start of that paragraph. you say, it was difficult to get the right kind of engagement from the hsc or the nhs. there was an in built reluctance to accept it was possible to get to a point where the nhs was overwhelmed and to acknowledge this would be something number 10 and the prime minister would need to be across. you referenced that concern from the cabinet office might not be helpful and you say you kept being told the nhs capacity was elastic. later on, a couple of lines down, you say it was only much later i realised what was meant by nhs capacity being elastic was the capacity being elastic was the capacity of people working in the nhs to work themselves into the ground to keep people alive. where you are in fact ever able to get to the bottom of this question of what we mean by the overwhelming of the nhs? , , ., ., nhs? this is in the following winter. this nhs? this is in the following winter. this is nhs? this is in the following winter. this is the nhs? th
outfront tonight, u.s. markets fall big time. it was a miserable day on wall street. the dow down 389 points. nasdaq and s&p 500 fell by more than 3%. the markets fear gauge sparked it. peter costas, a trader nearly 30 years, what happened today? well, there s a lot of uncertainty in europe. i think when the italian treasuries went over 7%, that scared a lot of people. if you re going to look at it, i am not negative on the market, today was a good day to buy, we will probably have a couple move intermittent dips. people are afraid with italy going through the debt crisis greece went through, people are afraid this will cause another recession in europe. that s the major thing. one-third exports go to europe. if there s a recession, it could impact the u.s. economy more than we have been impacted by what s gone on the last three years. bottom line, even though it is volatile and fear from europe, you think it is a buying opportunity? i think it is a buying opportunit
and stock markets react as well. european stocks closing down on grave concerns on what s happening on the euro zone and whether italy will be able to pay its bills. and stresses that we re seeing in the italian bond market. when you talk about stocks, stocks are much smaller than the overall bond market. the bond market is where governments, companies go to borrow money to keep going. the cost to borrow for governments, governments in trouble, has been rising. you have that above 7% now. 7.3% for italy to borrow money. that s even with the european central bank buying italian bonds and with europe doing things to stabilize things. 7% is seen as a dangerous signal, fredricka. when you ve seen rates climb that high before, it s triggered a bailout. how can you bail out italy? it s the third largest bond market and economy in europe. look at greece, for example, 27% the interest rates on greece bonds. greece can barely can t borrow money, quite frankly, anymore, because of it