bed on greeks ability to pay as well over 8 billion. which is quite large compared to the 300 billion of outstanding debt increase. in contrast the cds on u.s. debt which is in the trillions is only one-quarter of the size. today there are 1.2 trillion outstanding cds, sovereign credit defaults swaps make assisting% of 200 billion of that total, and european union cds represents two-thirds 131 billion of all sovereign it cds. greek cds make up 6.2% or 8.3 billion of all european sovereign cds. the use of derivatives on sovereign debt has exploded over the last decade in. two different types of derivatives have been used by countries looking to gain entry to the european union, they were used in some instances to improve the appearance of their debt to gdp ratio. currency swaps, infusion of cash based on the outstanding debt in different currencies that fluctuate, the cash infusion is really just a loan to pay current expenses as paid back over time with other resources. credit defaults swaps can be used as a form of insurance on soverei

greek drama continues? >> it does. i was just thinking, actually, rental companies did quite well out of the ash cloud the other week. now greece, as you rightly say, says it's confident it's going to get aid in time to avoid default as it awaits its eurozone peers and the imf to approve a 45 billion euro loan package. guy, don't think it will be much bigger than that? what talks on the bloc for nearly a week have been asked to produce more debt reduction plans before any help can be activated. ireland's biggest bank is planning to raise nearly $4.5 billion in capital. bank of ireland says just over $2.5 billion will come from a rights issue. the rest will be from its institution of shareholders, and says the extra capital will top the government taking an even bigger stake in the institution. the government expects to own around 36.5% of the bank after the capital raising. christine? >> ross, well thailand's pro-establishment, the yellow shirts, have called for the imposition of martial law to end mass anti-government

germany's concerned that there is actual delivery by the greek government, by the greek authorities and by the greek population. >> rose: that they're prepared to adhere to the austere measures that are necessary at this time? >> yes, yes. absolutely. yes. and that's a legitimate concern. because we learn from previous experience that the greek government these show leadership-- which they have done so far. but we as lenders and members of the support pack, we have to make sure there is actual delivery under the plan. so that's where the i.m.f. also comes in because the i.m.f. has the expertise of monitoring the implementation of the plan. that's needed. >> rose: if you don't do this what happens? >> well, the markets will keep at it and they will keep attacking the greek finances and the spreads which is the way by which you measure at which race greece can borrow, l rise and people hold who hold debt will dump what they have. so this is just not a scenario that we can enindividualage. we need to show solidarity to greece which is something which is going on at the moment. and we need

it's not just the greek situation. it's focused the attention on some of the structural faults of the european institutions. greece is in triple digits and has 12% debt to gdp. so it's very, very difficult to look credibly at some of the institutional framework which underpins the euro. and it is for that reason rather than just greece alone that investors internationally are selling euros. >> in this case, to what extent do we have to lay this at the door? she's playing for the domestic audience than anything else. we have to push this forward and politics are going to pay for it? >> correct me if i am wrong here, but germany has been reluctant to take that political lead. germany is quite happy to provide an economic lead. it has essentially deferred that political position to others, most notably, the french. and i think it's going to be a very difficult position for them to take. because if germany is seen to control both the political and the monetary elements of them, i think it would come in on the system. i thi

but today, we are going to talk about preparing a greek easter dish. >> correct. > you are preparingf my favorites. i love lamb. >> i do, too. starting on sunday, we have a greek easter, so we are running different lamb specials, and i take traditional dishes and evolve them and change them and make them my own. today, we have a lamb sirloin, which is right here. it's raw. what we do, put a little salt and i'll sere it off in the pan and i'll chill it. that's when we have this right here. so i have the sered lamb loin and i'm going to make a thinly sliced lamb, but traditionally, they serve it raw, but we are sering it. so i seared it off. we are going to slice it thin and traditionally, lamb with the greek culture, we have lamb, feta cheese, lemon, very signature flavor profile. we are going to put it with it and here's one of the dishes we will be serving over the next two weeks. inside and outside, we will have the lamb being roasted outside. and you can get little lamb sandwiches. >> why is it that the greek know how to prepare lamb so well? i mean, the flavor is unreal. unlike a

what about those french and german banks that own the greek paper, melissa. what are they going to do? >> i don't know. >>> we told you about spirit airlines $45 carry-on fee and the ceo coming up we'll talk with the top executive from the only major airline that isn't charging you a cent to store your bags. competing business models here, who will win? >>> welcome back, everyone. talking about retail all morning. three companies here at 52-week highs and all reported retail sales this morning and all came in strong and the gap trading up almost 3% bed, bath & beyond and target up almost 3%. good news there on the retail side. hey, melissa. >> this situation in greece is getting worse, the spread between greek and german bonds is widening to record levels and the euro is falling close to 2009 low against the dollar. take a look at that, 133.45 dollar. essentially flat on the session right now. here to assess the situation and what could be done is michael husen, market analyst for cmc markets and andy burner. thanks to both of you for joining us. michael, let

the greeks are going to force the eu to lend them money. i think germany and france are trying to protect german and french financial institutions. that's what they're trying to do. i really don't know how much they're worked up about greece. i contend maybe that the greek -- the germans and the french should just give that $60 billion to the french banks and tell the germans -- or tell the greeks they're on their own. >> break up the eu the way it stands? it's just not you got to be good to get in? you've got to be good to stay in? >> it's in the charter. you're not supposed to have a certain amount of debt to gdp. you're supposed to run balanced budgets. you're supposed to behave like everyone else. it's like herding cats. the eu federation is a difficult thing to keep together. i don't know if it's going to survive our lifetime. it seems difficult to do. politically, economically, lowers barriers to trade. tries to normalize taxation, makes it easier to do business in europe, but exactly the problem expected, once you have a bad actor, w

like the trouble with greek bonds. greek bonds. it's trouble only the most sophisticated player, the guys who can flit from pounds to dollars to yen to euros actually can or should care about. every morning here in the u.s., every positive development these days is overshadowed by the shroud of athens. and it doesn't stop until the european trading day closes. eventually by mid-morning, we escape the downward pull and trade up on our own fundamentals. which is how the dow closed up 30 points, the s&p rose 3.4% today. it's not just the distress of the european territories that keeps us down. there's also an amazing ennoi of good news. we're anesthetized to anything bullish as investors just don't seem to respond to much enthusiasm, last initial ly, to positive stories. maybe now they see the good news as routine. maybe they're just bored by good news. either way, when you combine the ennoi with the worries of atlas, zeus and mercury, then listen up captain marvel, you get a lot of bargains. it ain't mercury, it's hermez. take today'

to bet on a greek default would lose their shirts. it certainly seems as you've just been showing us the market decided to take that bet today. the real reason for it is there is some reticence in germany about signing on the dotted line for this aid package. it's down to a number of reasons. but the primary one is that the germans are about to go to the polls on the 9th of may. all of the political talk, therefore, is directed towards that election. the germans by and large don't want to hand over money for greece, so the politicians are playing up for that. wednesday we're going to be seeing the head of the imf, the head of the ecb, germany's finance minister himself briefing parliamentarians to try to convince them that they should go along with this aid package. if they don't, there's a big problem. germany's in a bit of a catch .22. its banks are some of the biggest holders of greek debt. if there is a default or restructuring, therefore, germany's on the hook either way, really. avoiding it probably is the best course of action.

. >> we received the request for arrangements and we have been working closely with the greek authorities for some weeks and -- . >> while they at odds on banks to prevent the future crises, u.s. lawmakers are grappling with differences and repo form legislation. they're looking for common ground on a number of issues, including the bank -- bank banks from engaging in certain investment activities. >> it establishes cap -- and that any one institution is not so large, it takes the economy with it. >> reporter: republicans say the bill will lead to bailouts and why housing reforms are not in included in the current

[laughter] the greek people are not that rich. the average take-home salary is probably $1,500 a month, at best. a large number of them depend on the government, actually. host: so where is the spending? where is it going? what have they been spending on? guest: government sectors have expanded greatly. their productivity has not kept up with these increases in wages and the increases in government spending and they simply cannot afford the standard of living the have. it is inevitable that they will have to take a cut. and it is inevitable that their real wages will have to decline. but of course, they do not want to do that. that is the way it is. so there is strong political adjustment. host: first phone call from long island. john on the democrat's line. caller: with our friends of goldman sachs in the news lately, i wonder if you could comment on the fact that they are a big part of greece must problem today. -- greece's problem today. i had heard that executives sold greek government these products, they did not carry them o

now the problems of the greek economy is in serious trouble. they have a very high level of spending. not much tax revenues coming in. they have a labor market that is is not working very well. they have a huge and bloated public sector. so the question naturally arises in germany. if germany and the rest of the european union help greece out, if greece is going to do what is necessary to get its economy back on track or will it simply set up a situation where the rest of europe will support greece? that's why germany wants tough conditions imposed on greece. >> there are politics involved in germany as well because they're having their own problems. what effect does this have on the u.s. dollar some. >> this is likely to prop up the u.s. dollar because what happens is that this crisis is going to create a certain amount of concern in investors' minds about debt issued by emerging markets and also the small industrial countries. the safe haven in the u.s.... in the world still remains the u.s. dollar. so any time there is concern about investme

greeks and scythians. werther white people in antiquity? certainly some of them so as though categories we use today could be read backwards over the millennia. people with light skin certainly existed well before our own times. but did anyone think they were white, or that the character related to their color? no. for neither the idea of race nor the idea of white people have been invented. and peoples skin color did not carry useful meaning. what mattered was where they lived. were there lands damp or dry? with a prone to end the to us, or soft? could they be seduced by the luxuries of civilized society, or were they warriors through and through? what were their habits of life? rather than as white people, northern europeans were known by their tribal names, scythians and celts and others. but if one as, say, who were the scythians, the question sets us off down a slippery slope for, over time, and especially earliest time, any search for the ancestors of white americans of course leads back to nonliterate peoples for whom -- who left no

the greeks situation is one in which there has been profligate deficits for years. when they went to the euro, the presumption was and it happened that exchanging the drop, for the euro would lower their interest rates and it did. what it also did which is the other side of the balance sheet is essentially to raise the basic exchange rate to wake non- competitive level because as inflation is more rampant in greece and germany, they will get -- increased than germany, they will get a non-competitive level. this is creating a major problem. clearly, we are not in that position where we have a fixed exchange rate. we have a variable exchange rate. we do it with extraordinary access to the rest of the world's savings because we are the reserve currency. but what the greek situation suggests is that major civilized country can get itself into the types of things we are beginning to see in the united states. i cannot conceive of anything you can recommend at this particular point which would cut spending. there's even a problem in the unemployment insurance benefits. i c

just as i suspect the brits believe in british exceptionalism and the greeks believe in greek exceptionalismare 192 members of the united nations. the president certainly could gone on to say just as the ecuadorians believe in ecuadorian exceptionalism, and just as the guinea's believe. option if everybody is exceptional, then nobody is. this is the u.s. is simply one player among many. and i think the observation of the president's view is one that has been very widely perceived. and i would just refer to the commentary that evan thomas in editor "newsweek" gave on the d-day and virosa. commenting on the obama and comparing to president reagan at the 40th anniversary, evan thomas of "newsweek" said the following. we were the good guys in 1984. it felt that way. it hasn't felt that way in recent years. i believe you in the audience haven't felt like good guys in recent years. it's a thing about the media in this country. but it hasn't felt that way in recent years. so obama's had really a different task. reagan was all about america. obama is we are above that now. we are not just parochial.

. -- greek economy. the greek government cost of borrowing has risen to a record level. a swarm of locusts hasn't faded a town in queensland, australia -- has invaded a town in queensland, australia. this is the biggest want to hit the region in 30 years. they have devastated the crops there. one of the most important music managers of the punk era, malcolm mclaren, has died. he was the former manager of the sex pistols. he was diagnosed with cancer sometime ago. a lot of people as a certain age will feel a certain warmth inside at the mention of malcolm mclaren. can you separate the image from the man? >> not really. all we ever knew of him was his image that he put across and successfully translated into parts of his life. british impact has had -- british culture has had a massive impact across the globe. hplonk was a big part of that. without malcolm mclaren, that might have never happened. -- punk was a big part of that. with the sex pistols, he made the music popular. he knew that the image was just as important if not more important than the music. in the week the

let's take for example the original greek translation of which i am no academic scholar of.et, you know, we all know that any time we read a book or we read any kind of word, that it becomes the interpretation of our life's experience, what we want to bring out of that. and so i mean, in the long run, i don't have the greatest problems with it because there are other -- i'm not the only person in the universe that has ever, you know, looked at a different interpretation. >> larry: we can read things into things. >> larry: >> it doesn't make make the truth any less the truth or love any less love. >> larry: what do you fans say? >> what do my fans say? >> larry: have you heard from people? >> i've had an overwhelming response in the last couple of weeks since this information has come out. >> larry: support mostly? >> it's been incredible. everywhere from -- you know, the typical internet kind of facebook, twitter, and the shows that we've been doing, it's been fantastic. >> larry: more with jennifer knapp, quite a story. the whole stowe show devoted to her tonight. don't go

the greek finance minister says the government will decide whether to draw down the aid depending on the progress of the negotiations. roman, on the one hand, you're fairly neutral in stocks, as you were just saying. how much deficit issues are going to come back and present a problem for the board? >> well, i remain very nervous on the eu in general, both on my continual concern of always looking at consumer fundamentals, consumer spending, the unemployment figures, the return of shoppers to the store because don't forget the eu, like the u.s., is essentially a consumer driven economy, not an industrial-driven economy. so it hasn't been great or the consumer and the return of employment. you layer on top of that the greek crisis, and remember sitting in the shadows, there's ireland, spain, portugal and the fudged effects before that was largely german political pressure not really tackling this and fixing it once and for all. i believe this will continue to be an overhang on the euro, an overhang on the european economy. then it doesn't help if you suddenly have travel going up and

and to white race and classics into a little white field complete with pictures of blond ancient greeks. turning into a anglo-saxon ancestors the blonde narrative miguel longer we taught in the schools but it lives on as a myth to be confronted in these pages. before launching their trip back to ancient times a lever it may be useful to make a comment of their role of science or the science of raised. i resist the temptation to place the word science even theories and assertions even of those of the most ridiculous kind in quotation marks because the task of deciding what is sound science and what is cultural fantasy would become all consuming better to know the qualifications of yesterday's scientist and to brand of smear a science their thoughts that have not stood the test of time. i give scholars of repute pride and place the matter some of the thinking has fallen by the wayside. today we think it is a matter of biology but a second thought reminds us the meaning of race quickly spills out of physical categories. even so circumscribed that the meanings of white race to reach into co

the greeks and others should see the imf as it is today.n were all the councils of the world come together to help those in trouble. today, greece, tomorrow, maybe another one. what is the imf doing? trying to advise on behalf of the entire international community, providing resources to help on behalf of the entire community. the greeks citizens should not fear the imf. we are trying to help them. >> let me intervene. we have dealt with two issues throughout the last two years and it was obvious that a number of countries it needed the help of the imf. there was an issue of stigma, coming from the late 1980's to the late 1990's. clearly the direction he has given to the institution, even before the crisis, let me remind you -- he was the first to call for an increase in fiscal spending, before the crisis was a full-blown catastrophe in the world economy. the logic with which the imf now approaches issues is more akin to that you were approached in a developing country, in an emerging market -- market counttry where you have issues -- where

greeks and scythians. were there white people and antiquity? certainly some assume so as the categories we use today could be read backwards over the millennia. people with light-skinned surgeon makes this dead well before our roman times. but did anyone think they were white or that their character but they did to their color? no, for neither the idea of race for the idea of white people had been invented. and people skin color did not carry useful meaning. what mattered was where they@@@ nonliterate peoples for whom -- who left no documents describing themselves. though scott a shifter intellectual history which american squamous westerners, keeping in mind that one before science stick to the terms of human differences race, long before racial scientists began to measure heads and concoct racial theory, ancient greeks and romans had their own means of describing the peoples of their world as they knew at more than two millennia ago. and inevitably come at the earliest accounts of our story are told from on high by rulers dominant at a partic

the greek deficit is much larger than previously expected according to the europe union. the 2009 is actually 13 point 6 percent of g.d.p and not the original 12 point 7 percent. meanwhile, a thens is braced for more industrial action after wednesday's protest. tens of thousands of greek civil servants will strike today in protest at austerity measures and press the government not to agree to more cuts. tiger woods is confirmed he'll compete in the players champion in florida. gulf's fifth major. in the past five month he's only played at the recent masters in which he finished a tie for fourth place. the u.s. pga says he'll play in front of record crowds. before that, he'll compete at next week's quail hollow championship in north carolina. those for top stories. david, back to you. >> /pe tier, thanks very much. president obama has already threatened to take the gloves off in his bid to bring financial reform to the united states in a few hours he'll step into the ring and into the corner of the bankers as he deliver asset piece street on wall street. in the year of mid

were greek given the current financial situation. [laughter] i'm deeply concerned about preserving the social safety net for those in need and make no mistake about it, no so-called safety net can be considered safe in times of genuine fiscal austerity. generational effect or even fiscal child and nephews. but beyond the numbers well with the burdens mean to the kids and grandkids? we need to ask ourselves not just is this sustainable but is it moral? what does it mean to burden our kids to an unconscionable doubling of their taxes and we are not talking here just about money that this large can bring about radical change in this nation. a change in the very idea of america and what it's all about. for the first time in our history, generations of americans could be facing a future less bright than the past. for our kids there would be fewer jobs, greater burden, more insecurity and a diminished dreams and one of the american ideals since the first explorers set foot in this country americans have believed that this country of ours i

goldman sachs sold assets to a greek bank. they had the effect of distorting the numbers but there were relatively modest, about one percentage point. the debt to gdp ratio did not change greatly. this was well before the federal reserve was supervising goldman sachs. it was also before the end run episode where the -- enron episode where we strengthen our rules against the arrangements which are intended to have accounting impacts. they are designed to affect the accounting evaluations. we have discussed this issue with goldman sachs they have a much more elaborate procedure now to evaluate such possible deals to make sure they are not being motivated by accounting and other kinds of appearance issues. we believe that situation is now well under control they divested that position in 2005. on the credit defaults wha swape have not addressed the question specifically of using cds to manipulate prices which would be illegal and inappropriate. that would be more an sec issue. exposures of u.s. banks with credit defaults what to

at the moment, the greeks are saying soon or maybe or whatnot. but in the meantime, the euro spread is widening and widening and the pain is getting increased. and the collector of damage could indeed hit other bond auctions. we've seen that some of the -- maybe not so safe countries are not looking so good in their auctions and we've seen the 30-year bund auction not going so well and next week we have a 1046 year bund, as well. maybe the germans will realize that it costs them, as well, in their auctions. >> we'll continue to track that. sylvia, thank you. >>> let's get a final thought now from our guest host, aaron smith. aaron, you talked about how long a party would last, you talked about the red bulls and how the stimulus is going to end. give us some investment advice for people out there watching the show. what would you tell them to do with their money? diversify, first of all, so that they can profit when markets are going up or they're going down, and also invest in real assets. that doesn't mean buying shares of bhp or rio tinto. that

and it was strongly opposed by greek americans. >> it certainly was. >> and the sale of f-16s. that's the first time by the way that the house and senate ever voted against the israeli lobby, was to sell f-16s to saudi arabia, which was not a threat to israel. but it would strengthen saudi arabia. it was a very difficult vote to howard said it was worse on him than even the panama can outvote. >> that's right. it was. it was. and somebody surprised perhaps, the very hardest vote i ever cast was not that come it was not the panama canal. it was a service recommendation act, strip mine act. and i got a call from lonnie strachan, who used to be on my staff. and he was in tennessee and he called up and said, senator, said you voted for the strip mine act, you've got some of them as old friends and some of the strangest. [laughter] >> at the anniversary show a negative letter we came up with one on the panama canal at the intricacies your leadership was invaluable, and he gets a rare jimmy carter exploration mark afterwards. so so much for that. but the point is i think we have to n

and right now, come on, speaking of greeks, can someone out there please tell me why everyone fears the finances of fraternities? so what if delta tau chi, or whatever, goes bust? so what? anyway, for once the cliched all-important earnings season will in fact be all-important. but not actionable. so if it's not safe to -- game plan. so if it's not safe to buy and sell next week, what's the game plan? you -- cramer's pad. you need to do something much more important. you've got to listen. i'm saying next week is mute mode! like "mad money." now, in the cacophony of earnings season it's easy to be led astray, to be misdirected or just to get confused. if you don't know what to look for, then all these reports and conference calls will be nothing more than a tale told by an idiot, full of sound and fury, signifying absolutely nothing. so let me tell you what you need to know in order to make sense of the corporate report cards coming out next week. as always, unfortunately, because it's one of the worst reporting companies in america, alcoa, the country's largest aluminum producer, kicks

greek debt has got to be considered good debt in the repo market in order for the greek markets to survive and thrive. i've seen none of that yet. no, this deal is not done. >> mark, just give me your take on what andy is saying. the questions he's raising. because before we get to spain and portugal and california, new jersey, let's just say with greece, what does this mean? what does this actually mean? do we know? >> i agree with andy. i don't think there's been a lot of things -- not a lot of certainty coming out of this weekend. in some ways i think this is the third time the eu has tried to address this. the first time when the news first broke back in the winter, the europeans said, yes, we support greece to do this fiscal cutting. that proved insufficient. in late march they said we not only support greece but we're going to come up with a facility. that was not good enough. this time they said we'll come up with a facility, here's the dollar value. it's still not good enough. i agree with andy. more closure still to come. >> andy, what are the implications for spain and portugal?

one of the reasons why the short end of the greek curve is trading is the expectation that part of any solution here involves what they call a cram down. that guys with one and two-year notes are going be forced and whatever solution is worked out can take longer term paper. the long end is up, but not nearly as much as the short end and that's what people are expecting in markets, essentially in default. >> rick santelli, here's a softball for you. do you think it's better if greece just defaulted and went into bankruptcy and just started again? >> well, i'll tell you what. in my opinion, for what it's worth, i think that either germany and france should leave the euro or they should kick greece outand live any lifestyle they want. i think those alternatives because what's going to happen is we'll know at midnight before that payment how this is going to turn out. it doesn't do a great notion for the overlay of the european union as a powerhouse and as peter said, all the countries that could be affected might account for 30% of its gdp output. >> go ahead. >> mark mattison, i think y

i want to bring you news on greece because certainly the greek situation remains in focuses down here. europe was higher today. the euro was a little bit stronger today and then eu source was telling reuters of a possible eu agreement on the terms of emergency loans. they would be about the same, i guess, is what the imf tuerms were. it's not translating into our market but the greek market did pick up and rebound in the last 15 or 20 minutes or so. you can see that, look at the jump at the end of your screen, trish. athens composite pick up, it's up about 3%. again, not having a big impact here today. >> it is in terms of the dollar. you're seeing the euro trade higher and that has a direct impact on energy stocks. >> what that is doing is driving energy stocks higher. if you look at some of the energy names and chevron came out this morning and said it sees first quarter earnings better than the fourth and conoco phillips also getting a nice bump up on that. sets the table here on this friday to look towards next week and what the big stories are. clearly we have a kick off to earni

back in the days before e-mail and cell phones, the news that the greeks had defeated the persians at a city called marathon was communicated by a runner who ran the 25 miles. he dropped dead after had he run it. we hope that doesn't happen to any marathoners now but that's the history of the marathon. >> finally an old game with a new twist. >> this is wonderful. bum rush the boards has been happening for five years. it is a hip-hop chess tournament. and it was last weekend we have a story in tuesday's kids post about the intensity that these kids have. >> look at these kids. >> as young as 5 playing chess, breakdancing, listening to hip-hop music and scratching records with deejays. a really great mixing of cultures. >> i love it. who said chess is for in other words. thank you so much, tracee grant. for more on fun family activities, visit nbcwashington.com or "washington post."com and click on kids post. that's kits post on tv for this week. i'm eun yang >> he may not have told a lie but george washington apparently had trouble keeping track of library books. a library in new york

the plantation is the 1850's greek revival structure for pratt the back was a sweeping lawn that roledried up and stately oaks negative shaded my grandmother and me as children we all hid from the sun under those trees and rolled in the desert. state your repairs was home to 15,000 more about any of the parish in this day. my grandmother was born november 22, 1929. there are no records of her birth she knows that to be her birthday because a family friend remembered her own daughter was born on the same day. and she was two months old she was given away by her mother for a family moving to new orleans. the second wife of papa remained at a source of contemned more than half a century later and the old double and she was mean prepare she never had children of her own. if she felt she wanted to be done them she did it. poppa did not know that i did not tell him. i do not blame him. poppas house was down the path from slavery from the slave quarters the house had to rooms the catchall room and the bedroom where daisy mae slept on the sofa bed and eight the meals and socialize. the raised

greek sovereign debt. there's huge turmoil in europe about greek bonds, the ability of the greek government to pay, the need for support. if those talks collapse and suddenly throughout the financial system there is a rush from sovereign debt, not just greek debt but other countries -- and sometimes unjustified -- we don't quite know, i suspect, who's holding all of this, what are the systemic effects. we have to be prepared for something like that. and the notion that we're -- this crisis has passed and we can just go about our merry way without dealing with these issues i think is -- is -- is naive. and the way to deal with it is to establish a resolution mechanism, and senator warner and senator corker have done a remarkable job in crafting one. and the question within that resolution is: who's going to pay? mr. reed: and, frankly, they stepped up to the plate today and said let's put the banks on the line for the first $50 billion. that makes sense to me, because it's clear who's going to pay. not the

>> he began by talking about the greeks. they were slave owners and romans were slave owners and generally. >> not all of them. just the tip top. [laughter] >> whoever they conquered they made them into slaves. then we come to this country and you have capitalism at work in terms of southern plantations meeting labor to self-taught and two england. >> i am going to correct to a middle bit because the whole plantation system started with sugar. that is a big difference. it started before capitalism got going. >> call it commerce? >> you could but it is different. >> but they brought the blacks over to be bought and sold. >> also a lot of white people. >> to work in these places but the majority were black and it was a circular trade. >> triangular. >> bishops came from the north. >> what is your question? >> if you look at the basis of race and set aside the american experiment. >> sets aside the american expement? [laughter] that was created by a peculiar need of commerce it is not endemic. >> i cannot go with you on that if

. >> greek mythology said zoos have three daughters, the three graces week, on the other hand have these three. the two larger parties, a one- man band on one hand and a distinctive cabinet presentation on the other. what do you make of it? >> i thought it was odd. you would not say let's have a photo with this person. i thought it was odd. both leaders were campaigning on this issue of energy. but both used the same word. they know that the government is trying to get past that and exploit that. in the photograph of david cameron with his sleeves rolled up, that was about energy and dynamism. he is going to struggle with small talk. he finds relatively few people on the trail wanting to talk about the history of democratic structures which is his specialty. >> you knock of the team. -- you mock of the team. >> there is a team. i cannot think of a party seeking election that has so few people even george osborn is being hidden. >> that is the conservative's main electoral asset. i just think if i was surrounded by those people, that would not be my choice for a photograph you prefer to t

the ancient greek where is the first to practice free speech.they were eager to listen and learning the ideas of others. greece gave birth to the first philosophers. his loyalty was to the truth no matter where it pre sided. the core of our democracy. perhaps we can learn from the ancient greeks as our forefather's did. >> or sta aristotle said it's l to love learning. we all learn our entire lives and the older we are, ideally, we should be learning more. >> jefferson justified spending public money for education so citizen's would be educated as citizens but we've given that up. so if you go down to the high school and say do you still teach civics or government? not very much. we've got a lot of conflicts going on. a lot of issues. there's a little bit too much competition instead of collaboration. >> it's imperative to the well being of our nation that we learn to solve our issues through logical dialogue. these days, it seem as thorough logic of reasoning could be hard to fine. relearning the skills will be challenging but by taking respons

how about their own personal greek island. 40 private islands are now available for sale. they're beautiful, but they don't come cheap. one could set you back as much as $13 million. and, emily, when you think about it, that way houses can be 20, 30, 40, 50. a whole island for $13 million? it's kind of a deal. >> and nice to have friends in high places. thank you, ashley. ashley morrison here in new york. >>> just ahead on the "morning news," the captain of an ill-fated fishing boat is being remembered as a hero. >>> plus, football's big ben faces stiff punishment by the nfl. >>> first, katie couric has a preview of tonight's "cbs evening news." >>> the internet was invented in this country, so why is the u.s. so behind when it comes to keeping the information safe? "where america stands" on cyber security tonight only on the "cbs evening news." bs evening news." i found out that connected to our muscles are nerves that send messages through the body. my doctor diagnosed it as fibromyalgia, thought to be the result of overactive nerves that cause chronic, widespread pain.

the greek government's cost of borrowing has risen to record levels. when day after bloody clashes in the kyrgyz, he dissolved parliament reject -- and parliament been dissolved, he has refused to admit defeat. our correspondent reports. >> board of this revolution, onlookers are pushed away from a government building. only the leaders on inside can carry on their work. the city remains a dangerous place. -- only the looters side can carry on their work. in the power vacuum, it has spread to the shops. >> this is a prime candidate for looters time like this, but the fact that it has been systematically looted shows how lawless the city has become. so far, no repeats of this. the guns on wednesday when opposition supporters took to the streets -- the violence on wednesday when opposition supporters took to the streets to topple the bridging. security forces opened fire, in just a few kilometers away from the bloodshed, this american air base. for the u.s. military is of vital hub for transporting soldiers and supplies to the war in nearby afghanistan. t

we know that one of the greatest catholic intellects and greek catholic saints -- for english catholic like me, d is an iconic figure. he lived with the man -- let me, is an iconic figure. he lived with a man. he mandated that he be buried alongside him. recently, and this is a true story -- maybe we should end on this. recently, he is about to be become a saint. the current pope, if you're going to be a saint, but want him not to be in that grave -- they want him not to be in a grave and they want to separate him, dig up his remains so that this joint to break would no longer be in public record -- joint grave would no longer be in public record. they want to dispel any idea that this man, who was such a great pillar of the church, could ever have been homosexual. something very amazing happened. they dug it up and they found that the bones had so disintegrated that the two bodies were in distinguishable -- were indistinguishable. there was nothing left to separate. i think, at some level, that should teach the current holy father something. it is a beautiful rebuke to so much fear th

. >> if you have not seen a greek- style rights on the streets.the prime minister has earned respect for sticking with the job even after being diagnosed with pancreatic cancer in december. i asked whether he had any advice for the uk >> there are no easy solutions. the bulk of the government is transfer payments. you cannot get away with that. it is subsidies to different industries. and on the payroll taxes. >> treasury officials have been in public looking for lessons on how to cut. whoever wins the election, there could well be irish-style medicine heading our way. >>> it is billed as the greatest people chase in the world and a bumper crop of more than 70,000 is expected to watch the runners and riders. the legendary course has a whole series of runs. friday, it was ladies' day at the course in britain. saturday is all about the big race. now joe wilson reports. >> thrills and spills, the sunshine at liverpool is expected to linger longer than the hangovers, a saturday afternoon when the real drama begins. you realize how much the grand natio

crop, graduates from the university of tokyo and other top universities and students read german, greek, french, philosophy, literature, all of that in their original languages and they were enormously educated and they did not have a choice but quote on quote while i am here -- connect knous volunteers is what the researchers found? >> yes and so i went through the diaries and it was fascinating of course at some point they feel they should protect their own country and they say otherwise they are usually mothers and others would be raped and all that propaganda. like homeland attacks, that is a very much catchphrase whenever you want to strip patriotism -- was durham of patriotism. there is a tremendous interesting process where there were vaccinations and all of that but none really die willingly. >> how were they trained and how were they chosen? >> while in the first place they were drafted. they didn't have any choice and then there was a japanese military notorious for their corporal punishment and so i don't know why they did that before the tremendous corporal punishment if one

the greek definition for the word blessed is mekarious and it has three definitions in greek. the first definition is happy. god is happy. for those who are blessed and who are precious in his sight. those who gave themselves to a purpose beyond themselves and benjamin lawson hooks did. he gave unselfishly, gave willingly. he gave believing that he could make a difference in the world. t only for himself and maybe never enjoyed for himself or by him. but there would be those who would come behind him who would benefit from what he had done. he was saying that in order that you and i who yet live must learn to give beyond ourselves. and th secondly there is a definition which says you're well off. well off, well, let's look at it. well off declares that what he had here was not as grand as what the lord had promised. those who died in the lord would reap the benefits and the blessings of their service. while many of us live and do, work and serve and labor, to do all that we seek to do, we may never receive the thanks from those whom we've served. but god is ever so grateful. t

interest rates oni] greek government debt fell.e euro gained against the dollar and share prices rose on the athens stock exchange. the chinese coal carrier that ran aground in the great barrier reef has been successfully re- floated. maritime officials had to move it urgently before the area was hit by bad weather. the government in australia intends to prosecute those responsible. a british expedition have discovered the world of the best ball can events. these enormous under she chimneys -- under seat gemini's support a wide variety of life. the crew of the research schip says they found the speech -- species in the caribbean 5 kilometers underwater. we asked the man in charge in of the sudan's electoral board. britain's governing labor party launched its manifesto for the general election. prime minister gordon brown unveiled a policy pledges and assisting labour as a plan for the future. from what spinster, our political correspondent. -- from westminster. >> after 13 years in power of the labour party knows it has to summon u

at that time students read latin, greek, german, french philosophy, literature, all of that in their original languages. so they were enormously well educated, and they did not have a choice but volunteered. >> not truly volunteers. >> that's right. so i went through the diaries. what is fascinating, of course, at some point they feel they should really protect their own country. sometimes they feel of the otheo their women, usually mothers would be raped and all that. allt

i read news stories about greek students protesting in athens about government spending cuts, at the same time the government was about to default on its debt. you laugh and say those europeans are so silly, can they not realize what is going on? as you look around to what is going on here, we are spending more and showing a lack of seriousness at a time when the deficit and debt is getting larger and larger. if congress does not act soon in serious ways, will have to think less about how we fix these programs and more as individuals, but how we protect ourselves against the eventual collapse of these programs. people in developing countries have to think, what happens if we have high inflation? what happens if taxes rise? they are defensive in how they think about those things. one of the great things about america is that we can think, how do i find the best business opportunity? how may the best investment for the future? that is why america is such a great place to do business. with the deficit and debt rising, people will have to start thinking defensively. that is a sad prospec

i read news stories about greek students protesting in athens about government spending cuts, at th%%@@@@@@ @ @ @ @ @ @ @ d what happens if taxes rise? they are defensive in how they think about those things. one of the great things about america is that we can think, how do i find the best business opportunity? how may the best investment for the future? that is why america is such a great place to do business. with the deficit and debt rising, people will have to start thinking defensively. that is a sad prospects going forward. i am very happy we are having this forum today. i think we need more and more people like you and more and more congressmen like andhoyer who are willing to take on these questions. thank you. [applause] [unintelligible] >> a nonpartisan organization devoted to taking simple responsibility. [unintelligible] former ceo of aarp. we have andy biggs and house majority leader steny hoyer, now in his 15th term representing the fifth district of maryland. let's start if we have questions. >> i do not have a question, but i want to apologize, because i am going to h

while greek i.o.u.s are still investment grade, one more notch lower and greece's debt would cross into junk status. and u.s. supreme court justice john paul stevens will retire from the high court this summer. he's 89 years old. the retirement gives president obama his second nominee to the high court. last year, he appointed justice sonia sotomayor. >> tom: still ahead on the program: forget about dow 11,000. tonight's market monitor thinks we'll hit dow 12,500 this year. he's eugene peroni of advisors asset management. >> susie: if the recent pickup in mergers and acquisitions is any indicator, the economy may finally be finding its footing. the people who advise on that m&a activity say their clients are catching the buying bug. it was only last year that few even wanted to talk about deals. jeff yastine sat down with the head of an m&a advisory firm. while you've probably never heard of imap, you'll want to listen to what the company has to say. >> reporter: let's face it. when it comes to the blue-suited world of mergers and acquistiions, talk of big mergers, like the one rumored