europe, literally hundreds of billions of euros of it is coming over here. to the safe habe of our debt. it's regarded as save haven. they put the euros in and it drives the value of the debt up. the interest down. that's why in a short order you will see 30-year fixed rate mortgages in america at under 4%. the other side of the coin is the slowdown recession in europe does have an effect here. it slows us down which makes our debt situation worse. so it's a mixed picture in terms of the impact here in america. >> bret: as europe is talk about balanced budgets, to constitutions, and possible bail-outs down the road, look down the crystal ball. does it improve in coming months? >> no. i don't think it doe because they haven't taken the concrete steps necessary to either bail out those