tv Your World With Neil Cavuto FOX News October 27, 2011 1:00pm-2:00pm PDT
battery, you are sentenced to 12 months. >>shepard: that is five years plus 30 days. >> and offenses involving underage persons. >>shepard: all the details on the fox report tonight. here is neil cavuto. >>neil: all right, the strangest things in human history from zero to hero, and the family that could not shoot straight, sent u.s. stocks shooting influence the roof, a look at bailout in europe that has bears hiding out. welcome, everyone, i am neil cavuto and is it politically correct to say, thanks, banks, because european banks grudgingly showing their willingness to suck it up and take a 50 percent hair cut on their loans to greece, enough to grease the skids on a deal that could set europe right and put fears of a global moment down to rest. hard to say, this much is not, today the investors were buying
it. today, they were just bying. here. there. everywhere. and the biggest buys? yes, banks. you guessed it, double digit gains for a sector that has seen nothing but constant hits but at the risk of raining on this parade, huge sequences are now the rules not the evening session, and, in fact, over the last month, most days. for now, the implication of this day. with our reporter on new york on the stock tear here and a report from london on more than a few doubters there, and donald trump why a lot of political leaders look like apprentices and a wall street legend on what he is worried about next. here, there, and everywhere. we begin with sandra. >> throw a dart at the s&p 500 and you will land on a stock
that was up, 11 percent of the companies that make up the s&p 500 hitting 52-week highs in the trading session, and stocks subjected all the way into the final minutes of trading, and the dow posting the unbelievable triple digit gain a gabe of 342 points today, and, also, closing above that ever important 12,000 level but the s&p 500 gained more than the dow and more than 3 percent, and that brings the dow monthly gain to 11 percent for october and we are on pace for the best month since 1987, a huge day across the board, financial stocks leading the way everything from j.p. morgan chase, citigroup, morgan stanley, up huge, and raw materials company, anything gold, oil, metals related up, and deer, and caterpillar strong, and not just stocks in the green but oil, gold, oil gaining nearly 3 percent on the
session and gold was down to start but it joined the pack and it closed up by $20. green across the board. >>neil: amazing. and now to london where they are not part of the euro and a lot of them are hardly finding this, today, heroic. >> the painful stuff including how to recapitalize the banks so they have 9 percent core reserves as part of the net worth, how to beef up the bailout fund and how to absorb the 50 percent write down of the greek debt has yet to be worked out but the fact that leaders agreed they would do all of those things was enough to make the market happy both in europe and asia and people around the world remembering the fall of lehman brothers in 2008 and how the global economy can go off the rails with just one bank failing, that can be the tip of the iceburg. the u.k. chancellor said the troubles plaguing eurozone should be a warning to all.
>> the ultimate lesson of this crisis is unless you can pay your pay not world and compete and the globe your country will be next in the firing line. i am determined our country will never be in the firing line. >> countries such as italy where a fight break out in parliament year are not too happy about implementing the austerity measures. italy has not had growth in ten areas. and many have stagnation that is stiffling government regulations on bit, and editorial after the death of steve jobs in an italian newspaper planed how he could never have existed or flourished in italy. now, plans for boosting growth and creating jobs are still absent in all of this and there have been 20 of these summit meetings, and nerves are fraying. french president sarkozy sniped at the british prime minister whose country is not in the euro accusing him of meddling and sarkozy reportedly suggested to someone that the german chancellor should be laying off
the cheese and chancellor merkel and sarkozy have rolled their eye talked about silvio berlusconi and on and on but chancellor merkel says europe will not be torn apart. europe has historic memories and a well founded fear of what happens when the continent is in conflict. >>neil: it is almost enough to make you thing a new bull market has begun. almost. but not quite. not close. we are buying on all the wrong stuff and for now all the wrong reasons. might want to listen to him the ahead of private equity giant. so you are not raining on the parade as much as stepping back and looking out. what are you worried about? >>guest: nice to be on the program. after a good day. last few --. >>neil: we have had carnage and then you. >>guest: this is a relief rally, a relief to americans at least, the youngs understand
this is a big problem and a release to know the europeans can get together led by germany, to do something about it here. that part is trick. but, obviously, what is not clear yet is how it is going to work. where is the money coming for the $150 billion? what will happen to the holders of greek debt? and where the $1.4 trillion comes from. but it is a good start. >>neil: is it weird they are celebrating a government bailout, it is a lot of banks that could be in trouble and the devils are in the details how were they are backed up, but, capitalism is celebrating government resolution key. >>guest: celebrating and kicking the can down the road. putting the problem out. and that is an important thing to do because, in fact, in america the economy in american business is doing were better than the stock market. and in america, it is $2.6 trillion in money market funds
and in america we have had a big dent in american optimum. all of that is bubbling there as possibilities and this is the first sign that maybe the european part of the problem has the possible solution and the europeans understand it is their problem and they better do it. >>neil: and you are saying they have a better sense of what they have to do than we do? >>guest: well, what will happen over the weekend, people start to think about the details and focus on our own problems and get to the super committee and how we are going to get between 1.4 trillion and $4 trillion depending on who is counting. but, one lesson here, germany and france get together in europe. we hope the democrats and republicans can get together in america. >>neil: everyone says it looks like greece will be saved, and italy is not exactly firing on all cylinders and they are in trouble. so, where we are focusing on rescuing greece they could have to do the same for italy.
>>guest: this is a challenge to socialism. can countries have retirement ages at this point and guarantee pension and raising all the benefits? and, at the same time, not make sacrifices. the answer seems to be resoundingly "no." >>neil: and this is all about occupy wall streeters. >>guest: yes and the next step is to convert this to reality not just the financial reality but the citizens reality that they say, yes, we know you had to do it and we will support it. from what you read and what you know we are not there in most countries. on the other hand, the german legislature supported this and that was a key ingredient in this. so, this is, i think, real problem. but it is the more expensive time because you don't actually execute on this. then the rally will disappear as fast as this note that is coming due. >>neil: and they have done that before. thank you, good to see you. occupy protesters are so busy
causing havoc here they ignore the victory that this deal brings them over there that banks forced to suck up billions. charles gasparino, an odd message. >>guest: i wanted to say that then that compared our situation, saying we are in worse shape in europe is not looking at the numbers, listen, we do have a problem. we have gridlock in congress but greece has is much debt on its books that if you take this deal it is still one of the most highly indebted countries in the world and italy ain't far behind and so is spain. this dole is a voluntary deal. with the banks. it is not set in stone. it was cut with a trade group for european banks and there is so much stuff that needs to be worked out here. >>neil: will they stick to it? you are right. a lot of made it back with the subjects in the stocks. >>guest: you talk to really
smart investors, the head of the biggest hedge fund, he things the way to get out of this is to print money, and that is a very difficult situation. this proves why stock traders, traders, are so dumb. they trade on the headline, they don't trade on what it means. this was out there. we have been reporting on the fox business network that a deal that looks like this would happen. some hair cuts from banks but it is so murky i would not buy the market on this. not yet. >>neil: what about buying on the improving economy, or better-than-expected numbers we had a surprisingly strong g.d.p. report and a pickup in retail sales that in this world of losers we look less of a loser? >>guest: well, i agree. there is no doubt, but, remember, we are talking about 2.5 percent growth not exactly something to senator about. >>neil: but it is double what it was. >>guest: our u.s. companies, we have a jobless recovery, not
good for employment and bad for the countries' social fabric but our companies are strong because they are push and they grow and they know how to do things. so i will say this, yes, maybe buy on 2.5 percent growth but i am still worried. this is a very, very touchy situation right now. and this deal that they are crafting over there, is hardly set in stone and if you think there is systematic risk, take a step back, now. >>neil: the greeks even with half the loans forgiven, have to buy on to this and there is little indication they will. >>guest: and, it is so murky and it is not all the debt, not the long term debt but if of -- i get you --. >>neil: i think it is like your near term utility bill, and
--. >>guest: that debt, the thing i mentioned about italy not having growth for ten years, when is the last time greece had growth? >>neil: you are not getting into the greek italian thing? >>guest: i have lots of greek friends and they would rather be here than this. >>neil: seep you tonight on finance and and more on fox business news. and speaking of that, a more celebrated and vilified, john thain who used to run merrill lynch and the new york stock exchange will be a special guess on fox business network and old on fox business network tonight. you want proof that the french are still fried? look who they are kissing up to today. the donald is about to lose it. at adt, we get financing from ge capital.
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>>neil: 160 points yesterday, 339.5 points today. october is already on the way to be one of best octobers we have seen, best monthly performs we have seen since january of 1987. a lot of this displayed by the supposed european rescue but, still, they have to do the rescue but they have the blue prints of the rescue. and after that, sarkozy calling for help funding a deal more reason donald trump it says to forget the deal. trump organization c.e.o. and star, who knows presidential candidates is joining us now. what do you make of, now, the french, and the european cozying up to the chinese? >>guest: well, it is cozying up to everyone. they cozied up to the germans and i am happy about it, i am
glad they worked out a deal. i think at some point the germans will get tired taking care of the greek problems. but, right now it is good for us and whatever is if for us i am happy about. >>neil: the argument we heard from our guests is, is it just kicking the can down the road? they have made the promises before and have not stuck to them and it depends on greece going along and that is no guarantee. the germans, then, and the french all agreeing the payouts that have to go behind it. it is not done. >>guest: it is hard for the germans to do this and to take this but they seem to be and they want to keep, and the euro was established in order to take advantage of the united states. and in order -- so all the countries get together and they thought this would be a power play against the united states. now, maybe it is a power play against others like maybe the chinese but they did this not for our benefit, so, when i watch what is happening it is
interesting and some of the countries like i watched in england where the prime minister was saying, how lucky they were they didn't get interest that mess. it is true. they gave up the currency and if greece had their own currency it would have been easier to work it out. it was not done do our advantage. >>neil: the role of the chinese, a few weeks ago the finance minister was shopping around italy and looking at ... looking at government quasiprivate ventures that could be available for investment and now, the alleged conscious with sarkozy and trying to entice more chinese financing behind this, is that worrisome to you? >>guest: they have plenty of money thanks to us because of our terrible negotiators so china has trillions and
trillions, peanuts to them as you know. peanuts. peanuts. irrelevant to them. they do it to try and get into the european situation and obviously do what they are doing to us, to europe, and they will probably be successful. very smart. very go negotiators. they have their smartest people negotiating and we don't. >>neil: when you don't have money beggars can't be choosers and maybe the chinese read that, and know they played it with the united states and they will try it with europe. germany could be better off but they need us more than we need them. what do you make of that? >>guest: well, as i am saying i am thinking they are doing exactly what they did to us. they but the our debt. they do all of these different things and you have obama treating them sophiesly -- so nicely because he is afraid not to and now they are trying to do the same thing with the euro. they want to help out.
well, we will see what happens. but, i would say that if i were a german person working hard doing a good job and i'm bailing out the greeks i would not be too thrilled. i wonder how long that lasts. >>neil: already the ratings have suffered. quickly, you have been as with all the top republican presidential candidates they all want their moment with you, and if they can, have you decided on any one of them? >>guest: i am deciding before the primary but they have all come to trump tower, numerous times, and we will make a decision. they represent millions and millions of people that want to see the country stop getting ripped off. >>neil: when will you make a decision? >>guest: some time prior to the primaries and you will be the first to know. i think. >>neil: don't say "i think." >>guest: i think i almost know.
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>>neil: don't let that ocean fool you, although we are more than 3,000 miles away from europe, we are still helping to pay for the new bailout in europe. we spend a lot of u.s. taxpayers, billions, to the international monetary fund and the imf gives billions to rescue europe and other folks. republican congresswoman is pushing a bill to stop that from
happening. how do you do that? >> well, as americans continue to see their taxpayer dollars, precious taxpayer dollars uses to wait out the eu i hope they put pressure on congress to take action. you can see if the last dole, in europe, if it is a $1.4 trillion deal, it is estimated the imf will be on the hook for a third of it and we are funding 16 percent or 17 percent of the imf, talking $150 billion of american taxpayers dollars. again. >>neil: the argument is it is a small part to play for global federal, stability and the alternative is investors losing trillions in capital and it would be much, much worse. >>guest: well, the question is, where does it end? if we are talking $330 billion to greece, that is the size of
their entire economy and, italy is not that far behind and spain and actually america is not that far behind where the european union is and we don't have the money, we are borrowing 40 cents on every dollar we spend. we are break. these are tough economic times that require all of us to make the tough decisions, to cut the spending, to cut federal government expenditures both here in america. >>neil: but the gives are not doing it. i hear about what the super committee is doing or not doing, they are kicking the can and cannot agree if it is a parent currency or coin for the dollar bill and that is a way to come up with savings. these are little things. if you cannot grow on shaking $1 trillion in growth over the next 10 years ... that is hardly encouraging. >>guest: it is critical we put the pressure on right here in america to make the tough
decisions as well as the european union. >>neil: but we have pressure up the yin-yang and no one is doing anything. >>guest: we continue to borrow and spend and that is the problem. we ignore, kicking the can down the road. and the markets could be reacting positively today, but they will see the fine print and we have seen this before, and, it is not as pretty a picture. >>neil: you are right, that is the normal procedure here with the markets. let me ask you about you talking about making the tough decisions congresswoman, if down the road we are looking at another financial problem like we got in 2008, would you vote to keep bank of america open for business if it looked like it was beginning down? >>guest: i really struggle with these too-big-to-fail policies. >>neil: you wouldn't? >>guest: that is. i would say we need to be sending a message they need to
be making the tough decisions right if you. it is getting to be too much, and would will bail out america? >>neil: i understand that because say they are caught up and the stock was imploding and business was imploding and they needed a rescue much like we had the banks needing rescue, allegedly, back in 2008, would you say "no," to all of them? >>guest: we need, we node to look at it. why want to make a knee-jerk response but i --. >>neil: you can't be a little bit president reagan. you do it or you don't. >>guest: what i would say to the banks, they made decisions, the reason i didn't vote for the bailout in 2008 is they made decisions that caught up with them. they were out there overextended and it cost up with them. 24 in our individual likes we all make tough decisions and the banks are making money off the
federal government's debt. and at some point we need to make sure, we need some accountability, some transparency, as to what is really going on and hold those banks accountable to the decisions they are making. >>neil: congresswoman, thank you. hot lanta not cooling down, and now the georgia state senators are joining. and democrats putting a step to obamacare?
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>>neil: from the streets of atlanta to the jails of atlanta, back to the streets of atlanta, the occupy protesters are being released from jail after being arrested. you may recall authorities said just get out of the park. get out now. this guy wouldn't did it but he has been released, democratic state senator was arrested, released and we invited the mayor reed to join us and waiting for a response. good to have you, sir. >>guest: thank you for having me. >>neil: how did the jail thing go? >>guest: well, you know, the jail was not that bad. i've been to jail before for civil disobedience, so it wasn't a big deal being in. the issues on the other hand are a big deal and although i'm glad to be out i'll tell you that were.
>>neil: glad you said you have been to jail before on civil disobedience issues you had me worried. the mayor is more or less saying, fellow democrat, lock, this is all well and good but we have serious potential health issues to address here and it is getting a little long in the tooth. what do you say to that and the holding off of the gathering area from the demonstrators? >>guest: i wrote say that the mayor reed manufactured a crisis. he should have come down himself if he had, he would have seen what i saw and that probably the most peaceful police in land to, i have been in a lost demonstrations and these occupy atlanta occupiers were very gentle to be honest and not as aggressive as many of the occupy movements we have seen. >>neil: but, senator, the people that live and around the
area see it as a nuisance, but they were a new sans. >>guest: well, i don't know if the mayor, however were of a new advance it might have been and it really went, but unfortunately, it is unfortunate the mayor with do what he did not hometown of dr. king. he was in washington, dc, a couple of weeks ago, for the dedication of the king memorial, and he comes back and does things here that dr. king would have been ... repelled or repulled by. >>neil: would dr. king have hung out a month? >>guest: let me tell you this, when rosa parks sat in, in the bus in 1955, the montgomery movement stayed together for 354 days. we expected more of the mayor in the city of dr. king's hometown.
>>neil: are you equating had to rosa parks what she went through? >>guest: yes to week a report says the incoming equality is added white of the number forever and the number one inequality is land to. >>neil: are you going back to the parks, senatorst >>guest: at some point in time i would probably be going back to the park but i don't want to strategize on tv. but, the issues are what is important whether i get arrested or not is secondary to the issues of corporate greed, issue i have been working on for 10 years in atlanta on the issues of predatory subprime lending and foreclosures and this is important to me which is why the occupy atlanta movement is important, it speaks to the issues affecting the constituents i serve each and every day. >>shepard: and are they giving you a hassle about your late
payments? go bankrupt. democrats want underwater homeowners to declare bankruptcy so they can stop making payments and critic say this is not fair and those who pay their mortgage are really getting screwed in the deal like this, and democratic congressman supports this plan but says that is not a fair comparison. what do you tell those with are paying their mortgage underwater or no? >>guest: well, they are doing the right thing. the bankruptcy issue isn't going to pass this congress. but if it had, this problem who is been solved long ago. but, take a look department. >>neil: wait, wait, wait, how would it be solved? >>guest: it would have caused the banks early on to rory their mortgages rather than to face a bankruptcy. that is what would have happened but that was months ago. >>neil: if everyone did this en masse the banks would have in choice but to redo? >>guest: absolutely true.
but, look to the future. the bankruptcy thing is not going to pass but what will happen and what has passed is a program that the president has taken advantage of and made about a million homeowners available to those who have been paying their mortgages but are deeply underwater and unable to refinance because they are underwater. skit a very good program that allows them to reduce monthly payments and they can stay in place and the second thing he has done, the american jobs act, ultimate estimately if a person is not working they will lose their home so get people back to work and that is what the american jobs act does for over a million and perhaps up to two million people who can go back to work and pay their mortgage. >>neil: we don't know that for sure. we do know in the history of the mortgage rewrites, they don't work. and at the love the same people who were on the verge of defaulting do so all over again.
i know you have a great deal of compassion and heart for those in duress but do you do more harm than good and dig them deeper in debt than those who supposed to help them out doper in debt for nothing? >>guest: well, actually, if you can stay in your home that is a better deal for the neighborhood and a better deal for the ben in their home rather than to be on the treat and for that house to go into foreclosure and become a problem. >>neil: but it has already happened. are you arguing it would get worse than the 50 percent hair cut we have seen in home values? >>guest: it could. and certain neighbors, absolutely, it will happen, and there are two things, if we can keep people not home by allowing them to refinance and the republican they cannot refinance is they don't have equity left because the value of the home has dropped below the value of the listen. the president's program allows a refinancing under that circumstance when people are actually making their current payments. that will put money that they
can put back into the economy. the only loss is a loss by the housing agencies, freddie mac and fannie mae who could lose the principle, not just the interest, they will use interest but that is nothing compared to the loss of principle. and the second point is, people have to go back to work if they don't have a job. >>neil: shouldn't that be the focus? get people back to work and then the rework programs and the fact they tend to make a bad situation worse, maybe that --. >>guest: no, no, they don't. >>neil: we have not improved the situation with the rescue situations out there. that is the bottom line. >>guest: but the president has taken one of the rescue programs and reworking it, working out the kinks and the problems that existed in the early version of it. will this work? we hope so. it with seem that it would work because you are looking at
people that are actually able to make their mortgage but cannot take advantage of the lower interest rates that no exist. they are probably paying 7 percent or 8 percent. >>neil: but the history is if you are digging a hole you have to put the some develop down, right? >>guest: no, you are not digging a hole. go back to roosevelt, he said if it does not work we will try something else because we have a problem. let's keep trying new programs this is a variation on an existing program. will it work? i think it will help. i talk to the constituents in my county, one of the worst if the area, they still have a job but they are really stressed and this gives them an opportunity to get out from under the stress. or at least reduce the stress. the other thing is the job program and we really need a jobs program. unfortunately, it has been stalled in the nat -- senate and the house of representatives and i think you and the american
people know who is stopping that. >>neil: a couple of democrats in the senate also stopped it. >>guest: there were 51 votes for the program and they could not get the vote toss break the filibuster and by the way, i'm sick and tired of this filibuster thing, if a senator wants to filibuster give them the microphone and start talking. see how long they could last. >>neil: i agree with you on the rules. they are what they are. you should --. >>guest: it is a tough situation. we have a problem not house where the speaker will not let it come up for a vote and he has ultimate control so we do not get a chance to vote unless the speaker changes his mine. >>neil: congressman we will see how it works out. >>guest: always a pleasure. this is a serious problem for my constituents and they want a job and they want to day if their home and this is what we need to do get the american jobs act going and keep working with the programs necessity this will work and the president has hit upon it. >>neil: but you are dealing
with a credit line. >>guest: that is freddie mac and fannie mae who stand to lose the principle. we are talking about the interest difference between 6 percent or 7 percent and 3.5 percent or 4 percent. >>neil: it could be better than the others. hope springs eternal the great to see you. a new push to end obamacare not coming from republicans but from democrats. could that be right? i'm making the most of my money. and seven-dollar trades are just the start. i'm with scottrade. i'm with scottrade. i'm with scottrade. and i'm loving every minute of it. [ rodger riney ] at scottrade, we give you commission-free etfs, no-fee iras and more. come see why more investors are saying... i'm with scottrade. .
>>neil: just call president obama's health care call whatever you want but do not call it obamacare, seriously, and some democrats really don't like that term obamacare. and they trying to stop it from appearing on taxpayer funded mailers, in other words they are no the getting rid of the program, obamacare thing. my guest says the democrats should be less concern about the word and more worried about the law. i think you are jumping to
conclusions. i much prefer calorie challenged to fat. they could be on to something. >>guest: it is surprising and telling they are trying to disassociate themselves from the president's signature piece of legislation. most political partys what to associate themselves with some positive and popular so they are disassociating themselves from the health care law because it is not popular and because they think it is bad policy. >>neil: someone for get to get the message to the big guy. here is what he has said on this subject. >> the affordable care act, health care reform known as obamacare, by the way, let me tell you, i have in problem with folks saying obamacares. i do care. if the other sides want to be the folks who don't care? that's fine with me. >>neil: the other side is members of his own party.
that could be worse. >>guest: right new polls show only 38 percent of people approve of obamacare. so, they rely now that in order to win the next election they need to disassociate from that. >>neil: but, you know, it is what it is. right? you can call it anything. i had a push of not calling it a tax hike by revenue enhancer. you can't ... reinvent the wheel and call it something it isn't. >>guest: of course, but they worried because it is associated with them and they know that people don't like this legislation and that it is bad policy so they are doing their best to try now to disassociate themselves. >>neil: thank you very much. i showed my able here, didn't i would the dessert topping. who needs bullets when you can pay for bailouts proof the global economy is still shocked. europe is caving to the chinese without the chinese ever firing a single shot.
>>neil: the bailout after the bailout, president sarkozy is hoping moneybag china will throw money into a european stability fan and the donald is not in favor of this, the more china citizens itself the more "the donald," worries about this, and the more this guy, ambassador bowl done, -- bolton serving with the united nations. >>guest: there is a concern we can see some evidence, that if china does get involved in this european bailout, it has conditions that are very political.
there is already one interview with "financial times," saying they want europe to stop complaining about china's keptcy manipulation and they could put pressure on europe to end the arms embargo in place. >>neil: when someone gives you a lot of money they don't do it for free. rarely do those in hock to china challenge china. our country is an example. >>guest: the china have something at risk because the argument they have been able to make for their sovereign investments overseas, it is purely economic and what they want more their money is a return on their money. if they change and begin to impose real political conditions as maybe the case in europe, that will have a fundamental effect, i think, on capital markets' view of what they are up to and it could affect all
the other sovereign wealth funds out there, too, remember their basic art is we are simply making economic decisions. if you put political factors interest that decisionmaking it could have a would found impact. >> but they may not have to do that or write anything into the language when you owe someone a lot of money, they own you so you are less inclined to challenge them anyway, right? >>guest: there is a lot of that on the american side today, you are right, but that is because our political and too much of our business leadership is craven and you can change that. the other old cliche --. >>neil: the chinese are in this because of us? is we are on defense when we should be on offense. but, continue. >>guest: well, remember the other cliche you owe the bank $1,000 you are in trouble with the bank, but if you owe $1 million, the bank is trouble with you.
this cuts both ways. the european situation is so desperate, hour, that they could be more success sent ill -- susceptible to imposing political conditions. thatter woulds me. >>neil: i try to do my homework before you come because you are smart there are not that money that are running surpluses and doing well. germany is there. china is there. india is there. but that is about it. so, i am trivializing it, but i am wondering, does this, shouldn't this be used as a reason for us to get our act together all the more because the more we're behind the 8 ball on this stuff, the more trouble we will be in? >>guest: exactly, to be sufficient in the years ahead, if we don't reduce the size our federal expenditures, cut back on regulation and allow capitalism to flourish in the united states again, we will find ourselves in europe's
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>> neil: all right. exactly what caused this? about 340-point runup in the dow today. in case you are keeping track, 11% or so this month on the dow so far. 3% of that coming just today. strong percentage points. advances for the s&p and the nasdaq. we should point out, though, can a lot of this was built on a rescue in europe, whose details still have to be worked out and if you are the greeks, you have to accept. how will it shake