mr. holland. mr. pretty well in the elections and the parliamentary elections, so they need to bring him on board. but at the ends of the day, it's $120 billion. in the u.s., we did a similar thing in 2008. inside the t.a.r.p. there was a growth package. it didn't do much. i think the most important parts are still the disappointment in the eu summit. there's no deposit guarantee scheme. there's no t-bills, no euro bonds. i think the eu summit is still a disappointment. >> larry, when he a headline that italy is refusing to sign the growth pack if they don't get bond buying program, which is similar to what you were talking about, the esm. how do you take that? i take it that they still are at logger heads over this and it's a threat and they don't have any agreement. am i wrong on that? >> in some bizarre ways, this is the eeasiest market to trade because they constantly, constantly give equity investors hope. you're dealing with -- if you're along, you're really betting on these guys coming to and fo

mr. hollande to kiss her on the lips. this has raised no end of questions about the first couple's relationship. but she surely calculated if madam royale is defeated and deny the role she is coveted, she will seldom be a guest at the palace. >> today, the chief executive of j.p. morgan chase, jamie dimon, appeared before a congressional committee and offered his apologies for a self-inflicted losses of more than $2 billion. these days, it is the woes of the eurozone and the ripples center on the globe causing markets to more serious case of heartburn. what can be done to contain it damage? we asked the ceo of pimco, the world's largest bond fund manager. he joins me from newport beach, california. when you talk about -- when you talk to investors around the world, where do you tell them it is safe to put their money? >> we tell them there are very few places that are safe right now because of a couple of things. one you just mentioned, the european debt crisis has gone from bad to worse. second, the world as a whole was

we're now joined live by dr khan hallinan contributing editor for foreign policy in focus welcome mr holland then now we've seen the protests going on for four days in a row now into the square people's reaction to hosni mubarak sentence is very strong does this give the muslim brotherhood and its presidential candidate the upper hand. well i do think that. something like sixty percent of the electorate did vote for one or another of the two islamists. candidates one of them course a moderate islamist me other morsi is a more conservative candidate i think the important thing was that sixty five percent of the people voted against the old regime in some form or another and i think that the demonstrations reflect two things one there are certainly anger at the decision around mubarak and also around a lot of the officials that are involved in it but also true that people feel sort of disenfranchised about fifty percent of the people didn't vote for either shafiq or morsi but they don't have a choice in this upcoming election. now egypt is going to the polls in less than ten days that however

mr. hollande and his friends are big spenders.mean, his span is to increase taxes and to increase expenses. i think he should do just exactly the opposite. decrease expenses and decrease taxes and that would be a good start to go back to growth. >> so you felt sarkozy had a better formula, a better strategy? >> a little bit. i mean, it was definitely not, you know -- i mean, the situation was a bit different, cut some expenses but not as much as needed. there's still a lot of room for, you know, cutting and cutting and cutting. >> so as we look ahead, obviously, we have the greek elections coming up. look further out for me. how does the euro cry set get resolved in your opinion or does it get revolveded in the next few years? >> i would love to have the answer. i think printing money at the end of the day will probably be the only solution. there are ovenly some pros and many cons. but that's probably the only way to get back to a better world over there. >> antoine drean, thank you very much. >> thank you very much. >> good to s

mr. van holland was just announcing how excited he is gov. bush is with us today.e see things a little differently i guess. >> do you want to say how excited you are that i am here? >> why do we not go with gov. bush, then mr. edwards, then congressman waxman. the floor is yours. >> it is a joy to be here. i did not come here to criticize anybody for the record. i came to share my views. i am not use to the 9:00 food fight that starts bright and early in washington. i am from florida where we do not start that way. it is great to be here. i am here to talk a little bit about what i think is an important subject as we try to recover the main job number is -- may jobs numbers were anemic at best. we do have an l shape recovery. is the first since world war ii where we have not had a robust recovery. there is a cloud over our country that relates to the pessimism that we cannot restore the vitality of our economy in a way that creates opportunities. more and more people are becoming dependent at of the government at every level. it is important for this committee and

mr. van holland was just announcing how excited he is gov. bush is with us today. we see things a little differently i guess. >> do you want to say how excited you are that i am here? >> why do we not go with gov. bush, then mr. edwards, then congressman waxman. the floor is yours. >> it is a joy to be here. i did not come here to criticize anybody for the record. i came to share my views. i am not use to the 9:00 food fight that starts bright and early in washington. i am from florida where we do not start that way. it is great to be here. i am here to talk a little bit about what i think is an important subject as we try to recover the main job number is -- may jobs numbers were anemic at best. we do have an l shape recovery. is the first since world war ii where we have not had a robust recovery. there is a cloud over our country that relates to the pessimism that we cannot restore the vitality of our economy in a way that creates opportunities. more and more people are becoming dependent at of the government at every level. it is important for this committee an

mr. putin will be holding talks with the german chancellor, angela merkel in per berlin, followed by a visit to meet the new french president, francois hollande. the counting of votes are underway in the irish republic following thursday's referendum on whether or not to support the european fiscal treaty. voter turnout was low, and ireland rejected previous e.u. treaties. some sources say they are confident this time of a yes vote. aaron has just slid in alongside me, and china, not good. >> these are worrying numbers. they're very important. they're forward-looking numbers. i'm talking about p.m.i. they sound boring, but they're not. >> it's always. >> has it really? i see sarcasm. p.m.i., the purchasing managers index. they sit at the top of the supply chain for all sectors. they make the advanced bookings, advanced orders for all the raw materials. if these guys are pessimistic or in the doldrums, that's seen through. we're seeing a sharp slowdown in growth in basically the world's largest exporters, its fact hises. >> and presumably the eurozone crisis is playing a part in that. in the u.s., what about them? >> yesterday we had the revis

mr. van hollen. i asked the legislature members have five days to insert to the record if they choose to do so. dr. elmendorf come the floor is yours. >> thank you,.orion and then holland. i'm pleased we've asked you to talk about the long-term budget outlook. in a report cbo released yesterday the assassin are two very different sets of assumptions about future tax and spending policies. the extended a fine scenario perplex the assumption that state laws generally remain unchanged. that assumption implies that lawmakers will allow tax and spending policy changes that are scheduled to occur to actually do so. in contrast, the extended alternative fiscal scenario incorporates the assumptions that certain policies in place for a number of years will be continued in some provisions of love might be difficult to sustain for long. will be modified. thus the scenario maintains that some analysts might consider current policies as compared with current laws. the budgetary and economic outcomes under these two scenarios would be starkly different. under the extended baseline scenario, that is current law, federal debt would decline gradually relative to gdp over the next 25 ye