. >>> let's go over to cnbc's global headquarters, david faber is there for us tonight. let's pick up on the point the last gentleman made, i'm not a historian, but i think this is a leadership moment potentially for the president of the united states. he's getting pressure to force congress into a sudden breakout of sanity. if that happens, how long until we could get our top credit rating back? >> it could still be some time until at least s&p comes back. these are long-term problems. they aren't solved overnight. yet that certainly would be a positive. i think you saw the president today trying to engender confidence in the press conference because confidence as we have seen over the last couple of weeks has come in short supply given the debate over the debt ceiling, the downgrade by s&p and, of course, days like this when the market, all of which can become a self-fulfilling prophecy, you simply don't want to do much in terms of making an investment if you're a consumer or a ceo. >> what happened to bank of america today? they had a very bad day. i read somewhere 20

next we have antony favor -- faber. is he here? ok, then we have jesus perez. >> could afternoon, supervisors. -- good afternoon, supervisors. i have been a resident of the area for the past seven years. i have been working with homeless families. i work with 30 or 40 immigrants, mostly chinese. i have been working in these communities for the past 15 years. fowe would like to help shelter the users know about their rights. later, i found a group that works with families to demand the city to get more affordable housing. as a person who has lived and worked in the neighborhood for the past 15 years, i think our to make a good candidate for the seat because i have been there as the neighborhood has changed. i know about what is going on with the residence. i have an important point of view. >> can you talk about some of your hopes with companies moving into mid market in terms of what ideas you have and how they can work with the south of market neighborhood? >> i have been working in south of market for the past 15 years. i have se

david faber joins us next. >>> welcome back to "morning joe."g the week's earlier gains in a meeting between nicolas sarkozy and angela merkel. david faber is joining us. >> good to be here. >> explain what the meeting was about. sarkozy and merkel get together to tighten the union in europe. >> align tax policies here. at some point in the future to balance the budgets for the country. they come together in a time of what is crisis to a certain extent for the euro, the euro zone. we have been dealing with a year and a half of grief and the periphery they have been having and their inability to ultimately pay back their debt. that has spread in the last month to italy and spain. no longer the periphery but the euro zone in many ways. merkel and sarkozy come together. they want a bond to be backed. it didn't happen. in that atmosphere, they came together yesterday. a good amount of expectations. ultimately, this is a problem that is not going away. >> it's one thing to bail out portugal and greece, but this is a different animal. >> are they goin

house you've got sixty tea party members in congress you've got rand paul rand paul peter schiff marc faber doug casey all of the great austrian economists and thinkers predicting all of this you've got two hundred million dollars in spending over ten years from copeland ations for smaller government republicans you've got atlas shrugged movies internet access to everything and what you end up with with all of these stars aligning to minimize government no smaller government and frankly larger government oh ok but look this is us in the people are going to away from this with some form of realisation like are you suggesting that in high school classes across america where they're discussing current events and and wouldn't couldn't avoid an initial like this that children are asking their teachers wait a second how can spending go up by nine hundred billion dollars at least in the immediate short term because of this bill and taxes don't go out and that they're getting some kind of these an answer. well the answer that they're going to get is probably from the same teacher who's changing all

faber growing out, playing with their kids, taking a host to the bushes, what surprised him was so much of american family life happening in public. this is not the kind of thing that happens in the arab world. the more time he spends in carolina he is persuaded that americans were really backward. they did things that should be private come in public. they trusted each other very quickly. and they did not go out to at night. after dark-- when many social locations would occur but in the united states and in 19803/84 breeze borrow have one pizza parlor. no bars. that close at 9:00. this town was asleep so far from the night being alive and social and friendly, it was silent. during the days when americans were busy. he became more and more alienated because it was not an arab country. these are very small observations and these things by themselves do not make him a terrorist but does that him at odds with the country there is nothing that he did other than a 10 chapel service that made him a part of the larger community one of the things that i learned is that nothing our colleges do t