we have the psi deal. we've just heard charles dallara with his rather optimistic comments about the 43.5% as being a tremendous effort by the private investors giving greece a little bit of not quite a blank check but a check of who have gone things forward and getting things sorted out. he is optimistic that enough private bondholders will take this up. we don't have a haircut by the ecb but what we do have is the ecb passing on its profit, potential profits, profits from greek bond purchases. that's normal. but after that, the national central banks can pass it back to the greek government. estimated that 1.8 billion will come out of that. not small change even though in the greater scheme of things it's not the big number. the next thing is the imf is onboard with a substantial contribution as madam lagarde said here this morning at the dawn press conference but how substantial will have to be decided and secondly dependent on what comes out of the next eu summit on the first and second when the exact

that bond redemption would be actually contained in the psi. if we don't get there, we'll have to find some further shortened fixes, and honestly i think everyone is running out of creativity there. so probably further t bill issuance subscribed by greek banks and repoed at the ecb. this would give a sense -- a completed sense of resolution. we're already late. the market was expecting resolution last wednesday. we're already four to five days late. anymore delay would probably be quite, quite negative. it seems -- >> gilles, let me press you on one point. let's see we have a deal today, as set out. are you kwon fi dent as an economist that greece can deliver on this. it seems what's being contemplated in the longer term is a complete transformation of the greek company xhooe from one based on the public sector and borrowing in order to keep that public sector going to one that will have to be driven by its private sector and tax receipts. can greece really deliver on that? >> there's the most important thing, of course. one thing i would like

environment because you could -- that gave you the same oxygen absorption at 27,000 feet at only 5 psi instead of 14.72 like sea level here right now. you went with a lower pressure but with 100% oxygen which let you have the same oxygen intake that we have right here on earth. that way you could build a lighter spacecraft and didn't have to have structure as high because it was only 5 psi instead of higher pressure you want in the vacuum of space. the original spacecraft had no window except for a little portal on the left where you could tell whether it was light or dark out of that. early on the powers that be and people at nasa said we should put a window in even though it added a few pounds to the spacecraft. it did add some weight. used to call it a capsule. i referred to that already a couple times here. we later came around to describing it as a spacecraft but we're still calling it a capsule. after my flight bob hope said it was the first time in history that a capsule had taken a man. another thing people were surprised about is nasa had a rule that prohibited any camera from

julia, last week we spent three weeks wondering where negotiations were with the psi and then the osi and now we haven't even gotten negotiations between the political parties and the troika. where is this deadline coming from? they seem to be making it up as they go along. >> reporter: well, this it deadline is to get feedback from the coalition government on the agreements that were made over the discussions that were had yesterday. it's not an official deadline. it is just about getting feedback back from the coalition partners and they will be meeting with papademos this afternoon to continue with those discussions. and you mentioned they have agreed on 1.5% of gdp within that we're expecting cuts to pension payments. we're also expecting potentially to see cuts to bonus payments. there were discussions from greek officials over the weekend they would be protected. obviously if they are it's going to mean something else has to give. local media reporting up to around a 20% cut in those private sector minimum wage levels. so signs of ro degrees we're around the table talking about

we need to get the psi details out tomorrow.he timetable is that the march 20 money that they need to pay their bills by -- we need to get the private sector bond swap out. we need to get that started because it takes so long to get as many people on board as they need to. >> we're going to talk more about this right now. let's turn on the "power lunch" power surge and drill down on the stories driving the day. we begin with the politics of the economy. then we'll segway into europe. president obama speaking earlier, pushing for payroll tax cuts as republicans throw in the towel. our chief washington correspondent john harwood has the very latest on a lot of moving parts in that part of the world. >> reporter: republicans, sue, decided that they'd taken quite enough of a beating on the payroll tax cut in december when democrats made a lot of headway by portraying them as blocking this tax cut. so yesterday they said that they were going to separate that from the other issues that are being negotiated. that is, an extension of un

final draw of that psi deal needs to be confirmed in order or ahead of that bond redemption on march the 20th. even the euro group are remaining flexible this week about their meeting, all paths lead to greece and negotiations going on here. you mentioned it, we have protests just beginning in machionastiraki square. i can give you a parallel, despite the rain and thunderstorms last night the leftist and communist parties here rallied in a respectable 7,000 people to protest. so it's an interesting comparison to what we're expecting today given the rally today corresponds to a far greater amount of the population. we're looking ahead later to the coalition's ongoing discussions. ross, back to you. >> thanks for that, julia, the latest from athens. joining us is the head of european rate strategy at rbc c capital markets. peter, there's been the belief amongst investors being, look, this time around greece -- whatever happens, greece gets the money, they don't have a disorderly default, we work out some deal with psi. is there any reason to believe that may not happen? >> first of all

so they have to get together, the psi, they have to get together an agreement on the debt restructuring. >> it's done, right? >> at least for this part, this is why there is a little bit of a drama going on today. so it looks like the euro zone finance minister supposed to be set tomorrow going to nominally approve the $130 billion hur oh bail out is not going to happen. they will have a teleconference, discuss things again, we still don't have a letter of commitment from the greek leaders say they support their austerity measures, we don't have the firm psi deal, we still don't have all the details to put it together, it will go counsel to the wire and we may be past it already. >> the headline of yesterday, or two days ago that it was sunday that the greeks have agreed on the austerity package, that is an agreement, there was nothing binding, and that is what we're waiting on. >> theoretically it's binding but in the past greek leaders have not implemented laws that they have enacted to go ahead with it. >> whether or not it's enough, eu finance ministers had not gotten enough documen

it's sponsored by omega psi phi. >> they often times are not presented with enough opportunities and we want to give them another forum to do so. >> reporter: maya is a senior at the baltimore school for the arts. she wants to be a professional dancer. >> i want to leave with confidence and knowing i displayed my best and that i put forth my best so i can keep raising the bar of what my best is. >> reporter: 14 students will compete on saturday, hopefully able to capture an audience and lawn hatch career. sherrie johnson, abc2. >> good luck to them. the talent hunt competition will be held this saturday march 3rd at 9603 vehicle road in tim moan -- timonium. >> doctors have been recommending that young girls get vaccinated against hpv vaccine. who should be getting it. >> and hormone therapy could be helpful but years ago doctors stopped prescribing it. i'm tom... i'm sue... i'm carol. and this is my cvs pharmacist. i found out i had cancer. diabetes. i had a heart attack. so, i needed help with my medications. because mixing them... can be dangerous. not with maria around. not with

>> at 30 psi shoots 176 feet. >> 176 feet, okay. 3, 2, 1. >> boy that sucker goes a long way. what are you going to use it for? >> just for fun. i normally use it for fun. >> load that thing up again, we got to take a real good look how this operates. all right. here we go. here is the replay, moments ago. there it goes. good shot, buddy. >> thank you. >> what is your next project, do you have an idea what the next project will be? >> i'm currently working on something called a shield, a micro controller you can program, a shield plugs on top of that, and i'll wire that lights up so i will be able to program to light up the wire. >> all right. good luck to you, joe hudy, i'm sure you got an a for your project. congratulations great to have you on "the ed show" we'll look for you as one of the great scientists of all time. fire it one more

one i think at the highest political level has been clearly said that this role given to the psi after the real meeting between germany and france has caused a lot of problems. we will not become a permanent fixture of policies. second, don't you believe -- i'm returning the question to you, if i may. don't you believe the risk of countries rewriting contracts was already largely incorporated in the markets and therefore interest rates already? i happen to think the answer to that would be yes. so i don't expect that this would worsen the position of the italian treasury in the market. whereas i do think once this page is turned, the benefit will be considerable for every issue we are and for the markets overall themselves. >> next question over here. nancy. >> nancy -- [ inaudible ] when you responded to fred's question on the future of european integration, you didn't talk about the banking sect or issues. we now have the banking supervisor assessing the results of the stress test and determining what they think is needed. but in terms of getting those outcomes, it's up to the indivi

in 0 2010, psi medvedevecam ad o sl projts.asiv psolindment. thits both cntesstnt ss'sla f s eaan thits opedhajot rd erhesldsre cceedbo sit dkp cseislas. bud.ti h ucn pae e qut.acon tuesday to remov thadee dme more than a kilometer upstream and then drained of water. of the 108 students in the school, 70 died in the disaster. four of them are still listed as miing, along with more than 40 other civilians. >> translator: we hope to find even a small clue of the missing people to return to their long >> the search will continue for ab >>> u.s. secretary o ste hiarclinton says she will attend the first o friends of syria. a broad international coalition againstheyrn government. the meeting will take place in tunisia ek >> we stand with the syrian people and we are looking for an lion told reporters on monday that the u.s. is coidinho best to support democratization in syria, along with the arab league, europe, and turkey. all of them agree president bashar al a sul sp clinton said the u.s. is increasing its funding of the red cross d gssotroups op

that means a portion of that maturity, some of the holders are not in the psi.abilizing. >> so what do you think is going to happen though? do you have any thoughts on whether or not -- >> i think there's going to be a default of some kind. i think there's a certain amount of bondholders that are going to get crammed down and won't participate in the psi. and that has to trigger a default at some point. but the gaining of it is is it now or down the road? if this announcement speaks to be true, sounds it could happen in the near term. >> what's frightening about this is they're all gaming the game. we tweet about it every morning at the most ungodly hours. what is the inside game? this ltro number, what's the whisper on that? how big does it need to be to work? >> if you look at the ltro, what's really shocking is thinking about qe-1 and qe-2 how important they were for the u.s. equity markets in the rallies we've had. the market we've had through this ltro is 1.2 trillion. and this week we've seen it as low as 400 billion. the latest numbers 400 to 600 billion.

we hope for a deal with private creditors on the basic fundamentals of the psi. we need now the political endorsement of the europe group. >> you and imf leaders were frustrated by greece's reluctance to agree to further austerity measures -- the u.s. and imf leaders -- eu and imf leaders. >> we will hear the report on the state of negotiations. i do not think we will have any results tonight. those are the signs. the talks are well advanced, but they are not that far along yet. >> but unity in the greek parliament is being met with anger on the streets of athens. the greek public is opposed to more painful spending cuts. unions are keeping up the pressure on the government ahead of a 48-hour strike to begin on friday. >> let's pull in our brussels correspondent. germany's finance minister just telling reporters that we are not there yet when it comes to dishing out the money to greece. what more does brussels what? >> eu economic affairs chief said it as well -- they want concrete action such as legislation. in the past, the greeks have met a lot of promises, bu

if you have filled up your tires you know pressure is measured in psi, pounds per square inch, not cubic inch. virginia is promising to fix it, but this is just a sample question. bruce leshan, 9news now. >>> and a spokesman for the virginia department of education says the leaders expect the pass rates will get better as schools adjust to these tougher tests. >>> we need a politician that embodies these ideas and work to make sure america stays the greatest land of all. vote hank for u.s. senate. >> yes, virginia, you do have a cat running for u.s. senate. his name is hank. he has a campaign ad and appears an animal rights group is behind it. hank is a former street cat from springfield, low cost spaying and neutering for the population is at the top of his agenda. unclear whether he is a democrat or republican. >>> so let's get outside to topper shutt where the great weather continues for yet another day. top. >> it sure does. it's a little bit breezy if you head outside. i would recommend a light jacket. 64 was the high today. here are the temperatures right now. temperatures primaril

i think that psi has more or less is a done deal at this point.pecially whether we are looking for participation from the official sector in the central ecb. and the -- my understanding about the political process is that the prime minister and the business of the three political parties are very close to the final -- of the measures to be taken to be looked at in understanding. >> and how successful is this second bailout going to be with the further austerity measures given the trouble that they've had with the first bailout? >> well, you happen, the wind against is, of course, the success on implementation. and there we have, you know, political, you know, issues because greece is going to elections down the road. and we don't know if we're going to see a majority government coming out of the elections. and on the other hand, the recession is always a headwind because it impedes the process of implementation because you may lose revenues that you have to compensate with additional measures and this, you know, brings the economy into a vicious c

we knew that the psi the private sector involvement exchange would go through. i think a real question was a more medium term. the back of the year at the beginning of the next when the program begins to slip and implementation and how will the euro zone policy deal with greece in that situation. >> what you are saying is the risk is not on the private lenders but on the fiscal discipline to greece. >> i think the risk emanatesfroe which greece has to undertake. germany and bin o bunch of otheo zone countries. that is the real risk. >> when you look at the numbers it's beyond sic psych al. and i think we'll see slippage continue into th into. >> what are the penalties for greece. the private lento lend or is taa big haircut but they want to get something. >>less the ultimate will be two solutions. >> the first will be a massive right down to the official sector and holding greece sovereign debt. >> does that mean the european central bank write down what they loaned or the european monetary fund. >> the european central bank hat to hold on to their super senior

. >> i have 30 psi -- 170 -- >> would it like hit the wall up there? >> yeah. >> would it stick?'s try it. is it fully operational? >> yeah. >> let's try it out. >> okay. this is great. do you have it? is that good? okay. here we go. >> oh! let's look at -- let's go look at the marshmallow and see what happened? >> look at that. the marshmallow cannon i think was aimed at mitch mcconnell up in the senate. but president obama picks it up, recovers the marshmallow. is he going to toast it? what are they going to do with it? gives it back to the kid. science fair at the white house. can't beat that. still ahead on "way too early," why are you awake? why am i awake? your tweets, texts and e-mails are next and "morning joe" is now just moments away. [ male announcer ] the draw of the past is a powerful thing. but we couldn't simply repeat history. we had to create it. introducing the 2013 lexus gs, with leading-edge safety technology, like available blind spot monitor... [ tires screech ] ...night view... and heads-up display. [ engine revving ] the all-new 2013 lexus gs. there's no g

even psi, private sector involvement, we think it is wrong. because when you let a country in the european zone has raised the risk. every single country has already started to pay for it. and now that once the door is opened for defaults, then it is possible and likely that other countries could also go through that door. and once that, again, coming back to the concept of confidence, once that is hurt, that is going to take years if not decades to heal this. so i think it's now time to show serious demonstration of solidarity and within the euro zone, if possible. if not possible that the only resources of euro zone include other resources, but make sure countries do not default. these are the countries of the modern world and the technicians, the politicians, i think what is needed to be done in every country is very well known. it's what kind of policy action should be implemented. so when we talk about firewalls and so forth, it has a limit. we can talk about 500, 1 trillion, it's a lichlt. but then you open doors for defaults. then just

the psi deadline february the 17th is the date there. we need to know the participation rate.s there going to be an official sector element there and in greece over the next couple of weeks they have to vote again on how to implement these reforms and that's going to be the concern for now. carolin, back to you. >> looking ahead the key question is really can greece fix its competitiveness problem and also its growth problem? in this bailout package based on what you hear from the people you talked to on the ground, does this package have enough of what it takes to get growth back on track? >> reporter: well, i think that's what people are hoping. the mps are definitive on this. there are reforms within this that will address the structural issues greece faces. if you talk to the population here, they believe that the additional cuts in pages and pensions this year is too much too quickly. so it's going to be a concern, i think, going forward. >> all right. thank you so much for that, julia, and hold that thought. joining us now is our guest host, michelle, i want to talk to y

we have the psi deal. at least we have it signed. whether we pick up on it or not remains to be seen. charles dallara, head of the iif did say he was confident that enough of the private shareholders would pick up on the deal voluntarily. that's the key sentence in here. thud they not pick up voluntarily, there's a bit of a backstoper in there because the greek government wants a collective action clause into its legislation so voluntary, involuntary at the end of the day. that remains a moot point possibly at least if you are a bondholder. the ecb is not taking a haircut but is passing on profits it made on bond purchases for greece on to, "a," its central bank and the imf will take a substandings portion which is yet to be decided so we have a bit of a breathing space. no big surprises. i daresay we'll be talking about greece and sustainability very soon again. >> silvia, thank you. and let's hope that this deal brings us a better result than with the battle. we'll talk to you later this morning. meantime, secretary of state hillar

go to -- he wanted to go to the john brown memorial to point out there's certain value in insurgeon psi and we have to honor john brown to a certain extonality. but when it goes to mob rule, then we denigrate rather than honor. and so he wanted to find a position between socialists and capitalists that was reformist. and he saw john brown as a useful way of distinguishing himself from the socialists. and a good part of his longer speech that appears in the outlook magazine, spends a lot of time distinguishing a reform from mob rule. and he also connected a lot of labor insurrection to historically to john brown. is that any help? >> yeah, he was -- according to -- i think there was a fella named robert laford who wrote in the kansas historical quarterly talking about the origins of the seek su speech suggesting that as sid sugges suggests, that t.r. was hoping to capture the insurgency and sort of moderate it -- >> channel it. >> yeah, channel it away from -- he wasn't necessarily thinking of running as a full-on challen challenger at the time, although he kept dropping these horrible c

to begin with all the suits were set up to fly in space at 5 psi absolute pressure. so you had a sir clafting system in the suit where the air would recirculate, go through, take the carbon monoxide out and so on. here was carter with several hours in it. all after sudden you hear. oops, something is wrong. minute later you go like, oh. and by that time i could see the doctor climbing up on their chairs. scott, what is wrong? one more time and they became unglued and wanted to stop the count. they said, scott, tell us what is wrong. he said, okay, if you really want to know. he said that's the last time i go to that german restaurant. and not have sauerkraut and beer. i leave it to your imagination what happened in his suit. everything would come back to him, whatever was in the suit. >> what fun. >> we had some lighter moments. >> you talked about all the things that you did to get ready for close-out. one of the things was getting the astronaut in the mercury capsule and knowing that you're the last person maybe that they're going to see. tell me about that process

it has to carry through this psi and the program. and other governments, we know, had problems and that's why they're in intensive care. so the two things duo together. the ecb can't solve all the problems of that just through liquidity facilities and it will come down to the question of growth, fiscal measures by the governments involved, european support and probably at the end if we get it back into the crisis, the ecb will have to take a much more serious measure of backing up the governments in the future. >> you raised a few points. i just want to cap the market reaction. we have spanish bond yields below 0.5%. we saw bank stocks a little bit further. it sort of seems to have been a reaction here where it was the kind of number we were settling for, you know, put the stops in, and then we sort of -- we've moved back again. >> there are major things going on in the last three to four months as well, which is a massive allocation risk. part of that is clearly what has been going on in europe. but also what's going on in terms of

when we look at the greek psi at the moment, that's really the sticking point. it's been agreed the private investors, at least what we're seeing on the headline reports -- >> are we arguing about whether the ecb decides to take a cut or n not? >> well, what matters is it's not really so much whether it's the ecb or someone else. at the end of the day it's public funds. and that's really where we see the resistance especially within the german political group we see a lot of resistance to that, and if we cannot -- it becomes a self-fulfilling problem because if there's not that confidence the funds will be available, then investors will be concerned that things like psi could happen elsewhere. >> contrasting italy with spain because italy has an unelected sort of prime minister. he said, okay, through december, no -- everyone moves to defined pension scheme and you can't withdraw more than 1,000 euros without being reported and use it for a transaction. so you get the feeling that actually maybe spain might do with a bit of instant decision. you've seen the uk j

we're still waiting for the psi agreement on the debt swap deal to also get the go ahead.re's a lot of things up in the air still that need to be finalized. another market focusing in order to get answers. >> you are looking to sell at this point. are you looking to sell aussie. >> they just had a meeting. i am looking to sell the australian dollar. what's been happening is i think on wednesday we'll get positive on thing. what happened in australia was the rba was supposed to cut rates. they actually did not. australian banks raised variable rate mortgages. this puts more pressure ahead to cut rates even further than thought. and that will weigh on the australian dollar. on wednesday after getting announcements on greece as i mentioned, intershort aussie trades. i look for a move down to 1.0570. >> good to see you. catch more "money in motion" every friday at 5:30 eastern. >>> coming up next, could the dow be headed for 15,000 or higher in the next two years? jeremy siegel is looking at history to see where it's headed next. stay tuned. tdd#: 1-800-345-2550 like a lot of

that includes the private deal that is still being negotiated, the psi. dow, highest level since may of 2008. take a look at the euro, remember, we talked about the euro. the euro had strengthened recently. bad day yesterday. here you see it moving up throughout the day, ending near the highs today, closing over $1.31. same situation with materials. that was the leadership group up until a few days ago. notably weak in the last few days. you can see today that was a big mover on the upside. that got a lot of people interested. transports the same thing, down nearly 4% in the last five, six trading sessions. big comeback today. again, a lot of people watching that. finally, the biggest one of all, apple. 50 million shares traded yesterday, changing hands yesterday. 35 million today. apple moving up nearly 1%. big day here, maria. back to you. >> really was, bob. thank you so much. nice to see a bit of a breakout in the market. oil prices also rallied today. that tops the business headlines at this hour. light sweet crude oil up by another 51 cents a barrel

the vote is expected to take place either tonight or tomorrow, and so will the vote for the psi. so greece has to show in the next ten days or so that it is able to put all the measures that it has promised through in order to go to the eu summit on the 1st and 2nd of march, saying we've done our part. now it is your turn to sign our treaty and go ahead with the bailout. we expect the government to move very quickly on reforms. in some cases, reforms that it hasn't been able to implement for years. >> it is the government, but it's kind of a minority government. it's very, very unpopular in the sense that its main parties are very unpopular in the opinion polls ahead of the april elections. is the government going to be able to get this through, or do you think there might be some fragmentation, some splintering of its own ranks, given how unpopular it is and how very unpopular this deal seems to be? >> reporter: well, at the moment, greece has decided on this part. they will be able to get the measures passed because these are measures they decided before the deal on monday of t

presumably this opens the way to them details at last the psi, private sector involvement, private sector bond swap to cut some of the debts. back to you. >>> simon, thank you very much. great analysis. simon hobbs. >>> market making a big come back, our next guest is warning investors not get carried away with the optimism over the austerity in europe, there is a way to go before the agrees situation gets resolved. larry canter and tony dwyer. tony, let me begin with you, in terms of the fundamentals, this turnaround do you want to be a buyer? >> i do. again i'm not the right guy to to talk to about -- we have a twelve-and-a-half times earning because of fear of systemic failure out of greece. those three things that kept investors away, a weak consumer, poor labor market and even worsening housing, all three of those are beginning to turn, so i think we're in an extraordinary situation i have been annoyingly bullish and mised last summer's decline but i think it's an exciting time to be an investor and not a trader. >> how do i invest given the uncertainties and the back and forth happe

it will be focusing three different points, the psi initially, the debt writedown deal will be agreed first. then the bank recapitalization for this country. then third, they'll vote on giving permission to the finance minister and prime minister to sign off on the 130 billion euro bailout deal. so this is not confirmed as yet, but this is what we're hearing now on the ground. maybe a glimmer of light on the horizon. of course, at the same time, 5,000 people are taking to the streets today to protest. they were chanting things like the troiker is setting us back 50 years, fight back, also things about the politicians here. it started quite peacefully, then the violence escalated. they had to use tear gas to repress the crowds. key votes on the reforms in parliament, that's what we wait for. guys, back to you. >> julia, thank you very much. good job this week there from athens. stocks having their worst day in six weeks as a result of what's been going on over there. the reason the cloud hanging over us as a result of the greek bailout questions. and adding to the pressure, s&p 500 dow

on red psi "red eye" celebratis fifth anniversary and no one watches. >> hey. >> we are beating a lotin the middle of the night. we will begin with you. we have a little people alert, everyone. courtesy of rosie o'donnell. >> i have to talk about one thing that i have been loath to admit because i'm ashamed about it but you i will say it anyway. i have a mild fear or anxiety around little people. what the problem is for me is that i think i can't put the two things together this is an adult person but it is a little person but they have adult like it is so hard for me. >> bill: i think she is saying something that i can't say on the air. and so gutfeld was that dumb. >> for little people everywhere this is the story of the year. you wouldn't know because you are a tall angry man and you look down on people like me because it is easy to look down on people like me. i want to tell you something. >> bill: and you are calling me angry? >> yes. >> bill: i just wanted to get that straight. >> look at it this way. the biggest injustice is taxation. you and i pay the same rate of taxes yet i

and it's been about the psi, the debt write-down. stems from the "wall street journal" article that we got last night in your time that discussed the fact that the ecb may be ready to make concessions on their holdings of greek debt. this is called the osi, the official sector participation in this deal. which subsequently had the esf announce that they are likely to play a significant role in both the bailout and in the psi, the debt write-down deal. so that's the latest on that element. the deadline for that is february the 15th, just to keep in mind, and that's when the draft agreement on the debt write-down needs to be presented. at the same time, i'll bring it back to coalition leaders. they are now in possession of the draft agreement of the default and have been since about 9:00 a.m. this morning. they will now be discussing that over the next few hours. we have a tentative meeting time of around 3:00 p.m. athens time. but, of course, as you've seen over the last few days, these things are fluid. we're also expecting we may ge

snow is blasting through the psi era -- sierra, nevada. and the last time we saw you you were sitting up there with no snow and it was warm. >> reporter: be careful what you wish for. we are on don never -- donner summit. look at the big rig making its way up to the top. crawling. you see our forecasted several feet of snow. the snow ratio so high. the rain is turning into very deep snow up here. and you can see i will give you an idea how light it is. you throw it up in the wind. light and dry. almost turning to smoke as it blows off in the distance there. that is the problem for drivers. we've seen significant wind. that is blowing the snow across the freeway. this is what it looked like as we drove up. some of those exposed areas the wind just howling through there sideways. blue canyon blowing through there sideways. cal tran has been out here doing their part to try to keep the roads scraped down to the asphalt. no sooner do they pass through the wind and snow covers the roadway back up. even under these crazy conditions they've been

tomorrow, finance ministers are meeting in brussels, where greece's progress and the psi will be on the also be chewing over inflation from the euro zone, plus the earnings continue to flow. we get the results from continentale. tune in to cnbc world to catch all of that action overseas. "going global" with your money. >>> welcome back. the federal reserve's beige book striking an upbeat tone today. the beige book breakdown. >> the beige book finds overall economic activity continued to increase at a modest to moderate pace in january and early february. most federal reserve districts reported a slight increase in hiring, the fed said. ben bernanke's comments on capitol hill this morning. six of the federal reserve's districts reported increased hiring in manufacturing, looking sector by sector, manufacturing continued to expand at a steady pace across the country, the fed said, with increased capital spending in seven of the fed's 12 districts. retail sales were higher in the mid-atlantic and midwest. residential real estate activity increased modestly in most districts, although new y

the psies ready to launch. night to have the full ten business days to get this whole thing done, which is shorter than you would normally do for debt exchange. they've been pushed to the wall because there is so much delay. we are waiting to hear is the european central bank going to participate in any kind of debt forgiveness? they are doing this debt exchange today so they don't have to take the 50% haircut the private sector is going to take. that doesn't mean they say we paid 70 cents on the bond, we'll accept that in the future. >> there is something implicit in what michelle is saying. if they are going to launch the debt swap, the pfrp si, is the assumption they are going to come through with 130 billion, 140 billion euro deal on monday because there was the view, if you don't promise that to the private sector you can forget the psi. if they don't get the full plan they won't go through with the debt swap. >> you believe you'll get paid in the future because greece is getting this additional help. it a