this was the scene at the american financial system. the demonstration against corporate greed turned violence. >> this is a crisis that needs to be treated like a crisis and we cannot let it wall street conducting their business with the institutions destroyed the lives of people. when confrontations between the police and protesters all day. but even though they cannot can't have not here at the park, there is still momentum. -- even though they cannot camp out here at the park. there are hundreds of police officers on the streets of lower manhattan. the right to free speech is colliding with the rule of law. the protesters were evicted from the sparked two days ago. they can still gather here but not camp. the marchers say there are more determined than ever. >> this is not necessarily a right to camp out. we are no longer here day and night, i think that this can be a really great step and evolution of this. >> they are on the move again. they're planning for a mass rally tonight. wall street traders look on the. protests against co

. >> tom: it has been three years since the credit crisis brought the american financial system to a halt. since then, we have seen new regulations, new scandals, and new worries. how much has really changed? michael mayo is managing director and author of the new book, exile on wall street. one analyst's fight to save the big banks from themselves. welcome to "nightly business report." and congratulations on the book. >> thank you. >> tom: it the is the threat posed by what we're seeing today with the european debt going back bigger than the credit crisis of three years ago? >> oh, my. the issue is we have too much debt in western economies. debt's grown twice as fast as g.d.p. for the last deck expead now you're paying the price for that. so i think it's different than the lehman and big crisis of 2007-2008 because it's likely to last longer. though, we sure are seeing the brunt of that right now. >> tom: it's different because the buyer of last reswrortz, in this case the governments themselves, that are in trouble that are impacting the banks. can the banks withstand the kind of

financial system if we're going to call off the super committee so now that the three ring circus is over the american financial system headed toward calamity. whether. it is right with you and i can still keep you. impressing the wrong of but an american journalist is kicked out of the national press club for asking tough questions but isn't that a journalist's job or is the american media used to being subservient to the people with power. and it's one step forward two steps back this after another day of chaos on the streets of cairo so the death toll rises in the military violently crackdown on protesters of the revolution worth that. it's tuesday november twenty second eight pm in washington d.c. i'm liz wahl and you're watching artsy. well a group of occupiers have gone to great lengths to get their message out about two dozen protesters wrapped up their journey of more than two hundred miles today they started out because of parking the big apple and arrived this afternoon at the occupy d.c. town and experience square. for us. here they are celebrating their arrival after the to read journey th

financial system we're going to call not a super committee so none of the three ring circus is over is the american financial system headed toward calamity. and sanctions sanctions sanctions what do they need do they really accomplish anything well take a look at the latest round the u.s. has imposed on iran could syria the next. machine. really believe. that that is wrong with united from the speak here. and pressing the wrong buttons an american journalist is kept out of the national press club for asking tough questions but isn't that the journalist's job or is american media used to being subservience of people with power. it's one step forward two steps back for egypt this after another day of chaos in the streets of cairo the death toll rises in the military violence cracks down on protesters with the revolution worthing. it's tuesday november twenty second five pm in washington d.c. i'm liz wall and you're watching our t.v. well the super committee doesn't seem to deserve their name today plans to go she a one point two trillion dollars in spending cuts failed both sides not budging on their

devastating consequences for the economy as a whole but the fed learned from that, and the american financial system from then forward has performed a whole lot better than it did before there was a fed. now, as to the question, ron paul contends that the federal reserve is unconstitutional. and if you look at the constitution in particular, if you look at section 8 of article i, which specifies enumerated powers of congress, it says the congress that congress has the power to coin money. it doesn't say that congress has the power to print money. this is where ron paul and the libertarians say that the federal reserve is unconstitutional. now, they do have a supreme court decision in their favor. in 1870, the supreme court ruled, remember those legal tender notes that came out during the civil war? in 1870s the supreme court ruled that the legal tender law and the notes were unconstitutional. but before that jolt to america's financial system could work its way through the economy, to the justices retired. ulysses grant appointed two new ones and they change their minds and they said that legal tend

the model of this agency assumes the competitive nature of the american financial systems, because most of what they will do will be to give the people information. there is no use getting information if it -- unless you have options. the credit-card bill, which we passed, did not set rate limits. one of my colleagues wanted to put rate numbers. you cannot retroactively raised the interest rate on people. they should have the benefit of the bargain they made at that time. you have to give them notice of any future rate increase. the notice of a future rate increase would not do any good if he did not have options. i stress again that that is essential our model. as to abusive, let me say to the gentleman from alabama, no. the fact the consumer cannot understand is not in itself the reason to be abusive. an abuser can ford and the gentleman from texas and i had a colloquy about that. it was unfair and deceptive to have a history. we did define abuse it. there are things that could be on a fair nor deceptive that could be abusive. it is not just that the consumer did not understand it, bu

from diploma as a desperation we look at what's drawing fallon's of young americans to protest against the country's financial system. but first earlier and i think i will treat protester told r.t. that the movement expects police to protect activists rather vent attack them. what we're doing is engaging in civil disobedience in a nonviolent manner throughout the country we've been protesting for two months i think that will mean something to civility that we've maintained and i think that the best way for you know us to avoid any issues is to have the police come and observe us and protect us instead of bringing weapons and high police attack on our citizens i think if the police were directed in a better way by mayors like bloomberg we would be a will avoid these unfortunate incidents that none of us want to see take place. still to come this our success or failure. i'm hopeful that they'll continue with their efforts and they will give us two months of protests doesn't do any of us how you can change the bikers minds but what i think that we had out on to the streets of new york to find out whether the occupy mov

from diploma to desperation we look at what's drawing thousands of young americans to protest against the country's financial aid system and whether it be occupied movement will leave a lasting impact stay with us. but first twelve reportedly been killed in clashes in syria as the arab league's ultimatum against the country's leadership expires later on saturday and earlier this week the cairo based body suspended the country and promised tougher action if president bashar al assad fails to end the violence pressure on the arab countries been mounting throughout the week with france now insisting it's too late for the regime to try and save itself through reform and the u.k. is officially started talks with syria's opposition with critics saying this mirrors the build up to the operation in libya russia thinks the situation is being dramatize by foreign parties and threats that opposition groups could also lay down there are turkey and jordan announced plans to establish the buffer zones for refugees on syrian territory a move war correspondent eric marvelous things could signal the start of outside involvement. it cer

up next don't see that from our washington studios which shows if americans still have trust in their country's financial system.

american automobile industry. including saving the financial system from collapse, not because -- to reward the financial sector but because a financial collapse would have had a terrible impact on the overall american economy and on american workers. so, since those policies began to take effect, the decline in our g.d.p. was halted and reversed and the job loss was halted and reversed. it has not been nearly enough. but it is simply a matter of fact according to the statistics provided by the b.l.s. that we have now created over or close to 2.5 million private sector jobs in the last however many months. we're still seeing public sector job loss, largely teachers, which is one of the reasons why the president feels so strongly that we ought to through the american jobs act put teachers back to work, educating our children. but we have a long way to go. there is much work to be done. and this president has the stamina and the vision about where this economy needs to go. and he's presenting his ideas to congress and to the american people to do just that. >> there's been a more than usually amount of -- [inaudible]

financial system is tightly intertwined with europe's. half of american banks lend to their european counter-parts. in italy alone, some of this country's biggest banks, including citigroup, jpmorgan chase, and goldman sachs, have billions of dollars in outstanding loans. >> there's no doubt u.s. institutions and u.s. financial markets will be affect. >> reporter: here at the new york stock exchange, scott, the biggest losers today were those financial companies in the u.s. with european connections. jpmorgan chase, goldman sachs, and morgan stanley all lost 7% or more in stock value today. >> pelley: elaine, thank you very much. europe isn't alone in facing a debt crisis. commissioners in jefferson county, alabama, voted today to file for bankruptcy. the county, which includes birmingham, is more than $4 billion in debt, most of that from a costly sewer project. it is the largest bankruptcy filing for a municipality in u.s. history. remains of america's fallen heroes are mishandled, and we will hear from the people who discovered it. does life begin at f

it is the question of honesty that is troubling americans about our financial system.eople were doing things they knew were wrong and did them anyway. i think that is hard to put on a test. for student loans, you cannot discharge them in bankruptcy. my sister ate her loans until she was 45 years old. a lot of people pay their -- pay for their college education far into their lives. we have a system now that loads up students with debt. one thing i would like to see that i proposed in medicine is if you were to go to college and guarantee the country or state that you would teach or be a doctor for five years, your education ought to be freed. we do that four officers in the military. we have no problem with having officers in the military. we give them a five-year obligation for a college education and we forced them to serve five years in the military. the same thing court teachers and doctors. we would make it much easier for people to go into fields where there is not money coming back. if you want to be a teacher in this society, you really have to be dedicated. ho

financial system. on that news, the market is up. >>> american airlines passengers shouldn't see immediate changes sincepany filed for bankruptcy. flights will continue to operate. the company will honor reservations and frequent flyer miles. but experts believe that will change down the line. likely will be layoffs and price hikes after the low flying period that ends in february. there may also be fewer flights. >>> the sitcom "i hate my teenage daughter" premiers tonight on fox 5. we'll talk to two of the stars of the show. >>> dancing, singing, live animals, you can expect it all at this year's evangel cathedral celebration in upper marlboro. holly has a preview when we come back. a live camel there. ♪ what would you call an ordinary breakfast pastry that's been wrapped in a flaky crust stuffed with a gooey center toasted up all golden brown then given a delicious design? a toaster strudel. pillsbury toaster strudel. so delicious...so fun. mom, we're dying. no you're not, you're just hungry. make some totino's pizza rolls. we don't have any! front... left, totino's. [ male announcer ] well done mom!

many to reform financial capital, reform the system of credit. the american economy rather than in some it was against it. to kill off the volatility that we feel even now as we run up and down these problems of fear. really his guide. almost two years. he is the kind of avatar, the kind of champion of tough love, you know, after greenspan's demise of the most part, having pushed for the bubble across 20 years, one bubble to the next .. he returns to stand behind obama, credibility. this is sized up by the summer of 2008 as trouble, trouble for another team, called a team b and that's the team lead for the most part i rub her group and/or a tanned and tied to wall street. rubin of course the former goldman chair, goldman chief, treasury secretary under clinton and now the citigroup chief. wall street saw it as a bulk or lead team and they said my god if they get into office, with this new president, we are toast. plain and simple. and they applauded their counterattack. the counterattack was get our people in the key jobs. interestingly something i found out

financials. a greek bankruptcy would weaken the entire system. why should americans care?urope is a bigger market than china for u.s. product. there are no big economic numbers coming out this week and investors will be watching european more than they did last week when we saw huge volatility based on what has already happened on the greek stage. in new york, brenda butner, fox news. >>> some arm lagging news about the wealth gap in the united states. a new report finds a disparity between the young and old is the widest on record. the typical u.s. household headed by a person aged 65 or older has a net worth 47 times greater than a house old headed by someone under 35. according to an analysis of census data. >>> we'll check with tony after the break. we'll get an update on the forecast. also a check on traffic from julie wright. that is coming up next. >>> plus, today's top story, a maryland college student brutally murdered. the latest from police plus a look at the big picture of campus crime. we'll be back after this. and melty cheese served toasted on freshly baked

we are trying to prevent a serious collapse of both financial system and the american economy. believe that our efforts which proves successful were very much in the interest of the broad public. it would be helpful to keep its assistance to work with us to help create more jobs. we're doing our part to try to create more jobs and opportunities. this is too good chance to earn in coming gain experience. >> the statement says that this will stay near current levels through mid-2013. does that suggest the fed could conceive of raising short-term interest rates before unemployment gets to 8% are lower tax it could be beyond that. one of the things we discussed was having my brother clarify this part of the statement. we have not come to this point yet. there is no implication that we would necessarily move to 2013 with those conditions prevailing. >> we had the balance sheet march to the original balance sheet. this belongs scale as a purchase. >> who like to turn our portfolio to this only. they began to bring it up. there by creating this. the housing sector is very important. i

how does this compare with what we saw in the financial system and the american economy in 2008?potentially worse or we'll never see something like 2008 again? >> well, it would be worse, i think, if they just get their ten days from now and say we give up. we're going to split up. europe is huge in the global economy. it's not just our exports. our stock market, if you wake up in the morning and want to know what's going to happen to the u.s. market, look at the european market. they're very weak, would shake confidence. some of our biggest banks would be threatened, might have to be bailed out if the european banks go under, but i don't think we're really going there yet. i think they will come up with another path, but it's still a very scary situation. we're not ten days from a solution. we could be ten days from a catastrophe. i hope not. >> talk about bailouts in this country. the politics in this country are so ugly right now, ken. there isn't a political will either in europe it looks like or here to be able to confront another financial crisis. they've got to get over th

system. reporting live at foggy bottom i'm jane watrel. back to you. >> thank you. >>> the nation's third largest airline is trying to reassure passengers despite financial troubles. american airlines filed for chapter 11 bankruptciy protection. it says will the be business an usual and passengers should not be affected. the bankruptciy filing is bad news for investors. american airlines stock fell 80% today to 26 cents a share. >>> in syracuse, new york, the university's head basketball coach briefly addressed the firing of bernie fine and the investigation that has begun there. three men have come forward alleging that fine sexually abused them as boys. >> my assistants work for me and i have absolute aon what they do in the basketball program. what they do outside the program i have little if any control over adults. >> bernie fine denied all of the accusations. he has yet to be criminally charged. >>> heading outside. what a difference a night makes. in some places is it 20 degrees colder out there. >> this is the way it should feel at the end of november. but that's not the way it has been feeling. ten days in a row with temperatures above 60 degrees. and a couple in

financial system. >> millions of americans, middle america have lost their homes, lost the money in their homes in part because of what barney frank did. he encouraged people to buy homes which they could not afford. he encouraged these liar loans and did nothing about them. and all the way through the early part of the last decade, he did absolutely nothing to stop this bubble developing and he did nothing about it when it burst. in 2003, he said the fannie and freddie, government housing agencies said "they're fundamentally sound." that's 2003. >> that's when the bush administration was trying to reform it. >> the following year, the bush administration still trying to reform it, he said i don't think we're in any danger here. in other words, fannie and freddie is doing just fine. 2005, a reporter famously ran up to him and said what happens if these people can't repay these liar loans? these subprime loans? he said we'll worry about that if it happens. that was 2005. in 2007, he became the chairman of the house financial services committee in january of that year, then the housing bubble burst. what

and american banks also have more than a trillion dollars in loans with german and french banks which are the biggest learn lenders to the european. it could shut down the financial global system so a lot is riding on this, betty. >> no doubt. ashley morrison in new york, thank you. >>> to the bankruptcy investigation of the giant securities firm mf global. the company has admitted using clients' money for business. jon corzine filed for bankruptcy on monday. they want to know if hundreds of millions of dollars were inesses to close. last night, angry business leaders met with the mayor. >> there's no plans to remove the people who are camping illegally and causing major disruption to commercial in downtown oakland. >> several major labor groups say they support the strike. the oakland teachers union says it expects hundreds of its members to take part. >>> well, the lawyer for one of the women who accused republican presidential candidate herman cain of sexual harassment says she wants to talk. cain has offered contradictory explanations of what happened. a lawyer for one of cain's accusers wants the national restaurant association. >> i think the national restaurant associat

and american banks also have more than a trillion dollars in loans with german and french banks which are the biggest learn lenders to the european. it could shut down the financial global system so a lot is riding on this, betty. >> no doubt. ashley morrison in new york, thank you. >>> to the bankruptcy investigation of the giant securities firm mf global. the company has admitted using clients' money for business. jon corzine filed for bankruptcy on monday. they want to know if hundreds of millions of dollars were misappropriated violenting criminal laws. an attorney for the firm yesterday said no money is missing from client accounts rb bank of america is canceling its plan to charge a fee. charged for access to their own money. their banks, other banks including jpmorgan chase and wells fargo, canceled trial tests of similar debt car fees. >>> antiprotesters hope to shut down oakland, california today. they called for a general strike. the protesters want businesses to close. last night, angry business leaders met with the mayor. >> there's no plans to remove the people who are camping illegally and causing major disruption to commercial in downtown oakland. >> several maj

american banks also have more than a trillion dollars in loans with german and french banks, which are the biggest lenders to those troubled european economies. it could shut down the financial global system so a lot is riding on this, betty. >> no doubt. ashley morrison in new york, thank you. >>> now to the bankruptcy investigation of the giant securities firm mf global. the company has admitted using clients' money for company business. the firm headed by former new jersey governor jon corzine filed for bankruptcy on monday. federal officials want to know if clients money, hundreds of millions of dollars, was misappropriated, violating criminal laws. an attorney for the firm yesterday said no money is missing from client accounts. >>> bank of america is canceling its plan to charge a $5 monthly fee for debit customers. they were deluged with complaints about charging clients for the fee. their banks, other banks including jpmorgan chase and wells fargo, canceled trial tests of similar debt car fees. >>> anti-protesters hope to shut down oakland, california today. they called for a general strike. the protesters want businesses to close and plan to march on the port of oakland to shut i

american in coupcumbency whs very strong against that. >> what is the risk in european banks? it's such a global interconnected financial system.ll trying to get my head around, i don't know if any of us will know, what the exposure is for credit did he fault swaps, credit derivatives that banks and investors put on just in the very case something happening in these countries. what is the risk? >> there's a lot of relationships, not much direct exposure to the peripheral sovereign debt either through coverage or cbs. there's exposure to the european system generally in european banks generally. i hate to sound like a johnny one note but there needs to be a laser like focus on building the balance sheet, resilience for what's going to be a long time period as ian indicated. as you indicated earlier, huge export market, certainly an economic drag if their economy facilitiers and exports to europe reduce. it also could have a knock on impact on our banking system which could lead to further credit contractions here, which would not be good. >> uncertainty is not something anybody needs. sheila bair, ian bremmer, john, thanks for y

americans consider this a loan or a bailout? >> neither. they should consider this a necessary action that keeps the global financial system from imploding the way it was possibly going to do in 2008-2009. it's not the confined of money you would consider a loan. this is highly technical stuff central banks do but they're flooding the world economy with money and they should view it as good news. >> it's a super surge for a wednesday, that's for sure. ron, thank you, sir, appreciate it. >>> herman cain is calling it a character assassination. his candidacy reeling from the latest allegations revealed by ginger white, that the two maintain an on and off affair for some 13 years. cain talked about sacrifices as he kicked off a bus tour in ohio today but what may be sacrificed is his presidential campaign. ginger white gave more details about her relationship with the former front-runner. take a look. >> our relationship was on and off for the last 13, 14 years. i've received gifts and money for the last 2 1/2 years consistently. >> did he ask for anything in return for that money? >> no. this was nothing -- this was not sex for cash. >> politi

. >> they talk about financial reform and they skip past fannie mae and freddie mac which are the two biggest debtors in the american systeme most dangerous companies for imploding. the odds are very good that the next great crisis in finance is not going to be banks, it's going to be fannie mae and freddie mac who, by the way, are impervious to the politicians. >> yep, same newt gingrich. in iowa today the speaker defended his work? >> i was approached to offer strategic advice. i was glad to offer strategic advice. we did it for a number of companies. gingrich group was very successful. >> do you think you were just being bought? >> no. i don't think that anymore than your institution being bought when people advertise on it. >> gingrich disputed the notion a big contract would undermine at all his clean up washington focus on the campaign trail. >> it reminds people that i know a great deal about washington f. you want to change washington, we tried four years of amateur ignorance, and it didn't work very well. >> is it a really good thing or hypocrisy. for more we're joined by james carville, with me in washington cnn

financial systems are now well integrated. >> the european economy is part of the global economy and weakness hurting exports. can impact the sale of the ipads and sale of americanfast food burgers. professor duffy at stanford graduate school of business. >> any u.s. corporations that export to europe could be affect fd europe gos into a recession. so yes. definitely including silicon valley firms. >> and there is no way to make that up? >> the debt crisis created turmoil in italy where the prime minister resigned over the weekend. greece agreed to auft year government spending in exchange for debt restructuring. portugal accepted a $110 billion bailout but you now has to cut back spending. >> portugal's president hopes to take back some of the entrepreneur yil spirit. and that is a longer term path to recovery. the storm clouds kin tin to hover as well as the rest of the european union. abc 7 news. >> and wall street got a reminder of how much work needs to be done. the dow dropping almost 75 points because of a high borrowing rate and nasdaq fell 21. s and p down by 12. stay with us. more still to come in just a moment. [ female announcer ] martinelli's gold m

financial system. you understand the resentment of americans out there?ging it, we should try to heal it and we should focus on economic growth and prosperity on social mobility and upward mobility. you know, your earlier discussion about people worrying whether their kids are going to be better off than they are, that's a real fear in america today. a lot of people are out of work. we had 6 million people who haven't had a job for over six months, so there's real economic anxiety and we should not be preying on that or exploiting that. we should be addressing it. and the quote that you cut off before i was going to say is let's get after corporate welfare, let's get after the crony capitalism, let's stop subsidizing the wealthy and their health and retirement benefits and let's stop picking winners and losers on the tax code up here based on who is powerful or who has good connections, those who we should be doing well getting the debt under control and get the economy growing. >> do you agree with the congressman or do you support crony capitalism, is t

the world financial system from which they could learn a great deal so they sent the soviet union but the scent capitalists over the year to learn how to run back the assistance of the american investment banks and so forth. then in late 2007 and 2008 they think they learned that the americans didn't know how to run their economy very well, and that caused a tremendous amount both for us but also for the chinese who had been associated with the reform program, and some of the difficulties that followed after words and which it is claimed incorrect in some respects but the chinese were too assertive to go back to that period where the shock occurred. >> host: the chinese are the biggest foreign creditors. how much of a threat to us is that? >> guest: it is a complicated issue because on the one hand, you can say if they exploit the credible they could make life very difficult for us. at the same time, $100,000 it's your problem. if you go 100 million it's their problem so that the credit her suffering enormously in the several trillion dollars as the certainly became worthless as a result of inflation and their harassing us it would be a blow to them so we have a kind of mutu

that breach of trust, that potential to undermine our financial systems is a cancer on the system. it weighs on the american public's trust of their finance, of corporations, of congress and undermines a democracy. these people can still come here but register just like lobbyists. make sure that transparency and the sunshine shines on them. there is no rule in this institution for even this perception of wrongdoing. every member of congress must be held to a higher standard. it does not infringe upon their rights to legally trade. it doesn't infringe upon their american rights to work hard, be smart, make good investments and profit from that. what it does prohibit is an unfair playing field that penalizes those that play by the rules. and like so many of my colleagues and millions of middle-class americans, i myself, a public school teacher, spent 24 years in the national guard, i fried to do what was -- i tried to do what was right by my family. i tried to play by the rules with the great understanding that the american dream was you play by the rules, you work hard, you will benefit for that. this piece

financial system. we need to insist the rest of the world does its part to grow american exports on a substantial scale. that's why we need to cut taxes on families who are in a position to spend that money and put it back in the economy, and that's why we need to recognize that confidence is the cheapest form of stimulus, and do what's necessary to assure that not right away when we can't afford it but over time our government stops piling up debt at the rate that it has. thank you very much. >> dr. summers, thank you. [applause] >> now opening statements, senator alan simpson. >> i think you're going to have to stand. my feet are dogging the floor already. you tack that off my time. a great honor and privilege to be here at this remarkable university. you all must be very proud of it. i surely am after my visit with staff and students and faculty. rich has certainly taken care of me. james basher, my handlers, and it's been a lovely treat. and a special treat to see pat robertson, who served as with my father in the u.s. senate and to meet dedebradford afford. a map of great faith and forthrightness,

concept that the financial system is hurting the government -- we need to figure out a way to get away from that, told a reform. you have republicans and democrats saying -- the americanple, besides the 1%, are taking the hit. host: doc on the line for republicans. good morning. caller: good morning. the name of these people really fits them, occupiers. they remind me of the occupiers and eastern europe after world war ii. a bunch of bolsheviks. most people do not know what the bolsheviks are. they need to look that up and how they feel about the business. these people run around the streets with communist flags. of course, you do not see that on the news. a friend of mine lives in oakland and set me pictures. hundreds of communist flags. you do not see that on the news. can you tell me why? one sign in ae tea party rally and the news is fixated on it. they let murders, rapes, dedication in the streets, -- host: louisville, ky. caller: i love the idea of occupy wall street. i hope it grows to be something that will change this country. host: if you have to boil down the idea of the protests, how would you boil that down? how would you summarize the idea of the protest

financial system. that is that is why we need to make sure that we grow american exports on a substantial scale.at is why we need to cut taxes, help families who are in a position to spend the money to put it back into the economy, and that is why we need to recognize that confidence is the cheapest form of stimulus and what is necessary to ensure that over time our government stops piling up debt at the weighrate it has. ank you. >> dr. summers, thank you. [applause] senator alan simpson? >> i think i will have to stand. it is an honor and privilege to be here at this remarkable university. you all must be really proud of it. i know that certainly am, after visiting with the staff and faculty. richard, james, my handlers, it is but a lovely treatment. at a special treatment to see pat robertson, who served with my father in the u.s. and that -- who served in the u.s. senate. we surely do not and will not agree -- you would not want that all -- you will find that out fast, but will be a real debate. i serve on a commission of presidential dates. would that this active type of thing, with the pol

american taxpayer and congress and then turned around and lobbied very, very strongly not to have more oversight and restrictions against it. >>> it's pretty disturbing to think that this rescue may leave the nation's financial system for a collapse. >> because those banks got bigger and bigger, actually, because of the largess of the fed who was able to keep them going with these very low interest loans that they actually were able to profit over. they did get bigger, you're right. >> christine romans. thank you very much. >>> 35 minutes into the new trading day stocks are soirg on wall street. they're showing new optimism with the debt crisis in europe. record breaking retail sales in the u.s. over the holiday weekend. korean in a, what are you seeing? still good news. we're up 300 points. >> exactly, we are off to a roaring start this morning. you were talking about the financials. it is the bank stocks that are doing well today. they're up by 4 and 6%. we're seeing online retailers, amazon and ebay popping. that's ahead of cyber monday. experts believe sales will top $1 billion today. good news for them. why are the markets taking off today after tanking just last week? a couple of reasons. first we have the re

financial system that was frozen up. and an auto industry that was near collapse. but those are the choices, those are the values, that's the leadership and that's what will be measured by the americanion you said. the policies, the same. >> playing national politics as mayor of chicago. rahm emanuel is forgetting the fact that the dot-com bubble gave us a surplus that didn't exist. by the time it took over and president bush had a recession and also a scandal on wall street that he inherited the minute he walked in. that's a totally disingenuous statement. >> i'm a big fan of rahm emanuel. when i first became press secretary in 2007, i got two phone calls. first one was from him wishing me good luck. i think as mayor of chicago, he's done an excellent job and i think he's separated himself from that former political hack lifestyle that's the reputation he had and he would probably -- not that he wants advice from me but i think his long-range future in politics could be a very good one but he should shed that because he could -->> don't like that he did that. >> i don't care. i think it's noise. i don't think it matters. he should stop it with the surplus piece because he knows it'