marcello: i think so. have to confess to you that i am thinking that the italian banking sector has a high probability of systemic risk since january, since last january. francine: this is a problem. do you not need an event to make it more -- if the bailing rules were to be applied a month ago, the referendum has changed, but you are telling me it has always been a problem. marcello: the problem is -- which is the reason why the european loans do not allow public intervention, due to the fact that public intervention has distortionary impact on the working of the markets. nevertheless, there are some circumstances in which a public intervention implies a distortion lower than the market. and in my opinion, the situation of italian banking sector is exactly that situation. a public intervention would be less distortionary than the failure of the market. francine: one last question. do you believe that if something happens -- let's say that the bailing rules apply. italian families, a lot of them, would los

that was an illusion to the phone call that the president-elect had with marcello, the chief executivef sprint. he did not go to mar-a-lago, they talked by phone, and that was the precedent i believe for this announcement. >> and so john, when we look at the fact that trump has been discounting traditional measures of economic success, things like unemployment and growth, is this where he's hoping to make his mark on manufacturing jobs, and other kinds of job growth in this country? >> absolutely, that's part of the argument he made in the campaign, he was in particular, going to look after those blue collar workers in the united states who had seen their opportunities, jobs, wages diminished by trade, automation, all that sort of thing, immigration as well. and the question is, how much of an impact can he have. over the last 12 months, the united states economy has averaged about 188,000 jobs a month. this is 8,000. he's not president yet, and he's just getting started. if he can develop a virtual cycle of confidence and momentum, that could make an impact. >> john, thank you. >> we

. >> marcello, this is a topic not going away. i'm sure i'll have you back in again. your time. betty nguyen picks things up after the break, more reaction to andrea mitchell's report that trump chose exxon mobil ceo rex tillerson as secretary of state. [ sneezes ] i have a big meeting when we land, but i'm so stuffed up, i can't rest. nyquil cold and flu liquid gels don't unstuff your nose. they don't? alka-seltzer plus night liquid gels fights your worst cold symptoms. plus, unstuffs your nose. oh, what a relief it is.

the jobs that president-elect trump discussed with marcello claret of sprint yesterday were part of those jobs. this is trump making effective use of his marketing skills. he kept us in suspense all day. we talked about it all day on cnbc. sean spicer was on a transition call at 10:30 in the morning, he said he will make a big economic development announcement. it's not new news, but on a slow holiday week, you draw some attention to your economic message. he succeeded in that. the other thing that happened and the wrong sound was played there, i'll call for it again. it's relevant to another clash in addition to the middle east between the incoming and outgoing administration. it has to do with the russian hack. in the brief comments that donald trump made, he hasn't had a full blown news conference. he was asked about whether or not russia should be sanctioned for that election hack. here's what he had to say about tha that. >> i think we ought to get on with our lives. i think computers have complicated lives very greatly. the whole age of computer has made it where nobody knows exactl

>> thanks, much commissioner charlie marcello for the record. on page 4 at the bottom i was quoted as to the question of a subpoena power of the commission. i said that i didn't think that it was necessary for the commission to invoke its agenda powers get a simple letter would do. i don't want to toss subpoena around to liberally. >> how would you like that to be restated in the minutes? >> i drafted a something here but i also forgot my glasses. so it said he stated that he was not sure whether the commission leads to invoke its subpoena power, a simple letter should do.and welcome back ms. hayon >> commissioners, i will call your attention to page 2 of the minutes. agenda item 2-3 where you'll see there a 150 word summary provided by me. the reason those are in there is because any member of the public as old six hours by the sunshine ordinance passports if they provide 150 words or less word summary of the public comments have the right to have those in the minutes. the reason i do this is because public bodies cannot be trusted not to censo