wendell, thanks. gerri willis is with us still on set. u.s. treasury secretary timited almost in line to speak. fill our viewers in. >> right. geithner did expeek this afternoon. speaking about what europe is doing. really saying that he endorses system of these moves that the europeans appear to be making. especially when they start talking about bring all their financial regulators together. some kind of financial union. he seemed to back that. he said that the kinds of changes they are talking about are more than he has heard in the past. and he supports that as well. >> shepard: the bigger question i suppose is whether these austerity measures will be what they have been, which is a failure, or at some point begin a long-term recovery. the problem with austerity measures is fewer people work. there is less money in the economy. and it tends to just go like this. less money, fewer workers, things get worse, not better. that's what we have seen thus far in europe. >> we have seen it in greece. that's where it's really played out. >> shepard: and spain. >> i have t