desmond lachman is recognized for five minutes. >> thank you very much, mr. chairman. thanks to miss mccarthy. i want to divide my remarks into four groupings. i want to talk about the intensification of the crisis in europe, i want to touch on the implications for the united states. i want to discuss what the europeans are doing to address this crisis and what their efforts might fall short and touch on the united states's role in this crisis. turning to the intensification of the crisis there is little doubt in my mind we have seen substantial and disturbing intensification of this crisis that is likely to create real problems for the united states economy in 2012. among the indications of intensification of first that greece looks like it is on the cusp of defaulting. this would be the largest default in history and would involve $450 billion. one really has to dismiss the notion that greece is a small economy. the fact that it is a small economy doesn't mean it is not highly indebted. a lot of that sitting on the banks of the poor countries in europe which could ha

my colleague desmond lachman has been spot on in his predictions. is pessimistic. know, there's so many signs that are parallels to what we saw in the early 1930s that it's kind of chilling. i'm looking at the super committee as obi-wan kenobi. our only hope. >> let's hope they take it serious. i think they do. hope they do. whether the budget fight this year or the debt ceiling didn't do anything until we were up against the deadline, the 11th hour, in some cases well beyond the 11th hour. otherwise keep thanksgiving free. we'll be here talking about it. gene and norm. herman cain says his 9-9-9 plan can simplify the tax code and produce enough revenue. is it true in tom foreman on the fact checking case next on "your money." what's in the mail? well, it just might surprise you. because this is how people and business connect. feeling safe and secure that important letters and information don't get lost in thin air. or disappear with a click. but are delivered. from person to person. and, sometimes, even face to face. have a great day. you too. for some of the bes