moment there's your lehmann moment and they wanted to argue next race that greece is a small percentage of the g.d.p. is. meaningful same thing could have been said about lehman brothers as a relatively small bank but the interim reign relationships with the wall street the rest of world brought down the global economy same things grace have incredible outside lands that these banks and france and germany and these banks are going to get and those loans are going to go bust and that's that's that's the lynchpin moment that is you know i mean i lived in poland for a long time and poles very close country to my heart here i mean i was there during the communist period and let's face it the soviet union wasn't their favorite country ok but you know a free democratic poland to now do you want to be shackled to losing your sovereignty to brussels to berlin to to paris ok i mean what's your relative weight then ok i mean on loan and i can i remember telling my polish friends you know don't rush into the euro don't because they're all we want to sit at the adult table like everybody else but y

. >> well, on the one hand they live through lay-- they lived through the 2 -- lehmann, they lived through 29 o 008 crisis. they don't want that knocking on their door. that was awful. they are all told by everyone that if you don't do something it could be worse. on the other hand, when you say look, if you don't want that to happen, you have to leap forward towards having a common treasury, towards having a common bankment and they say you're nuts. we had two world wars. we're to the about to do that. >> susie: complicated situation. ken, thank you so much. kenneth rogoff, professor of economics at harvard university. >> susie: some upbeat news about housing today: an index measuring homebuilder confidence is at its highest level in five years. the national association of homebuilders said its housing market index rose slightly in june to 29 that's twice as high as the same period a year ago. it's still well below a level considered healthy: a reading of 50 or more is a sign that homebuilders view housing conditions as good that hasn't happened since before the recession in 2006. that ho

during the four european business leaders and politicians here point the finger at america notably lehmann's collapse in two thousand and eight which they just called the whole global crisis one of the lenses we saw for the ratings called the city its voice chairman is fuming is not only is europe to blame for this mess he told me it's easy to pull a titian no playing because you are guilty the heads of state in europe don't seem to agree on a course of action. and then. there will be politicians who take advantage of a straight winning brussels that will bring about a new type of politics and. it is quite remarkable it almost seems like. the economic situation is a symptom and and the real problem is and can our political system solve these problems. for the we can do is going to is the blade on a roll of big qualities and comes to us to try and take delegates mind of the economic problems and it's also earning seasons for the locals some hotels and taxis have more than tripled rates this week as one restaurant we were chose one hundred dollars per person for the standard fixed menu with st

calls the euro problems there is that he says lehmann brothers quote was not a european bank we should not shift responsibility. in two thousand and eight sparking a global recession france's new socialist government is seen as less friendly to washington than previous incumbent nicolas sarkozy british premier meanwhile gave it cameron is in germany to wall anglo merkel bureaus in the last chance saloon he's to push for huge rescue deal to save the failing single currency in the following line is spain whose banks need at least eighty billion euros to cover property loans is just sold another two billion in the government admits it's too big to bail out the country is too big to bail out but it also said world markets are refusing to listen to it for fear they won't be paid back russia's joint state development v.b. says it's ready to support russia's equity market by buying shares moscow's been one of the world's worst performing this year v.e.e.p. hopes to make a big profit for course of just the market will recover and also reduce the full. timothy on the market crude is gaining gro

global but it was on lehmann brother as we've seen in other cases we see it over and over again and if you recall lehman brothers there's still still waiting for the money. many many are still waiting for their money it's not a situation and some of the same banks of are involved and so the same trust is a good it's yeah i'm so these are people that know what they're doing they're people that knew what they were doing when the fact that these transactions and now they're people that are trying to find them that have seen these things before the problem is why haven't the regulators put a stop to with a long time ago well why have they i want to bring up what another analyst said it was quote and making capitalism this was. michael mann's and he said the regulators could have shut him down on day one using intercompany accounting to game the regs is compliance one o one step so the regulators can't claim they were bamboozled by the slick ass guy in town is that you're a bigger company accounting is a classic. i think that. it's one of those things where it's very easy to make things con

caused the current euro dick crisis french foreign minister laurent fabius blames the us in quotes lehmann brothers was not a european bank we should not shift responsibility for its new socialist government is seen as less friendly to washington than previous incumbent nicolas sarkozy america fingers brussels for helping you remember is enough. and of the facebook's bulge dog here last month the nasdaq may compensate some of these shares in the social network of shared some hundred million dollars of reports facebook had poor growth estimates from investors disney's staying in the u.s. is excluding junk food ads from its t.v. channels that don't meet new nutritional guidelines it's already scrapped mickey mails from packets of pop tarts with a majority of americans overweight or obese first lady michelle obama's back in these move comes of new york mayor bloomberg the bottles of sugary drinks club the horror of making false food chains told good emerging markets. teamed up with the t.v. bank to expand into the country's region's. will invest up to a hundred million dollars over three year

well it was like a lehman brothers moment but let's remember what the lehmann brothers moment was all about the stock was down sharply and then a false rumor was started and attracted naked short sells that is this a counterfeit stock sales of lehman brothers stock flashforward to greece greece also being attacked with naked short sells in credit default swaps destroying their economy mainstream media outlets floating rumors around the world that they're about to go belly up all in an attempt to force the country to dischord its assets to the global speculators for pennies on the dollar the fact is they're always in these situations telling the peasants to do one thing well the elites are doing something else because there was another headline in the telegraph that went along with this they offered another headline about a previous riot some bank runs and sovereign debt collapse debt crisis the cost of default rioting sieges and death in late december two thousand and one the streets of buenos aires descended into anarchy thirty nine people died in violent protests which forced presid

to hold the truth the facts of the global financial crisis originating in america on wall street lehmann brothers and other terrorism proponents in wall street with the current crisis in the jobs market and he blames europe that there's completely you can't make that claim it unless he's got and stuff like this or he's got some kind of brain damage or his cognitive dissonance is just he's psychologically prepared to deal with this crisis but max the french banks are no better in terms of like perpetuating this cycle of debt and bogus derivatives and stuff well interesting there for a second because the french banks bought from american banks collateralized debt obligations that the rating agencies like moody's and s. and p. gave triple a ratings to they loaded up their balance sheets then those debts exploded it was a breeze an act of financial attack from america and you know it all started in america and barack is deluded if he doesn't understand this ok well we'll agree to disagree there because i believe that a lot of the fraud happened in london it happened in bank parent bought cre