big bailout like greece. rumors are swirling that the italian president berlusconi is resigning. he denied that. u.s. officials watching all of this very closely hoping the debt crisis does not spread to other countries in europe. and then to here. the european union is the largest market for u.s. goods and services, accounting for a third of the total sales of the s ann p companies. it s 20% of total u.s. experts which supports 2 million american jobs. there is trillions of dollars in transatlantic lending and financial insurance between european and financial firms and u.s. taxpayers are already back billions of dollars of bailout support through struggling companies in europe through the
bush president bush was in relatively calm economic times. his father was in turbulent economic times and democrats were able to paint hip as being out of touch. he lost his election in november of 1992. this president has to be concerned about potentially the same faith, megyn. megyn: the stiff angels firing back after becoming the latest victimde by standard and poor s. that s in response from triple aaa to double a status. l.a. has lost faith in s & p s judgment noting the real estate crash was caused by s ann p ratings. cancelling the contract that s expected to save los angeles $16,000 a year. the value of gold spark an
this morning, interest rates are going straight down. so there you have it. on the markets at least the bigger news today is the bad news on the economy. martha: it feels like that remains the big story. that what investors are looking at here. it s almost like it s noise coming from washington. they want to know what s ann p and moody they want to look at s & p and moody s. reporter: invest yrs say we think we ll be downgrade. we don t think we ll default on our debts. wore very worried about the economy and the trend in the economy. that s coming to the surface today. martha: what about in terms of the next few weeks? what is the outlook for corporate earnings? reporter: corporate profits are very strong.
on the markets at least the bigger news today is the bad news on the economy. martha: it feels like that remains the big story. that what investors are looking at here. it s almost like it s noise coming from washington. they want to know what s ann p and moody they want to look at s & p and moody s. reporter: invest yrs say we think we ll be downgrade. we don t think we ll default on our debts. wore very worried about the economy and the trend in the economy. that s coming to the surface today. martha: what about in terms of the next few weeks? what is the outlook for corporate earnings? reporter: corporate profits are very strong. companies are making more than half their money overseas. that s where the growth is.
back last year. liz mcdonald picks up the story from there. it seems like we are going in the wrong direction. reporter: house prices have been falling for 4 1/2 years. they are down nationwide. the median price is down 29%. that s worse than what we saw in the great depression. home prices declined 25% from 1929 through 1933. so what we hearing now from wall street analysts, from places like s ann p and financial firms, they are saying how much longer will it take for the housing market to recover. they are saying 3 to 3 1/2 years more. so starting 2014 is when we are going to get out of this housing crisis. that will make this a housing crisis of historic proportions. megyn: that s incredible, 3 to