in the u.k., we must try to bolster the resilience of our financial system. better to withstand storms that may come in our direction. >> a mixed picture on the european markets. they are managing to retain the huge gains we saw yesterday. the ftse in london is high. dax is hovering around the opening mark. back to you. >> thank you. thank you. russians will be voting in parliamentary elections this sunday. seven parties are contesting the vote in the world's biggest country. what are the key issues? bbc has traveled to the town 500 kilometers from moscow known as the black part of russia because of its rich soil and heartland. steve looks at the concerns of the business community. >> at the cash and carry, they are loading up and heading out. this center supplies shops across town. it's a profitable business. it has turned the boehner into a tambov tycoon -- it has turned the owner into a tambov tycoon. >> [speaking foreign language] >> there's a giant mountain of bureaucrats who do nothing but create obstacles for businessmen. these officials want fancy car

unfortunately, our financial system is not in particularly good shape. we have wasted pretty much three years with regard to strengthening capital, to increasing the equity behind our biggest banks. they are still too highly leveraged. and this is a major vulnerability for the american economy. >> what are the chances of a collapse, of a big bank whether it's a european bank or a u.s. bank? >> well, i really, i really don't know. it's a very tough situation. the european needs to have move quickly to a proper and complete fiscal solution to their problem. but they are refusing to move despite protestations and pressure from around the world. this is a nail-biting situation. >> it sure is. what about now that we've heard from all of the rating agencies whether it is s&p, moodies or fitch, that they may downgrade a debt, sovereign debt in europe f they do do that what does that mean for europe and what does it mean for us here in the u.s.? >> well, i think the moves by the credit rating agencies are more responsive than anything else. they're not really dr

economic inequality the overdue undue influence in fact that politics has been the money has in our financial system and i never thought that this kind of popular outrage would really come to the united states but it would really hit home. when the occupy wall street movement began my initial impression i have to admit it was utter skepticism you know it sounded like some american protesters saw what was going on in the middle east and thought it would be i meet sort of symbolic way to emulate what they've seen for example into where square. one of the biggest things that really sort of woke me up as an individual was that that night in times square in october this was right after the supposed to be announced raid by the mayor where about three thousand if not more protesters had gathered around the park to to defend their space and they succeeded they weren't raided and we saw literally thousands of people marching into times square which you know the physical contrast of the sort of a temple of consumerism which is times square in manhattan these flashing lights these logos these expressions of co

they control our financial system and and so the idea that we're going to rebound i mean we're watching the european banking system as i speak stand on the edge of collapse it's not just greece that's going to default but most likely italy portugal spain and the repercussions of that are going to reach our shores so you know there were no restrictions placed on wall street they looted the u.s. treasury in two thousand and eight they went right back to their old games and were headed most likely for another crash unless we stand up and stop them they'll come back and help themselves to whatever money we have left now of course this october two thousand a lot of movement is about corporatism it's also about militarism and now it's been ten full years with the war in afghanistan do you think it's ever going to end yeah because we're losing the war. the taliban controls about seventy seventy five percent of afghanistan. we have replicated the disastrous occupation of the red army where we control the urban centers sort of i mean we see attacks even in kabul . but only twenty percent of the

counter parties of mirror going to banks that becomes a real issue and suddenly really infects our financial system and how we do all of that is not clear because the congress and the u.s. certainly isn't going to be approving anything like tarp ever again or not for years so it's not clear what would happen if you know global banking crisis out of europe but it would be scary and i think that is the primary reason that geithner's there yeah why i think you definitely had a good point there that it's kind of hard to see the congress that we have right now passing anything or agreeing on anything so if there was a problem of that massive scale again then i think we'd all be in a lot of trouble joe want to thank you so much for joining us tonight thank you. are coming up next the defense team for bradley manning has hit another barrier for the government before his upcoming hearing at fort meade and then is off by boston escape to fiction that traders about to hold their ground despite a deadline for police to leave the area last night so what's next for those few we square and movement overall going

our consumer financial markets. we have seen many important nominations blocked in this senate and denied an up or down vote on confirmation. the stability of our financial system and of our economy is simply too important to put at risk by political games. it is time to allow the cfpb to do its job to the fullest extent of its authority with a senate-confirmed director in its place. i now turn to senator shelby. >> thank you, mr. chairman. i don't think it will surprise anyone to hear that we believe that today's hearing is quite premature. we do not believe that the committee should consider any nominee to be the director of the bureau of consumer financial protection until reforms are adopted to make the bureau accountable to the american people. earlier this year, mr. chairman, 43 of my senate colleagues and i sent a letter to president obama expressing our serious concerns about the bureau's lack of accountability. we also proposed three reasonable reforms to the structure of the bureau. we had hoped to work with the majority to address this issue before the president nominated a director. unfortunately, neither the president, nor the majority has made any

treasury has also made substantial progress damning of new institutions to help insure our financial systemis stronger and more resilient going forward the members of the financial stability oversight council have been meeting regularly for over a year. the office of financial research is providing with critical data and analytical support, and the federal insurance offices began carrying out its mission to monitor the insurance industry. treasury has also been responsible for standing up to consumer financial protection. president obama has nominated richard court break, and now standing advocate for american consumers to services first director. it's confirmation as number four. without a director of bis cfpb is unable to exercise its full authority, and as a result our economy remains vulnerable to some of the same regulatory gaps that contributed to the financial crisis. consumers continued to lack common-sense protection. this siepi be limited authority affect the financial ability of tens of millions of american families who rely on non-bank institutions for financial products and ser

they will be attacking our utility sector, trying to shut down our financial systems. we're so reliant and interrelated on all of the digital networking. iternetworking it's very fritessenning, mr. president, to think about what could happen. this bill helps protect all of our federal agencies and businesses, except for defense -- defense protects themselves. but our bill has to protect the homelanhomeland and the privater and we have a long way to go. not just big companies but small companies have to be protected. we have to work in partnership with them. may i mention our t.s.a., aviation -- we fund that. and then we make sure that the trade -- and i want to mention this for louisiana. our fish hemen have had a terrible time. maybe in delaware and other places along the east coast and the west coast you all understand this. but in the gulf, our fish hemen are trying to make a living in the middle of hurricanes and oil spills. in addition, we get crawfish and shrimp dumped from places like china and vietnam, and we need money in this bill to enforce those trade laws.

you talk about our financial system. he has suggested that capitalism needs to be managed. would you care to comment on that statement? we will give david an opportunity to expand as well. that is a different concept than protection. would you like to address that? >> obviously i am against it. i think government should only do one thing. it should not be doing this. >> you do not see capitalism as a threat to individuals in any way? >> i see it as a contract. i believe it is a protection that causes the harm, not capitalism. i know a little bit about the financial crisis. i can address that. why did we have a financial crisis? this banking system is the most regulated business in the united states. capitalism and the mortgage business -- where? it was completely subsidized, completely controlled. how many of you own your own home up right? thank you. all of you guys are subsidizing my mortgage. the government is everywhere in these industries. it is no accident that three of the most regulated industries in the united states led to a major collapse. the regulations caused