spain is almost 12%. if spain runs into trouble, the same kind of trouble as greece does, then it cook a very big deal. it's not so much greece per se, but the worries that this is just the beginning of a bigger deal. >> tom: you mentioned spain and greece on the global scale. in it's the 34th largest economy. spain is in the top 15. clearly, a much larger domino should spain fall. so does it face the same type of inevitable pressures greece is coming under today? >> i think the fiscal problems in spain are not quite as bad as what's going on in greece. a lot depends on what spain does. unfortunately, spain is in a very dire economic situation. it's in its second year of recession already. unemployment is nearly 20%. so already the economic situation is bad. so, for example, for them to deal with their fiscal crisis would mean either higher taxes or less government spending, which in the midst of a deep recession is very hard to do. the big question about spain is what are they going to feasibley politica

the problem has to do with deficits, specifically those of greece, portugal, and spain. they belong to a group of countries that are known as the euro zone, that is they use the euro as their currency. in the past 24 hours, it's become clear those countries are so troubled their woes could not only impact the rest of europe, but reach american shores. in tonight's fleet focus, we want to help you make sense of it all, beginning with this report from germany's deutsche welle. >>> the changing of the guard outside of the greek parliament is a long-standing tradition in athens. the guards are known for their iron discipline, the virtue many feel greek lawmakers could learn from. the country had huge debts and is on the verge of bankruptcy. analysts say this could spell disaster for the euro zone. >> if a country in the eurozone goes bankrupt, that might trigger speculation which means other deeply indebted countries could also be pushed into bankruptcy. they would have to pay considerably more on the bond markets. it could even be possible for them to sell bonds and that co

now it's portugal, spain, ireland. and there will be plenty more and the equity markets are following suit because of worries about global growth. >> maria, i was won derpg what you're hearing in terms of whether or not this is actually a story also of dollar strength of whether it is a question of euro weakness. i don't know which is -- whether rich bernstein has an opinion on that. >> sue, i think it's a little bit of both. i think the dollar should be strengthening at this point in the cycle anyhow. the fact that there's problems in europe and other parts of the world is sort of the icing on the dollar cake from my perspective. so it's a combination of events that are really occurring here that are supporting to dollar. >> yeah, because it's sort of the default, the reserve currency, when you don't have alternatives, you want to go with what you know. and what has worked in the past. and an interesting point that sue made, rich, that gold really was not acting as the flight to quality. rich bernstein, let me get you

spains 12.5% of the european economy. yet, their ten-year treasury is trading at 4.14%, barely above ours. >> listen, spain -- they have a budget deficit like we do. it's not like we don't have the same problems that the either governments do. it's a question of whether they're able to borrow their way out of it the way we're trying to do. spain, i think, needs to raise, what $160 billion. by our measure, that would be nothing, right? but at same time, 12% of gdp, don't hold me to those numbers but i'm more or less directionally correct there. it just is continues concern about these overall deficits, spain had a huge housing bubble, just like we did. and it also has had to help stave off a dire potential consequence for its own economy spending money, hence in a similar position to other european and, of course, our own country. >> peter kenny, what is the real reason for the sell-off today? i mean, are people overreacting to some of these concerns or is this just a beginning of a much broader sell off, because we came t

spain, portugal, and greece. they're lovely places. how important are they to the world story, how important are they to the economic coverry, in short, how important are they? who'd have thunk it? spain, portugal, and greece, knocking us down. >> by the way, i love jim's hue hefner remark. california's economy is probably bigger than spain, greece, and portugal combined. the problems in california haven't led to a market sell-off. so i think in some sense we are in a correction that was due. we had an amazing run-up from march through october. we had a flat line for the past three months, so we're in a phase where there's been selling pressure building up, and, yes, there's a lot of lingering global worry. it's not like people who freaked out in 2008 into 2009 suddenly became on opty mists or forward looking. there's a pool of worry to tap into with sufficient news to generate it. but that doesn't mean in my view that what we're facing is a world where we're going to have the next leg down. i think the real problem is too many people

, the english had intervened in spain and were pushing the french out of spain and he realized he had much -- he extended his forces too far and too wide. and he said, literally, that hell with the colonies. hell with coffee. hell with all the products and sugar of haiti. and he decided to let that territory go. [inaudible] >> it went both ways. there were hints. the problem was that talleyrand who's this wily foreign minister was getting involved in the negotiations. and napoleon didn't trust him. and the americans didn't trust him. so this thing went around in circles and it was finally the goes between napoleon's own representative and monroe that settled the deal. [inaudible] >> yes, sir. >> yeah, you mentioned on his way to france to purchase the area of new orleans, he also signed -- he took out a $6 million loan. what did he use for collateral to make that purchase? >> just his signature. he could talk people into anything. he was this mild gentle fellow. one can only guess what the accents were like in those days. were they part british, were they the soft virginia accented th

but it still leaves spain and the other countries. so either europe now takes institutional measures that are needed to make up for the deficiency, or, in fact, it may not survive. >> your funds are up to managing $27 billion now. >> yes. >> most of it your own? >> well, not, but sort of -- a large part. >> a lot of people wonder what is it like to have that kind of money? does it make you feel that you have special obligations? does it make you feel -- >> yes, actually it does. i feel that it puts me in a very privileged position and, therefore, i have to use it -- it makes me more independent than most people are. so it allows me to call a spade a spade. and also, i mean most of the money i devote -- my money to the foundation. >> you're giving away still over $500 million a year. >> yes, yes, and actually increasing it. >> what do you want to accomplish when you give this money? what is your thought? >> well, i think we are now in a position to consider the issues confronting humanity. like, for instance, climate change. taking car

greece, portugal, and spain are at risk of default. joining us to explain what this means, stu schweitzer, global market strategist at j.p. morgan private bank. hi, stu. >> hey, susie. >> so what was the fear that spooked the markets the most? was it this surprise number on jobs or was it the debt crisis in europe? >> i think it was both jobs and the debt crisis, the european debt crisis, but let me make what i think is an important distinction on the job front. because there were two-bits of news today on jobs. one was the white house saying that there was going to be a big downward revision to the job count coming out with tomorrow's report. but that is pretty widely known in the markets. and the unemployment rate already reflects all the damage that we've had to jobs. it's terrible at 10% plus. the other news that came out on jobs, though, was the latest weekly figure on unemployment insurance claims which did move up unexpectedly. and they had been in a downtrend and now they're up something like 10% above where they were at their

greece, portugal, spain, which proposed to cut back its pension. retirement age and then reversed itself 48 hours ago. so its policy, which is being reflected in these prices in our vi view. >> sure. but as you know, david, policy takes a long time. what you do in the meantime is what you saw yesterday in overreaction? >> this is nerve-racking for investors and very complex because of the interrelationship of these currencies and various sovereign debt issuers. so investors have two choices. they can run to cash and sell. in this case been they've gone to an asset class that yields next to zero and will probably appeared to do so for years. they can focus on the places in the world where you're likely to get more growth. merging market asia is one of them, for example. even as china was going through change, in the long run, the chinese economy is going to be larger, more profitable and much more of a power in the world. >> david, stay with us. stay with us. james bevan, the cio of ccla investment management, both of you, we appreciate your time an

suldly we're learning of credit default swaps of spain. i'm sorry, i would rather know of the credit default swaps of the hedge funds that blew up. i do care about washington and beijing. so hedge funds sold. they sold everything like they did back then. they're piling into cash. that's why your screen looked like it did. does it make sense? they had to, right? maybe it makes sense for next week if the employment number is bad. could be it makes sense if the hedge funds go wild. it took some stocks way, way below where they ever show gone. think at ford at $1.50. was that ford's fault? it was the hedge fund's fault. they can turn in losses for a loes of reasons whiek unnatural ones of hedge funds gone wild. what do you do? you let it play out. look for the same kinds of bargain wes found then. companies that had low yields that became accidental high ones. cisco should have been up huge. you saw that before the market went out of control. but most of all, be skeptical of how stocks trade and how commodities trade. what you saw today isn't

whatever the reasons whether it's greece, spain, portugal, whatever. it is causing a major ripple of deflation. it's want that the dollar's strong. it's just that the euro's weak, but gold is getting totally, utterly slammed along with metals and other commodities and that is deflationary and that worries me. what's your thought on this? >> i think regarding the euro, it i think it does underscore the structural issues with having a monetary authority with really no political tie, so to speak, so you run into these problems where some of these -- it's not right to call them periphery countries, but smaller countries within the union are having issues and that kind of causes a problem. >> i want you to focus on the american stock market because the impact of the collapsing euro is a very high dollar and that, in turn, has led to an absolutely crushing sell-off in gold, commodities and metals. previously those were strong stock market sectors, is this an ongoing issue? >> well, i would say probably not a bad thing to take a little air out of those areas.

by jose luis zapatero two is currently serving his second four-year term as the prime minister of spaintant country. he is also the current chairman of the european union and if that is in that nothing made a claim to fame as a prime minister with a cabinet where a majority of his cabinet members are women. [applause] i decided to add that. [applause] the prime minister has all sunmaid and a valuable contribution to interfaith dialogue and reconciliation in this country both as an individual and as an elected leader. his personal quest is spent to promote peaceful coexistence and tolerance among the religious faiths in his own country and throughout the world. please join me in welcoming the prime minister of spain, the chairman of the european union, is excellency jose luis zapatero. [applause] [applause] [speaking in native tongue] [speaking in native tongue] >> translator: mr. president and members of congress, ladies and gentlemen thank you for inviting me to participate on behalf of my country and on behalf of spain in one of the american people's most symbolic traditions and thank

could it be spain? that is a much bigger part of the euro zone and the uk is being talked about as well. >> guy johnson, thank you very much. major index declines and let's get to the "power lunch" market insiders. paul paflick is with banion partners and ned riley, ceo of riley asset management. mr. pavlick, by any polite terms this is a test of the markets in the united states. do you think the u.s. markets will pass that test? >> i do. i think if you take a look at what's going on in europe, is this the disease that's going to kill the patient over there? i don't think it is. what you're seeing is a relatively bad flu over there and it will knock the patient out for a couple of days and it will make him stagger, but he'll eventually come back to help. greece is trying to fix their problem and, you know, spain, portugal. that's going have to be the next step, but i don't necessarily believe that this is something that is going to be long lasting and put it into context. you're seeing better economic n

portugal, italy, ireland, greece, spain, all struggling with deficits. the fact is that greece is an economy in trouble. take this, baker street, 56 shops are empty, the market's just do not believe that the plan will work, despite the greek prime minister's insistence. >> we are ready to take any necessary measure to make sure that the goal of cutting the deficit by 4% in 2010 to the percentage of 8.7 of our gdp -- >> there are intense discussions going on tonight amongst european officials about whether or not to bailout greece. these talks are likely to continue tomorrow at an informal economic summit in brussels. if there is a rescue it will be controversial, prompting questions about who was going to pay and what the conditions will be. >> the united states is expressing deep disappointment in a london court ruling that has forced the disclosure of intelligence reports about a way that a british man was treated by the cia while in american custody in pakistan. the document sho that british officials knew that he was subjected to cruel, inhumane, and

portugal, ireland, italy, greece, and spain. the acronymn for this is the pigs, if you will, unfortunately. all of these countries have large amounts of debt. the recession that we just went through and some of is still going through like spain is still going through a recession have exposed the fault lines, if you will, and have made this problem far worse than it was before. unfortunately, as the story was said earlier, in the case of greece, they essentially lied about the numbers. so all of a sudden the picture in greece was looking a lot worse than it did just, you know, a pew months ago. not only are the investors focused on greece but all of a sudden they're beginning to worry about the others especially portugal and spain. a little less worried about italy and ireland right now. but those three countries, greece, portugal and spain are particularly worrisome. >> brown: so you have these countries that have their own problems but then there is the further contagion worry, i guess, and the impact on the rest of europe. exp

on behalf of my country and on behalf of spain.hank you, and please allow me to speak to you in spanish, the language in which people first grade to the got in the gospels of this land. -- the language in which people first parade to the god and the gospels in this land -- first prayed. [applause] [speaking spanish] >> no one knows the value of religious freedom better than all of you. your forbearance founded this country. the nation, the united states of america, the nation that hasn't never stops deriving shrink from that democracy, which abolished slavery, and outlaws discrimination. the nation pluralism, tolerance, and respect for all nations. >> women and one of the oldest nations in the world, spain, our nation is also diverse. pollination is as diverse as america. -- our nation is as diverse as america. as defined by the latin american [unintelligible] >> our two countries, with those who have come to us from abroad, cannot be understood without those who throughout history have come to our land and become what we are. >> a

investor attention may also shift to other high debtors in the med region, notably spain, portugal and italy. >>: another 16 billion will arrive as structural funds from the eu and greece's tourism and shipping sectors are already showing some signs of recovery. eckart sager caught up with the greek finance minister in davos and began by asking what the countrycan do to stave off bankruptcy. >>papakonstantinou: it's not an easy task. and it's not a task that can be done overnight. we are now in the middle of the storm, however we've had a ccessful bond offering a few days ago, we went out for 3 to 5 billion euro, we've got an order book for 25 billion, ended up getting 8 of that. so, we believe that as soon as people see the implementation of the stability growth programme that we've tabled to the european commission, which has gotten good reviews and as soon as they see the budget being executed properly and as soon as they see that the tax reforms are actually being legislated then spreads will tighten, markets will relax and we will have the time to do these necessary reforms that t

and there was police terror, and third, he noticed all the truth about spain had been written out of the record, and he wrote in looking back on the spanish war, he was afraid this was becoming a habit in europe, if the leaders did something that never happened, it never happened. >> guest: the father of your colleague, claude coeburn. >> host: yes, and quite a lot of other people fell for the line that the communist party was the best defender of the spanish public and it's only recently that the archives of franco's system had been opened and we do know what happened in those may days in barcelona, and what was happening was in every detail true. he refused the lie. indeed, the second point i want to make is his first real book is written in french. an american in paris. he spoke very good french. he spoke -- >> guest: it wasn't written in french. he wrote a couple of little essays for a small french publication, back when he was in paris. >> host:ncluding a long essay on colonialism in -- >> guest: that's right. and then wrote the man uscript of down and out, which rejected by t.s

i think we have the spain cds spreads coming up perhaps? maybe we don't. but the bottom line is the cds spreads were a blowout. there we go. >> i translated one from this newspaper -- i'm looking at the cds spreads and what really shocked me was when you look at the lehman brother spreads in september before they went under and the greek cds spreads now. >> how can you compare apples to oranges? how can you compare sovereign spreads to corporate? >> why not? they both own money? >> but a corporate buyer can't just issue or tax. a government can. is that's a big difference. >> but our government issued and taxed to support the banking system. what's the difference? >> the difference is you can print money to pay the debt. lehman can't pay lehman dollars to pay lehman debt. >> i'm not suggesting that greece is going to default. not at all. i completely understand what you're saying, but the answer is, they either print money and/or they cut their spending. one of the two. either way, the bottom line is it's negative for the euro and positive for the dollar.

and, then, he was in spain, and he was there at a time when the communist party did briefly take over and there was a police terror and third, very important, he noticed all the truth about spain had been written out of the record. and he wrote, looking back on the spanish war he was afraid it was becoming a habit in europe, if the leader says something never happened then it never did and you can see the germ of 1984. >> done partly by the father of your old nation colleague, the father of alexander colburn. >> and by not just by communists, a lot of other people fell for the line, that the communist party was the best defender of the spanish republic and it is only recently the archives, in the franco system has been opened and we know what happened in these maydays in barcelona and in every detail he refused the lie and the second point i want to make, is his first... real book is written in french. it was originally a french book, he spoke regular freech and spoke at least two indian and burmese languages. >> it wasn't written in french, he wrote the essays and sketches in english

you know, debt to gdp budget debt, ireland is at 11.7, spain 11.4. u.s. at 10.2. greece at 8.4.we're better than those countries. but it's still disturbing to watch what others are doing. back to you. >> thank you very much, rick santelli. let's get back to mary thompson with more breaking news. >> that's right, erin. this concerns jp morgan as well. the company saying that it is going to have a say on pay vote for its shareholders at the 2010 meetings. you might recall that last year any bank which included jp morgan had to have a say on pay vote on compensation. last year that vote passed or the shareholders approved compensation by a 97% margin but the company in light of all the questions surrounding payment on wall street this year is once again going to allow shareholders the right to have a nonbinding vote on executive compensation at jp morgan so that will happen at the 2010 annual meeting which typically occurs in may and of course comes on the day when we now know that jp morgan the ceo of that company has been awarded a bonus for 2009 of about 16.1 million in restrict

spain. members of congress will likely mark the one-year anniversary back in their home states this morning as the house and senate are out of session thisç week. we will begin with your assessment of the recovery act -- what grade do you give the initiative one year later? joining us on the phone is the associated press national reporter to give us an idea how the white house will mark the one-year anniversary. jim, what will they be doing? çguest:ç the president, as he said, will be giving a speech. they also sent the president's cabinet, fanned out across the country, to promote what they are saying is the great success of the program so far. yesterday the vice-president was in michigan, the state that has been hit the hardest by unemployment. they are trying to put a good face on a program that has become a target of republicans, frankly,w3 who compare the amout of money devoted to job creation to the unemployment rate which reached 10% and is now at 9.7%. host:-president joe biden is

joined by jose luis rodriguez who is currently serving his second four year term as prime minister of spain very important country. he is also the chairman of the european union. he made a claim to fame as prime minister of the cabinet where a majority of his cabinet members are women. i decided to add that. the prime minister has made an invaluable intervention on reconciliation in his country as an individual and elected leader. his personal quest has been to promote peaceful coexistence and tolerance among the religious faith in his own country and throughout the world. please join me in welcoming the prime minister of spain, chairman of the european union, jose luis rodriguez zapatero. [applause] [speaking spanish] [speaking spanish] >> mr. president, members of congress, ladies and gentlemen, thank you for inviting me to participate on behalf of my country, in one of the american people's most symbolic traditions and to thank you to senators, allow me to speak to you in spanish, the language in which people first parade to the god of the gospels in this land. [laughter] [speaking spani

debt problems in spain and portugal have battered the euro credibility on the world market. they suspect of vote rigging at a thousand polling stations. sri lanka's newly appointed president has dissolved parliament. there was the arrest yesterday of his chief rival. he now faces a court-martial for treason he is accused of plotting to overthrow the government. >> the general, the former army chief, burst unexpectedly on leave sri lankan political scene a few months ago. suddenly, there was fire in the presidential campaign. that is now becoming just a memory. the general lost the election two weeks ago and he is now in military detention his allies and his wife and dozens of security forces dragged him away from his office by his hands and feet late at night as he held discussions with colleagues. >> this is not an arrest. this is an addiction. he was carried away h. he had said that, as a civilian, he would surrender to police. up until now, we do not know where he is held. how can that be? if he is arrested, then we must be told where he is being held. the government must

countries like portugal and spain have been borrowing more cash than they collect at sky-high rates. the rising dollar sparked a selloff of commodities. crude oil down nearly $4 a barrel. gold tumbling more than 4%. aluminum maker alcoa lost 4%. weekly jobs claims rose by 8,000 instead of the drop some had hoped for. predibzs for today's big jobs report, economists hope to see jobs added in january but realistically the unemployment rate could tick higher. >>> bank of america was the biggest drag on the dow, down 5% after new york's attorney general charged former chief ken lewis and joe price with fraud for allegedly misleading shareholders about the bank's merger with merrill lynch. >>> meanwhile, the dow's only advancer, sisco. despite impressive fourth quarter earnings, sisco only managed to eek out a gain of less than half a percent. >>> mastercard, however, didn't fair as well. while the credit card company posted a 23% jump in profit, shares plunged 10% due to cutbacks in credit card spending. >>> both the "new york times" and the wall street journal are reporting the industri

they are being called the p.i.g.g.s., portugal, italy, airline, and spain.host: our next call comes from edn. on our line for independentents in mournt poconno, pennsylvania. >> good morning. this has to do with the economy. i just want to make this comment. i'm getting tired of hearing the democrats cry about what obama inherited. when we paid hundreds of millions of dollars begging for votes, now they are crying to their momies like little girls. they should stop making excuses and move on. i'm sorry if this has nothing to do with the stock market. i don't understand what it's all about. thank you. host: thank you for your call. let's parse that out a bit from the obama administration and what they may or may not have inherited. what did this stock market look like when the current administration took over and how has it changed since tchen? -- then? guest: well, it's a mess. i don't think that is a partisan topic to note that the stock market was a mess when obama took over. so in september of 2008, as i mentioned earlier, you had lehman brothers fall apa

unemployment in spain is nearly 19%. italy's debt is now bigger than the size of its entire economy. and greece needs $48 billion to pay its bills. >> that's going to hurt exports from the u.s., which hurts u.s. companies and make makes it muce difficult for to us claw our way out of this employment problem. >> reporter: so, all eyes will be on the january unemployment number when it comes out tomorrow morning. most analysts expect the report to show the economy added a modest number of jobs last month. if it doesn't, the market's anxiety attack could continue. katie. >> couric: anthony. >> know people have been encouraged and heartened to see some of their 401(k)s regain what they had lost. and now this. so should people be bracing for more losses to come? >> reporter: i think a lot's going to depend on the job growth. we've had an almost 4,000-point uninterrupted run-up since the lows last year. a lot of people expected to pull back but we're only down by 7% from th.the house sent presidena bill that will raise the lim

that's a question that involves not just greece, but spain, italy, ireland and several other smaller countries. the broader question which is how solid is the euro zone? we have a dollar zone, all part of the same central bank. same over there in europe except they have all different kinds of governments. that's one of the achilles heels of the euro zone. investors are worried about the cohesion there. >> all right. steve liesman, chuck todd, john harwood, thanks to all of you. >>> for more from the labor union side on the job deficit, we're joined by the president of afl-cio, rich trumka. it's down from 10%, you've heard the negative outlook out there. it's going to take a long time and could end up at the end of the year, or at least in november at 10.5%. you live where the rubber meets the road. >> we hope not. american workers are really hurting. quite frankly, america is really hurting. we have about a 10 million job deficit in this country. 8 million jobs we've lost since the recession started and another 2 million that we needed for population growth. and nobody from our point

portugal, italy, spain and greece, the so-called pigs, are europe's weakest link right now, free on what they call young democrat says the places ruled within living memory by fascist collaborators or generals. what's the chant? what are you chanting? >> we're saying people, don't bend your head. the only way is to fight back and revolt. >> in the quiet of an athens bar i met up with the student protesters. if the workers and the farmers won't stop the austerity, will they? >> i think most people of our age are very much considering leaving greece at some point. i know i have many friend who are unemployed at the moment and have been think things are not going to get better so they're thinking going abroad, find a job or maybe do some extra studying for awhile until things get better, if they get better. >> the youth i think feel very much betrayed. the two governmental parties in one way or another, they say the same things about the economy. and they do the same things about the economy. but i think that the good youth has to react first of all in a political way. >> do you think peopl

yeah, i'm just interested in the front page piece on spain. and i guess a lot of these things aren't implicit, but unlike us, if you're a member of the euro, of the european union, you can't just issue a bunch of -- you can't just print money to get yourself out of this mess because that's germany's decision. i mean, it's a real -- a lot of these things are coming home to roost. how is spain now going to handle this? is this going to be dominos? >> well, you know, it potentially could be. it kind of reminds you of thailand back in 1997, being the first one to go. the problem with a lot of the european countries is they don't have an independent way to stimulate their economies right now. monetary policy, as you point out, is in the hands of the ecb. most of their exports go to each other. they can't have a deval ewation or depreciation in their currencies. so you're looking at no way to stimulate the economy. >> right. they can't devalue their currency to get people to the post delsol i think what it is in spain. it's a nice place. they can't

earlier, hopes of a debt fix for greece helped lift the market spirits as worries about portugal and spain also were lessened. we saw the stocks of banks in those countries respond today. these three bank stocks trade as american depository receipts on the new york stock exchange, representing a share much like a normal u.s. stock does. national bank of greece saw very heavy volume on today's rally. the two spanish banks, santander and banco bilbao, also saw lots of interest during the rally. several items in the airline industry today brought buyers in for those stocks. the legacy carriers all saw nice action on the upside led by united airlines. u.a.u.a. helped lift the sector as it reported much better passenger revenue results for january. with united's global reach, investors see it as leading some good news to come. american airlines won the fight to keep its alliance with the bankrupt japan airlines. delta lost out, but not its stock-- continental was up and us airways hit a new 52-week high. selling stock below the market price helped boost interest for shopping center owner develo

the americas cup starts in sunny spain next week and you can get out before friday's storm. >> you canalencia, spend a few days, see the race and my thought would be fly to the canaries, you know, the carnival for mardi gras in the canaries. that would be a lot of fun, hook back through madrid, spend a few days there, get a little culture, see the museum and fly home. >> reporter: there are still tickets and hotel rooms available right now in valencia. it's about 58 degrees in the canary islands, 68 degrees. doesn't that sound fabulous? >> tell you what. i just don't think that that's going to go over well with the boss. i'm just not going to be able to be here this weekend because i need to leave friday to go to the canary islands. nice try. thanks. >> reporter: we all got to work saturday. >> i know. we'll be here. that's all right. that's what we do. >>> and this is what you love. >> well, bruce's story kind of points out there's more snow geese out there than you think, you know. some of us more than others, but it's going to be a very big storm. >> have you found your happy place?

worse than we are in terms their interest costs may be 30% or 40% of their tax revenues in places like spain, italy, portugal and greece and ireland. the so-called pigs. that is worrying investors. some say if you're paying 40% of your tax revenues just to pay your interest, we may not want to lend to you any longer. that might send rates up or lead to an unlikely outcome, default, which would clearly be bad for the economy worldwide and set off implications many of us don't know what they would be. >> this word of left us here with tonight, a term of art from your business? >> yes, and you'll hear more about sovereign risks. >> terrific. david favre, thanks. >>> with all this going on on wall street, new york attorney general was filing civil fraud charges against the ceo of bank of america, former ceo ken lewis and the bank's former chief financial officer. they are the first senior managers to face charges in the wake of the financial meltdown. our own senior investigative correspondent lisa myers reports on the fallout. >> reporter: the civil fraud charges against bank of america and for

there are growing fears about the financial health of european countries, including greece, spain, and the investors are worried that washington will now deliver higher taxes along with bigger deficits. on that front, law makers voted today to raise the nation's debt limit by nearly $2 trillion. >> the gorilla in the room which is very significant, is the fact that we have, are raising the level of debt of this country to an unsustainable level. >> reporter: as one analyst summed it up today, it all certainly shakes confidence that the recovery is going to be anything but very, very anemic, very, very slow. all eyes now on that jobs report tomorrow, diane. >> early tomorrow it comes out. thank, betsy. >>> and talk about an economic body blow. news now about toyota. the company has added its fashionable prius hybrid to the list of vehicles with safety issues. and this time, it's the brakes, a problem toyota knew about months ago. and tonight, a whistle blower has come forward to abc, telling brian ross this is not the first time toyota hid problems from customers, brian. >> reporter: th

solo they've had a big deficit in spain, the ratio is much lower in france, the uk, germany at this point we don't see the container. it's going to be such a big deal. >> brian coulter, joining us from fitch. thank you for that. linda is sticking around. >> still much more to come here on "worldwide exchange." up next, akio toyoda, he was grilled by u.s. lawmakers for three hours. how did he fare? we're going to discuss that. but before that, a quick check on how gold is trading. we've secretly replaced these diners' at&t smartphones with verizon smartphones. let's see what happens. where are all my apps?! i don't know. this download's taking forever. is that right? what is this? where's my cool phone? so, don't dumb down your smartphone. choose the nation's fastest 3g network. [ indistinct shouting, glass shatters ] oh boy, it was just an experiment. [ male announcer ] when you compare, there's no comparison. at&t. a better 3g experience. buy any smartphone after mail-in rebate and get any messaging phone free after mail-in rebate. >>> welcome back to "worldwide exchange." take a look at

thinking of cultural similarities and differences, picking out to pass, one is portugal, and spain is down there to the middle. they share a very similar culture and it bald head dictatorships until the '70s then get now they do suffer differently and the rates of social problems closely predicted by equality. they both do well in extraordinary different ways they do well over others think the position of women and japan and the secretive then near gender equality equality, japan very much is the reverse. how they get that is contrasting in sweden they have a big difference in earnings and redistribute in the welfare state and in japan there are smaller differences in earnings and much less redistribution with government social expenditure but looking for at contrast in the american states, whether or not they live free or die they have the lowest taxation committee state except alaska. and the neighbor is contrasting with higher social expenditure. it does not matter how you get your great day quality as long as you get it somehow. of a few other suggested explanation sometimes peopl

of canada, russia, spain, or brazil. and it's larger than the g.d.p.of australia and poe lapd combined. -- poland combined. the american people are looking at this extraordinary gusher of spending and debt and they are asking the question, when will it stop? and the answer is, we look at the budget that the administration submitted4y9 earlier this week, is no time soon. 'mxáa7eq=mox9[[2mqno carrier and let me say with respect to the american people that we by the promises of fiscal discipline known as pay-go. the truth is the bill before us today is about 50 pages long and 32 of those pages are all the programs that are exempted from the pay-go requirements. 40% of federal spend something exempted from the fiscal discipline fix that we have been told is encompassed in pay-go. the truth is pay-go really means here in washington is you pay and they go on spending. the fact is what we see here is is a failure of leadership. president obama, as a united states senator, said in march of 2006, when he came out against raising the debt limit in a vote, and i

that stands for portugal, ireland, greece and spain.in what happened. >> they're europe's problem children. they have spent too much. they have not brought enough in. and they borrowed too much, george. this is a classic subprime problem of the u.s. consumer '07, '08, '09. now, it shifts to europe. never been to portugal. never been to greece. doesn't matter. there are companies in the united states that have invested in those countries because they were fast-growing economies. this could very well be a problem for the u.s. and we saw yesterday, that was reflected in our stock market. >> and the sell-off continued in europe and asia today. >> oh, yeah. absolutely. this is a followthrough. you used to see that whatever happened in the u.s. was what then happened overseas. now, it's the opposite. things that happen in china, things that happen in india, things that happen in europe, are affecting the world markets. and this is now a major issue for us. >> meanwhile, here at home, the big concern is jobs. and whatever happens month-to-mont

it's spain, italy, greece, portugal, and ireland. who are also floundering.se, soros' solution is more intrusive monitoring. okay, big brother, soros, i don't know what it means but i don't think i want any of that. so you have all of these countries going down in domino effect. we're starting to see now people are freaking out, wait a minute, wait a minute, what is happening in europe? apparently, their economies are all tied together. it's almost like we're all interdependent on each other. oh! wait a minute, yeah, that's right! to stop nuclear war we could just tie all of our economies together. who would have seen this coming? who would have seen this coming when this coming, when all we were trying to do was stop nuclear annihilation. it's like george soros type global master planning idea is horrible. when we're all tied together, when one falls down, we all fall down. if america falls economically, the entire world will fall. if china falls, the world falls. europe falls, the world falls. got it? it's the reason we now hear on television it's the phras

spain is proving green jobs don't work. you lose two jobs for every one job you create. people like van jones, a guy who does believe in this stuff is here to tell you, oh, yeah, no, no, no it does work. they're willing to bankrupt the entire world for a lie. is there capable of doing that, what else are they capable of? do you see? do you see how dangerous each and every lie becomes? it's not his lie or her lie or his or his? it's about all of them. it makes this easier to believe. that's why we have to restore. the number one job is to restore honor and truth in washington. it doesn't start here. these are the tough ones to fix. it's got to start here. we can't expect them to live a different life than we do. if we don't start telling the truth in our own lives, we're never going to get them to tell the truth to us. it seems like a simple thing but it's not. are you ready to see the truth on the economy? are you ready to see the truth on where we're headed? are you ready to see the truth on the people that are in congress in the administration? it's -- i mean it's the

debt imagine the debt in greece and in spain, and in europe, in asia.national banks are down 8, 9, 10%. >> neil: people look at this like we are in school, professors grading on a curve can. it doesn't negate that everyone performed lousy on the test. >> everyone performed lousy but we're the best of -- we got a d-minus instead of an "f". >> neil: that was my career. eric bolling, stars of fbn. if you are not getting -- >> demand it! >> the timing is way off. >> it's the fist-pumping. >> neil: nailing it. after this this ain't no doll and if you're rich, he ain't no friend. unlike the barbie pal with no clout, this guy has the plenty of clout. plenty to say. pay czar is next. i've been growing algae for 35 years. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhous

several deaths also have been reported in spain, u.k., port senate, germany. >>> unemployment benefits run out tomorrow. more than a million people may be getting checks in march. may not be getting those checks. but it is in the second ranking republican leader says he expects gop lawmakers will vote to extend the benefits this week. we shall see. more on your top stories at the top of the hour. i'm don lemon. "amanpour" continues right after this. will everyone with constipation please report to gate 17? thank you so much. constipation's uncomfortable enough, so why take a harsh laxative? phillips' caplets work naturally with your colon... for overnight relief without cramps. phillips' caplets. don: ...it's easy to access low walprices. but..... don: ...say you live out here. don: can you get affordable prescriptions from walmart? now you can. i'm don, and my job is to make sure you can get free home delivery of your medications... don: ...whether you live here... don: ...or here. a 90 day supply of many popular generics is just $10. don: plus get free shipping on over 3,000 other ge

portugal, ireland, spain, greece, the whole works defaulting, you're looking at another potential nastysis like we had back in the fall of 2008. >> do you think they will dedpault? >> at the end of the day, what i think will happen is the imf will come up with some sort of package, at least for greece, to try to stabilize the situation over there. i don't think beer at that point just yet. but there's a significant possibility -- >> one of the issues is that it's affecting the appetite for risk. and it's changing the dynamic in the currency markets dramatically. >> yeah, that's right. i mean, we're in a situation now where there's still a lot of uncertainty about things and risk appetite has fallen. so we're nearing the point of a technical correction, if you like. it's being driven by catalyst. we know that markets don't like uncertainty. while that persists and i think for a while, volatility will stay high even if some of the underlying fundamentals. >> do you assume that that horrendous possibility is out there? and do you get defensive or do you discount in that it won't happen and

other countries, much smaller than ours -- greece, portugal, spain -- doing terribly. people worried they will default, and that selling has been imported here. >> so, it's what's happening overseas -- >> yes. >> -- that's causing what's happening here in the market? >> i don't think things are that bad. i've been known to say not to sell. i'm not saying that. there are figures coming out that could be up import to our market. >> which numbers are you tack talking about? >> the unemployment number. >> due out today. >> yes, people are antsy. we've got to see progress on this number. >> we're hearing it will be worse, from 10% to 10.1%, a tick up. >> let's not panic, because there is a lot of stimulus coming. a lot of the companies are doing so well that it's just a matter of time before they have to start bringing people on. >> well, you know, the democrats in the senate are set to roll out this $81 billion jobs package next week. >> right. >> how closely will wall street be looking at those numbers? >> every inch now, because if we don't start seeing employment turn,