the vice chairman alan blinder talked back to alan greenspan, something very few people did.will be talking to us coming next. . . test test [ male announcer ] where do you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help f an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. david: time for a quick speed read of some of the day's other headlines. five stories in just a minute. berkshire hathaway announcing it will repurchase $1.2 billion worth of class-a shares from the estate of a long-time shareholder. pending news briefly halted trading in berkshire shares after the market opened but were up. >>> honda recalling 3780,000 minivans and suv worldwide because they can roll away after drivers remove the keys from the ignition. pilot suv and axe cue a mdx models. >>> par shasetting a new sales record, porsche. already eking out its previous record of 1

. >> alan blinder from princeton -- >> and a very good democrat. >>e made the point that he does not see the situation changing that much once we go over the cliff because w already know what the stakes are. the bibig questions whether how the market will react and whetheher we will get that reaction. >> as an economist, i cannot let that go by bending. i am quite certain -- >> i have no personal animosity towards the president, but do not think there is any confident a economist who would tell him other than the really right wing guys that subtracting $600 billion from aggregate demand overnight a $500 billion tax increase and a hundrdred billion dollars becaususe of the budget act wod not thrust ththe economy into recessionon. if he really believes that it would ha no consequence and has already been factored in, it might be time for him to take up gardening. >> he believes it will have consequent. if this goes on for three weeks he says we are headed toward a recession. >> take us behind the scenes. water you h hearing from both sides customer w

i don't know if you saw alan blinder's op ed piece in "the wall street journal."the former fed governor saying if we go over the fiscal cliff the unemployment rate will jump recession and customarily when are you in a recession the unemployment rate goes up 3 percentage points. does that sound right to you. and if that is the case what does this mean for consumers and for businesses? >> well, the seriously bad news. but i think what is important is not just whether we go over the cliff but how long we stay over there. i mean if it turns out that they need a couple more days to hammer out an accord i don't think that will have a big lasting effect. but if we go over the cliff and all those spending cuts and tax hikes go into effect and stay in effect for the whole year, then you would be talking about a very high likelihood of a recession and rising unemployment, substantial rise, we can quibble about how much. but it would be seriously bad news for consumers and businesses. >> as you know the federal reserve is going to be meeting next week on tuesday. certainly t

we'll talk to alan blinder.pple is down in fair territory at 5.28. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. and you're watching cnbc's "squawk on the street." the opening bell will ring in about 1 1/2 minute's time. jobless claims coming in, down and this number should be essentially clean of sandy effects, so finally a clean read as to the claims aspect. but it doesn't look like, jim, that we are set for a lower open today. >> carl pointed out that maybe there's some room between sides. but, look, yesterda

country, mark zandi, who was a key economic advisor to john mccain in his presidential race, and alan blinder, the former deputy chairman of the federal reserve. here's what they say. without that federal response, we would have had eight million fewer jobs and 16% level of unemployment in this country, and we would have been in the second great depression. they call it depression 2.0. so, mr. president, let's remember where we were when president obama came to to office. the nation was facing the worst economic catastrophe since the great depression. in the fourth quarter of 2008, the economy shrunk at a rate of almost 9%. now, after the federal actions, positive economic growth returned in the third quarter of 2009, and we've now had 13 consecutive quarters of economic growth. now, we've come a long way. this is a remarkable turnaround in a very short time, measured against previous financial crises. in fact, there's been an academic study just completed that suggests typically it takes eight to ten years to recover from a financial crisis. so the recovery here, while not everything we woul

country, mark zandi, who was a key economic advisor to john mccain in his presidential race, and alan blinder, the former deputy chairman of the federal reserve. here's what they say. without that federal response, we would have had eight million fewer jobs and 16% level of unemployment in this country, and we would have been in the second great depression. they call it depression 2.0. so, mr. president, let's remember where we were when president obama came to to office. the nation was facing the worst economic catastrophe since the great depression. in the fourth quarter of 2008, the economy shrunk at a rate of almost 9%. now, after the federal actions, positive economic growth returned in the third quarter of 2009, and we've now had 13 consecutive quarters of economic growth. now, we've come a long way. this is a remarkable turnaround in a very short time, measured against previous financial crises. in fact, there's been an academic study just completed that suggests typically it takes eight to ten years to recover from a financial crisis. so the recovery here, while not everything we woul

country, mark zandi, who was a key economic advisor to john mccain in his presidential race, and alan blinder, the former deputy chairman of the federal reserve. here's what they say. without that federal response, we would have had eight million fewer jobs and 16% level of unemployment in this country, and we would have been in the second great depression. they call it depression 2.0. so, mr. president, let's remember where we were when president obama came to to office. the nation was facing the worst economic catastrophe since the great depression. in the fourth quarter of 2008, the economy shrunk at a rate of almost 9%. now, after the federal actions, positive economic growth returned in the third quarter of 2009, and we've now had 13 consecutive quarters of economic growth. now, we've come a long way. this is a remarkable turnaround in a very short time, measured against previous financial crises. in fact, there's been an academic study just completed that suggests typically it takes eight to ten years to recover from a financial crisis. so the recovery here, while not everything we woul

country, mark zandi, who was a key economic advisor to john mccain in his presidential race, and alan blinder, the former deputy chairman of the federal reserve. here's what they say. without that federal response, we would have had eight million fewer jobs and 16% level of unemployment in this country, and we would have been in the second great depression. they call it depression 2.0. so, mr. president, let's remember where we were when president obama came to to office. the nation was facing the worst economic catastrophe since the great depression. in the fourth quarter of 2008, the economy shrunk at a rate of almost 9%. now, after the federal actions, positive economic growth returned in the third quarter of 2009, and we've now had 13 consecutive quarters of economic growth. now, we've come a long way. this is a remarkable turnaround in a very short time, measured against previous financial crises. in fact, there's been an academic study just completed that suggests typically it takes eight to ten years to recover from a financial crisis. so the recovery here, while not everything we woul