and as long as the eu, which i would argue they have not yet, but as long as the eu shows the wherewithalt to deal with this crisis, i think they can quote, unquote, contain it. the longer-term picture, though, for a lot of these states is, at best, questionable. >> why? >> you know, to the joke that you just made a second ago about this being the entitlement -- >> that wasn't a joke. not at all. i mean, do you think it's funny? >> i don't think it's funny. >> do you think it's -- there's no validity to the comparison? >> that that's the entitlement state? >> the entitlement state model in europe that you can't spend and spend and spend and spend. and look when you try and take it back from the unions and greece. >> your point, i mean, if the financial crisis was a global earthquake, their building codes were shoddier than ours, right? their economies don't bend and sway the way ours does. >> and to your point also, you know, this is the moment when you, as a sovereign nation, would devalue your currency to sort of let off some of the steam as your economy adjusted to the downturn and, of

to arrange other things, including cybersecurity, and we support close working between nato and the eu. there was quick and decisive action when the world was reeling from a financial crisis. in doing so, collectively, we helped prevent what people were predicting, the total collapse of the world economy. today, president obama and i are closely following the economic and financial crisis in greece and the european union's efforts to deal with it. we welcome the support package that europe is considering in addition to that of the international monetary fund, and we will be supportive of your efforts as you rescue greece. these examples and many others i could have mentioned show why europe continues to be not only our largest trading partner but our largest ally. our predecessors came together more than six decades ago this week to ensure that the 21st century's darkest chapters would not be repeated -- that the 20th century's darkest chapters would not be repeated. there has been a great success, but now, we have to set our sights on the challenges of this new country i referenced in

like the eu, the supreme court has characterized this right as a matter of personal dignity. on a personal level, i have for 36 years defended privacy rights. in the u.s. senate, every year, there are organizations that rate those most committed to civil liberties and every year, i was characterized as one of those four people picked. the reason i tell you this is not about me but about the commitment of our administration to individual rights. to change now would make a lie of everything i have said i stood for in my country for the past 37 years. on the senate judiciary committee responsible for confirming judicial nominees, i said i was consistently ranked among the staunchest advocates of civil liberties and i made it a priority to determine perspective judge's views on privacy before deciding whether or not they could go on to the court. president obama and i also believe that the government's primary and most fundamental and solemn duty is to protect its citizens. and protect the rights they hold. president obama has said that keeping our country safe is the first thing

spain, obviously, is a much more significant economy in terms of its weight in the eu at 12.5%, which just so anyone has any sense, that's just about the same as california is to the united states. so, the spanish situation will be a significant one to watch. let's get to louisa bojesen live in london. louisa? >> reporter: you're absolutely right that the spanish economy is a lot more important in many instances, and especially on that debt story. obviously, we're following the issues in greece now very, very closely as the violence has suddenly turned deadly with these additional news flow within this past hour that we've had with three people having been found dead in a building that was set on fire by some of these protesters. you have approximately 40,000 people protesting in the streets against these austerity measures. and up to now, these antiausterity measures, it has to be said, have been relatively peaceful. it is the third time that we're looking at a very large, organized strike. again, these are eyewitness accounts that it is approximately 40,000 people. it is the worst v

they're 2% of eu's gdp and they're broke. they're broke and the government is corrupt. no way that we'll take the amount of money that's been put in this thing and change greece. >> john, i have a thought. in the light of your excellent analysis, why don't they privatize and sell the par that non? just sell off the islands thp that may be the only solution. people think i'm kidding, but i'm not. they got asset, sell them. >> i think it's a great idea, but why sell the parthenon when some idiot will give you $12,000 each just for free? this is a welfare bailout nothing else. but in addition to the ironies of the day, pigg all have dead to gdp ratios less than germany, france and bell sgrum agium andn the united states. and greece is 108% today, but the u.s. will be 200% within cbo's projections. so i think what we see today is a little bit of a wake-up call that investors around the world are start to go recognize that the promises governments have made to their people are not going to be capable of being met and are going to be repudiated either directly through default

serial contamination going on of different balance sheets and people are going to be looking to the eu and asking the question how do they feel about it. >> so what about the u.s.? i mean, should we be worried about the municipal debt in the united states, cities and states facing budget tightening? and does europe have a contagion in the united states? >> on your first question, maria, what's happening in greece tells you first and foremost debt and deficits matter. second, that be careful. it can happen very quickly. and thirdly, make sure that you have flexibility to respond. the u.s. thankfully is not where greece is, but we have to take these things seriously. otherwise, we get to where greece is in a few years. on how the u.s. is impacted, there is a silver lining. but it's pretty small. the silver lining is that a lot of capital that would have gone to europe or is actually in europe today would look to go elsewhere. and the united states is still the most attractive. it's what my colleague -- former colleague says, it's the cleanest dirty shirt. it's not a clean shirt, but it's

another question on the story is whether the bailout, in quotes here, that's being fashioned by the euoing to do the trick short term and long term whether the countries who are promising e i pony up are actually going to pony up. >> on monday we saw ooh, they worked something out. good. so there was a bit of calm in the markets on monday, but then wait a second, is this really going to be enough? that's what investors are not sure about. most of the european stock markets are down. the value of the euro dropped below $.30 for the first time in a year. and we saw the dow plunging 225 points yesterday. today we've come back. we were off triple digits and now we're off 30 points on the dow at 10,895 and the nasdaq off two-thirds of a percent. you see oil prices are down and obviously people are concerned that the issues in greece are going to spread. >> yes. >> portugal. you hear about the pigs. i don't know if you've heard that term, tony, but whether or not portugal could be a problem, italy, ireland. >> spain. >> greece, obviously and spain, right? >> yeah. >> portugal has been put on

host: turkey is not part of the eu, correct? guest: yes, they would like to be, and i think that they would be stronger for it. host: next phone call. caller: i am trying to figure out what is wrong with humanity. everybody needs to help everybody. around the world economy is bad. everybody needs to be helping, instead of pointing the finger. my main question is, nobody covered the immigration rallies. what happened, c-span? host: just to let you know, we did cover one of them. you can take a look at our video library. johnson city, tennessee. like on the republican line. caller: i was curious about the economy. i am 33, i have a bachelor's degree, and i cannot find a job. i went to mcdonald's at one point and they told me i was overqualified. i am watching c-span this morning, my unemployment is about to run out. in tennessee, understand that a lot of people on board to run out of unemployment. once all of that is gone, and all of the companies go to mexico or china -- i mean, it is that everywhere. what am i supposed to do? gu

it was adopted largely because the eu had taken the position? that our investment banks, our largest investment banks, needed to demonstrate that they were receiving consolidated supervision in a meaningful way, either here at home where they would be subject to regulation in the eu as a condition of their doing business there. i wondered what the motivation of the eu was in taking this position because at that point in the united states, the united states did not have any requirement that investment banks or other financial institutions other than banks and their holding companies had to have consolidated regulation. >> it is hard to get in the head of the eu. >> did they explain it at all? >> i think there was a competitive situation going on where the eu wanted to become much more of a financial center, if you will, and wanted to outdo the regulatory excellence that was emanating from this country. i think it was a movement on their part to try and bring control so that this new entity was nd chief financial market. >> as i understand it, mos

. >> it's not a surprise given that national parliament has yet to agree with the eu fiscal package. and i think german parliament heirans will in the nd, i think, give their approval. >> what does it do for market players? he talks about greek default. he's trying to say, look, we want to avoid it. it's not going to happen. but the mere fact that he mentions it -- >> well, for sure. >> is that just a bad way of talking about it? >> maybe. maybe. i think the financial markets understand that greek debt reinstructed temperaturing is on the cards, which is an implicit default. if spain and portugal are next in the firing line, it's a wherewithal to provide forward for those countries. the answer is no. i think the euro zone debt crisis does rumble on. but i think the end game in all of this is a debt restructuring for the greek government. >> kirby. >> yeah. in the il, i heard you say they would have to rewrite the rule book. but what is wrong with that? >> well, they probably will. the ecb, for example, has rewritten the rules in terms of the minimum eligibility requirements for greek

host: turkey is not part of the eu, correct?uest: yes, they would like to be, and i think that they would be stronger for it. host: next phone call. caller: i am trying to figure out what is wrong with humanity. everybody needs to help everybody. around the world economy is bad. everybody needs to be helping, instead of pointing the finger. my main question is, nobody covered the immigration rallies. what happened, c-span? host: just to let you know, we did cover one of them. you can take a look at our video library. johnson city, tennessee. like on the republican line. caller: i was curious about the economy. i am 33, i have a bachelor's degree, and i cannot find a job. i went to mcdonald's at one point and they told me i was overqualified. i am watching c-span this morning, my unemployment is about to run out. in tennessee, understand that a lot of people on board to run out of unemployment. once all of that is gone, and all of the companies go to mexico or china -- i mean, it is that everywhere. what am i supposed to do? gues

leader david cameron, and is faced with a budget deficit forecast to be 12% of gdp, the highest of the eu countries including greece. he spoke to the federation of british industry's. [applause] >> helen, thank you very much for that introduction. when you invited the chancellor of the injector to attend this dinner, i don't think he knew he was going to turn out. it is good to be here. and it is a historic occasion. an event where liberal democrats and conservative cabinet ministers are sitting side by side in the first coalition that this country has seen since the second world war. it has been a remarkable seven days in british politics. i hope it will b a remarkable five years and we can turn this country are rendered this is my first major speech in this drought, and thank you very much for the invitation. it is no coincidence that the first person i called after getting the job was richard. that is, i hope you will see, a reflection on the importance that the british business committee and the importance i attach to it cbi as a representative of the cmunity. it is good to have in my

costing us billions and billions and billions more, in the meantime, we're bailing out greece, the eu, 325 billion from the imf. we're already broke, we need to stop spending and do things like cut back like greece or i don't know, maybe cut taxes and create real jobs and not keep spending and no real jobs created. >> well, david, we're on a spending spree a bit. you say, hey, take out the credit card, huh? >> hey, if we're stuck in a rut, which we are, we're trying to get out of the worst recession since the great depression, if i'm driving my car out of a rut, a muddy rut and food on the accelerator and trying to get the car out and just about to get it out. do i take my foot out of the accelerator? no, gun it and get it out and that's what world economists all sides have agreed. first four month of 2010, if we continue in this pace job growth the next eight months, one year we will created more jobs than all eight prior years combined and we're on the right track and working and keep it going. >> brenda: how many jobs have been lost in the recession though, and that's the problem.

>> eu charged that the obama administration's energy policy is a "when the milk policy -- "windmill policy." >> it was a national windmill policy. they went to make 20% of our energy from these wind turbines which is preposterous. particularly with the work of the energy secretary, dr. chu, the administration has broadened their policy. they have taken good steps to try and encourage, for example, nuclear power which produces 70% of our curbing free energy. i commend the president for that. even though this is a difficult time to do offshore exploration, off the gulf we have 30,000 wells. if we did not have it, gasoline would be $6, $8, $12 per gallon. >> you were one of a few to a vote for sotomayor. will you vote for elena kagan? >> i have not decided. she is distinguished and there is no question about that. i voted against her for one reason. it was because of her aggressive opposition to allow military recruiters when she was at the dean of harvard law school. if you are going to take students with federal scholarships and loans then you have to let the military record on your campus.

a much bigger sum from the eu government. this may have some relevance. the biggest thing is to change the policy haato go into the market, buy bonds. >> one of the bank was buying the bonds across the euro zone this is akin to the quantitative easing. what this did was collapsed but cost of borrowing. greece would have been paying closer to 12%, but now it would effectively be 6%. >> when the cost of five is fort north europe to impose conditions on south europe how -- because of that is for north europe to impose conditions on south europe. >> earlier i spoke to the frans wynans minister. i started by asking what her reaction -- they france finance minister. i started by asking what her reaction was we have a lot happening, and it is a clear change of the guard. >> which you prefer? do you prefer a coalition of liberal democrats or for a cold -- a coalition of labour, liberal democrats, and for others. >> it is for them to sort out what is best for the british people. >> is there not a danger if there is a vacuum while these negotiations are going on of

the eu will sign its fta with colombia next wednesday. did he accomplish -- concluded negotiations with the fda with south korea next -- fta with south korea. cadillac and panama are signing a new fta today -- canada and panama are signing a new fda today. what does all this mean? it would mean that the eu and canada will be able to sell their products in those markets at a very -- a much better price. we will lose market share and jobs. it is simple as a-b-c. that is not all. the south korean pact has the potential to be a model for other agreements across the asian pacific. in region that now accounts for half of the global economy. we are talking about the future right now. then there as -- then there are the president and the people of colombia, a good friend and critical regional allies who have courageously stood up to the drug lords and reclaimed their country. the united states gives them the back of the hand. it is unconscionable. if tax matter at all, i hope those who oppose these agreements will listen closely for the result of

parliament as inside the ruling socialist party and hiking the sales tax to 23% in return for that eu and imf cash. angela murkler telling them it was a fault in the road and this was nothing less than the future of europe at stake. that other countries across the euro zone will be hit unless the rescue succeeds on the streets of greece. the risk of contagion hammered home this morning by moody's announcing the likelihood it will downgrade portugal's credit market is raising. rapidly becoming a one-way bet for many and the cost of borrowing across the euro zone is beginning to rise, an indication of the growing crisis that slowly seems to be throughout europe. >> these are militant union. they're not just workers. they're militant unions. the question i have, and i know the answer. where is margaret thatcher and ronald reagan. you know, margaret thatcher said the problem with socialism, you run out of aother people's cash. you need a strong leader and i don't see it on the horizon. on thursday, and that may influence the german legislatures to vote -- >> nobody is telling the truth to

then i go back to your first question and say, let's see what they're doing with this in the eu and in other countries. baby we will all learn something. that is the bottom up -- maybe we will all learn something. that is the bottom line. can we all learn something? quite often, you do. >> thank you, sir. justice scalia, your former chairman. now have another successor. as he begins his chairmanship, would you be kind enough to offer him some suggestions or recommendations on how we should proceed? >> do good and avoid evil. [laughter] that is the only thing for sure. well, of course, the first thing that the chairman is going to have to do is to identify talented workers. that is by and large academics who are interested in the field of administrative law and can go out and do the legwork that is necessary to any serious study of administrative procedures. fortunately, he is in academia, as most of the chairman of the conference have in the past been and i think you will be able to identify them readily enough. as to particular subjects, that is frankly the hardest job of the chairman

the concern is traders are worrying if another european nation gets in trouble the eu won't have enough money leftover to help out and that led to a global selloff. overnight stocks in asia were down after wall street suffered the worst decline since february. the dow starts below 11,000 after losing 225 points. the s&p 500 dropped by 29. >>> well, georgetown is getting its safeway back. the social safeway will host a gala to celebrate a grand reopening after a facelift. doors open at 8 a.m. tomorrow tomorrow. it will feature a sit down sushi bar, a gel la toe bar and pizza oven. >>> google will sell books you can down load to a hand held device. there is speculation once they kick it off a hand held reader will follow. everyone has to have a kindle these days, an e-reader, nook. >> you are saving us money to say ford these devices. >> people want to break out the spring clothes. don't go to the mall, go to a swap party. i will explain that coming up. >>> a new wave of ice from the iceland volcano heads to europe. dublin's airport is scheduled to shut down in wales and england could soo

and traders are worried if another european nation gets in trouble, say spain portugal or ireland the eu is spending so much money it won't have enough to help out and then the u.s. may be asked to help prop up countries across the pond. that is part of the reason wall street suffered the worse loss yesterday since february. >>> nissan plans to recall g-35 sedans and coups to fix the air bags. an electronic glitch may prevent the air bags from working in a crash. this involves 2009 to seven model years. >>> well, four months ago, dominoes tossed the pizza recipe out the window and apparently the new taste delivers. the ceo says sales have taken a historic leap over 14% and at a time the rest of the industry suffered a 3% drop. this new recipe is a complete overhaul, new crust, sauce and cheese. i have not tried it but now i know what i'm getting for dinner tonight. >> we a little starbucks to go with it. if you think this starbucks latte is expensive check this one out. they are selling cups of coffee for $12 at a coffee house in new york city. >> whoa. >> it has three locations in the b

. >> everybody knows the response of the eu has been hesitant. and now positively dangerous.o greece but to europe as a whole. >> reporter: the german chancellor says today the rescue plan must succeed or other european countries may suffer the same fate. she saider with at a fork in the road and this is about nothing less than the future of europe and the fate of germany in europe. greek parliament is set to vote on those austerey measures very controversial. that vote set to go ahead tomorrow. dawna friesen, nbc news, london. >> that's "news4 at 4:00." "news4 at 5:00" starts right now. >>> tonight at 5:00 we are getting a new look at the young man who went from a lacrosse star at the university of virginia to a murder suspect. tonight we are seeing a police mug shot from another incident he was involved in in virginia. and good afternoon. i'm wendy rieger. >> i'm jim handly. it is our top story. a candlelight vigil set tonight for yeardley love. she was murdered in her apartment at the university of virginia. a former boyfriend, george huguely, of chevy chase is charged in

political director, and you have representatives. -- and eu representatives. this is the type of interaction that they have with european counterparts. they talked about multiple subjects. the predominant discussion was to update a themselves on the status of negotiations toward a u.n. security council resolution. in a similar vein, last night, our deputy in new york participated, along with other representatives from the security council nations, in a dinner hosted by the iranian foreign minister. it was a frank and professional exchange. several members of the council pointed out the significant flaws and shortcomings in iran's approach. the conversation of the foreign minister focused on the irani and counterproposal to the nuclear reactor which deviates in significant ways from the ieae that they agreed to and walked away from last october. we see this as yet another missed opportunity by iran to meet its international obligations. regarding the oil spill, two additional nations have graciously come forward with proposals to offer assistance. vietnam and j

i think people feel that the show of financial might by the eu has calmed things down for the moment. but it has only really kicked the can down the road. most people that look at it feel that greece must restructure which is another way of saying default and restructure its debt. and i think most people realize now that the euro zone structure is not a sustainable. that when you have highly productive and increasingly productive powerhouses, export powerhouses like germany and club med countries which have declining relative declining productivity and borrowing a lot of money so they can buy stuff from the german powerhouse, eventually the thing comes unwound when you have a single currency and a single monetary policy. and until they deal with that, essential that structural problem, that there will continue to be instable in the euro zone. >> the smartest people i know are saying the exact same thing but i think only one step further which is that we might actually see the euro zone start to splinter. and i think are you starting to see, for example, germany making certain decision

the average corporate tax rate in the eu was 24.2%. we are at 35% at the federal level. we are shooting ourselves in the foot. that is just one letter of attacks. when you factor in personnel income tax and capital gains tax, he can have income taxes as many as four different times. yet mr. adding the streets together. it is really penalizing american productivity and competitiveness and hurting american workers. some say that is a good reason to do a vat and making needed to lower corporate taxes. do not believe it for a second. even in the unlikely possibility, it could only be in the short-run. what do politicians to about tax policy? what motivated them? income redistribution tables. if we do tax policies a, the top 10% will have this offense and the bottom 10% will have this at that. with all is to make sure we are penalizing the producers and the entrepreneurs. i can guarantee you you are going to see them all say that this is going to tax poor and middle income consumers. how are we going to balance it out? where 20 tax those evil, bad rich people. that'll be the

the day began with the news of the eu and the imf putting together a rescue package. closed ranks to save the heroes said the french finance minister. -- to save the euros, said the french finance minister. we have been talking about the impact and the news of the resignation. how is that going to impact it? >> sterling slid against the dollar, and the bond market barely moved. what we have seen since will not impress the market. people in those markets are expected to go a little bit - 2 mark of. the reason? they do not like -- a little bit tomorrow. the reason? they do not like incivility. also, people who do not like that our credit ratings agencies. they have been waiting to see what comes out of this. they do not like the arithmetic of the coalition, which does not add up to a government. the next thing they do not like is to see center-right parties throwing long-cherished principles of the window in a single night. it is not just an anti-labour thing. the bigger concern is lack of there, and i do not often say the markets do not mind this, but i think tomorrow

. >> eu standby it being an income-tax. it is not an income tax on people. >> trust me. if that were to pass, the next session for the next session, we would look at that. what is important here is that i have the backbone to represent people who put me in office. i was the "no" vote, >> we need to take a break. we will ask the other two their questions when we come back. that will be a good one. we will be back. >> if you want to, or have missed a program, go face to facebook with him. find links to past programs. ♪ >> welcome back. early voting starts in a few days. can you believe it? we have the leading contenders for the republican primary. the winner of this race will face here's reid. -- and harry reid. sue lowden, you're next. you have a new advertisement out. you said they were taken out of context. after your initial remarks, you went on another program and said then you are not going to "back down from that system." your remarks were not taken out of context were they? >> the question is about the chicken? is that the question? to take one sentence from a hold

as a leading member of the eu, we want to buttress these efforts. we will work together on the crucial issue of nuclear proliferation and the progress that we hope as been made in new york. we discussed developments in europe. i reiterate my determination that the european union should be a firm partner with the united states in meeting our shared at challenges, and the determination of the new british government to play a highly active and activist role in the european union from the very beginning. i want to say a few words about whats the about presidents have called a very extraordinary relationship between the united states and britain. we're happy to accept that description and agree with it. theunited states is the most important ally of the united kingdom. fundamentally, it is a relationship rooted in our strong national interests. the scope of our corporation is diplomats, -- the scope of our cooperation is unparalleled -- our military, diplomats -- is unparalleled. they work hand and glove together. it is not a backward looking or nostalgi

. >> eu said the sleeve? >> yes. >> he said the procedure was set by bp. >> they were going to go in with a drill pipe, and as far as i knew, said a plug and displaced. >> i have no further questions. >> i just have two follow-up questions here. just for clarification, when you are trying to set the seal assembly, was their aim. up 40 minutes where you held the pressure -- was there a point of to 40 minutes where you held the pressure? >> did you hold the drive for 40 minutes? for some period of time? >> no, sir. if i understand the question correctly, the answer would be no. >> when you share at -- shear out? >> this one was about 85,000. >> do you pick it up gradually? >> yes. the pens will shear out. >> how long does it take for you to pick up gradually? >> a matter of seconds. >> after you've shear out, do you read test? do you shear out a second time? >> the pans are already sheared. -- the pins are already sheared on the running tool. >> occasionally you will see derive from that. did you hold that for

he is part of this which is part of the eu, united states, russia, and united nations. i must say that personally so that there was this celebration , independence day -- he is a good friend. he keeps singing to me that he admires israel and our leadership. he comes from a country that is also threatened by its neighbors, but south korea. he is on very good terms with our leaders and former leaders i saw the way he was received in israel and with us. he is not part of the security council. he is effective in many ways. regarding the damage that was done in one area, he is the one who got together with others and led an investigation. he still explains that he must show himself very equal and opel -- open-minded. i am waiting to see in him on monday when he comes to the united nations. >> we have about 10 minutes left of this conversation. let us close the microphone right there and take the two questions. let's start with the ambassador. we have to close the microphone. peter? >> thank you, david. i would like to ask you about a slightly different situation of israel's

as a leading member of the eu, we want to buttress these efforts.will work together on the crucial issue of a nuclear proliferation and the progress that we hope as been made in new york. we discussed developments in europe. i reiterate my determination that the european union should be a firm partner with the united states in meeting our shared at challenges, and the determination of the new british government to play a highly active and activist role in the european union from the very beginning. i want to say a few words about whats the about presidents have called a very extraordinary relationship between the united states and britain. united states is the most important ally of the united kingdom. fundamentally, it is a relationship rooted in our strong national interests. the scope of our corporation is unparalleled -- our military, diplomats, -- the scope of our cooperation is unparalleled -- -- islitary, duiplomats unparalleled. we share common priorities to an extraordinary degree. we will continue to pursue these priorities. we can, please

i still we can have as a political -- that's what the eu is.e -- go through, political solution. right now, there is not the political will on the -- the -- across the players to make sure you see this kind of broad based solution put in place. >> thank you so much. >> thanks. >> thank you. >> and up next, apple in the crosshairs. will the feds hit that tech giant with an antitrust suit with the dealings of the apps developers. >>> obviously, very, very tough. if you are long stocks. check out am's shares over the past year. stock down 2.5% today. it is up 96.5% over the last 12 months. (announcer) roundup extended control does two jobs... at once. one: kills weeds to the root. two: forms a barrier, preventing new ones for up to four months. roundup extended control. once upon a time, mutual funds promised to simplify investing. what happened? i used to ask my broker for advice. funny how the "best" funds always turned out to be his. what about the funds we bought years ago? yeah, how do we know they're still right for us? td ameritrade does mu

that is why it's forced to go to the imf and eu countries and beg for money from them. >> that's what they're doing. a handful of countries got to the and providing $150 billion. there's questions about whether that's going to happen or if that will be enough to bail it out. greece's debt valued at $400 billion. diana, as you know, it's impacting the word. in america, it hits stocks. can you tell me the impact it's happening in europe and on the euro there? >> reporter: european markets very much down as a result of what's been doing on here in greece. the markets have been hit very badly as is the euro. that's it in a nut shell. >> it's a massive drop. thank you so much for that. don, what we're seeing here are some of the photos that we're getting today. look at that. >> that's what we don't want to happen here. look another these. >> petrol bombs, you're seeing fighting in the streets. what we've not seen so far is that it's decreasing. more and more of this in this critical country in europe there. >> josh, keep watching this for us, please? rch . >>> coming up, we're going to tel

hiking the sales tax to 23% in return for that eu and imf cash. in germany, chancellor angela merkel telling her own parliament it was a fault in the road and this is about nothing less than the future of europe. while warning that other countries across the euro zone will be hit unless berlin votes through its share of the bailout. investors, again, fled banking stocks in athens on news of the debts. moody's announcing the likelihood it will downgrade lisbon's credit rating or at least the risk of that for the moment is rising. cannot prevent madrid's market from being hit again. deutch in germany still sue under pressure the selling of the euro becomes really for days now a one-way bet for foreign exchange players and normally see the cost of borrowing beginning to rise, an indication the crisis is slowly eating away at confidence for the moment in europe. >> absolutely, simon, thank you very much. >>> let's talk more about this now with our power lunch market insiders. joining us on the set david c cotot and author of "invest in europe now" als

to set up a meeting -- and call the eu to setup a meeting. we had one meeting in geneva last year. >> are you meeting with her this week? >> there may well be contact. if iran is willing to come to the p5 +1 -- af they are willing to have follow-up meeting to the session in geneva, we would welcome that opportunity. we have made ourselves available since october. iran has failed to come forward and seek that engagement. >> can you provide an update on the debate over the sanctions resolutions? will that be going on next week? >> yes. our work continues in that area. >> any progress on the annexes? >> we're still working on those. >> are you expecting to reach some kind of agreement with the javanese government -- the japanese government? but as secretary clinton said during her immediate availability in tokyo, we will continue to work hard with japan based on their deadline. >> the japanese prime minister is going to visit okinawa. he is going to tell the people -- he will tell them something they will not agree with. they need to have an agr

my question is, let's assume that you are a non-white person living in a border state and the eu are asked for id. -- and you are asked for id. within this is a lawful stock or anything else -- whether this is a lawful stop. how does a law enforcement officer determine who may or may not be illegal? >> first of all, it is worth noting that law-enforcement in arizona is quite divided. the arizona chiefs of police are against this and care about the enforcement of immigration and other laws. the care deeply about the fact that if they drive a wedge between the hispanic community and then sells it will be harder for their public safety efforts to be effective. this false choice is set up. to answer your question, you have a group of young hispanic man -- men walking home from a soccer game. the giddy, there is a disturbance. it is a lawful stopper the policeman says, "excuse me judgment, have you seen any trouble? we are not sure if it is you or someone else." what happens? the police force can be sued if they do not aggressively enforce the law. >> what is the reasonable suspicion that

different measures to open up the greek economy to greater competition, even though it is part of the eu. that means that a lot of companies that have been protected will have a tougher time, too, and they will go out of business and it will cut their wages. they have clearly been living way above their means. host: melissa, a republican, buffalo, good morning. caller: good morning. thank you for taking my call. mr. davis, thank you for taking these questions. first, for the caller from alabama who said republicans are fighting regulations on the finance industry -- it was the democrats who first bought it in the 1990's. maxine waters was one of them, who said there was nothing wrong with fannie mae and freddie mac and that there would not be any problems, and we ended up having problems. i hardly trust an administration that would allow tim geithner to be treasury secretary when he could not even get his taxes right. finally, my question. i'm not very familiar with the stock market. i have a basic understanding from high school and college economics courses. why is it that yesterday dur

why, at this stage in the game are we spending that much money to defend the you -- the eu?f the europeans are never tired of telling us how much better and more sophisticated they are, maybe we should tell them that we are not going to protect them? >guest: you are probably not going to like this document and. they described nato as a peace- keeping body that we need to engage with. it singles helped our longstanding relationships with countries like england as the partnership's that we need to keep a secure world. those are not going to go away, at least in this administration , and but i do think there is a point about the money issue. that is one of the fund entered question of the document. how do you do both? how you stimulate the economy and cut deficits? how do you fight wars and diplomacy and cut deficits? host: in the philadelphia -- in the "philadelphia inquirer" -- guest: and again, it will be interesting to see how this plays out in the framework of national security. i would guess that hillary clinton will either allude to that or talk about it directly today.

the eu is also promising faster action against countries that consistently break the rules.nd new prime minister of britain david cameron is beginning to hand out positions in the government. mr. cable has been appointed as business secretary while david law has been appointed as chief secretary to the treasury. nick clegg is also announcing kenneth clark as his secretary and to resell may reselltheresa may as the assistant to the secretary. those are some of the latest headlines. >> while we cannot presume to replace justice stevens' wisdom or experience, i have selected a nominee who i believe embodies that excellence, integrity, and passion for the law, and to can ultimately provide that same sort of leadership in the court. our solicitor general, and my friend, the land taken -- elena kagan. >> learn more about those who have served on the highest bench. "the supreme court." providing unique insight about the supreme court. host: joining us now is senator jeff merkley, a senator from oregon. first term, member of the sun and then in committee. -- senate banking committee

also this country can prove the eu it's worthy of a bailout of $146 billion. you have people concerned about spain. we've been telling you about these countries, portugal, italy, ireland, greece, spain, countries that have much bigger debt and much bigger expenses than they have money coming in. so there's concerns that the greek bailout may face some hurdles. there could be a domino effect around europe, and that would be a threat to the global economic recovery, a recovery that has been pretty fragile. we have been watching china. there are concerns that china will have to slow down, that the government of china is going to try to help it carefully slow down. you don't have china as a driver of global growth, what does that mean to our recovery and the world economy? these are all things that are happening far, far away that definitely matter to the money you have in your retirement, the stock market and the recovery in the u.s. >> just when everything's going up, it goes back down again. >> sure does. we'll watch and see how -- i don't expect the damage tod

concretely, it provides a new, legal platform that allows individual countries and organizations such as the eu to take significantly more stringent actions on their own that go way beyond what the un resolution calls for in and of itself. so i think that the resolution has been a fit on two levels. i would just make a final comment. if the resolution did not have an impact in iran, it is not clear to me why the iranians would have or have been making such an extraordinary effort to prevent from being passed. if it were irrelevant, as far as they were concerned, i don't think you'd see them expanding the kind of diplomatic and other kinds of energy to try to prevent its passage. >> is unlikely to change their behavior? >> well, we will see. it is a combination of things. it is the actions of individual countries. over and above that, it is a variety of pressures on iran. by itself, we have seen other resolutions before that have not changed their behavior, but as we go along in this process, i think that they are ratcheting up of what other countries are willing to do on their own, using the re

concretely, it provides a new, legal platform that allows individual countries and organizations such as the euo take significantly more stringent actions on their own that go way beyond what the un resolution calls for in and of itself. so i think that the resolution has been a fit on two levels. i would just make a final comment. if the resolution did not have an impact in iran, it is not clear to me why the iranians would have or have been making such an extraordinary effort to prevent from being passed. if it were irrelevant, as far as they were concerned, i don't think you'd see them expanding the kind of diplomatic and other kinds of energy to try to prevent its passage. >> is unlikely to change their behavior? >> well, we will see. it is a combination of things. it is the actions of individual countries. over and above that, it is a variety of pressures on iran. by itself, we have seen other resolutions before that have not changed their behavior, but as we go along in this process, i think that they are ratcheting up of what other countries are willing to do on their own, using the reso

coming back to the spending issue, can you take into account the fact that most of the nato and the eu members -- they are developing a stronger defense policy, and has its own defense agency that looks at streamlining of that spending, and to what extent do you think -- how do you plan to be more efficient in how european members plan their budgets? >> let me say that we take note of the fact that the taxpayers are the same for most of the countries. it is very important to be efficient and try to figure out ways where, in fact, the two organizations can corroborate so there is not a duplication in terms of effort. and the way that there can, in fact, be a maximization or potential of these organizations. >> i'm afraid that is all we have time for. thank you. >> thank you very much. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> primary voters go the polls in kentucky, ore., and pennsylvania tomorrow. we will get a preview of those races. after that, the impact of the stimulus programs and the national deficit on the

as in years past, i'm joined in this effort b'nai phao*eu good friend senator feinstein, senators mccain, gregg and lieberman are original cosponsors of this bipartisan legislation and tiffin to be leaders on the issue. renewing sanctions against the military regime in burma is as timely and as important as ever. over the past year the regime not only made clear that it has no intention of reforming; it is also trying to stand up a new sham constitution and to legitimize itself in the eyes of the world through a sham election. in my view, the u.s. must deny that regime that legitimacy. by way of background, a little history is in order. for nearly half a century, burma has been under some kind of military rule, and every popular effort to reverse that situation has failed. in 1988, military authorities violently put down a popular uprising. two years later the burmese people went to the polls and handed an overwhelming victory to the pro-democracy opposition and the junta ignored the results. it never ceded these popularly elected candidates t. jailed pro-democracy -- it jailed pro-democ

the eu is traditionally dominated by germany and france. britain tries to balance that power. i think it is important that britain does not surrender any further powers to the european union. it is not right that politicians in berlin, paris, or brussels, beside british policy. that is completely unacceptable. polling shows the vast majority of a british people are fundamentally against having british laws decided by brussels, and opposed to any efforts by the governments in germany and france to try to flex muscle over british policy. on the point of a military superpower in germany, i do not think that will ever happen again. i think germany has learned its lesson. host: next up is david in mclean, virginia. our line for democrats. caller: i have two brief comments and a question. i think his type of organizations are poisoning the political climate. there was a study done in belgium, showing us the political ideologies in the world. you have outlined, -- you have and the republican party and the credit party were found to be towards the right. your understanding of politica