and europe. you know, important similarities is that this is a crisis of confidence and a crisis that has led to huge increase in uncertainty with potentially very negative impacts if not contained. both here in the u.s. and in europe, what is needed therefore is an overwhelming powerful response to reduce concerns to reduce the uncertainty, to reassure investors that the situation is being contained. in europe, it's more difficult to put this decisive response in place because of constitutional constraints. there are 17 members of the eurozone, and they all need to reach agreement on steps to establish and develop these crisis resolution mechanisms that has taken time, and politics a always complicated, but now we're talking politics with multiplicity of countries. there's also a difference in the role of the of the ucb from the role of the fed joining in the arch financial crisis and the u.s. treasury and the fed were able to work very closely together and quickly to develop effective tools to

as the launchers will be located in eastern europe. is seen as one of the countermeasures to the nato plans the launchers are mobile which makes it very difficult to. prevent the missiles from launching. thank you very much it's. well first of all about these. people. new arms race between maybe started between the east and west irritated by the u.s. anti missile defense plans russia has promised a cheap and efficient response well first of all all of these there's really as cheap as they seem and. what do they call the real reset the end of reset at least who ever sink is comparable and is kind of their missiles are definitely not cheap but they are much cheaper than the anti missile systems we short to be deployed in europe by the united states and by probably by by nato the russian military budget is smaller the budget is smaller but it is increasing by the way but in any case what muses me much in these comments is that people immediately storage to discuss what russia is planing to do not to do while the american plans or for depl

and europe. important similarities is that this is a crisis of confidence and a crisis that has led to huge increase in uncertainty with potentially very negative impact, if not contained. both here in the u.s. and in europe, what is needed, therefore, is an overwhelming, powerful response to reduce concerns, to reduce the uncertainty, to reassure investors that the situation is being contained. in europe, it's been more difficult to put this decisive response in place, because of institutional constraints. there are 17 members of the eurozone and they all need to reach agreement on steps to establish and develop these crisis resolution mechanisms. that has taken time. politics is always complicated but we're talking about the politics in a multiplicity of countries. there's also a difference in the role of the european central bank, the ecb, from the role of the fed. during the arc financial crisis, the u.s. treasury and fed were able to work together closely and very quickly to develop effectiv

europe -- the u.s. has enough problems, enough trouble dealing with its own problem you about at least one treasury secretary and one federal reserve. in europe, what, 17 countries in the your ozone, they all get their say in this as the european commission, as the european central bank there is a gazillion actors fighting for their own interest, it is surprising they agree on anything. at 4 in the morning i was going say we have to get an agreement out that is why they end up with these agreements which look great at first sight or look okay and the more you look, there's actually a mirage and no detail underneath it. >> are all these banks going to buy this deal, bondholders going to take this haircut. >> they are making positive noises so the banks were at the table. but so here again w get to the problem with the details. e governments are still trying to characterize this as a voluntary write down of the bonds they hold which basically implies that the banks are going to say well, is it volume taef

and europe were organizing the transition to chinese. professor period to learn from paris west university thank you be on the program tonight and give us your views on it thank you now coming up later in the program you're an r t tonight we report on russia's wealthiest most wanted woman and why interpol could be arsed to track down the wife of the scraped ex mayor of moscow. next that. georgia works hard to maintain a positive image of a country that welcomes free speech and open minds but that's not the experience of local media there many of whom think the hand on the shoulder saying the wrong things tom barton reports. recently those who make the news in georgia have been becoming the news john doe none a touch willie or the founder of an opposition t.v. station applied for french political asylum just days before nicolas sarkozy arrived on a visit but he was disappointed. i contacted the french embassy and i was sure my problem would be resolved quickly but i was mistaken they didn't make an appointment and i had no news from them

but inside of a united europe with all countries of the continent including and not excluded as one of the people. feeling the pulse of the russian foreign projects do you feel today that this tension with you is really pushing ukraine. closer to russia for example for example to the customs union leaders and well at least at least they know that the korean leadership has restarted the restart of the consideration of different options and i do not believe that this is just the can sequence of the sequence of the pressure which is now being said on ukraine from the opinion from the side of the rebellion you know this is a very sober. financial calculation and of the figures are there and the figures point out a very clear perspective there in case ukraine stayed outside of the customs union in case you're greenspace out of the common economics piece of the because the union of the region the union ukraine will lose much more much more in comparison with what it gains out of the common economic space in their opinion mr putin the russian prime minister announced his plans to create wh

and in europe and in the u.s. they have difficulties you have this debate in the summer between the republic republican and democrat and today we don't have a clear roadmap from the u.s. how to solve it and balance and poor billy. just to. try to focus more on the european issues. yes ok. yes they open issues should in fact find a way also to address the american issues thank you thank you very much for being with us and that said for now from all of us here just a reminder that my guest in the studio was. farther along managing director of the european is issued our financial regulation spotlight will be back with more on the carbon thought of what's going on in and out of russia until then. and taken thanks to the to. her. he's available in. the how and closer to the church in the twenty hotels hotel which you know his the groom who took the show would have turned some will be hotel kuvasz photo photo saloon hotel evergreens those are totally the victoria hotel. photo springs resort and spa tied to a hotel while

europe, highly varied. also was in europe a couple weeks ago and i had the fortune of spending time with clients, someplace whom were german, some of whom were italian, some of whom were french, some of whom were spanish, and very different how they see the world. what was true across entire grurng tremendous uncertainty about what is going to exphap how it will affect our businesses. >> tom: what do you think the contributors to the risk in the united states and groblly? >> you step back and say what is driving at the core, a lot of the challenges. what is at the core of driving down g.n.p., and how that's evolving. the asset values are shrinking under pressure. unemployment is a true-- it affects our clients in such a difficult way, very, very important. and those two things are really driving a tremendous amount of pressure in terms of what is going on around the world. and for our clients, as they think about their prospectes, tom, and this is how it affects aon, how we're going to support them, as they

europe is a fantastic construction. it's a historical construction and you have to put that in perspective is what will happen in twenty five years when china will be there. india will be there there's no other choice for a european nations to colonize to have the critical mass and be an actor of the global world and that is the objective that we have for our quest for our children to model and to go in this direction we have to learn this process and it's difficult because even in a family you have some kids are doing the right thing and kids are in the wrong thing but you cannot just get rid of your kids. most of the measures discussed today in europe for for how to tackle the financial problems are examples of in their own liberalism well the russian finance minister mr couldn't was awarded the prize of a best finance minister in europe maybe because he wasn't a liberal when he was one of you and he lost his job a couple of weeks ago do you think the russians made the right decision to to sack and their liberal. it's

takes on europe's choice of whether it's time to save or sacrifice the struggling currency union. and. the low end welcome to cross talk i'm peter lavelle when is a deal really a deal your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis and the devil it would appear is to be found in the details. to cross-talk the eurozone crisis i'm joined by marshall are back in denver he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee we have jeffrey summers he is an associate professor at the university of wisconsin milwaukee and in london we have pending myer he is a senior visiting fellow at the london school of economics all right gentlemen this is cross talk that means you can jump in anytime you want i very much encourage it but first tell us how we got to this point on a wing and a prayer. a date with destiny to sort out that year's debt imbroglio was set three weeks ago by nicolas sarkozy and angle americal then it was delayed by

in europe it's clear that we created a fantastic tool which is the euro. and. the the logic would have been to create the conditions too of a. single currency before the single currency the conditions are how to manage collectively our economies how to manage our budget how to manage the logic of our fashion fiscal construction and how to manage the gaps the competition gaps between countries it's clear that with this management in the last ten years the gap increased between germany france and greece well you're talking about living in a historic time of increasing responsibility both the governments of different countries are democracies at least there were always they've supposed to to be responsible because they are elected but if we look at the occupy wall street movement in the united states the problem that people are facing now is that they understand that actually the decisions that matter are made by financial bodies the decisions are made not in the white house but are wall street and they are irresponsible so people want responsibility for fina

a targets under these austerity regimes in which there is not sufficient capital to launch europe not to mention the periphery of europe on a trajectory of growth i mean i just think this is all very very dubious things most likely you want for the break here i mean on top of this what jeff was saying here is that and then paying off even more debt in a time of austerity i mean where is the just where is the growth to pay for these future debts again it doesn't make any sense here we're very it's a very it's a very simple truth without generating growth this estate ability argument is not on board the thing is the proponents of start to say you cannot spend your way out of a debt crisis well one thing is you can't cut your way out of the crisis either you will have to generate growth and growth these investment spending is not just consumption and just putting money down the drain it's about investing in the right industries in the right services and making greece grow again that's the only way to really resolve the issue in the long term are gentlemen to go to a short break and i'll

washington is speeding up its plans for its eighty missile defense system in europe despite all these alarming questions coming out of russia screen forms romania and turkey have agreed to host elements of the system all military tori's in his plan that the shield will be finished by twenty eight teen officially it's supposed to protect washington's allies in europe from potential threats coming out of rogue states such as iran and north korea but moscow has been sounding the alarm saying that the system could be a potential threat to its national security because it's planned that it will be able to intercept a long range ballistic missiles iran doesn't have them north korea doesn't have them but there's plenty of them in russia moscow has been proposing that this project should be a unified shield which would include russia and the united states where all would share the responsibility for the cd of each other but washington and some nato officials have been saying that this is not possible since russia is not part of the alliance moscow then starting asking for legal guarantees fro

can europe save itself? the latest rescue plan reveal this had weekend. will investors take a haircut? what it means to our economy and your portfolio. >>> could there be some pleasant surprises in store for the u.s. economy? one of america's top bankers says there are signs of life that they're watching. >>> and my conversation with golf great annika sorenstam. how she's teaching winning ways to a new generation of female athletes. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now, maria bartiromo. >> a crucial european summit this weekend, the goal? to chart a comprehensive course out of the sovereign debt crisis, stabilize the banks and calm international markets. the summit led by german chancellor angela merkel and french president nicolas sarkozy taking place on sunday in belgium. the markets had a choppy week moving in concert with worries about europe, down 250 points on monday, up 180 points on tuesday, then bouncing around later on in the week. the mar

call leave after leaders sign off on another massive rescue deal or europe's now turning to asia for a cash kickstart for the bailout fund having to ask for help to save the euro. the bolshoi is back it's a day millions of theatre lovers have been waiting for as moscow's lamarck theater avails its first performance in six years after a massive from furbish. coming up next for you is our debate show cross talk with peter lavelle to stay with us right here in our city. liz. can start. to. flow in welcome to cross talk i'm peter lavelle when is a deal really a deal if your leaders say they have a plan to cope with greece's sovereign debt problems and to build a firewall against italy's looming crisis and the devil it would appear is to be found in the details. you can see the slim. to cross talk of the eurozone crisis i'm joined by marshall are back and enter he is a global portfolio strategist at madison street partners and a fellow at the economist for peace and security in milwaukee we have jeffrey summers he is an associate professor at the university of wisconsin milwaukee and in l

they would like to be recognized by europe as a market economy. they might like a bigger voice in the imf, they might like a bit of political lines. stop criticizing the human rights, economic policies. the can't ask for a blatant trade-off, but i can't imagine something not in return. i don't think they can be too crass about it although they can be very crass at times in their public demands, but europe is also important to china, the biggest trading partner along with japan and the united states. >> they have a vested interested -- >> there is absolute interest in keeping your afloat. -- europe afloat. the most important thing for the chinese leadership is a stable international environment, europe is integral to that. i don't think there'll be a knock down political brawl about this. >> are they sitting there rubbing their hands in the position that they are and, enjoying the fact that they have this amount of clout? >> i mispronounce the word, chadenfraude, china is getting back to the historic status that it thinks the reserves. -- deserves.

teams in europe for the final showdown of the world series. but the venezuelan academy training baseball stars can barely stay in the game. welcome to viewers on pbs in america and around the globe. talks are under way that could see gaddafi's son surrendering for trial. it is not clear where negotiations are taking place because it is not clear where the leaders the sun is actually is. he called for clouds -- crowds to murder rebels during early stages of the revolution. >> this was the last public fighting shortly after the fall of tripoli in late august. he had been reported captured and suddenly turned up to be supporters that spoke to journalists. he disappeared just as quickly and went on the run. the chief prosecutor of the international criminal courts says they have been informal conversations regarding his possible surrender. there are unconfirmed reports that mercenary's might be trying to find refuge. they will obviously want to stop that from happening. rumors have been circulating that he is in southern libya. an arrest here with

of course ukraine is important for europe it is important for the for the west. and we should go also is important who do you think is more important for western diplomacy for western politicians that may be deciding the fate of the former prime minister today whose most important ukraine. mr mishra i think by this before the stroke tymoshenko has never been a hero for europe. she was not considered as a symbol of ukrainian democracy europe has been constantly suspicious about because business track record about her connections with her ashes official some big business or personal connection as large a person which had been established and generally two thousand and nine when this contract had been signed and so on and so on when you say personal relations and let me put it you mean business the business deal the way they made business together is one of those deal and mutual something hardly to be had from european of year but do you believe there is mutual so there was it is merely observed. in many times and now we see and hear. openly supports the wrote in wa

europe asia and africa but is this really a sign of something big could it just fade away. well it you can always fade away but i think the people doing this have to really think what's behind it you know occupy wall street that's a that's a nice slogan but what are you going to do and when you have your people inside the banks they don't know how to run a banking system most of them they're firemen they're working people secretaries students and so forth but the point is. what is the problem that these banks have caused and what is the solution to that problem the the previous bush administration said we don't nationalize in america that's a socialist solution that's rubbish to nationalize as the swedes did in other countries have done is this is the only true capitalist solution to the failure of dysfunction of captains institutions they have to suffer the consequences just funny you a little are applauding the motives behind this movement is there not a danger that it could be hijacked by on a case oh i don't think i think that if it were hijacked by atticus i would susp

this is where the situation's expected to spread to europe but massive protests planned all across the country including here in new york the occupiers plan on staying here in zuccotti park they plan on up the merging in times square in the evening which should be very interesting to watch on a lot of these present in times square bomb or potential for clashes because we have to keep in mind most of the arrests most of the confrontations with the police have been when protesters leave this area and walk down the streets that gives the police here a lot more of an excuse so to speak to. put people in corners and try to stop the movement that way but for now while the folks here are determined to say we've seen terrible weather rino holes they have not been deterred by that so be very interesting to see how this plays out and whether you can play out peacefully or whether we'll see further crackdowns like we've seen for example in denver yesterday in seattle and across the country. as the occupy wall street movement prepares to go global we are closely watching the race taking place in e

first time this are used to scattering multi-billion your equipments with a galileo system which is europe's oncet america's g.p.s. . right now with america planning to point to its rogue state defenses rafid russia's direction while schools have little choice but to beef up its own protection spotlight now also this is driving a transatlantic way. we'll . bring you the latest in science and technology from around the world. we've got the future of coverage. in. hello again the welcome to spotlight the interview show on heart say prime oliver in our brand name my guest is constantine plus i trust moscow is third think it's more true along the european border that has deployed. their missiles outside st petersburg that's would see it as russia's move to neutralize the european anti-missile defense system which is being created by nato and watched doesn't mean the standoff between nato and moscow will not turn into food for cooperation test chairman of the state duma for the first committee and now the russian delegation to the parliamentary assembly of the council of europe something to that

making its own efforts to every store of the strategic balance of forces in europe and now there are also reports in the russian media from a source. named source coming from the kremlin which says that russia will think of a cheap but affective way as to answer as an answer to washington's miss out anti missile defense plans in europe we can't really we don't really know yet the details of which way this could be but we do know that this could possibly harm the previous major arms deals signs between moscow and washington for example like then the new strategic arms reduction treaty which is supposed to reduce the nuclear arsenals off both countries by over one third but according to the conditions of the treaty moscow can pull out if it if it feels threatened by these anti missile defense plans. from washington so we'll see how this. situation develops but it is definitely a fact that washington is not planning to crack down on its missile defense boards and your thanks very much for bringing us this update you were reporting there from moscow. now the european central bank says it

just because they love europe if the chinese helped it would be. good for their own advantage. georgia works hard to maintain a positive image of a country that welcomes free speech and open minds but that's not the experience of local media there many of whom feel a hand on the shoulder for saying the wrong things tom barton reports. recently those who make the news in georgia have been becoming the news john doe none a touch willie or the founder of an opposition t.v. station applied for french political asylum just days before nicolas sarkozy arrived on a visit but he was disappointed. i contacted the french embassy and i was sure my problem would be resolved quickly but i was mistaken they didn't make an appointment and i had no news from them if they don't contact me in the near future i'm determined to go to other embassies. tria letty t.v. is a small station in the north of georgia john doe and his staff say it's mikhail saakashvili as government that's pushed him to apply for asylum he says they're putting pressure on him because of his cha

europe. is a new sort of thirty percent of the global global g.d.p. we're continuing recession he says you can't believe the leaders until you go up once in a session i've got other time in the united states to do things double dip and china struggle not slowdown all right so you're saying that a pretty bold statement that it's actually european leaders are engineering a recession at a time when as you mentioned the u.s. is teetering on one this could really get uglier here that it even has then i want to continue this conversation we're just going to go to break for a couple of them as if i could ask you to hold tight because i do want to get to what a u.s. role could be at all of this i also want to ask you a couple more questions because you are sitting in greece you have eyes and ears there that we do not so we will be right back with you on a fairfax author and professor of economics at the university of athens. all right here's a little fun break for you time now for the word of the day

that russia is more dependent on europe than europe is dependent on russia except that the one forgoes money if it doesn't make the sale the other way for goes heat and in the winter time you'd rather have heat than money so the important thing though is that they have to work together. you know no no commercial. transaction takes place and less it's beneficial for both the buyer in the seller and that's the key well i guess most of the people especially the publications the businessmen in the unit they understand that what you say is that is that in case of mutual. i didn't see you read dependency is just how off of the problem your part is the better than think says they are that powerful that this they brought you know there's a there's a joke in the united states that if you if you owe the bank thousand dollars you can't page your problem if you owe the bank a million dollars and you can't pay is the bank's problem right so but why then europe isn't so happy about it's about the sound project why isn't your bread the ready to to to throw its weight have become the big one of the us

just when europe supplies a russian gas started to warm up a chill set in with e.u. regulators rating gas problems in european offices moscow says it could be forced to review its energy cooperation with the e.u. which could prove a major setback in europe getting the fuel it needs artie's daniel bushell has more from brussels. this even still to be one reason behind the e.u. really goes promotion says at the beginning of october european energy giants electricity de france and b a s if a set to join russia sell stream pipeline to europe and said to be the small road for the bucco an e.u. bikes rival the success of a golf ball to a strong blast monson the commission of law for example it's a pet project but why would the e.u. want these raids to spook russia a reliable supplier to renegotiate any contracts brussels must prove irregularities in its deals with gazprom to european subsidiaries and that seems unlikely nobody really believes that that the e.u. has a strong case for proving their point we see this more as a measure to increase pressure on gazprom in russia

around the world in europe. not be happy where i don't think they're pretty we'll be a political power most probably be a economic power because india. china so there is no very good corporate with. their hand in. china and russia can put this for a teacher interest in political interest there would not let. thinking pull from. this is very important for both countries. the connection between china and russia goes deeper than just economic deals and r.t. here's later this hour from a veteran observer who explains the country's long held cultural ties. the trial of russian businessman and suspected arms dealer victim come under way in new york this week he's accused of trafficking weapons to terrorists and was arrested in thailand three years ago before being extradited to the u.s. in two thousand and ten if found guilty booge could face life behind bars this year journalist daniel estulin believes that america's determination means boot has little chance of a fair trial even though the evidence against him is th

and can manufacture them in europe. a lot of companies like india, china, brazil access what they call country virtuals, if you want to market the device in the company you have to manufacture it in the same place where it was approved by a regulatory. and you can't get it through the f.d.a., means you have to manufacture your device also in europe. >> paul: that seems to turn the world upside down and i seem to recall when europe was behind the united states. they were the overregulating and they tended to overregulate and what happened that has now made the united states slower than europe? >> well, europe had a more flexible approach of the approval of medical devices as compared to drugs where they have more stringent medical devices and i think what's changed in recent years, is that the f.d.a. significantly increased the bar in terms of the markets here in the u.s., and the management of the process just isn't very good right now in terms of the food and drug administration and you have them holding up products, n

so a great day on wall street on news of europe we're up likes.han 48 also on news on europe. >> stocks fell 207debt and bank solution is nowhere in sight. >> jon: yeah that was a bad day. i remember that day over for me. i w on the street for sp dog cu tender. (laughter) the fish [bleep] salt s that do? (laughter) so that was the opp street's friday, which was also based on news of europe. >> the market right now france and germany have agreed bailout fund. the dow ended up 180 points.: whoo-hoo. we partied so hard that night. i was doing coke with ach betteran the previous tuesday's news europe. >> there's a little bit of worry about whether slovakia. > up bailout money. >> down 47 >> jon: i still partied that night too, just crack with a former mod fortunately he accepted money. (laughter) but even that was a better night than wall that news from europe. >> the dearly 250 points germanvernor played down that a solution to europe's debt crisis was imminent. >> jon: the end times are upon us! i hearbyse in my no no, don't. >> jon: let m ther back off the for to you do t bailout deal ni

. >> what about in europe? what can you tell us about the economic outlook there giving all of the debt crisis that the region is going through? >> well, i think it's very unfortunate what happens in europe because the discussion in europe is continuing too long and it's creating a lot of... destroying a lot of confidence, and we actually do see that it has a physical impact. europe is the only regional place where we do see demand all across the board, and we saw slow august and july, which is kind of normal in europe, given the vacation time, but then nothing came back in september. and the unfortunate thing is these things are all involvable. the europeans think it's involvable and obviously the stalemate doesn't help in creating the confidence. >> talk about alcoa stock. it's been down quite a bit so far this year, 35% and down in after-hours trading today. what can you tell investors? are you considering anything like a stock buy-back or a dividend increase? >> well, the thing i can tell you, i can't proje

throughout europe rather stereotype programs throughout europe you talked about china a little earlier of course it has been talk of attracting funds from china and other emerging economies to to help grapple with this european recession do you really think though that help could come to europe from asia what are china will not help europe will free because there are no free lunches international economics . china. is already helping greece by hanging some properties so it's helping you know well but it's also taking over are some aspects. of the greek economy so if things are i would think that this kind of help it's also help that could be very very expensive for europe as an all in the long term which will ensure the chinese find in short that germany in the not so distant future just very briefly and finally your professor of political science what are the political ramifications of all of this we're seeing those protests in greece we've seen protests in other european cities and of course these strikes which will obviously be even more damaging to economies what are the political

following on from europe's financial turmoil is intensifying calls in the u.k. to leave the struggling bloc next that r.t. discusses the prospects of that happening in the future of the euro zone with the british conservative party douglas carswell. i'm in manchester with douglas cards well he's a conservative member of parliament he said the political system in this country is broken and in urgent need of reforms he's also renowned euro skeptic douglas carswell science to talking to us we use this catch all term you're a skeptic what does that mean old style euroscepticism in this country used to be about trying to take this country back it used to be an inherently conservative movement that was about trying to take us back to a sort of one nine hundred fifty status quo i don't have much truck with that at all i mean you're a skeptic because i want change and i want to really change the way this country is run i think fundamentally europe is in a mess that she is today because she's trying to do too much by conscious deliberate design or currency is a mess beca

a lot you can buy you can buy stock in europe for a fraction of what a word used to be and that. is there even before the market economic situation is so bad i think when we're talking about investment i'll fly i think this will be indication that something is really wrong in iraq. in the quantum right now or in russia i would say that political risk and of course corruption and it's creation are issues that in a subset of most what about thank you thank you very much and just to remind that my guest on the show today was soon again rector called the new economic school spotlights what life would be back with more friends friends common song was going on in and outside russia until then it's the young art see him taking.

own much of this toxic debt from continental europe and so one of the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything a seat telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union when you're looking at this bailout we're having to pump billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use them to shore up the capital and increase the one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union that money could also be repatriated back to preserve the economy of the united kingdom won't we're going through the bad times david cameron doesn't want to let the public know that we are contributing to these bailouts through of the spoke of the means such as the i.m.f.

look quite as bad in the united states as it does in europe at the moment. perhaps because the scary isn't quite as heavy auto sales this month that actually increased and warren buffett said over the weekend that he thought that the economy was humming along side of the constructions that i mean a lot i think in the longer term well i mean what is clear is that job generation where's the job generation i mean it's very interesting to look at these numbers and stats but people are out of work and that's something that is not happening generating jobs dean if i can go to you i mean you can look at two consecutive quarters of negative growth fine that's a double dip recession ok but we're not getting any job generation so where do you see this going and are we going into a double dip and how deep will it be no no we are going to double down and i think it's really been unfortunate there's been so much focus in the media on that because the basic story hears at least in the united states we're looking at a prolonged period of very very weak growth i mean the ba