programs, a leading provider of micro loans in california, and has a robust community real estate finance unit. next, we have the ceo of ne community federal credit union. since 1988, she has been the ceo of northwest community federal credit union. under her watch, the credit union group to over 1600 members. it has become the national model for institutions seeking to provide financial education and banking services to the low- income communities. last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i

gm is now without al ly, their financing unit and aig is more leverage able to what's going on with the felt. and i think that gm, here, has an okay to decent management team but i would still go with ford and the valuation is a little bit more compelling, given its growth. >> right. let's hit today's options action, of course, scott nations, we've been talking about the fiscal cliff. you talk about that, talk about going over the cliff, sequestration and defense spending cuts. what did you see today in the defense names?dynamics, which is just going to be in the cross hairs, we saw somebody roll their productive puts up. we've been talking about put buying in all of these names and in general dynamics, we saw somebody roll up from the january 62 half puts to the 65 puts. so, they bought that spread, they bout the jan half spread 12,000 times and they rolled their puts up to the 65 strike. they are now long the 65 puts and they're long in an effective price of about $1.15. meaning they are protected down to $63.85. that's quite a ways from where the stock closed today, but you know, if

the rest of the world -- whereas in 2007 they were financing the united states corporations to the tune of $500 billion a year, and now they are taking out $50 billion. so, america is not producing demand for foreign manufacturers and foreign manufacturers are not sending their profits to united states. 56% reduction in assets held by non-u.s. residents in the united states since 2008. so, that loop that operated so magnificently has broken down. the reason why europe is in such a shambles and the reason why the dragon is angst-ridden in china is we have lost about $1 trillion every year up demand for production globally. we lost it because the surplus mechanism is broken. united states found a mechanism in 1944 and recreated in the 1970's. in a very strange way, in a very unbalanced way, but nevertheless did. since 2008, we have not managed to regain our poise. the mechanism broke down. the emphasis about the public debate on debt is the homage austerity pays to philanthropy in order to maintain what i call the new regime we live under, which is not capitalism. capitalism died in 2008.

magazine back in august looking at how corporations have taken advantage of the citizens united campaign finance landscape and my best occasion led me to trade associations rather than super pacs trade associations have been the ideal vehicle for corporate money in this election because they can act like super pacs funneling money to advertising to a candidate committed to a campaign committees but they don't have to disclose any of their donors so chevron eighteen t. all the big fortune one hundred companies have been giving money to trade associations not super pacs when they want to get directly involved in campaigns largely because they don't want their brand associated with dirty partisan politics but as i did this investigation i found that several large trade associations have foreign leadership and one in particular the american petroleum institute actually has a board member who's not only a foreign national is actually a foreign agent of the saudi government registered with the united states state department here in the united states as a foreign agent he's registered the department of

their profits, and thus it is self-sustaining and that their profits will come to the united states and will finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated -- encapsulated so brilliantly. nobody needs a gallon of pickles. i don't think it fits i

of small properties is that one to four- family buildings that have relied of rental units in them were always financed as single- family homes. it is hard to get financing for that kind of housing now. a lot of it needs to be rehabilitated or refinanced. we need to figure out how we can effectively finance those small buildings. it is up to 50. that is not a subsidy but paying attention to how the financing system affects rental, and rental that is not luxury rental. >> it will be largely hispanic. during the housing boom, hispanics and blacks were targeted by mortgage lenders and in some cases terribly fraudulently targeted. do you believe the safeguards put in place are sufficient going forward to serve the population that is coming in? >> i think dodd-frank did a great job of taking care of the retail abuses that we saw. i think we will see a better market going forward. how to make sure good products are available. we still need to make sure there is enough liquidity to make good products available and enough incentive for those good lenders to market and locate in the neighborhoods where communit

finance to this. >> it worked great when the united states was number one.de unions did, as mark said, create a middle class. the problem is international competition. once in china and japan and all these countries start making stuff cheaper, it is problem for unions, and that is just a reality. >> it is also reality that some of that manufacturing is coming back, and not because of low wages. because of transportation costs, innovation, all kinds of things. what bothers me about this vote is that it was bought and paid for by a few wealthy people. the leader of the senate, the governor, both on record not want to do this initially . they did it turn around. and lost five seats and the legislature. >> you can look for all the conspiracy's you want. the fact is that michigan was adjusting to exactly the reality that evan is talking about, globalization. i think was glory days for the unions 94 is, 1950's, 1960's, when the rest of the world was devastated by the second world war, we had a monopoly and, yes, great benefits to it the problem is that when you ha

who is the australian finance minister who says we are deep -- the united states is one of budget deal away from being a great country. and there are a lot of people in business who think we are poised to do some really good things in the global economy, the united states is. but if we cannot untangle this mess, it is not going to happen. >> you know more about the inner workings of our government than any living person. every single administration of our lifetime, you have been behind the scenes. you have seen national security notes. >> off what nonsense you are talking. [laughter] >> are you now optimistic or pessimistic about the way the australian minister posed the question. >> you know, in the end i think things will be fixed. the question is, when and what price it do you pay on that road to getting it fixed? i do not think that you govern by playing chicken. i say that to democrats, republicans, the white house, but congress. they should sit down and really talk this out. the old joe biden way when he would deal with mitch mcconnell just a couple of years ago. extend the bush

financing. on the other hand, we saw earlier today had democrats were already oiling up their machines for 2014 and 2016. what are the prospects for repealing citizens united or comprehensive campaign financing reform now that it seems both sides are ready to embrace the idea or at least merged with their super pac's -- knowing the money has limited powers? >> let's stay with that question in the interest of time. i think it is a substantive one. >> what i will tell you -- yes, i think the president said during the campaign that we should pursue other avenues to try and restore sanity to this process. perhaps even include a constitutional amendment. but it is also true that no side is going to, given what we just saw, you are not going to see unilateral disarmament. it may be foolish to do that. it is not just relative to -- remember, when you are talking about super pac's -- there is a more insidious cousin of 501c4's which run campaign ads under the guise of social welfare education and are completely undisclosed. at least super pac's have to disclose their donors. the 501c4's do not. we certainly need to make sure -- i think they would raise far less mo

what we would like to see from the united states, he will let them to be a leader on that finance. it is not about giving a present to poor countries. it is insurance for people living in the united states, that we are going to help the world. we are about to get a change of the state department. this is a tremendous opportunity to reset climate policy. the president is in office with a second term, has demanded on climate change. you will have a new secretary of state. you have the 2015 landmark coming up. this is a chance to have a new shop. >> susan rice has been named as a possible replacement. john kerry of massachusetts. what are their records on climate change? the big controversy around susan rice is in her investment of $600,000 in transcanada, which is the oil pipeline company building the keystone xl pipeline from the alberta tar sands to the gulf of mexico. >> which ever of them become secretary of state -- although senator kerry has certainly been active on climate change. we hope that the new secretary of state changes the policy that brought the u.s. to the point wher

a million dollars just for starters, going to be the largest scholarship finance for undocumented students in the in the united states. we are told 200 of the 26,000 undergrads, 10,000 graduates are going to be helped by the dreamer's fund as it is called. it will begin with a million dollar gift from the evelyn and walter haas foundation. these students are not eligible for grants or loans. the chancellor is behind it and so are students we talked to. >> i think it is a good idea. everyone should have an opportunity to go to school where they please. i feel like berkeley is a really good school. they should have those those funds. >> reporter: scholarships begin next fall, another gift of $300,000 from elise haas will support a new resource center for undock ed students here. much mover coming up in one -- hour and complete story tonight on the evening news from leann melendez, terry mcsweeney, abc7 news. >>> in morning we hope to learn the identity of the pedestrian killed in san francisco hours after a new campaign was launched to reduce such accidents. it happened in the city's financial district yesterday

the united states is producing 30% less demand for the world's manufacturers than it was in 2009. remember recycling? the rest of the world -- whereas in 2007 they were financing the united states corporations to the tune of $500 billion a year, and now they are taking out $15 billion. so, america is not reducing demand for foreign manufacturers and foreign manufacturers are not -- is not producing demand for foreign manufacturers and foreign manufacturers are not sending their profits to united states. so, that lou which -- that look that operated so magnificently has broken down. the reason why europe is in such a shambles and the reason why the dragon is annexed written in china is we have lost about $1 trillion every year up demand for production globally. united states found a mechanism in 1944 and recreated in the 1970's. is 2008. we have not managed to -- since 2008, we have not managed to regain our boys. the emphasis about the public debate on debt is how much austerity pays to philanthropy in order to maintain what i call the new regime we live under, which is not capitalism. capitalism died in 2008. when i was growing up, i was having these very nic

democracy and more nikki unite in common purpose and common principle to design document finance. loon. act now two thousand and twelve. he has written a book he's also made a show for our state and wiki leaks has continued to release documents but it seems that two thousand and thirteen will be no less busy a team have prepared a million documents which they promise to release with information that he says relates to every single government around the world and he also reiterated his plans to run for the australian senate so the message here is he might be cut cooped up inside the at the door and embassy base certainly not resting on his laurels. germany's learning a hard lesson of electricity how seven million people are struggling with basic reason have writing for me is one of those who don't get to share the culture success. trimmings and this is true even for specialists how a voice can produce several sounds that warms between aeons the art of throat singing comes naturally picked up like a language. a language of communicating with nature it said that's where throat singin

who seek to control us behind a facade of democracy and more nikki unite in common purpose and common principle to design document finance endorphin loon jones act now. two thousand and twelve been a busy year for wiki leaks he has written a book he's also made a show for r.t. and wiki leaks has continued to release documents but it seems that two thousand and thirteen will be no less busy as we said earlier they wiki leaks the team have prepared a million documents which they promise to release with information that he says relates to every single government around the world and he also reiterated his plans to run for the australian senate so the message here is he might be picked up inside the at the syrian embassy base certainly not resting on his laurels yeah very much a case of watch this space is not nor will be covered of course so whatever happens next year very closely thanks very much for that pre-show to. the u.k. is reveal the staggering cost of its involvement in the war in afghanistan will the seventeen billion pound the summer's britain propose to withdraw its troops the defense secretary says the final pr

without trying to offer them a reeve finance of their mortgage and doctor their paperwork clearly no hard feelings for a while as fargo which has grown its mortgage unit significantly since the economic crisis and now makes up nearly a third of the whole mortgage market that's according to inside mortgage finance. and before ryan was part of hide he spent twenty six years at freddie mac. the housing and the human if that was taken over by the government to prevent its collapse in two thousand and eight when ryan moved to the agency. well why it while ryan takes his cushy new job at wells fargo taking his close government connections with him almost fourteen point nine million homeowners still owe more on their mortgage than their house is a worth. and from the revolving door in washington deplaned a money game here in d.c. it's been said that politicians long ago sold out the american people for campaign cash well this next story just proves that point they hell newspaper reports that nearly a dozen newly elected members of congress have already set up super pacs but keep in mind these ten people have not yet even been sworn into office that will happ

of democracy and more nikki unite in common purpose and common principle to design build document finance and. learn trial and act now two thousand and twelve has been a busy year for wiki leaks he has written a book he's also made a show for r.t. and wiki leaks has continued to release documents but it seems that two thousand and thirteen will be no less busy a team have prepared a million documents which they promise to release with information that he says relates to every single government around the world and he also reiterated his plans to run for the australian senate so the message here is he might be cooked cooped up inside the at the door and embassy but he's certainly not resting on his laurels germany is learning a hard lesson of the literally per hour around seven million people are struggling with basic reading and writing some of those who don't get to share the country's success. this is day starts at five am even earlier in the winter tending to his flock of story hundred sheep in the mountains and plains of. thirty five years old it wasn't the life he dreamt of having st

who seek to control us behind a facade of democracy and more nikki unite in common purpose and call it principle to design document finance and defeat in loon challenge act now. that we was wiki leaks founder julian assange and it is still up in the air if or when assad will be allowed safe passage out of london and likely get arrested if he steps foot outside of that embassy ecuador has called on the u.k. to allow us to travel to the latin american country to seek refuge but six months later the two nations remain deadlocked over the issue. now in select theaters zero dark thirty a film laboratory of the hunt for osama bin ladin now to make the hollywood blockbuster screenwriters were given special access to classified information from the cia here's a here's a peek. because the only thing that. but some say the film does not accurately portray what led up to the capture of bin ladin critics say glorifies torture as critical in getting the information that led to the nine eleven mastermind another question why does hollywood get special access to classified information while the public remains in the dark over torture te

they thought that this was a crisis peculiar to the united states, peculiar to housing or to mortgage finance housing, whether stories they told themselves, stores and were told here in the united states. the very term that is still used, financial crisis as if it were limited to the financial sector which is the only function i can see for that adjective to call everybody sort of like police departments who announced that literally every crime is drug-related in order to come for all those people who might be worried that if it weren't in it might be part of the normal lives they lead, which we don't want. so financial crisis limited. it is in the financial crisis. it's a general crisis. it is an american to make its global. financial, its total. everywhere across the board. we can talk about that more. europeans have found that to their great dismay because once it had begun to be a little bit moderated here, 2010, it erupted in europe with all the force of a crisis that had been postponed like a disease. and then when it finally arrives because he did not take care of the years earlier, it

united states. the feds report the bank broke finance laws when they did business with iran and libya and cuba and others. under their deem with the feds, the bank will pay the record fine, change some policies, but not one bank employee will ever face criminal prosecution. the prosecutors say department of justice officials wanted to bring criminal charges but decided not to not because of a lack evidence but because it would put the future of the largest banks at risk. think of that. not because they didn't have the goods. they were worried about the banking system. this says clearly it seems to me, as a matter of fact, there is one set of rules for everyone. but there is another set of rules for the banks. >>guest: depends where you are incorporated. this bank is incorporated in europe a problem with the investigation. it was the united states senate over the summer that raised a lot of red flags how hsbc was doing business and who they did business with including iran, libya, cuba, and mexican drug cartels. fox reaped out to hsbc. here is what they say, from a spokeswoman. i would emphasize this is n

united states. >> netflix says they are not considering raising prices on customers to help finance their deal with disney. the company reached a multi-year agreement on to say to show disney movies after they finish their run in theaters. if the deal will allow netflix to stream disney movies over the internet, seven months after they leave the years. starting in 2016. >> welcome back it is 6:14 a.m.. >> drivers along the golden gate bridge will soon get an extra wall protection in the middle of the roadway. the proposed a global media empire is expected to prevent head on collisions like the one that occurred yesterday morning. if the chp says, the driver of a lexus, traveling southbound, piled into a volkswagen traveling the opposite direction. the barrier project is estimated to cost more than $26 million in should be complete by 2014. >> the drying trend as you see it building over the east and the pacific is bringing us the rain free conditions. as for tomorrow which will be waking up to morning fog. it will be dry and warmer as we head into the weekend. because of the saturated--you can see

who is it, the australian finance minister, the united states is one budget deal away from being a great country. and there are a lot of people in business who think we are poised to do some really good things in the global economy, the united states is, but if we can't untangle this mess, it's not going to happen. >> you know more about the inner workings of our government than any living person. every single administration of our lifetime, you've behind the scenes. you've seen our national security notes. >> what nonsense you're talking. >> are you now optimistic or pessimistic about the way that that australian finance minister posed the question? >> in the end, i think things will be fixed. the question is when and what price do you pay on that road to getting them fixed. and, you know, i don't think you govern by playing chicken. and i say that to democrats, republicans, the white house, the congress. you know, they should sit down and really talk this out and the old joe biden way when he would deal with mitch mcconnell just a couple of years ago to extend the bush tax cuts as they

united states or elsewhere as radical scholars have claimed. we see much more confluence of interest, especially in the current era and the lead of finance. very much central to the theme of the buck. picked it up. one should not look upon the american role has a externally positioned. it is as much a process of inside polling the outside as the outside pushing into the inside. we also don't argue against much of the radical left as well that the states are directed by capitalists who no their interest income outside of the state through some common agreement and then bring out the prime minister or the president and tell them. in our view it's often state personnel who, if anything, are framing for capital. based on particular sectional interests. and it is their responsibility of state officials which if he had gone to work for the treasury you would be doing. it is a matter of figuring out in what way they read facilitate class relations because the state itself is dependent on that. is dependent on successful capital. revenues, legitimacy in terms of the personnel appointment. so the view of the state is one that is very much comp

financing. on the other hand, we saw earlier today had democrats were already oiling up their machines for 2014 and 2016. what are the prospects for repealing citizens united or comprehensive campaign financing reform now that it seems both sides are ready to embrace the idea or at least merged with their super pac's -- knowing the money has limited powers? >> let's stay with that question in the interest of time. i think it is a substantive one p. >> what i wl tell you -- yes, i think the president said during the campaign that we should pursue other avenues to try and restore sanity to this process. perhaps even include a constitutional amendment. but it is also true that no side is going to, given what we just saw, you are not going to see unileral disarmament. it may be foolish to do that. it is not just relative to -- remember, when you are talking about super pac's -- there is a more insidious cousin of vp 501 run campaign ads under the guise of social welfare education and are completely undisclosed. at least super pac's have to disclose their donors. the 501c4's do not. we certainly need to make sure -- i think they would raise far less money if pe

who is the australian finance minister who said the united states is one budget deal away from being a great country? there's a lot of people in business suits inc. we are poised to do some really good things in the global economy of the united states but if we can't untangle this mass, it's not going to happen. >> you more about the inner workings of our government than any living person. every single administration of our lifetime. you've been behind the scenes producing national security notes. >> what nonsense you are talking. >> are you now optimistic or pessimistic about the way the strong and finance minister posted questions? >> in the end, i think things will be fixed. the question is when and what price do you pay on the road to getting them fixed? you know, i don't think you govern by playing chicken. and i say that to democrats, republicans, the white house, the congress. they should sit down and really talk this out in the old joe biden way when he would do with mitch mcconnell just a couple years ago to extend the bush tax cut and the white house to call biden and will,

matt damon didn't realize that the united arab immigrant financed his film until he saw the logo. >>roducer and he went to all of the finance meetings. one thing more important than hollywood than the script and that is the money. anybody can write a script and giting the money is the skill in hollywood. >> gretchen: that question that our viewers just saw came from your videotape, but when itunes put out that brew >> steve: pod cast. >> gretchen: it was eliminated. >> brian: i did the interview in apple and they set it out free on itunes and the only piece that i edited was what my question. and matt damon is making promised land and taking a stand. but he need toz face the difficult questions and apple shouldn't play wing man and protect the hollywood millionaires and celebrities from difficult questions . >> steve: it is it a hoit job on fracking. you saw gas land. he lights his water on fire. but as you well known, the water in that town would light up going back to the 1930s. decades before they started fracing. >> there are three town in america. you could light it for before g

owners to secure financing for green building upgrades and as can you see green buildings has become the standard rather than the exception. for our public libraries to affordable housing units to the home of our world series giants and their structure our buildings are achieving lead certification at a rapid pace and our san francisco public utilities commission has won smartest building in the world and we have honors such as the greenest city in north america, the walkable city, and the best green policies, the green tech of north america and forbes recognized that san francisco has the most green jobs in the united states. that's jobs. that's one of the most important things we are doing for the whole country. [applause] and we are creating and sustaining jobs as well as supporting new industries in our city. our energy watch program creates or sustains 180 jobs a year. san francisco has now achieved 80% landfill diversion rate setting the national recycling and compost records as the high of any city in north america. [applause] and by the way as a former public works director you ought ton how proud i am. we have the best compost in the united states and in fact it's s

be paid where russian officials hold their finances their money it's best if they do that in russian banks but fortune says that the problem is that the united states a country which operates prisons like abu ghraib and guantanamo where human rights are violated on a daily basis other states are the states have no right according to the president to criticize the human rights situation in russia. but. our us are partners and they're. concerned about human rights in our prisons and that's fine of course but there are plenty of issues they have themselves abu ghraib and guantanamo where for years people have been detained without charge it's inconceivable to the prisoners walk around in chains like in the middle ages they've legalized torture inside their own country if something like that happened here it would cause an international outcry if you will but it all remains quiet in the u.s. we've heard plenty of promises to close guantanamo but it's still there it's still operating maybe there is still torture going on their secret cia prisons has anyone been brought to account and they're pointing at our problems well thank you we're aware of

of small properties is that one to four- family buildings that have relied of rental units in them were always financed as single- family homes. it is hard to get financing for that kind of housing now. a lot of it needs to be rehabilitated or refinanced. we need to figure out how we can effectively finance those small buildings. it is up to 50. that is not a subsidy but paying attention to how the financing system affects rental, and rental that is not luxury rental. >> it will be largely hispanic. during the housing boom, hispanics and blacks were targeted by mortgage lenders and in some cases terribly fraudulently targeted. do you believe the safeguards put in place are sufficient going forward to serve the population that is coming in? >> i think dodd-frank did a great job of taking care of the retail abuses that we saw. i think we will see a better market going forward. how to make sure good products are available. we still need to make sure there is enough liquidity to make good products available and enough incentive for those good lenders to market and locate in the neighborhoods where communit

the australian finance minister who says the united states is one budget deal away from being a great country. there's a lot of people in business who think we are poised to do some really good things in the global economy, the united states is, but if we can't untangle this mess, it's not going to happen. >> you know about the inner workings in the government more than any living person, every single administration of our lifetime. you've been behind the scenes -- >> what nonsense you're talking. yes, all right. [laughter] >> are you now optimistic or pessimistic about the way that australian finance minister posed the question? >> you know, in the end, i think things will be fixed. the question is when and what price do you pay on ray road to getting them fixed? you know, i don't think you govern by playing chicken. i say that to democrats, republicans, the white house, the congress. you know, they should sit down and really talk this out and the old joe biden way when he dealt with mitch mcconnell a couple years ago. extend the bush tax cuts, in the white house, they called biden t

it's true, the united nations pow wowing this week and using super storm sandy the reason why. and countries could pay up to 100 billion dollar to finance climate funds and help the poor nations fight global warming and one of the u.s. top scientists saying the is he vseverity of the storm is no coincidence. >> that's nonsense, i want a clean earth as much as anyone else. they can skim down the single hurricane on one facto or burning coal is nonsense. we had a bad hurricane in new england in the 30's and they didn't blame that on burning coal. we're burning a lot more coal relativeo the economy than we are now. there are control freaks out there. there are control freaks, they'll use something to control people and used it for y2k and there are control freaks on the environment. >> have you noticed even in your intro, you heard them citing one scientist. it's never a collection of scientists, never aonsensus of scientists, it's always they're referencing of one particular scientists. >> and in fact, it almost is always a consensus of scientists. in this case, one person they were quoting. with all due respect to you, ben, as you like t

economy, charitable organizations like the salvation army, the red cross, united way, 0.9% of their contributions over $10,000 are financedtheir budget -- stuart: i understand charity is big and i understand a tax deduction is an incentive to give to charity. >> look at their services. stuart: i don't see that. should we be -- what i am trying to get at is to get a tax deduction, that detracts from the motives to be charitable. not so much a good thing, thiss is a tax break. you know what i mean? >> it has been this way for over 100 years and it works and i think giving is god's get and if you get a tax break and you incentivize a sector to help the homeless, to help the poor, to feed the hungry, that is a thing. [talking over each other] stuart: hold on for a second. you say charitable giving is $129 trillion industry. suppose the charitable tax deduction was eliminated completely, what do you think the number will go down to? 1.9 trillion to what? >> i think it will go down more in proportion than the cuts because charitable organizations are very cautious and if they see their revenue go down by 10% they will cut back

finance industry in europe. >> i'm really supportive of the united kingdom remaining in the european union. i think, again, when you look at the brix countries such as china, india, brazil, which would benefit from this new energy boom, if we look at europe, if we think about europe developing, we should resist fragmentation, each country doing in a different direction. there might be some best in the short-term, but in the long-term, it's not positive. so i hope the european union will remain in the european union. >> and we got similar comments from the uk. he believes the uk will not leave the european union and say that would be damaging for both the country and also for europe. so i think, kelly, you got the message. stay with us unless, of course, the world ends today. >> that's right. stephane pedrazzi joining us there hopefully not for the last time. let's take a quick look at european markets right now. even though the uk put out a slight downgrade to european figures, the market was already lower. this is interesting because you just don't see big moves like this on the ftse all t