another government in europe will be in -- other governments in europe will be showing their concern over the chaos. protesters say they will suffer under the government's new measures and produces petrol bombs. many buildings were set on fire. the location of the most tragic moments of the day -- in this bank, three employees could not escape in time and died, suffocating in smoke. this terrified woman headed to safety. in parliament, the greek prime minister condemned the three deaths as a murderous acts. -- as are murderers act. he said "we are deeply shocked as to what's uncontrolled violence leads to. -- what uncontrolled violence leads to." many will have to retire later under the terms imposed by the international deal. tonight, it was an unusually quiet city center. the day claimed lives, and still governments and markets across this -- and stilled government and markets across the continent. >> what you are seeing is a brittle illustration of how hard it is for country to sustained deep cuts in public spending. european stock markets have reacted with further sharp declines

. >> announcer: outrage as president obama forks over billions of tax dollars to rescue europe. will bankrupt states now expect washington to throw billions their way? will the bail-out parade ever run out of gas? and a big victory for union, but a huge blow to the economy. the white house with another give-away to big labor, making it easier to unionize, but will the move only make unemployment lines grow even longer? a "cashin' in" expose you can't afford to miss. plus, nothing says memorial day like the beach, barbecues and bankruptcy? as the nation's debt spirals out of control, lawmakers now rushing to spend another $200 billion in programs that aren't paid for before the summer kicks off. as we keep digging a bigger hole, will washington ever get the message? all that and arizona on ice and teed off. the new immigration law spurring up boycott war between states with millions of dollars and thousands of jobs on the line. the battlelines are being drawn and threats are being made and we're keeping score. your money, you life, your show to stay ahead of the game. "cashin' in

the problems within europe more structurally are also fairly extraordinary. so maybe in the short term we're choppy in a range, but longer term i think the end game has to be a lower euro. >> tom: so we've got the problems in the mediterranean area, with the debt downgrade, spain last week and concerns about italy. but we're seeing a tale of two europes, the german economy seems to be growing strong, and how does this play out then with the lower euro? >> well, this is one of the reasons why i think even with bad news, and the euro is going to go lower over the more medium term, if you look at germany, about 45% of their economy is from exports. and it's not just exports to greece and italy. it's to the united states, to asia, to the middle east, to a lot of places in the world where demands improving. so germany's economy is doing quite well, actually. what i fear is that maybe at six or nine months down the road, but at some point germany is going to require higher interest rates. higher interest rates at the e. c. b., european central bank, went down that

there. >> in europe, there's a flat tip system. everyone knows what the tip is going to be, and the companies are now trying to work out the bugs of how we deal with a discretionary tip system we have in this country to use a similar type system. >> the cheesecake factory says it wants to assure its customers that all credit card transactions are handled properly and securely, and that it is cooperating in the investigation to bring the parties responsible to justice. >>> in florida, a stafford county man is facing charges tonight for allegedly assaulting an officer during an incident that followed the lockdown of five schools. it started just after 8:0 this morning. police say they were searching for a man with a gun near stafford high school. police say the suspected gunman, 18-year-old reg-aninald latson attack attacked him. >>> all lane were supposed to be open for traffic today. instead, only one lane is open in each direction. drivers are asked to use other routes during the peak hours. >>> memorial day weekend is always one

>> i think we all should be very concerned about what's happening in europe. the domino effect. they've got a serious problem there in that these nations are all tied into the euro, but they all have different economic structures and deficit structures. and so you have greece, which is essentially an insolvent country, portugal with serious problems, spain which has problems not as serious as greece or portugal, and ireland has very serious problems. when they get into these problems, not only do they bring that nation down but they potentially bring a lot of other countries with them. it certainly affects the value of the euro. that's a problem for the world. if the euro and europe isn't strong and robust, they're a place where we sell a lot of goods, they're a place that's one of the critical economic engines of the world along with, o of course, ourselves and asia, china, india. we can't afford to have a europe that's basically imploding on itself over the issue of sovereign debt because the countries have overextended themselves and they can't figure out a way to get out fro

we're also seeing in europe that government is not immune to the same state that befalls any business or family that recklessly spends more than it earns. you run out of money and you go bankrupt. so our choice is this, make the tough decisions required to put our fiscal house in order or continue to duck them. that's why republicans have proposed several initiatives to cut spending now and make washington do more with less. just as families and small businesses are. we have asked president obama president obama to use his authority under law to force congress to consider spending cuts. we have also imposed an immediate unilateral earmark ban and called for the savings to be used to reduce the deficit, and we have

and europe didn't seem much happier. both saw a wave of selloffs, down 3% in europe and more than 2% in the u.s., over concerns that the rescue plan won't work and the debt crisis may spread to other european states. and the euro hit a one-year low against the dollar. it wasn't the reaction european finance ministers and the international monetary fund had hoped for sunday when they approved a three-year greece rescue package of $145 billion. germany shares $30 billion. germany's chancellor angela merkel approved the move after weeks of delay. >> this reaction to a law does not only mean but will also help the stableation of the euro as a whole and therefore hep the people of germany because a stable european currency is extraordinarily important. >> reporter: nearly $400 billion in the red and less than three weeks from default, the greek government felt it had no choice. but the price is stiff. tax hikes and $40 billion in budget cuts through 2012 that will hit pensions and public salaries hard. >> the international mo

we gave it a lot of moral support and cheerleading. >> host: did it sell anywhere else in europe? >> england in small numbers and the brits said it was the best east european car so far. of the soviet bloc countries was the best of all of the cars compared especially greece and belgium in gave the license to the four-door car which is being both. >> the company no longer exist? >> it has changed its name. there is no more 82 but was produced remember 2008 the 28 year production run -- run which is longer than a ford model t. >> host: why is it called the worst car in history? >> want to know that car that sold a tiny percentage why americans insist calling it the worst car in history that is how they know the darfur are absolutely. in 2000 on card shark they voted it the worst part of the millennium. it is on the cover of a book called crap cars and every top-10 or top five list every rare i want to know why that is. i describe it in the book. >> host: the author is teach rolf. the car is the teetwo and the book is called "the yugo: the rise and fall of the worst car in history" >

deficit in other parts of europe. clearly if the united states is to have less import dominance growth, than there has to be adjustments. as your question suggests, it every place in europe is for different reasons moving away from surplus, that compounds the problem. obviously the question has to be addressed so how you find a pattern, which and ticketimplice question of the rate of change for the countries and the behavior of the surplus countries. one of the the things that i suspect -- if i ask people in this room what happened last year that was economically importt, and you guys would all get some set of answers, and then if we tried to ask the question would people write history queions 30ears from now, what happened last year? my guess is that most of you, unless prompted, would not mention the move from a g7 towards the g20 as one of the most important things that happened last year, but i suspect when historians look back at this time after the precise details of this economic fluctuation have been forgotten

we discussed developments in europe. i reiterate my determination that the european union should be a firm partner with the united states in meeting our shared at challenges, and the determination of the new british government to play a highly active and activist role in the european union from the very beginning. i want to say a few words about whats the about presidents have called a very extraordinary relationship between the united states and britain. united states is the most important ally of the united kingdom. fundamentally, it is a relationship rooted in our strong national interests. the scope of our corporation is unparalleled -- our military, diplomats, -- the scope of our cooperation is unparalleled -- -- islitary, duiplomats unparalleled. we share common priorities to an extraordinary degree. we will continue to pursue these priorities. we can, please say there is an unbreakable alliance. -- we can confidently say there is an unbreakable alliance. thank you. >> [inaudible] >> madam secretary, you spent a lo

benefactors of europe -- victory today. it is an honor to be with you to celebrate that anniversary. i do not have to tell moot of those here today, but often enlighten my colleagues in washington, d.c., that there is something very special about communities in kansas. events serve as a good reminder to all of us at our way of life in kansas is worth preserving. it was here in the homes and churches and schools that white -- dwight eisenhower develop a character that served as commander of our allied forces in europe and led to that victory in world war ii. our country is facing a different enemy -- al-qaeda -- with a similar goal of destroying our way of life. in these challenging times, our country has once again turned to a native of our state to lead the fight. it is my privilege to introduce the secretary of defense, dr. robert gates. he began his distinguished career in public service as an eagle scout in wichita, kansas, where he was going and raised. i listened -- where he was born and raised. i listen to him when h

he sighted in europe on the back water often and really frowned upon the people. he suffered from the same disease. so did a lot of people in this debate. yes, they apprentice. they read the classical text. and there was folk medicine that was handed down. and they uses all of this to practice their medicine. and again let people encourage them and it was very interesting to see how the women of boston had the same medical knowledge. there was, you know, basically common wisdom at the time. you are absolutely right. mather had studied medicine at harvard, as i said had a collection of 3,000 books. there was a long tradition in new england of these physician ministers who would be at the service of their flock not only spiritually, but medically. douglas does attack mather for meddling in this during the whole thing. the simple fact they had a long tradition. he's not out of the mainstream. as far as the medical knowledge, it's highly advanced. he knows as much if not even more than williams and dr. douglas. it made the apprenticeship. >> mr. williams, your particu

jails in europe were just holding tanks. both sexes, charms with everything from picking pockets to killing people were thrown together to get on the best they might bribing the jailer and teaching each other techniques. the idea that it would come out a better human was an inaugural program. in france, the prisons were controlled from the administration. if you changed one, you had to change them all. in america, there were all kinds of different loyal arrangements. that was the idea. to study how it's done in philadelphia and boston and so on. really what they wanted was to study democracy. they both believed deeply, that was it was the future. it's not going to be reversed. and whereas france seemed frighteningly unstable, because everybody remembered the terror that the french revolution collapsed into. the parents misplaced for three days, going to the guillotine, because they felt when they were let out instead of killed, his father was 21, and his hair had gone completely white. then it followed the dictatorship of na

we get up, we see something fwhad europe, we all panic. what i'm telling is you take advantage of the panic, find those stocks that i talked about as part of the rotation, and start doing a little bit of buying. you start buying the cad and the 3 m. this was their first good quarter. i always like to say there's a bull market somewhere. i promise to try to find it right here for you. show me some faith and see me tomorrow. >>> german elections on thursday could decide the fate of greece, spain and the euro. euro land purchasing manager still strong. a special edition of the kudlow report up next. >>> tonight on a special edition of the "kudlow report," the german voters sink a greek bail outand how should investors play the rest of the week. >>> coming up on tonight's special edition of the "kudlow repor report", the kdow dropped 225 points. the s&p dropped 2.4%. and the nasdaq the hardest hit losing 3%. a big selloff across europe. the dow jones euro 50 off, 4%, and stocks in spain stumbled 5.5%. so tonight's big question, is spain the ne

all around europe. and there was huge -- anyone who wanted to come and visit them and all the rest of it. but here i think, you know, it became known certainly in the sort of east coast belt here of the policy wonks if you like, it became known that everyone in government was reading this book. the military began to read the book. so as i said, this was an incident that was literally, you know, 90% of americans have absolutely no idea about afghanistan, they had no idea who the taliban were, and they had very little idea of slamic -- islamic fundamentalism and al qaeda. when the book came out, it was one of the first comprehensive pieces of writing on him, his life, what he stands for, what his links to the taliban were. nobody really knew about it before then. >> did you ever talk to george bush about this? >> no. >> did you ever talk to tony blair about it? >> yes, i did. i appellate -- met mr. blair several times. i spoke to people like rumsfeld, and a.i.d., and the state department. >> i became frus

but one of the problems now is europe is not growing. when the lenders to the program getting worse, they back away, and you get kind of into a debt spiral where your costs go up, and your deficit gets worse. host: what is it that is, between european nations that make it this way? -- common between european nations that make it this way? guest: greece is not quite as productive as the other countries, but they are tied to the same monetary standards. if this would happen in the u.s., capital and labor would be more flexible and could move around and adjust. greece is not as competitive as other countries, and that is a problem. host: angela on the republican line. go ahead. caller: with our unemployment rate roughly at 10%, some say that it is larger, if we were to give amnesty to 15 million, and there are no jobs as it is, what will happen to our deficit? it does not look like jobs are coming back. what would we do with all of these millions of people? would we have to put them on public assistance? i am concerned about our deficit in

we share a mutual interest in restoring confidence in the financial sector in europe and in the euro zone as well as the global economy. we will continue working together to restore economic stability. i look forward to a very strong working relationship with the foreign secretary. it is a great pleasure for me to have this opportunity to begin what will be long, close, intense consultations over the months and years ahead. >> thank you. it is an immense pleasure for me to be here. it has been an extraordinary week in british politics. now we have a new government in a new way in britain. one of the things that has struck the prime minister and i it is the sheer warmth and the welcome that we have had from the united states. the first person to call me when i entered the office was secretary clinton. vice-president joe biden has had an excellent act on the telephone with the new deputy prime minister. one of the reasons i want to come here so quickly and have our meeting is to show that we reciprocate that warmth and we are looking forward to exactly the relationship which the secret

>> a million people, the british people have come into europe. there is a lot of british people staying in europe as well. >> reporter: and that's where things would have ended, had it not been for the microphone gordon brown forgot he was wearing when he got into his official car and departed the scene. >> reporter: mrs. duffy, despite later receiving a personal visit and apology from gordon brown, says she certainly won't vote for his labour party tomorrow. back in finchley and golders green, the local labour party candidate, alison moore, is trying to make sure that area voters don't follow suit. >> you don't know who you're likely to vote for? >> i've lost all respect for gordon brown altogether. >> i think we'll probably have to agree to differ there. thank you very much, mr. pearson. >> reporter: on the doorstep, she promotes herself as a local candidate steeped in local issues. gordon brown? almost an afterthought. >> middle-aged and older voters remember the recessions of the '80s and the '90s, and they certainly don't want to go back to

president in the united kingdom and across europe. i don't think in any way there's some kind of colonial mentality there. however, certainly i think in the british press you will find very strong criticism, and rightly so, of barack obama's stance towards great britain in the past. and i think that there is a feeling among many in the british media and also in the british political class that barack obama's treated britain very badly over the past 16 months. that of course is now changing. i think, in a very positive fashion. but i think that across britain, across europe, across most of the world, there has been broad acceptance of barack obama as the u.s. president and a very positive and favorable response. for example, when obama was campaigning ahead of the presidential election, he went to germany. he gave a big speech in berlin, over 200,000 people turned out to cheer him. so i think that europe has welcomed obama with a great degree of openness. there is of course significant criticism over some of his policies and his percei

without seeing cry birth-- cybercriminal cartel operating, largely in eastern europe but also in other parts of the world where it is not one hacker using his or her skills to engage in cybercrime, but it is scores of people operating together with computer labs. if they are attacking software companies so they are putting in trapdoors and software before the software is even sold. so that when you buy, you buy some software's from some company, and unknown to that company, there is a little line of code that the criminals have inserted that allows them to get into your computer. it is getting very sophisticated out there in the world of cybercrime and the u.s. government prosecutes about 1% of the cybercrime that occurs in the mean amount. that mean cybercrime pays. bearer estimates the cybercrime pays in the billions of dollars a year on a global basis. somebody is getting awfully rich. and those somebodies tend to live in places like russia. oddly enough, when the u.s. government says, we have this computer that was attacked in the united states and we traced it back to who did it a

. >>> the financial crisis in europe has investors worried about a new shakeup to the global economy. investors also reacted to disappointing employment news. the labor department reported the number of people filing weekly jobless claims unexpectedly rose last week by the largest amount in three months. >>> in washington, a new bill that's expected to pass next week could extend unemployment benefits for up to 99 weeks in many states. the bill would also extend almost 50 tax cuts that expired in january. the bill which could cost as much as $200 billion will be funded in part by tax increases on investment firms and some u.s. based multinational companies. the bill would also increase taxes on oil companies by nearly $11 billion over the next decade. >>> in response to yesterday's stock market plunge, treasury secretary timothy geithner and federal reserve chairman ben bernanke will meet with finance officials in both britain and germany next week to discuss ways to restore global confidence in the economy. geithner's trip to europe will come after he and secretary of state hillary c

. >> another issue in the headlines has been the sovereign debt crisis in europe. the deficit and the national debt has been an issue you have been involved with in this country. to what extent should this be a warning sign for the u.s.? are there any lessons you draw from what is happening in europe as to what might happen here the? >> they should be more than a warning sign, but some sort of huge, flashing las vegas-type neon sign that says to stop your doing, america. all stop running up the debt in passing it on to the next generation. if not, you will end up the way that greece has. obviously, greece is a small country. the cannot monetize their debt, but they're still reflecting the exact same template of problems which almost all of the western european countries have, and we do, and so does japan. the problem is simple. we have promised too much to too many, and do not have the capacity to meet all those promises in the future. we're running up debt at a rate that is -- where we cannot afford to pay it back. american dead has traditionally run at about 35%

i read into the treaty that the new government wants constructive engagement in europe. we take that for face value. >> how you see evidence of that constructive relationship? could be down to how much britain is worth -- willing to put in to help the european financial problems? >> we do not need help for the euro. >> do you not? >> is a stable and wonderful monetary unit. it works." angela merkel spoke in much more apocalyptic terms. you cannot deny she said this. i know you want to talk up your country, but angela merkel said that the bureau was in danger. her ambassador to britain does not agree? >> out of this came a reaction. what she said, i do not read out now, but i paraphrase it. what she wants to stay is to protect the real economy, those people in it real services production should be protected from those who are just gambling. they should go to the lottery or the horses and give to charity. we want the real economy to be protected. >> ambassador, how do you want britain to proceed? you already had this promise from a minister darling. do you think there shou

instead, analysts blamed a build-up of weeks of stress and worry over europe's debt crisis. we'll have more on how asia markets are reacting this morning coming your way later in business. >>> well, it has been over a month since the catastrophic oil explosion in the gulf of mexico, and federal officials still can't determine how much oil is gushing into the water. what they do know is it's worse than previously estimated. and for the first time, oil has washed on to the precious marshes of louisiana. nbc's kristen dahlgren is live in clearwater beach, florida, with more on this. it's amazing we still don't have positive estimates about how much oil is really being released daily. >> reporter: yeah. good morning, thomas. and 30 days later, so still no stop to the leaking oil. as you mentioned, it is now washing ashore in louisiana, and now it is that thick, gooey, toxic oil that has made it to the marshlands at the head of the mississippi river, home to some 400 species of birds and fish. that as bp now admits for the first time that the amount of oil flowing into the gulf i

what is going on in europe is really serious. the whole concept of the euro and some of the issues about the you -- the e.u. are being challenged. i'm concerned about chancellor merkel losing that election the other day. we need her in europe right now. we saw the new coalition formed in britain. we're looking at what happens in greece, in portugal, spain, italy. we cannot bail all of the amount. it will affect our currency. we are already involved. it is going to effect our -- affect our trade. we have a massive trading and investment relationship with the e.u., although a large portion of it is with germany, france, and the u.k. finally, i do believe it is going to have an affect on the geopolitics we are all engaged in. europe has a fundamental problem in demographics. we all read an extraordinary social compact can cost a lot of money. we have to be thoughtful. we have to look down the road and ask a question, do we look like greece? do we look like germany? do we look like something else that we want to look like? we had bet

if europ goes into recession, we trade a lot with europe and we have a lot of banking relations. u.s. banks are directly tied to european banks. it's not too hard to think that in the same way that the u.s. problems led to a recession in europe that it could work backwards as well. host: let's take it to capitol hill now. former secretary henry paulson, treasury secretary geithner, and some democratic senators are calling for further regulation on the markets. has led to the volatility? guest: i'm sure that has led to it also pre there's no logical relationship between what is happening in greece right at the moment to the discussion about financial regulation. they are two different things. basically, after a banking crisis, there's often a sovereign debt crisis. in part because country's peso much to get their economies moving. -- countries pay so much to get their economies moving. host: bob davis, how long have you been aware of what is happening in greece? guest: this is what i do for a living, so the past year i suppose. host: should we be surprised by this? guest: yes, i a

we are richer and more prosperous than in europe because we have not made the same mistakes that europe has made. we're now doing that. the bush-obama policy of big government are a down payment on this entitlement tsunami that will sweep over america and the value added tax is a way of letting the politicians know, go hog wild. go ahead and spend to your heart's content. if that happens, it will happen over the dead body of the cato institute. that is my pledge to you. thank you. [applause] if anybody has a question, raise your end. i am told i have to get off the stage but i will be happy to hold corporate and questions? did i depress everybody too much? ? there -- >> what about repaying the money that was lent by the government? david sent out a good blog about it and i thought the advertisements were outrageous. >> the question is about general motors running an ad saying that they pay back the government. that was one of the most despicable dishonest things i have seen in washington. the ceo of general motors in effect lot worse than a politician. they did no such thing. they acces

chris, europe has greece, united states has california. now i was out there and the situation financially is worse than anybody knows, not with just the budget that could be in the hole but the pension plans are going down and there's no democrat to do a deal with. willie brown, who i spoke to, the famous speaker, because of term limits, there's nobody in the legislature for arnold schwarzenegger to deal with. it'll make it a much bigger problem. >> a month ago i mentioned the name of this young woman that is running for governor of south carolina. guess who swooped in? and sarah palin swooped in and dropped her bubble dust and she went from the bottom to the top. sarah palin can change a race like that. >> i'm going to plug the pak. a lot in this you don't know. >> the secret between the president and pentagon practices. joe biden wanted people fired in the pentagon. >> what was the issue? >> the issue was talking out of school and jamming the president and boxing him and manipulating him. when i interviewed him i asked him about it, he s

if europe goes into recession, we trade a lot with europe and we have a lot of banking relations. u.s. banks are directly tied to european banks. it's not too hard to think that in the same way that the u.s. problems led to a recession in europe that it could work backwards as well. host: let's take it to capitol hill now. former secretary henry paulson, treasury secretary geithner, and some democratic senators are calling for further regulation on the markets. has led to the volatility? guest: i'm sure that has led to it also pre there's no logical relationship between what is happening in greece right at the moment to the discussion about financial regulation. they are two different things. basically, after a banking crisis, there's often a sovereign debt crisis. in part because country's peso much to get their economies moving. -- countries pay so much to get their economies moving. host: bob davis, how long have you been aware of what is happening in greece? guest: this is what i do for a living, so the past year i suppose. host: should we be surprised by this? guest: yes, i a

to impose conditions on south europe how -- because of that is for north europe to impose conditions on south europe. >> earlier i spoke to the frans wynans minister. i started by asking what her reaction -- they france finance minister. i started by asking what her reaction was we have a lot happening, and it is a clear change of the guard. >> which you prefer? do you prefer a coalition of liberal democrats or for a cold -- a coalition of labour, liberal democrats, and for others. >> it is for them to sort out what is best for the british people. >> is there not a danger if there is a vacuum while these negotiations are going on of instability? >> the action we took last night and over the weekend following from the euro group head of state summit was clearly intended to avoid instability in the financial market. that brought about a significant rally today, and it is certainly better for the economy to have stability in then to have instability. stability is better. >> hollister indicated the united kingdom's hall exposure is around 8 billion. is that in accordance? >> it is agreed

even in the socialist republics of europe, we are paying for their defense bills. when fdr had the great depression and it went on year after year after year, after it had stopped all over the world, it is because he took l my productive wealth and put it into government programs -- all of our productive wealth and put it into government programs. if you want to take all the productive members of society and all their capital, and all the wealth, and give it to the government who is going to dish it out to people that cannot use it, you are not going to do very well. host: arthur burks calls it the new culture war -- arthur brooks called it the new culture war. you can go to "to the washington post." more from the peace and then more from your calls rewtes "entrepreneurship can only flourish when individuals >> we will go live now to that event with lawrence summers, who heads of the white house national economic council. he will be talking about economic policy at this forum, which is hosted by johns hopkins school of advanced international studies. it is just get

he wanted to be the dominant political power in europe central europe and to be surrounded by quite frankly if he had cut a deal the polish colonel's were precious. he had no call with their form of government he thought colonel back was a mecca billion figure just the kind he would deal with a and i think if the polls which is a heroic country but that was a suicidal course of conduct choosing between hitler and stalin and the poles had defeated lenin and trotsky and you have to choose and the best bet would take hitler's deal and let him have his little baht's the city back and other was prepared to give a slice of other return to say make that deal or go to war. why would they declare war on hitler and why would hitler go west? what exactly did he want in france? he had written off arraigned. you got it. he never grab those. these were territories taken from germany. >> host: august 2008 when pat buchanan published this book "churchill, hitler, and the unnecessary war" booktv went out to mr. buchanan's house and interviewed him for about one hour regarding this book. two watch that go to

what does the evidence show from europe? . snowe what you see when you look at the burden of in com taxes as a share of income in europe? they have gone up, not down. the overall burden as measured by a share of gdp has gone up. if we get a value-added tax and america, i can say with 99.95% confidence that we will see exactly what happened in your. the giant, bloated, federal government that we will have will be matched by at nude disturbingly dangerous tax collection method known as the value-added tax. then we will be in a position where there will be no fundamental fiscal difference between america and europe. what does that mean? there is a reason why today america is about 30% richard and europe when you measure per- capita gdp. there is a reason that america is 40% and you're looking at measures of average individual consumption, which looks at disposable income, which means they have a higher tax burden in europe. we're richer and more prosperous because we are not made the same mistake that europe has made. now we're d

the expulsion crimes against the germans in eastern europe. and i had a specific question. you've praised -- or mr. putin for his declaration. but putin -- although admitting that the russians committed that crime does not apologize to the families of the german soldiers that were executed for having committed that crime. nor has he ever apologized for the rapes and murders that took place during the -- i think alford talks about 3 million rapes across greater germany. >> guest: you're right. putin is a russian nationalists and the crimes and the atrocities and the harms of the red army as it raped its way across eastern and central europe and in hungary especially and in germany were appalling. the germany expellees as the book written by my friend, i think it had later it had a different title. he talked about the 15 million germans who were moved out of east and west prussia, brandonberg, and others. all of these areas and just moved out of the land which is bohemia and they were driven out en masse in sort of a trail of tears of 15 million people in which 2 million did

. >> the fear is a domino effect not only across europe but into the united states. if europe goes down, it's going to affect our economy as well. >> reporter: in fact, it already has. with greece's troubles, the dow has dropped 338 points in just the last week and a half, affecting 401(k)s in this country. a loss of about $3,000 for the average investor in the u.s. it's a big loss in a week and a half. and in a sign of how desperate greece is, it's now turning to those google earth images, we've seen them. they are looking at the wealthy suburbs. and here is what is intriguing. the blum there, that's pools. they are looking for. in one suburb, only 300 pools on the books, but yet there were r. >> they are going to google earth to find the pools too tax the people who are dodging the taxes? >> reporter: they have hired engineers to camouflage to pooms to hide it from the satellite. >> while the rest of us bite our nails about the world economy. thank you, david. >>> and we have some startling news tonight about the worsening oil spill off the gulf coast. today, the g

in a number of countries, in central europe, in dubai. and so on. so there was a bubble that went bust, and, then, the second stage of it was the partial response included a socialization of the private losses and that is why, for example, we have large budget deficits in spain today, the fiscal cost of cleaning up the banks will be huge, the same in ireland and iceland add other parts of europe and we have had the deleveraging of the public sector, and one of my concerns is, while the stimulus on the fiscal side, the financial system, as i said, it was necessary, to prevent a greater recession from becoming a great depression, now, we're at the next stage of the financial crisis. one in which if we don't address the fiscal issues over time, by raising taxes and cutting spending eventually we'll have a fiscal train wreck or if we monetize the fiscal deficit we'll have infl will be also disastrous. >> what were hitler's ambitions in world war ii, author of over 30 books, john lucas takes on his unanswered questions, in his new book, the legacy of the

>>the islamic bank of britain was the first in europe to be fully sharia compliant. >>pasha: our growth rate has been quite phenomenal, from a zero start we have nearly 50 thousand customers in the uk, some of these customers come from all types of backgrounds, in fact our very first customer when we opened the bank was a non muslim customer. >>reporter: it's those high growth rates that present serious opportunities, especially for countries in central asia like kazakhstan well positioned to provide a home for the oil wealth of the gulf. >>massimov: first bank in kazakhstan called el halal bank and we introduced a new law about islamicfinance and we're going to expand it and we start up negotiations with a number of countries from the region from saudi arabia, from bahrain and from some others to attract more investment over here.i personally view islamic finance is a good source for the development not only for kazakhstan but for the whole region at the same time. >>reporter: malaysia was one of the first countries to develop a modern-day islamic banking system,whi

. >> rose: >> did you have any help with the success in europe? >> well, we did, i think one of the things that gave us a bit of a push in the beginning were all the bloggers who had heard about it and were telling each other about it and were waiting for the book in some way. >> rose: do bloggers today play a real role in the marketing and... t appreciation of books? >> i think they do. i think they talk to each other digitally. >> rose: now here's the book. 750,000... >> about, yes. >> rose: publication date is... the 25th. >> rose: 25th of may. >> yup. >> rose: and there will be a second printing and a third printing you hope? >> i hope so, the first couple of books went through sort of 15 16 printings and i hope we're going to go through a great many more. >> rose: what has the movie done to the book? >> well, the movie came much later, so we had already sold a lot of books. >> rose: but did it create a whole other wave of... >> yeah, it did. and you can see that it has... since it's been distributed all over europe, the swedish film version h

deficit in other parts of europe. clear if the united states is to have less import dominance growth, than there has to be adjustments. as your question suggests, it every place in europe is for different reasons ming away from surplus, that compounds the problem. obviously the question has to be addressed so how you find a pattern, which and ticketimplice question of the rate of change for the countries and the behavior of the surplus countries. one of the the things that i suspect -- if i ask peop in this room wh happened last year that was economically important, and you guys would all get some set of answers, and then if we tried to ask the question would people write history questions 30 years from now, what happened last year? my guess is that most of you, unless prompted, would not mention the move from a g7 towards the g20 as one of the most importa things that happened last year, but i suspect when historians look back at this time after the precise details of this economic fluctuation have been forgotten, th

speaker, the robustness of this budget forms a solid buffer against the problems of europe. our fiscal tradition remains strong, the strongest in the world regan we have more robust growth, and -- in the world. we have more robust growth. our economy is expected to rebound with forecasts gdp growth of 3 and 1/4 percent in 2011 and 4% in 2011 through 2012. the unemployment is expected to fall further from 5.3% to 4.75% in 2012 appearance -- 2012. the australian economy is an important stage. business profits are recovering. the private sector is reemerging as a driver of growth, and we are taking steps to maximize our opportunities for the future. >> my question is for the prime minister, and i will refer to the repeated statements that climate change is the greatest challenge of our time. order. >> the member from wakefield. the leader of the opposition has the floor. >> i refer the prime minister to his statement that climate change is the greatest moral challenge of our time. does he still believed that? further, does the prime minister still believe fed the preferred acti

what if he was on their traffic control system for the airlines and we were grounded for days, the way europe was last month because of the volcano. what if all that happened at the same time? and what if in addition to attacking those civilian infrastructures, the military organization that was attacking also attacked the other military. so, they turn up the communication system for the other military. or have they turned off the air defense of the other military. to make this clear, let me give you one example of how this could work. cyber"cyber war" the book opens up at the scene in syria in 2007. syrian air defense operators are sitting there at night, almost midnight. looking at their radar screens, there's not much up in the air at that time of night. nothing going on, all is well. at the exact same momentthat they thought the sky was empty, the sky was filled with israeli f-15 and f-16 had it flown to turkey and then did a right hook and came down into syria to pull up a secret nuclear facility in the corner of syria up near the turkish border. they bombed it, destroyed it and escaped

markets are falling again today on fears europe's attempt to solve greece's debt crisis will fail, spreading to spain and portugal. angry greek workers went on strike today, to protest the steep spending cuts and higher taxes that will come with the $145 billion bailout package there. >>> markets were closed in japan for a holiday again today. but hong kong's hang seng is down sharply. and in london, the ftse opened lower. on wall street, the dow suffered its worst drop in three months, tumbling 225 points yesterday. the nasdaq plummeted almost 75 points. >>> most signs point to our economy improveling. but there are still millions of americans out of work. and it is likely to stay that way for a while. a new survey finds eight in ten people who lost their jobs during the recession, are still unemployed. 70% have now been looking for work for more than seven months. and some have just given up. >> older people have opted out of the labor force, much more than younger people. so, there are 17% of those who are over 50, who have stopped looking for a job. and most of them, because they were di

>> another issue in the headlines was the sovereign debt crisis in europe. the deficit and the national debt is an issue you have been involved with in this country. to what extent should this be a warning for the united states? are there any lessons to draw from what is happening in europe to what might happen here? >> this should be more than a warning sign. this should be a huge flashing loss vegas-type neon sign that says, "stop when you are doing, america." -- in a huge las vegas-type neon sign. we will end up like greece if we did not stop. greece is a small country. they cannot monetize their debt. they still reflected the exact same a template of problems which almost all of the western european countries have a, which we have, and which japan has. the problem is simple. we promised to much to too many and we do not have the capacity to meet them. they're basically running up debt and a rate that is essentially an affordable. to try and quantify that, american that is traditionally about 35% of gdp. we are going to pass the 60% of g.d.p. level this y

fate of germany in europe. greek parliament is set to vote on those austerey measures very controversial. that vote set to go ahead tomorrow. dawna friesen, nbc news, london. >> that's "news4 at 4:00." "news4 at 5:00" starts right now. >>> tonight at 5:00 we are getting a new look at the young man who went from a lacrosse star at the university of virginia to a murder suspect. tonight we are seeing a police mug shot from another incident he was involved in in virginia. and good afternoon. i'm wendy rieger. >> i'm jim handly. it is our top story. a candlelight vigil set tonight for yeardley love. she was murdered in her apartment at the university of virginia. a former boyfriend, george huguely, of chevy chase is charged in her death. news4's aaron gilchrist joins us live from charlottesville, virginia, with the latest on this

we already see $5 and $10 gas prices per liter in places like europe. >> sure. >> so if oil was priced in sterlings, the last five years, i think steve's dollar argument is right. it's a dollar issue. if it was priced in sterling, we'd be seeing $40 a barrel over the last five years or so on average. and the b.p. oil rig wasn't an issue, it wasn't a factor in the supply side of the equation. there wasn't even part of the market. the markets say they weren't factoring the b.p. oil discovery. >> david: neil, the fact is the price of gas sometimes go in opposite directions of the price of oil. if you have a lot of extra taxes, you should see gasoline go back up. >> you could. but people worry about the price of oil and if you look, president obama has done things republicans should like. for nuclear pow ore and that will reduce demand for other form of fuel and go ahead with offshore drilling. >> david: do you think he will oil drilling? >> it takes years to happen and it makes environmental angry but it tempers the far right allot. it's a good position for him to take and he probably wil