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europeans, germans and brussels who want to see strenuous action from the government in order to backstop the government with potentially buying of its bonds. herein lies the problem. this is a country that has tried austerity. it's not like greece that's been dragging its feet. lehoy has enacted over 60 billion euros' worth of reforms, over 2 1/2 years to 2014. and the problem is, those reforms are making things worse. it's that whole contradiction is austerity driving growth out of the country, or actually is it creating conditions for investors to get more confidence? and then you get the protests from the people on the street. i'm actually standing on the exact point just outside where parliament is barricaded. you can see behind me just right at that point where over the last two nights, we've seen police charges, plastic bullets being fired as well, protesters getting violent because they're getting very frustrated about the really tough economic conditions which they don't see anything getting better. but i do want to leave this here on a very positive note. and there is one positi

in both cities. more cuts in government spending and higher taxes as they try to balance their budgets. michelle caruso-cabrera joins us this morning. ft calls this a step toward a full blown constitutional crisis in spain. why now? >> absolutely. when it comes to spain, why now? there's going to be a new budget announced tomorrow. that's expected to have new austerity measures that many spanish citizens won't like. in greece, any day now we'll hear what new cuts they will be making there. this was scene in greece a little more than an hour ago as thousands of striking union members descended on the main square in athens in front of the parliament. once again, tear gas used to disperse the crowds. police beating some of the protesters who refused to move. at one point it looked like the national guard might go up in flames. things have calmed down. on to madrid last night, where thousands there surrounded the parliament there as well, chanted phrases like "let us in," "we want to evict you." police did use rubber bullets and we watch live as they beat some protesters. as you mentioned

of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ ♪ [ male announcer ] introducing a stunning work of technology. introducing the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>> we missed him for the past couple days but he is back to close out the week in style, jim with his mad dash watching sysco and some people saying nice things. >> two firms saying nice things as i listen to tom and think about the google maps. morgan stanley and goldman both say, listen. it is going to be good. when you see this, when you see two different firms saying it, it no longer feels like like, hey, this is just six or a half dozen. this is like go buy the stock. we have two firms say it. stock is inexpensive. >> people are also talking about an era beyond chambers when he leaves. does that weigh on you or not? >> look, i think that when he left and chambers came in thi

essentially government-guaranteed debt. >> or shares of apple, which would also please a lot of people. >> it can't do that. >> i get that. thank you, steve. >>> as we kick off the first day of the fourth quarter, we have deutsche bank's top u.s. equity strategist here on how to best navigate the markets, sitting at session highs right now. joined now by david bianco on post 9. >> thank you. >> you're actually skeptical, which i was surprised by. you have been a noted bear on wall street. but now you see that there could perhaps be headwinds when it comes to third-quarter earnings? >> i've been bullish during darkest hours of this market the past couple of years. the reason i'm cautious, i'mall quarter, we've seen a deterioration in export activity, investment spending and manufacturing activity that has something to do with the fiscal cliff uncertainty. certainly has to do with europe. i think it mostly has to do with the sharp deceleration in chinese construction activity. i don't think we're going to see any sign of a major improvement there until early next year. right now, we have

that zell made some good points. whoever the government is that made it so hard to buy also made it easy to buy. >> the banks are doing it on their own. five, six years they were willing to lend to anyone. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's why when the toll brothers made it, they were in the process. it is one of those things, why aren't more people using the money and bernanke -- go buy a house, chairman. chairman bernanke, go buy an apartment for rental. what you'll see is unless you pay in cash or cut out the banks entirely and that hurts the rate of return, unless you're paying crash you'll tie yourself up for a really long time. evil gains are feeding into things. i do need to modulate here in the risk of the parts of corporations and the banks doing a 180. this is trauma from the financial corporation, which is okay. you want

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