alan mulally is the c.e.o. of ford. he joins us from dearborn, michigan. congratulations to you and ford on a strong third quarter. strength in north american profits, but you last money in europe. how much of a break is europe going to be in 2012 do you think? >> well, i think with all the uncertainity we are continuing to watch that very carefully. the good news is that the industry, the automobile industry is staying very robust at around 15 million units, and ford is, as you know, very well positioned, we're number one, number two, number three and most of the markets throughout europe, and the fastest growing in russia. so i think that all of the work in the fiscal monetary policy to deal with the sovereign debt and focus on the growing the economy is the most important thing we do for everybody, because there's such a pent up demand also for the automobiles, especially for the new fuel efficient vehicles. >> tom: let's talk about october sales in the u.s. and looking forward to the fourth quarter. what's the outlook for ford? >> well, looks very good

alan mulally says ford plans to add 12,000 new jobs in engineering and manufacturing over the next four years. >> we're very pleased with the recovery. we like it to be more, but clearly we are recovering. >> reporter: retailers are forecasting a happier holiday season, projecting a 2.8% sales increase. that's better than the average for the past decade. with electronics and appliance giant best buy says they'll hiring 14,000 this year, half of last year. i've heard it said we're one crisis away from a recession. do you think that's true? >> we're very vulnerable. >> reporter: economist mark zandi says confidence will have to improve before businesses hire again. >> our economy will be very fragile and if anything goes wrong we'll go back into recession. >> reporter: economy faces strong head winds-- the weak job market, the weak housing market and consumer confidence which bloomberg said today has sunk to the lowest level since the recession. >> pelley: anthony, i want to ask you about that european debt deal that the leaders of europe came up today. it forces european banks to take a

alan mulally joins us to talk about those results and what's driving the company's future plans. u.b.s. will pay $12 million to settle accusations that it failed to oversee millions of short-sale trades over the last five years. the financial industry regulatory authority, or finra, accused the embattled swiss bank of a "systemic supervisory failure." u.b.s. didn't admit or deny the accusations, but said in a statement it was pleased to have the issues resolved. paying for news on tablets is a touchy subject. a new pew research study finds tablet owners spend a good amount of time catching up on news using those devices, but they don't like paying extra for it. the survey found only 14% of owners actually paid for their news. one in five of them have print news subscriptions that include tablet content. many media companies hope to boost revenue by charging for content on the ipad and other tablets. it's day 117 of the n.b.a. lockout. team owners and players are still at an impasse. throughout the day, there has been expectations of a report announcing the cancellation of two add

to the credit of bob king of the uaw, alan mulally and a few of us, we worked with the administration and said, be strong. make sure the market's open. make sure it's a two-way street instead of a one-way street. and i think that's, basically, what has been accomplished here as to an important sector of our economy, one that is helping grow our economy and needs to be able to export it products everywhere. so, mr. reif, let me ask you, there isn't much time, but indicate the major changes that were made in the automotive sector in the redone agreement. >> thank you, mr. levin. briefly, um, there are five major changes to the agreement that were made. first, um, we agreed to encourage green technologies by immediately cutting in half korea's tariffs on electric car exports and eliminating our tariffs altogether by the fifth year. second, we leveled the playing field by addressing the ways in which korea's system of automotive safety standards, as you mentioned, had served as a barrier to u.s. exports for many years. third, we agreed that korea would immediately cut in half its tariffs