a default package. >> i would encourage everybody to stay calm and breathe deeply. the economic recovery is going on. it is important that we protect it from turbulent. this work is going on day and night. >> it may be tempting as seen falling share prices as having little relevance to us. it may say a good deal about the competence of companies to invest and create jobs. in the case of bankshares, when they fall, that may tell you something about their ability to borrow. when banks cannot borrow, they find it hard to land. wins cannot land, the timing weekends. this afternoon -- when banks cannot lend, the economy weakens. >> we are going to get through this. things will get better. we are going to get their act together. >> if the problem is the excessive debt of a number of rich countries, is

brazil and the u.s. overnight it spread to asia, japan, china, hong kong and back to europe and the u.k. today with almost 3 trillion pounds wiped off shares worldwide. the crisis was triggered by growing fears that italy and spain would be unable to repay their huge debts which led to a rise in their borrowing costs that for a brief moment was stemmed on july 21 when euro's own government agreed to support package but then the fears of investors and creditors revived and italy and spain borrowing cost continued their rise to dangerously high levels. >> i would in fact encourage now everybody to stay calm and breathe deeply and see that the economy could recovery is going on. it is important that we protect it from the turbulence and this is going on day and night. >> it may be tempting to see priceses having very little relevance but they directly affect the value of our pensions and may say a good deal about the competence of companies to invest and create jobs. and in the case of bank shares when they fall they may tell you something about their ability to borrow and when banks can't

it rates us higher than a lot of other countries, higher than japan, china, much higher than brazil andndia. when you put it in perspective, our debt is valued higher than the debt of those countries. an interesting note here, china is the biggest holder of our debt and almost half of the debt of this country is held by foreign entities. that's why it is a global story. it is not just about the united states. >> there's a lot of concern nation how they came up with with this. a lot of folks in washington saying they miscalculated. how did they come to the decision to downgrade the country's credit rating? >> there was a squabble last night when treezry and standard & poors about $2 trillion which is a significant amount of money but in the end s&p said if our projections were off we think the debt to gdp ratio is unsustainable for the long term and therefore we do not think the country deserves a aaa credit rating. here's the five thing that's look at. the most interesting and spornt the political climate. we all know the bickering and acrimony in washington, the lack of getting a debt

japan in population terms. but growing faster than mexico, brazil, india, and china, i must say i find that really amazing. legal immigration is an important driver, legal in the decades of the 90s and 2000ed -- 2000s exceeded the immigration wave. without the immigration, we'd be more at risk looking like japan, italy, and europe with a declining population, increasingly asian with not enough people working to support growth in the economy. one the most important impact a population has, along with household information is the creation of a more dynamic and expanding housing market. the data shows that echo boomers, i love the way that people get generational names. why don't we ever hear about the baby busters in any event, they have delayed household formation for all of the obvious reasons. eventually they will form new households once they have more confidence in the economy and get tired of living at home with their parents. judging by the generation here, i assume those are parents who are applauding. [laughter] ironically, we'll also get increased sales when prices go up. i learned when i was the c

china, higher than japan. those both having aa minus ratings. rated much higher than brazil and india, don.ut it in perspective, our debt is valued higher than the debt of those countries. an interesting note here, china is the biggest holder of our debt, and almost half of the debt in this country, don, now is, held by foreign entities. that's why it makes it such a global story. it's certainly not just about the united states. >> there's a lot of consternation how they came up with this. a lot of folks in washington are saying they miscalculated. what factors did they use to come to their decision to downgrade the country's credit rating? >> there was this squabble last night between treasury and standard & poor's about $2 trillion, a significant amount of money. standard & poor's said even if our projections are off, we still think the debt to gdp ratio in this country is unsustainable for the long-term and there ever do not think this country deserves a aaa credit rating. they look at, number one and arguably the most important was political. the political climate. we all know the bicke

china and japan going? they have ten billions per month. these are profits that are sitting. they are going to canada, brazil? of course not. they are going to continue to come here. do we have to get our fiscal house in order? absolutely guy saying the tea party was right, not wrong should be thanked not blamed. there is no reason we should have been downgraded. >> where do you want to go is an interesting question. i got a book that came out with about impending american collapse. and these guys the rating agency did me a huge favor. you know in business, the graveyard is full of indispensible people. we can't afford that kind of complacency, can we? >> we can't. i'm tired of hearing people say it is never going to happen. that this unemployment problem that we have has to be 9%, has to be 10%. that's the way the world is -- it doesn't. we can change what we are doing. >> you are confusing issues. i'm talking a credit downgrade not an that needs to recover. like it or not, i am against it, we can tax. like it or not the government can take a company like they took gm. which means we shouldn't be downgraded. it doesn't mea

rise of countries, in the 1970's, or 1980's, in japan, and afterwards there are newly- developed countries in south asia, and now brazil, russia, india, china and south africa. it is important to take with a grain of salt that this rise is not necessarily inevitable. it might be reversed depending on what happens in the global economy. in the early-1970's, brazil was growing at a pace of 10% a year in gdp, and then came along the oil crisis in the middle east, and basically everyone stopped talking about rising brazil. when you read the papers, when you read official speeches in brazil in the early-1970's, you see that rise in brazil, the term "emerging power" you begin to see that in a official rhetoric. 20 years after that, there was not talk about emerging brazil. it is always important to take it with a grain of salt. the situation is much better than it was 20 years ago for many reasons. political stability, democracy, stabilization on the economic front, and the social the mention, in terms of poverty. that is a very important issue for priscilla and major in emerging economies. it is an overall sense -- and for major emerging economi

japan in population terms. but growing faster than mexico, brazil, india, and china, i must say i find that really amazing. legal immigration is an important driver, legal in the decades of the 90s and 2000ed -- 2000s exceeded the immigration wave. without the immigration, we'd be moe at risk looking like japan, italy, and europe with a declining population, increasingly asian with not enough people working to support growth in the economy. one the most important impact a poulation has, along with household information is the creation of a more dynamic and expanding housing market. the data shows that echo boomers, i love the way that people get generational names. why don't we ever hear about the baby busters in any event, they have delayed household formation for all of the obvious reasons. eventually they will form new households once they have more confidence in the economy a get tired of living at home wh their parents. judging by the generation here, i assume those are parents who are applauding. [laughter] ironically, we'l also get increased sales when prices go up. i learned when i was the chairman

japan in population terms. but growing faster than mexico, brazil, india, and china, i must say i find that really amazing. legal immigration is an important driver, legal in the decades of the 90s and 2000ed -- 2000s exceeded the immigration wave. without the immigration, we'd be more at risk looking like japan, italy, and europe with a declining population, increasingly asian with not enough people working to support growth in the economy. one the most important impact a population has, along with household information is the creation of a more dynamic and expanding housing market. the data shows that echo boomers, i love the way that people get generational names. why don't we ever hear about the baby busters in any event, they have delayed household formation for all of the obvious reasons. eventually they will form new households once they have more confidence in the economy and get tired of living at home with their parents. judging by the generation here, i assume those are parents who are applauding. [laughter] ironically, we'll also get increased sales when prices go up. i learned when i was the c

rise of countries, in the 1970's, or 1980's, in japan, and afterwards there are newly- developed countries in south asia, and now brazil, russia, india, china and south africa. it is important to take with a grain of salt that this rise is not necessarily inevitable. it might be reversed depending on what happens in the global economy. in the early-1970's, brazil was growing at a pace of 10% a year in gdp, and then came along the oil crisis in the middle east, and basically everyone stopped talking about rising brazil. when you read the papers, when you read official speeches in brazil in the early-1970's, you see that rise in brazil, the term "emerging power" you begin to see that in a official rhetoric. 20 years after that, there was not talk about emerging brazil. it is always important to take it with a grain of salt. the situation is much better than it was 20 years ago for many reasons. political stability, democracy, stabilization on the economic front, and the social the mention, in terms of poverty. that is a very important issue for priscilla and major in emerging economies. it is an overall sense -- and for major emerging economi