we just had niall ferguson on. h niall on several things president but eblgs like i believe a default is a default and that's not good for the united states of america. break it down for us. what happens if america defaults on its debt obligations? >> right. well,o joe, as you know, nobody knows what will happen because our country has never defaulted. so, the risks are very, very high. and you hear that from across the, you know, economic community. what happens, first of all, is that if the united states doesn't going pay its bills and i mean any of its bills, you do begin to undermine the full faith and credit of the united states. specifically what begins to happen is that the treasury can no longer meet its payments and that means, you know, folks on social security or folks providing medicare service or our troops in the field don't get paid. and ultimately you put the whole full faith and credit of the united states in jeopardy. that means that interest rates go up. people's 401(k)s and other investments get

thank you for your team. >> niall ferguson from harvard, heading back there this afternoon. to stay and enjoy the beautiful weather and this beautiful spot. back to you. >> enjoy it, david. >> all righty. sue, a new episode of "secret lives of the super rich" is tonight. our wealth editor robert frank is here with a sneak peek. >> tonight we are going to go to miami and show you some of the city's most expensive mansions and biggest infinity pools. these pools do go on forever coming up after the break. acso 45 states and then district of columbia have voluntarily decided to raise the bar with consistent educational standards. now, students in those states will have a better chance to succeed in college and careers and to compete in the global economy. which means a better future for our students and our nation. join exxonmobil in supporting the common core state standards. let's solve this. >>> if you want to buy or sell a mansion in miami, you're going to the gills, they like the stones or the beatles the rock stars of miami real estate and robert frank got a peek at some