not madrid or athens. we can control our own destiny and i think people have since talked to them again.

not madrid or athens, we can control our own destiny, and i think people are ready to have sense talked to them again. that is my little speech at the outset, with that said, i'm going to take some questions and be mindful of the time and going to start with this gentleman. and everyone who -- introduce yourselves so i know who you are. >> oh. all right, so, congressman, i wanted to see, there's been a lot of criticism of eric holter over the last year or so, a lot of people are calling for him to resign, and i know you were one of the ones as a democrat that was one of the ones with congressman -- leading the charge against attorney general gonzalez, do you still have confidence in attorney general holder, everything that is going on with the justice department going on now? >> let me say a couple of things about the attorney general. i'm going to try to not personalize my comments, you eluded to the times i raised questions about the firing of the folks, my old side made a mistake, and we kind of personalized it a bit, and we made it a lot about attorney general gonzalez, and frankly,

causing chaos in global financial markets isn't going to do anything for the man on the street in madrid or in athens even if i could see if you i mean what point do you start recapitalizing banks again in the you have a slippery slope you have moral hazard here how do you stop that. well you start recapitalizing them when they're fully recapitalized we're going to learn next week what the i.m.f. estimates of the needs of the spanish banking system are you know it's a very it's very clear what the solution is here we fill in the black holes that have grown up inside the banking system at the moment we organize a transfer of political power to the center of fiscal responsibility to the center and we restore growth of the euro zone through an end to the crazy policies of austerity now that's the solution the question is what steps do we need to take between now and getting to that solution. before we go to the break. proposing a form of. increase that borrowing from the banking system spreading in the wrong areas he did not listen to what i said is there has to be a new interest free supply from the na

considerable chance that this election will be determined not in washington or ohio or wisconsin about athens, madrid, frankfort and per lynn. if things go wrong, which they could, they could go wrong at the end of this month, you could see the world economy go into a tailspin, which makes this spring look like a cake walk. i think the white house is worried about that. >> when the president makes a push to get the teachers and the firefighters some money, unless he cuts a bigger deal with republicans and extends tax cuts? >> my take is that this was very politically motivated. when the weak jobs numbers came out, the president had to come up with a story. the story that he is putting forth which is not untrue, rather than saying the economy is in great shape. he wants to say, the economy would be in great shape if only i were able to do what i want to do, which is this jobs act. he is trying to put the blame on congress. i think that this is much more shadow play, about the politicking and thinking something is going to happen. >> excellent point at the end. especially 151 days to the election. unli