e.u. finance ministers decided to recapitalize banks but there was a caviar put forward by germany that national governments need to share the burden my question for you chancellor is want to shut out the economies that need it most because the state can't afford spain italy portugal greece for example the recapitalization of the banks are you satisfied it will do what it's needed to do. i think that's. right you know i think it would be. precisely would not have a plan to do it because within the european union we are not a national state we are a community of many national states and so important for me and for germany is not the question of liability to join glory ability. and i join forces with decision making should be a one stop us organization you can't say you're recapitalizing european banks whereas the german federal chancellor cannot influence that decision in terms of how a bank in spain portugal. will be capitalized because that again would be in the responsibility of the national forest just basically we need to match of the things together the european treaties or the moment as su

e.u. ongoing negotiations at the trading investment partnership. european finance ministers want to stop some of the derivatives rules. earlier this week the business business -- and so mice unilaterally disarming ourselves in addressing too big to fail. do we need strong financial rules in these negotiations and refraining from a race to the bottom clicks >> first of all sanner, there's nothing moolah to do a trade agreement to weaken our financial regulation to rollback dodd-frank are the efforts of the administration and congress working for the last four years and other mechanisms to raise the standards around the world. with regard to the transatlantic in particular, financial services for regulatory issues. our view is the market access issue should be part of the trade negotiation but after the financial crisis, there was an explosion of activity among regulators bilaterally between the u.s. and e.u. and also the pis, fsb in our view is that workouts you can do new and parallel alongside negotiations towards a resolution of the issues regulators are working

e.u. the ongoing negotiations. negotiations european finance industrying want to stop some of the derivative, rules earlier this week the business round table here advocated we tire hands effectively. in some ways unilaterally disarming ourselves from the too big to fail. do we need strong financial rules in the negotiations, and refraining from a race to the bottom? >> well, first of all, senator. there's nothing that we are going do through a trade agreement that weaken our financial regulation to roll back dodd-frank or roll back the effort that the administration and congress worked on for the last four years to reform our financial regulatory system and here and the g20 and other mechanism to raise the standards around the world. with regard to the transatlantic financial service are key part of our economic relationship. our view is that market access should be part of trade and negotiation. after the financial crisis of '08 and '09 there's an explosion of activity among regulators. bilot i are between the u.s. and the e.u. and the bis, f

e.u. wrong? >> days like this are good for investors because of the frenetic feeling in the market, markets are emotional, they are about human expression of insecurity of financederlying phenomenon we have seen triggered by a fed statement that the economy is on track to do better than expected but the rest of the downside event is hitting 20,000 by the end the decade is more likely. dennis: peter schiff, welcome back, good to see you again, you have been hanging for some years, what do you think of the market today and what about dow 20,000? by the end? >> of the decade. dennis: peter? >> where is gold going to be? in the short run i think the market is going to keep on falling until the fed acknowledges it has got the economy wrong. this will recovery that the fed believes it created with the q e is the evaporating before dials it back. i think the next thing the fed they will not take away the business of the q e but put more crack in the pipe. the market hasn't figured that out because if the fed takes away the stimulus is basing the recovery on the housing market, the housing market is about to implode and go for new lows because of rising mortgage rates