tell you how an academic paper by a harvard economist wrote often reinhart which conservatives would wide are using to argue for austerity was recently refuted by grad students just because it had a few simple spreadsheet errors and a couple of little staggering omissions that made it slightly fundamentally wrong please welcome thomas herndon mr arnold thinks probation is one of the most important american company to realize that you have upset some people in the austerity crowd who have someone starting your car for you right now. when the public exceeds ninety percent of g.d.p. it becomes an obstacle to growth. the two great economists had committed a line in the columns of their ex bridge time as i've been talking to a lot of the media across the world and pretty heartbreaking stories about what's going on in europe and you know i've also seen the effects of it in this country as well we have to keep cutting the government budget and laying off people until those people get jobs that's right you got it the austerity policies are based on a full blown discount. you know but they se

gorayeb lisa reinhart gordenstein kerene gordon sebastian gorki kieran joseph gorman thomas edward gormandouglas alan gowell [ bell chiming ] yuji goya jon richard grabowski christopher michael grady edwin j. graf iii david martin graifman gilbert franco granados elvira granitto winston arthur grant christopher s. gray ian j. gray james michael gray tara mccloud gray john m. grazioso timothy george grazioso derrick arther green wade b. green wanda anita greene elaine myra greenberg gayle r. greene james arthur greenleaf jr. >> and my cousin anna cole nelson who's love for life continued to be cherished through the people who love her. >> and my grandfather captain -- fdny captain james d. core began who we miss every day and love. eileen marsha greenstein elizabeth martin gregg denise gregory donald h. gregory florence moran gregory pedro grehan john michael griffin tawanna griffin joan donna griffith warren grifka ramon grijalvo joseph f. grillo david joseph grimner francis edward grogan linda grom lin kenneth george grouzalis joseph grzelak matthew james grzymalski robert joseph gschaar

what the german election means for the future of europe and investors, we are joined by vincent reinhart. know that we will not know for some time. this coalition will take until december so will that have an effect on investment in europe? >> the only thing we do know is that the coalition has to be led by angela merkel. there is no other way it happens and she is patient and how she will cobble it together. it might be her christmas present to the world to let us know who exactly is part of her government. the markets don't like uncertainty. the markets like the idea that at least it will be angela merkel as the chancellor and that's important. another thing to remember is the conversation among the membs of turopean central bank and the national central bank have been stifled. no one wants to talk about hard issues or monetary policy in advance of the german election. i think you will start hearing speakingcb officials more. we would getught clarity on the fiscal side with angela merkel joining forces with france. now, that's a little more murky. >> one part is that central bankers we