what can the imf do? well, we can help. we have refrained some of our instruments, effective credit line, for instance. the precautionary and liquidity credit lines which are both instruments aimed at comforting the country that is actually having the right set of policies in place, acts on tape as we say, in many countries have actually used those facilities, the case from mexico, the case for colombia, the case for polling, the case for morocco more recently with a precaution and liquidity lines. and together those not actually exceed the amount of commitment that we have for europe. okay, turning now to low income countries. they have performed relatively well through the crisis, and, frankly, when you look at numbers, starting from a low base admittedly of course, their numbers are generated in excess of any growth numbers we've seen in either advanced or emerging markets economies. but today they're more exposed to shifts in economic fortunes. i do not simply mean the potential fallout from the advanced economies, which

manson rant and continuing of coors at the home of the imf. she famously attended some of her high school in earlier days here in bethesda. she is a lawyer by training, spent much of her career at a current mckinsey becoming chairman of the global executive committee and then chairman of their global strategic committee in 2004. she then joined the french government in 2005, originally as minister for foreign trade of them as minister for fisheries her brief time and then in june june 2007, just in time for the crisis to hit, she became the first woman to hold the post of minister of finance and economy of any g7 country. a rather notable milestone. she reminds me of is a couple of french men and a frenchwoman who can play a critical role in dealing with the world financial crisis going forward and indeed, that is the case. she should do at the same counsel during her. as french finance minister and then in the g20, as france chaired the g20 and 27 was extremely active in trying to build a lasting reform program to respond to the economic probl

what can the imf do? we can help. we have refrained some of our instruments -- we have reframed some of our instruments, instruments aimed at having the right set of policies in place. many countries have used those facilities. that is the case for mexico, colombia, poland, morocco more recently. together, those amounts actually exceed the amount of commitment that we have for europe. turning now to low-income countries, they have done relatively well through the crisis. when you look at numbers, starting from a low base admittedly of course, they have had excess of the excessive growth. -- they have had excessive growth. i do not mean the potential fallout from the events the economies, which would be a clear case, but it is sometimes more of a ripple effect of the slowdown affecting the emerging markets as a result of the crisis in the advanced economies that is actually exposing them to those shots. take the case of sub-saharan african countries producing raw materials that generally supply emerging market economies

is there a right side of the argument between the imf and the bundesbank? or not? >> i don't think there is a right side. we're dealing with policies that are not tried and tested. the over the empirical evidence we've really got is japan which is a very different economy to anything we see in the eurozone and it's simply not a currency union. on the one hand they were the individuals who are very concerned about trying what looks like a very dramatic policy. on the other hand the bundesbank is focusing on inflation. in many ways their mandate dictates the way they will behave and that's right and proper. >> silvia. >> in terms of when ecb policy stands, i was let's say mildly surprised that everybody is just full of praise and doesn't see the pitfalls of it or doesn't want to focus on the pitfalls of it. i wonder whether the ecb is not putting itself into a path where we can't disentangle themselves from political -- from a political agenda anymore. they're now saying we will only dispense bond buying to countries in need if they embark on certain political progra

i don't see the arrangement as being in competition with the imf. and to be frank, i think that the independence of the imf being above and beyond the bickering and the agreement of the territorial nature sometimes is actually a trump card for it to be engaged and involved in difficult circumstances. spent i will take the occasion for just a brief word of advertising. here at the institute we're launching a new series of lectures on the emerging markets. ever having the first of those this evening at 5:00. you are invited to the. it's going to be delivered by the former governor of the central bank of chile on how it is that latin america has been able to come through the current crisis so successfully. one cannot quite say unscathed, but almost, as you make the point about asia as well. so there's a big new program your. we're starting it in and we would be happy for any of you who would like to join us on that occasion. >> i am from argentina. on the frame of what you said about surveillance i want to ask you a question about the argentina statisti

we send money to the imf, they send it to europe. is anybody in europe paying attention to the austerity measures? no. everyone keeps saying he did it. no one takes any blame for anything anymore, including here at home. we keep bailing our own selves out. it has to stop or no one is going to fix anything. why should you when you just expect the check is coming in the mail. >> should we be bailing out europe, in fact, because what happens over there keeps killing our markets here. it's been nothing but problems for two years. >> the problem with europe started by greece, they lied about their debt, they never had that 3% level you're supposed to have to get in the e.u. so they don't have anything to go back to. and right now angela merkel is trying to bail out her own banks through this huge imf bailout. the same thing that happened to aig. once you stuck money in it, it went to banks. that's what they're doing. back door bailout for banks. you've got to let these countries start dealing with it themselves. there is no hope. i don't b

what can the imf to? e have free framed that precautionary and liquidity credit lines better aimed at comforting the country has the right set of policies in place. many have used those facilities been together those amounts exceed the amount of commitment from europe. turning to the low income countries, stirred came from the low base to be in excess of the emerging markets economy. and i don't mean the fallout from the advanced economy but more of a ripple effect as a result of the advanced economies. take the case of sub-saharan countries generally supply emerging market economies they will see the effect of the ripple effect also 20% increase of food process -- prices. the frequency of cereal just cornyn wheat prices increased 25% in july compared to a country that the drought is affecting that hurts despite the good policies put in place. they have to continue the paula c of building buffers but at the same time they cannot travel the journey all by themselves they even have to lend more of a hand tha

leadership is and how needed the imf rule is going to be needed going forward. not to promote crises around the world, but it is the indirect consequences of those remote crises, including on the u.s. economy. if there is something worth learning, it is the interdependence of them. >> how confident are you? >> i would definitely consider it. [laughter] >> maurice goldstein. institute for international economics. managing director, thank you for a most interesting speech. >> i am always cautious when an english speaking person calls something interesting, it could make it -- could mean anything. >> you are quite right, but let me proceed anyways. [laughter] you indicated in the discussion of the eurozone, you mentioned the need for friendly measures, not just austerity. what are those growth friendly measures? why did we think that these would be sufficient to poll the eurozone out of recession? when discuss in the u.s. fiscal cliff, you made a helpful distinction between the medium term need for strong fiscal consolidation, and the short term need to avoid fiscal

i think the imf has a very important role to play in that. because if the program isn't working, which is essentially a european program, i.e., the euro group, esf, esm buying debt at the longer end, ecb buying debt at the shorter end, but the program goes off the track, the next step is you have to get the imf involved. that's a tricky call to make because they have seniority. >> of course. it's kathleen here. i'm just wondering what you think about this issue of conditionality and the fact you need to apply for either a sovereign bailout or this credit line. what are the differences between potential conditionality, then? and could it turn into a diplomatic nightmare if you have spain going for the full bailout and harsh bailout and italy going for something a bit less? >> yes. these are the kind of technical issues that people are going to be still focusing on. i mean, one thing is, of course, the whole political sequencing i alluded to earlier. in terms of the technical issue, we were getting quite a lot of questions from investors yesterd

regarding the fact that the imf would be implicated in that story, again, it's credible because if you look at what the prime minister rajoy say a few days ago, he said he had no objection to the imf monitoring the spanish compliance with the condition of an international bailout. it's all about the condition of the bailout because if you remember also the prime minister say spain would not accept any additional condition for a bail skrout. he believes that the country fills all the requirement for the bailout in particular with respect to the european budgets target, deficit target that has been set. so basically what rajoy wanted to say he has no objection to check that spain would respect the public deficit target. i'm not sure that he's ready to accept anymore conditions especially as they come from the imf, especially that's the finance minister underbudget minister is quite reluctant to psych international inspectors to take a look. tanld be also a problem of credibility ahead of regional elections very soon in the north of spain. so, yes, the report from here seems credible, but

for the record, 22 times as many blacks as the imf of ron facebook. interesting. up next, will all gardens stop its never ending possible? is the parent company copping out major go to its workers in a new lawsuit. we break it down coming up next. when you throw away money on wasted electricity... you're throwing away everything you could have bought with it. saving energy saves you money. learn more at energysavers.gov. ♪ cheryl: does your favorite restaurant chain break federal labor laws? and knew law says darden restaurants incorporated which includes all of garden, when stakeouts, capital grille, red lobster, underpaying its workers with more on this. fox news legal analyst joining me now. so, they're looking for a class action on this. >> class action, but they only have to practice. i have the complete right here. nineteen pages, and they're only alleging to plaintiffs. they're saying, thousand employees with all of these companies, i'm really getting, there under paying their employees. they're saying, they're checking in, working more hours than they shou

. >>> don't give up on the euro says the imf. but will investors heed the fund's call? we'll discuss. >>> schaeuble isn't one to mince words and he's out talking about the future of the euro and the united states. some of the news flashes include him saying that the cooling of the german economy is partly a normalization, the central bank independence has to be respected, that a significant rise in german unemployment is unlikely. and he makes a couple comments about the u.s. saying there's great uncertainty about how the u.s. will deal with the high debt levels that it putting pressure on the world economy. also of interest is that he's saying the source of the eurozone crisis is bad policies and member states. there are people who feel perhaps a little differently, think germany has played more of a role in imbalances. if there's anything else, we'll bring it to you. and the region needs to keep it faith in a single currency, this according to the deputy managing director. he told a world economic forum meeting that the euro was safe and says the if you said strongly

you should cut off the imf that gives better descriptions and ruins these countries. it is economic. >> and rich, go ahead. >> wealth of nations. >> and the problem sthere is a fallacy to your argument. >> there usually is. go back to the difference between jimmie carter and ronald reagan. it is political correctness and reagan did the opposite. >> victoria? go ahead. >> rick, the point is, we are handing these people blank checks and then apologizing for it. and going into these places oh, we are so sorry for the random video that a whacko put out on the internet. come on, you have to show strength. >> hold on a second. rick, i know you are not in favor of the money leaking in the wront hands. way to continue the aid to people who share our about. it is our money after all. yes, we want to influence that region but not in the hands of terrorist. >> that's fair enough. but listen to the arguments. suddenly it is about apologies and nonsense that is political. foreign policy does not exist in that realm. >> apologies are nan sensical. >> ask senator mccain who argued wi

they didn't like with the imf was doing. >> behind closed doors. >> the presidential election on facebook. [laughter] >> why not? melissa: i guess one not. i'm wondering if this is real. i feel like there's something more. some aid is on facebook doing something or some -- i can't believe that real, serious people live there. >> we discussed this before we came out. major international monetary decisions on facebook. melissa: all right. thanks to both of you. >> thank you. melissa: the final stretch of the 2012 campaign is underway. fox business says president obama hopes it the election does not consent and the gas. >> coming up on the fourth anniversary of the milk down on wall street. the mccain obama race was fairly close until the financial of cricket. here we are four years later. europe is hanging onto its euros system but a small thread. the question i hear more and more from financial gurus is coming in europe keep it together until our elections in november? our elections. you don't hear the political types talking

these are things and instruments that the imf also has in its arsenal. even though the eurozone states are quite insistent that all our programs are done together with international monetary fund. not only in order to avail themselves and ourselves of the financing capacity of the fund but also because of the technical expertise, objectivity, et cetera, that the imf additionally brings to the table. as i was saying, theoretical -- >> thomas, very briefly, is it your understanding that -- is it more than likely spain will ask for this precautionary program and how soon? >> i don't have any indication that the spanish government would be asking for such a program any time soon. i said, at present, at present i want to stress, they are doing fine and they have done all the policy actions they have committed to. >> thomas, good to speak to you. president of the euro working group. >> nelgdmedals will be presente george osborne -- >> george osborne getting booed last night at paraolympic games last night. is finance minister a thankless job? get in touch with

for the record, 22 times as many blacks as the imf of ron facebook. interesting. all gardens stop its never ending possible? is the parent company copping out major go to its workers in a new lawsuit. we break it down coming up next. these fellas used capital one venture miles for a golf getaway. double miles you can actually use... but mr. single miles can't join his friends because he's getting hit with blackouts. shame on you. now he's stuck in a miniature nightmare. oh, thank you. but, with e capital one venture card... you can fly any airline, any flight, any time. double miles you can actually use. what's in your wallet? alec jr? it was a gift. has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. ♪ cheryl: does your favorite restaurant chain break federal labor laws? and knew law says darden restaurants incorporated which includes all of garden, when stakeouts, capital grille, red lobster, underpaying its workers with mo

the imf says that six of the ten fastest growing economies in 2012 are in africa. over the past decade, according to the african development bank, the number of middle-class consumers in africa, those who spend between $2 and $20 a day, has expanded 60% to 313 million. that's about the same size as the middle classes in china and india. health is improving as well. according to the world bank, one key indicator, the death rate of children under 5, is dropping dramatically. over 5% a year in ten sub-saharan countries and over 8% in kenya, rwanda, and senegal. there are even bright spots in the reduction of graph and corruption. ghana, south africa, namibia, rwanda, and botswana each has less corruption, gets this, than italy and greece according to transparency international. governance is improving in many countries. terrorism by islamic extremists remains, but there is progress here as well. having largely driven the al qaeda-linked al shabab from mogadishu, the capital, the city is experiencing the longest period of relative peace since 1991. jeff gettleman, "the

for the record, 22 times as many blacks as the imf of ron facebook. interesting. will all gardens stop its never ending possible? is the parent company copping out major go to its workers in a new lawsuit. we break it down coming up next. abigail higgins had... ...a tree that bore the most rare and magical fruit. which provided for their every financial need. and then, in one blinding blink of an eye, their tree had given its last. but with their raymond james financial advisor, they had prepared for even the unthinkable. and they danced. see what a raymond james advisor can do for you. ♪ cheryl: does your favorite restaurant chain break federal labor laws? and knew law says darden restaurants incorporated which includes all of garden, when stakeouts, capital grille, red lobster, underpaying its workers with more on this. fox news legal analyst joining me now. so, they're looking for a class action on this. >> class action, but they only have to practice. i have the complete right here. nineteen pages, and they're only alleging to plaintiffs. they're saying, thousa

but the thing that ought to give one confidence is what is driving this is not market pressure or the imf, it is it politics on the ground. so yes, the next six months is going to be incredibly messy. think there's a good chance we will go right off a cliff because people will be able to reach agreement. but the thing to remember is what is driving us more than anything else is retail politics that wants to get us on the consolidated path. when you think in the long run, that the thing that ought to give one some degree of confidence that we are ultimately going to fix this problem. there to constrain -- market discipline and voter discipline. when we talk about market discipline, it's like service in the military. long periods of tedium. it could have pointed to greet spread is eight years ago and said there is no fiscal problem. but locally, there's no market discipline on the united states, but there is voter discipline. the thing to remember about voter discipline is that it's mostly incoherent. everybody hates deficits and debt, everybody loves from programs. if they ask how he would

and spoke ahead of the imf and world bank conferences held in tokyo. >> we clearly still foresee a gradual recovery. but the global growth that we have forecasted 12 month as go, that we have revised six months ago is likely to be a little weaker than we had anticipated. >> legarde says european credit woes and the fiscal cliff in the u.s. are risk factors for the global economy. drastic belt tightening in the u.s. early next year unless democratic and republican lawmakers reach an agreement in time. lagarde is keachi ikeeping an ee japanese economy and a plan for reducing debt. japan carries a greater proportion of dealt on its books than any other industrialized nation. >>> the leaders of japan and colombia are weighing benefits of knocking down some of the barriers dividing their economies. they're expected to make an official decision on starting negotiation for a free trade deal. the prime minister noda and the president santos will decide during talks in new york. the countries have been contukticontukt icontukt -- conducting working studies. if they sign the deal, clom -- colombia's

that is what has happened with the imf. i has specifically asked for money from the international monetary fund. but i think the caller is right. there is the perception on behalf of the recipients that there is a neo-colonialist approach. which is why we have to be very careful. host: the state of the relationship between the u.s. and egypt is what? guest: the state of the relationship between united states and egypt will remain good, but the egyptians will attempt to regain their regional influence. that is a long deadline, but that is what it is. host: steve cook, thank you very much for being with us. guest: glad to be your. tomorrow on "washington journal" -- live at 7:00 a.m. eastern on c-span. next, "q&a." tomorrow, officials joined on a naon

if you read the reports of the imf, you'll find that the sanctions had very little economic impact on burma. >> i will ask a question that came from twitter. the question is -- there are a number of agreements and peace negotiations on going in burma. what can the government do to build a trust with the ethnic groups and gain the confidence that the government is in fact responsive to their concerns? what role steeping civil society can play in that peace process in burma? >> there has been some distrust between the ethnic groups and the military government of burma for many years. you have to remember that most of the members of the civilian government and from the old military government. besides, the military still has a very powerful position. an example of the problem now is that some believe the seized policy would not be upheld without the military. it is a question of lack of trust. no one trusts anyone else. that needs time to be built up. i think we need to learn more about conflict resolution from those who have gone through the same experience. even one as session -- even

the local press here is actually suggesting that a hardening of the stance in the imf is what's created the delay here. the suggestion that they can say further write downs of the debt will be needed. that kind of fits with the article that we got from the germans on friday suggesting that this was of some debate going on in brussels. my suggestion from being there last week is that more more cash for greece is not in the cards. here, though, how well the greek coalition can manage to sort out their difference of opinion is also a key question in whether they can withstand announcing additional cuts when just three months ago, they were promising that they wouldn't. their first real test is the first general strike since they came into power and that happens on wednesday. and i think certainly from talking to people here that will be very well supported. so we'll wait and see on that. >> all right. we'll talk to you a little bit later. >> similarities between the two when you're traveling back and forth -- >> if you have any thoughts, you can e-mail us. >> we'll be right back. >>> ifo i

it is because we have accumulated already over at that point combining the imf and s.t.a.r.t. with accumulated over 20 years of experience with the on-site inspections. we tend to experience in the past and looking forward, and i think we need to do that across-the-board whether we are talking about further nuclear reductions, whether we are talking about the conventional modernization of the conventional arms control modernization, or whether we are talking about developing cooperative ways to work together on the missile defense. >> yes, sir. >> [inaudible] you mentioned -- [inaudible] [laughter] you mentioned the two issues from the 1999 senate action. it's my impression that on the other side of that was a convention on the part of people that want to support by didn't do much for us you've laid that out. the arms control side in this agreement [inaudible] >> yes, it's important to take note of the obligations that come to us as the result of the non-proliferation treaty, and clearly the united states and the other weapons states under the npt have an obligation across-the-

they received a $100 billion bailout from the eu and imf. said the country's budget deficit target for 2013 was relaxed to 4.5% of gross domestic product from 3%. for 2014, he said the target will be 2.5%. the finance minister stressed the revision does not mean the country need extra aid. the u.s., asked the portuguese government to rebuild its economy as efforts are bearing fruit. greece is asking eu for more time to reach targets. eu members remain cautious as to whether they should agree to greece's request. >>> another country is realizing that made in china doesn't necessarily make good business sense. and we are joined from our seoul studio with that story and the latest economic news out of south korea. >> we're starting off with a growing trend among south korean manufacturers. a number of companies that shifted their production sites to china have recently started come back home. rising labor costs are behind this u-turn. but new free trade agraemeneemer ftas are the main drivers. it went to china ten years ago. that's because labo

you must live by strict conditions, and you will have the international monetary fund, the imf, comment to make sure you live up to your rules. the ecb decided to listen the collateral rules in order to allow banks more access to loans. in fact, the ecb president says that the key factor in all of this is to free up credit. >> the objective of this program is to repair monetary policy transmission channels which today are hampered to recreate a single monetary area which yesterday is fragmented. so we should see some better developments on the credit crunch. although we should not forget that credit flows are waggish for several reasons, one of which is low demand. >> it has to be pointed out that, look, yes, the market's love it. bond buying, bringing down those key bond yields in spain and italy, but bottom line this does absolutely nothing to attack all of the eurozone debt crisis as a stance. that comes down to monetary policy from the individual countries, and there's a long way to go before we see any light at the end of that tunnel. lori: great point. back at home the democratic

it does come with an attachment of strict conventions that will be monitored by the imf. they're prepared to do that. to countries like spain and italy want someone coming in to the balance books is the big question. so far spain and italy said we won't apply for help. interesting to see what happens next. the ball is squarely in their court. his credibility on the line making the big announcement today and markets in europe reacting favorably as we have seen in the united states. the ftse up 12% and the cac index of 12% and bank stocks, french bank stocks up 7%. certainly a lot of positive reaction to this news but there are critics who say that the pcb is just throwing money at the problem. this is tantamount to finding governments by printing bank notes. there you go. strongly opposes this move. there are those who say it helps bring confidence back and brings down borrowing costs. bottom line is what does it do to address the euro zone debt crisis itself. this does not address it. it is down to individual governments to get their fiscal house in order. it could be a lo

ashley: the imf and france already welcoming the move from the ec but the usual flow, basically saying this is certainly illegal. he says that the pcb is printing money to prop up government and he said that is not something that the ec is allowed to do but they are pushing ahead and mario draghi was very pointed when he said we are just part of this deal. they rose with the euro zone political leader to put in the necessary fiscal reforms to get their budgets under control and of course we know the bond purchasing program does not solve the euro zone debt crisis. could be a long haul before that is accomplished. liz: ashley webster. are markets did beautifully. dave: the ecb bond buying plan and better than expected economic data fuelled a market rally today. some people say it might have been shortcoming in there. will this last? liz: drew has money in the game. one stock-option sheet trading adviser. a beautiful day today and a lot of people say don't buy on a day like this because you will be buying at higher levels. is there a follow-through? >> we will get follow through tomorrow

the former head of the imf who also was a finance minister under a banking giant that is now being bailed to the tune of 23 billion euros. >> can you say something about ise role in the housing cris in particular? >> basically, he was asked to handle this banking giant. it was basically several banks rolled into one that became this banking giant. he was asked to manage it. what happened was this banking giant basically had lent a lot of money to building companies that could not pay back the loans. and it also was landing and a lot of money to people who were mortgaging houses who could not return the money. it dug in south into a huge financial hole while at the same time not informing the government or the bank of spain or the right institutions. by the time he quit, it was asking for this huge public bailout. he is now being investigated by the spanish national court for mismanaging this bank. >> maria carrion, we were in spain just after the announcement came down right at the time when the announcement came down that he would be investigated. we were interviewing some of the organiz

. >> the director of the imf is just starting her speech now.ans here and europe to follow promises. we have all of her remarks right here. global growth will likely be a bit weaker than the imf had anticipated event in july. she says the uncertainty is "having very real effects increasing divergence of importance in the euro zone. a tepid recovery in the united states. "more fiscal union to try to control the country's budget and spending and deficits over there. in the meantime, she says they must support euro zone countries including with financing and bailout programs for the economies should be flexible. here in the u.s., current uncertainty over the fiscal cliff presents a serious threat for the united states. we hope that political clarity emerges soon and with it actions to avoid the fiscal cliff. dennis: thank you, peter. cheryl: the comments that we are just getting from christine lagarde. she made some very interesting remarks. let's bring in ashley webster for more information on this. she made things very clear. markets today -- ash

it got to a situation where greece said, no more, can't do anymore and their money is cut off by the imfnion, you have a disablization in the market, something like lehman brothers in 2008. that's what people have to say. could something happen like that? i'm not saying we're getting there. but could something like that happen? it will affect the world economy just as much as lehman brothers, that's what analysts will tell you. >> we have just passed the year, couple of years after that, jim boulden, thank you so much. don't want to go back there at all. jim boulden in london. >>> illegal immigration a hot topic dividing mitt romney and barack obama and the election. what should america do with millions of undocumented immigrants living, studying, working here? we'll look at the candidates' competing plans next. [ male announcer ] truth is, nyquil doesn't unstuff your nose. what? [ male announcer ] alka-seltzer plus liquid gels speeds relief to your worst cold symptoms plus has a decongestant for your stuffy nose. thanks. that's the cold truth! there's a health company that can help you

that's also on the table that the imf would be involved to help placate some german resistance to the whole program. >> right. that again raises the spec tor of those countries, spain and italy, not wanting the imf involvement. stay here for the rest of the hour to walk us through all of it. karen? >>> as we've been talking about, this is a big day for mario draghi. these markets have been moving higher on the expectation. this is how we're looking across futures for u.s. markets. the gains right across these keyboards. let's look at markets trading in session. we have seen gains. you can see across the board for the continent more than the u.k., up .75%. 1.3 now for the german market. just over a percent for the cac. some of these are the peripheral markets. they have they've been pushing high. the ibex up 1.5%. let's look at the short end of the curve because this is where we're expecting to see some targeting by the ecb. we have seen some moves, 2.71%. the spanish is moving higher on the yield, 3.18%. the world of debt auctions where the yield came down from the previous auction. o

and that's why i was nervous about the imf report. >> but in general, you think a corporation should the duty. what i don't think they should do. here's where i think we fundamentally disagree. >> yeah. >> i think the problem is, i think the biggest enemy of american capitalism is american capitalists. because they're so short-termed in their thinking, we need -- i think if you want to be really profitable, make money over the long-term. i think that's a good thing, it creates jobs. if you focus things on credit default swaps and collateralized mortgage negotiations, and all of a sudden you're going to fall off the cliff and you haven't started any jobs. >> i think that the president is now kind of teflon in certain cases. you've got ahmadinejad, you know, and he's here saying this stuff. you're a big israel supporter, not meeting with netanyahu, not meeting with any of the leaders that are in town but going on "the view." if romney did something like that, if you were advising the administration, wouldn't you think sooner or later someone might notice this stuff? >> well, i think the

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according to the imf, that's the combined gdp of the european union, which makes it the largest economyigger than china bigger than the united states. we hear so much about the bailout of smaller eu countries like spain, ireland, even cyprus. the biggest beneficiaries remain the big guys who aren't getting bailed out, germany and france. with the euro germany and france -- without it, sorry, they're number four and five on the list of the world's biggest economies. with it they're number one. so while it's in the best interest of germany and france to keep the eu together, it might be time for the smaller countries like cyprus to go their own way. for more on this subject check out my column in the current issue of "fortune" magazine. >>> our fifth story "outfront" which you may have heard a little bit there. a little person who is going to be with us in just one moment. yoko ono is making the case to free the russian punk band whose members are behind bars after they were found guilty of hooliganism. their crime, performing an anti-putin song in a moscow church. today ono honored the b