Capital Account -- 1/5/12

And back we are to talking about Europe, the sore that just won't heal. France isn't looking so good. It certainly isn't looking AAA, whatever that means. The Greek government remains on Troika life support, and spain is telling its banks to guard against bad loans with billions more euros. This, as Unicredit, the largest bank in Italy by assets, had trading in its shares halted again, for a second day in a row, amid large price drops. So what does the future have in store for Europe and the rest of the world? We have founder of Credit Writedowns, and international diplomat extraordinaire Edward Harrison in studio to break this down for us. And speaking of breakdowns, the staff of this show is going to have a breakdown if our nobel prize winning president continues coming out with these plans to cut a little here or cut a little there without providing any real solution to the nation's fiscal train wreck. Obama had a presser today at the pentagon with top brass, along with Lou Panetta where he spoke about the need cut a few dollars off the nation's draining defense budget. We'll take a look at the lousy economics behind war, and why thinking of all the trillions may actually be obscuring how bad the nation's finances really are. Again, we speak with founder of credit write downs, Ed Harrison, who will give us his take on what this all really means for the American economy, and the precious allocation of capital. Lastly, we see that the federal reserves and helicopter Ben Bernanke are at it again, telling congress that if they want to fix the housing market, Fannie And Freddie should do more. Makes sense, after all, it's Ben Bernanke's job to save the drowning financial sector, and there are only so many life rafts available. Why waste them on americans drowning in their underwater mortgage? Let's get to today's capital account.