hopefully we will get joe moglia back, we are working on his audio now. bloomberg. ♪ ♪ guy: so we have been sticking around for the conversation with joe moglia. we think have done it -- technology is a wonderful thing. joe, we hope it will work, so let's give it a go. joe: i hope so too. guy: you sound perfect. do you think there is a problem that needs fixing here? what is gary gensler up to? joe: everything is blowing up, citadel and capital, and they recognize the sec [inaudible] the sec's job is to protect the individual investor. [inaudible] does that make sense? alix: go ahead, joe. joe: [inaudible] the market maker has a good --, and creates a price, the best price for the broker. they keep a piece of that for themselves. now, the brokerage firm then decides how much of that, how much of that payment they give to the client and how much they keep for themselves. most of the time, they get the biggest chunk, but at schwab, 95% of all -- our [inaudible] by the way, this is for free. this is for free. that's how incredible this deal is. now let's loo

culpa >> for more on the market selloff and the impact on retail investors, we're going to bring in joe mogliayou have been doing their this a long time what is different this time around or does this rhyme >> you go back to the dotcom bubble burst march 2000 to 2003. i don't think anything was as painful as 2007 and 2008 but this is a tough one. i don't think the situation today is what the financial crisis was but it's serious and we've talked before about recession. i recognize that there are economic definitions for that. but the typical family m in thi country has been in recession for a long time now. they feel it in the price of gas, in the price of food, housing and rent and if you've been an investor, you've gotten whacked over the span of the last several months. i think, when i think of the plight of the individual investor has right now, they probably have never been more concerned in the sense that we don't just have a tough market we also have a war going on. we have sanctions with regard to russia you got somebody like kim jong un who's got a crazy ego, and he's firing off missi

joe moglia, thank you very much. over to you for market checks. guy: 30 minutes until the end of trade in europe. let me talk you through the price action and show you what's going on. the next 30 minutes or so talking about what comes next from the ecb. stocks down by around 1.2%. i think by and large concentrated elsewhere. the italian 10 year yield is up, spreads are widening out, christine lagarde spent a lot of the conference talking about the risk of fragmentation and how the ecb will deal with it. incredibly vague. what we got was peripheral yields blowing out and we got the currency going down. that's probably not the combination she was looking for. trading euro-dollar, down by around 6/10 of 1%. up by a whopping 24 basis points. the euro zone debt crisis, it could go significant further than this and people will be watching carefully what happens here. spreads are widening out. what can be used if we were to see them going further? alix: here in the u.s. we are along for the ride today. it's about u.s. cpi tomorrow. what kind of handle w