we will be talking to david levy, who has been getting a lot of attention.ng to be a recession in the u.s. in 2016, which is a very out of consensus call. his argument is interesting. he says that for the first time basically ever, the u.s. will be dragged into a recession because of weakness overseas. usually the u.s. is a closed economy and it does its own --ng and then back typically economies are mostly dependent on the u.s. and his argument is that in any 16, the weakness we see all caps the world, slowness in europe, will be enough to drag the u.s. betty: has he called for this before? fairly negative going into 2015. he thinks there is a chance of a global recession, which is not correct in the sinful technically i don't think there was a global recession. there was a slowdown in 2015 and the selloff we saw in emerging markets, things related to china , is deeper than a lot of people expected. betty: he has been a bear for a while. joe: since the crisis. the main argument is private sector debt. deleveraging has not completed. an ongoing drag. betty:

we speak to david levy. scarlet: retailers getting a late shopping search. we break it down with charts you can't miss. we begin with the markets. foremost of today's session it looked like we had a fairly calm day. it was fairly minor. the smallest part since the day before thanksgiving. stocks closing after session lows. joe: not a terrible day. we have had the series of sleepy action. today looked like a snooze. scarlet: what has been consistent is oil prices have led the way. giving back some of yesterday's advance. the big headline came around midday when puerto rico said it would default on $37 million in bond payments. on its pay interests general obligation debts. joe: these are the general obligation, that has caught markets a little bit by surprise. scarlet: you can see the pain being felt, all down on the day with an back the first -- with them the worst performer. all commodities are doing badly. this is a chart of iron ore which has been absolutely dismal. very closely associated with the slowdown. day ore is on a nine winning streak. commoditie

david, levy start with you. we get the headline number, is that it anyway enough to move the dial when it comes to ecb thinking, what are they going to do? david: not too much influence, the ecb is looking at the forecast of monetary policy that needs to rise in two years. and we already saw in september, the last round of forecast, that the two-year figure was revised down from 2% to 1.7%. and to a certain extent, those changes have artie justified the announcement for mario draghi that he will make tomorrow. do: derek, he said we must we can to raise inflation as quickly as possible. how aggressive you have to be? suppose based on what the markets are thinking, i think they will go at a rate cut. quantitative easing increase, we think $20 billion per month -- taking it to $1.8 trillion, if you extend six months. and then we think maybe 20 basis points on the rate. guy: it was down to .4%. derek: the ecb, they know what the markets are expecting. and i think they really focus quite a lot on financial market cond

in missouri, the rain is mostly over, but residents have sandbags at the ready to shore up the levies. david? >> rob marciano, we appreciate it. and the flight cancellations are being felt coast to coast at this hour. more than 1,000 flights canceled in chicago alone tonight. as millions now try to get home. abc's linzie janis is at laguardia airport here in new york. >> reporter: millions of americans facing chaos at airports across the country today. >> i've been stranded now in the airport for 50 hours. >> reporter: more than 2,000 flights canceled and roughly 4,000 more delayed. vidal mcneal is trying to get back to california after visiting family in chicago. >> i've been on the phone with the airline and they're telling me the soonest they can get me to oakland is thursday morning. >> reporter: others unable to wait and doing everything they can. >> we're trying to get our son back to school. he's actually marching in the rose bowl parade. so we saw this morning, early at 5:00, that the first leg of his travel is canceled. >> reporter: and tonight, passengers traveling from the south t

david shaw, the men in black. took to levi stadium field against usc. pack 12 title on the line.christian mcaffrey to kevin hogan. touchdown, 10-0. here is a third quarter play. a come back. donald jones weaved through traffic. 27-yard run. just like that, sc in front. that got stanford's attention. hogan bounced off the defender and in. a seven yard play. fourth quarter, now 27-22. mcaffrey looking. looks left. looks right. there is his boy. yeah. mcaffrey. touchdown. and stanford won by a final of 41-22 to win the pack 12 title and clinched a spot in the rose bowl. >> i have posters on my wall growing up. so to have my name mentioned even in the same category is definitely an honor. >> toly left here is the best player in the nation. there is nobody doing what he is doing. it is not even a debate. so, we are excited about what we have done as a team. 400 what yards today? something ridiculous. lost count after three. >> i have been a part of four or five great teams out here at stanford. the guys we have up front, they make my job easy. so you know, it is pretty crazy that my t

illegal money laundering and loan shark teams, we are looking at a levy on the industry to meet the requirements that he has identified. mr. david burrowes: following last week's vote, can my right honorable friend give us an update on action against the genocidal jihadists who not only attack christians, yazidis and muslims, but pillage their churches, shrines and mosques? alongside the welcome announcement of £30 million to protect cultural heritage, but can we also ratify the hague convention? mr. osborne: let me update the house on the military action since we met last week. we have 16 aircraft conducting strikes, as well as our reaper drones. the raf have conducted 11 missions, principally against the oilfields, and we are also supporting iraqi security forces. the foreign secretary will be in new york next week for talks on trying to bring an end to the horrendous conflict in syria. specifically, on the damage that is being done to the cultural artifacts in the area, we are providing £30 million as part of the cultural fund. i have discussed that with the director of the british museum. on the ratification of the conventio

melissa: she wants to levy risk fee of banks more than 50 billion in assets. that is 40 banks. we have to go. breaking news. davidaking news involves mr. donald trump. his campaign came out with a statement that donald trump is calling for a total and complete shutdown of muslims entering the united states until our country's representatives can figure out what's going on. now the problem with this, campaign said total and complete shutdown of muslims. but you read whole statement of donald trump, doesn't exactly say that so there is some dispute exactly who said he is calling for a total and complete shutdown of muslims entering the u.s. but that is what his campaign putting out. not in his full statement on this. >>> coming up we have songs of remembrance. u2 taking the stage to honor paris victims. defiant message from the band coming up.t ♪ that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's