bruce bartlett will weigh in on debt and taxes.about disappearance of investors. >>> and former kansas city president thomas hoenig has a plan to limit banking activity. how he plans to end too big to fail. the third hour of "squawk" begins right now. ♪ welcome back to "squawk box." first in business world wide. our guest host is larry bausity. he is set for life. >> now there is a facebook share holder. >> that is why he is here today. >>> checking u.s. equity futures indicated down back to 72 points. it got a little bit better on news out of europe. now back down. even though spain which was 5% earlier. greece is still down 3%. >>> in our headlines this morning shares of facebook falling below $29. the company has shed about $25 billion in value since the stock market's debut on may 18th. facebook options began yesterday and many under scoring the negative sentiment and many think that is putting pressure on the shares. we are going to talk to the first facebook analyst to issue a sell rating for the stock. warning it would likel

but bruce bartlett actually had a very nice piece today -- >> former reagan economist -- >> former treasuryeconomist during the reagan administration, you know, pointing out that our taxes are low compared to the rest of the world, and if you look at countries that have higher tax rates, you don't see lower employment rates in those countries. when we had moderately higher rates in the 1990s on top income earners, we had much faster job growth. so i think it's much more important for the economy, for job growth to get the conditions right for businesses to prosper, for workers to be well trained to provide the kinds of services and produce the kinds of products that the economy demands than a level of taxes. >> well, then if you look at the late '90s as the salad years, good period, why not -- and you have a chronic deficit problem -- why not for the sake of the economy get rid of all the bush tax cuts, go back to, you know, address the deficit problem, and we did well under those rates in the '90s, why wouldn't we do well in those rates over the next five years and not just end the tax cut