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-- -- -- -- -- now on the NATO summit the G-8 the calls to tax financial transactions were charmed by Pulitzer Prize winning journalists Fox News contributor Judy Miller.
Also cliff may president of the foundation for defense of democracies.
And John -- chief economist for Moody's capital markets thank you all for being here.
But John I'm gonna turn to you first these markets are starting teachers at the very least look a little volatile.
The Dow Jones industrials was lost almost a hundred points from the 52 week a thousand points from the 52 week high.
The political uncertainties in Europe.
That's part of it of course we have political uncertainties in the United States the upcoming elections and let's not forget that.
Emerging market countries for major China appear to be slowing down.
And slowing down significantly in many instances -- the G-8 meeting and NATO in in -- -- What in the world can we expect if anything from these two meetings.
I don't think we can expect a whole lot of progress -- the there's going to be a whole lot of agreement.
On on almost any of the important issues -- on Iran or whether or Afghanistan or whether and how to.
Deal with via though the world economy I think it's good for the leaders to get together it's good for them to talk an intimate setting.
But -- I doubt you're gonna see any real achievements coming out of -- news.
And intimate setting and the wonderful chat and I.
The money this represents.
And if no one's noticed we're very serious straights globally.
In terms of this economy who.
What is -- what are your what are your thoughts.
Well I I think it's wonderful that they're -- having -- -- -- our moment to out in Chicago I think it's great that the Occupy Wall Street folks have moved on mass to Chicago it'll do wonders for their economy but nothing is gonna come out of this summit I fear I think cliff is right.
And John is right we -- in such dire straits and there's an unwillingness to look at -- to face these problems.
This is the kind of thing well I would think would.
Scare the Dickens out of an economist as you look at -- -- described it -- intimate setting and these these leaders.
And France repaid in new president.
Who this is now -- but Afghanistan they're gonna provide how to they have a very different.
Wore -- support -- just no troops audio archive of -- file.
The seriously get a is that resolving the European crisis.
They -- but take as long -- trying to win the war in Afghanistan I hope not I don't think we have that particular luxury.
But we are entering your -- dangerous point.
Markets are losing patience.
It might guess is that you only way we're gonna resolve.
European issues once and for all -- by way of -- shocking and terrifying plunge -- financial markets hold onto your seats.
That doesn't someone's going to make four.
In -- very interest in intimate moment at Camp David amongst the G-8 leaders.
-- it doesn't and some of the proposals that have been.
Talked about are likely to make things worse this idea video.
A Robin Hood tax for -- a misnomer would Robin Hood have wanted the sheriff of Nottingham have greater taxing authority I don't think so.
And what we need -- I think you'll agree Lou and I hope others will agree is a more role is more robust growth.
And they're talking about things that would retard growth don't make the economy works that's bad.
And that's bad for not just -- for the economy it's also bad because of strong security requires a strong economy we need to have both and we don't right now.
And we don't have -- Judy who seem capable of creating.
I a planned a proposal.
A direction of vision to restore prosperity not in this country.
Not in Europe and -- her one more person tell me how sophisticated in bright.
The economists mural land.
You know it's it really is disappointing kind of frightening I hope that there is some tough talk at Camp David before Chicago because there really needs to be and I want the president.
To remind the -- socialist president of France.
That Bob gates when he was leaving office -- as secretary of defense said you know.
NATO pull up your socks come on France Germany you've got the money spend a little on mutual defense they won't do I think that there's a big retailer won't run media use a French word but there's no real.
Willingness to tackle tough problems and share burden and -- pain -- were.