and i will renumerate the ground rules for that at the appropriate time. with that, i turn to michael nott for the first talk. michael? >> thank you very much, harold. glad to be back to discuss some of these issues. my assignment this afternoon is to give you a bit of an overview of the policy approach of the administration to missile defense that led to the publ dags of the missile defense review report in early 2010, why i advocated what it did and a little bit about what's sense. and then my colleagues brought a lot of detail on the technological issues, pros and cons, of the systems. i was tempted to spend a little bit giving background about the subject but harold basically said, don't do that. so just to say that there has always been -- well, there's been a debate for decades about the wisdom of missile defense, putting aside the technical fisibility. in simple terms, if you and i both had missile, offense ive missiles, that could destroy each other, and each of us was confident our missiles could get through, even if we were struck first, then we

they deserve to be renumerated. it's very difficult work. they also lobbied for things like longer sentence, more tough on crime laws because they result in more jobs. i think that's changing a little bit as a lot of the labor issues become also around expanding prisons and more around just individual benefits and especially lowering violence in over-crowded facilities. that's a big issue for labor unions now. for some even more important than trying to expand. i think a lot of those unions have the sense now that states are really going to take a look at this function. they're going to try to reduce costs. they're going to try intelligently to reduce the overall size of their systems. but historically there's no question that powerful public employee unions are one of the many, certainly not the only, factors that prisons have grown over the last 30 years in this country. >> michael jacobsen, a tweet from don richie. saying its costs are low because we spend -- we send more people to county jail than to private-state run pri sons and we hav

congressman, look, you were renumerating some of the things you liked and didn't like about this deal. obviously everything is a compromise when you come to things like this. but let me ask you about both sides, obviously not getting what they wanted. and a couple of things that were sources of contention. under the deal states can require drug tests to get unemployment benefits. new federal workers will be required to contribute more to their pensions. $5 3w8 billion slashed from part of president obama's signature health care law. did democrats give up too much? >> again, we're still going through it and trying to calculate what this compromise really means. i can say that a made-up crisis was averted apparently. do nothing republican congress in december. looks as though we might actually get a deal done here although it's not complete yet. whether or not too much was given up remains to be seen. i'm concerned about the doc fix and seniors are concerned about whether their doctors paid inadequate fee whole the service they render. we're still going through it. >> obviously the pres

we are foe can cussing on banker bonuses as barclays is the latest to slash its renumeration but do bankersve the big payouts and has ceo pay gotten out of hand? had let me know what you think. e-mail us at worldwide@cnbc.com. plenty of people have been sending me their thoughts so we're having a look at what other people think, too, and let me know your thoughts later in the show. >> i've seen some of those e-mails, beccy, and they're pretty interesting. a final thought from john woods from citi bank. lots of headwind facing investors these days. what's your advice to clients and investors? >> well, i think my main advice is enjoy it while it lasts. the there will be a wave of liquidity hitting our shores. it will be forcing risk assets in terms of currency and equities. i suspect our markets are going to test if not exceed some of the post-lehman highs we've seen the past two or three years but i suspect this rally is driven more by liquidity than fundamentals. we heard from an earlier speaker the ltro would be in the amount of 500 billion to 600 billion. this will be unambiguous for the