dr. draghi.s a percent of gdp for europe, the ecb's balance sheet is much larger than the percentage gdp of the balance sheet of the fed. >> okay. scott, always good to hear from you. thank you for joining us on the show. coming up -- is your retirement on track? just go grab your 401(k) for a moment because we have the new timeline for your nest egg. not the old one, but the new one. you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah

ahead of that gathering, mario dr draghi is telling european lawmakers that purchases of bonds by the central bank would not reach eu rules. in the meantime, moody's is changing its outlook to negative and the agency warns it might downgrade the block on the four biggest budget backers, germany, france, the uk and netherlands. >> on top of that is a reuters report that draghi's, his nemesis, is increasingly isolated in his opposition to bond buying, so if some of the gate keepers start fawing by the wayside, i wonder if you think germany does turn around. >> the german data is starting to become hideous. remember the german stock market, germany's up 18%. so you've got that, is it up because people feel something good is going to happen or was something good had happened. the the germans do not want to commit financial suicide. we did have that moment where it seems like things were getting together. discord is not in the market. >> right and of course, it always comes back to germany and it its decision. >> they're the rich one. >> they are. they are. >> and gold started going up --

dr. krueger, does your outlook for the u.s. recovery change at all even on the margin based on what mario draghi announced yesterday?think that mr. draghi's announcement yesterday was a positive development. i think it's very important for the europeans to implement the announcement that is they've made. i think the reaction to yesterday's announcement was positive. and we need to take the step that is we can take to strengthen our economy and we should recognize that there are going to be ups and downs in the world economy. that's the nature of the way recoveries move. >> dr. krueger, china last night announces this gigantic sewer building, subway building. they want to put people right to work. but that's an old-fashioned way to put people to work. what happened? >> we have been doing that, from the very beginning, the first meeting i had with president obama, he talked about putting more americans back to work in infrastructure projects. that was even before the recession struck. the president having the recovery act, support for infrastructure projects and those are being implemented now and the president recogn