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is happening over in europe. germany seeing a contraction in their economy. whether or not it is a recession still a little too early to say. as a result of what is happening in europe these stocks are down. gm was down over 4% today, big loss for the car companies because of europe. liz: and two vix etfs, volatility exchange traded funds, hitting new 52-week highs. even though the volatility index continues to tumble. what you see are two where you can make bearish bets on the vix, that would make sense, right? xiv, as you see. we've got them moving higher today. david: the battle over the debt ceiling and paying the bills that d.c. is racking up continues. representative jerry nadler, happens to be my representative, he is looking to stop future fights. he has introduced legislation to end the debt ceiling debate by getting rid of the debt ceiling all together. but would that give too much power to the president? that is the argument. that is the debate. we'll take you and jerry nadler there coming up. liz: germany's central bank pulling some of its gold out of new york and paris. we have




of the economy. a discussion about the fed earlier in terms of the beige book numbers. what do you think that tells us on where we are in the economy? >> look at numbers of the last week or two, retail production numbers for december, and they were actually pretty good. of course, the employment numbers we already know were soiled, and this is in a period where the uncertainty over the fiscal cliff was reaching a maximum. you know, maria, you think that's pretty encouraging that the economy has managed to cope with a high level of uncertainty. now the thing that kind of bothers me though is i'm a little bit worried that this coping is flipping over to complacency. the vix is now at a six-year low, and it tells me that the market is discounting 100% probability that we get through the debt ceiling without any trouble. that seems too high to me. >> so do you think the market is expecting that? i mean, when would you expect a big change in terms of the interest rate scenario? >> in terms of the interest rate scenario, probably nothing this year. i mean, we're at least a couple years away fr




of conditions set by bail out lenders. the economy is being kept afloat by international eurozone members in the imf. and if you thought that credit card debt was for young adults, think again. older americans applied for more credit cards but pay down their debt easier. half of the older generation are seeking help from credit counseling services. we continue our countdown to the closing bell with list placement liz: 20 minutes away from the fourth quarter earnings release. what should investors be expecting? let's bring in our very own shibani joshi. >> and the investors the light of the last year, up 70%. the stock moving marginally higher, and earnings shows the strong finish to a transformational year. what's going on is that up until now, the growth has been fueled by paypal. this marketplace business that has taken place thanks to the mobile application. about 2 million listeners are uploaded using the mobile platform every single week. there you go, you can find whatever you need on ebay. the one we will have those numbers on "after the bell." let's head to the new york stock exch

and diversified our economy. we decided we would be business friendly. we also did not have subprime mortgage. we did not have housing fall. foreclosures never really got serious. we kept people in their homes and kept them working. connell: we hope you enjoy the rest of your stay. dagen: we are glad the texans lost. [ laughter ] we are from the northeast. i am just kidding. thank you so much. near record low water levels in lake michigan causing cargo ships and barges to liken their loads. connell: let's go to steve now on how it can impact your wallet. >> because we have had such low water levels, it will impact your wallet. it has been dry in the region. we have had light rains in the summertime in that has produced lower water levels in all of the great lakes. if you are wondering just how low it is, we have a graphic to show you. between 87 and 97, the water drop a foot. between 94 another foot lower. it is at historic low water levels in lake michigan. cargo companies will have to carry less. >> you cannot strike bottom. you have to maintain a safe distance. when the water levels go down, w

prices and the german economy. australian vitamin and supplement maker swisse vitamins is crossing the pacific pond. the privately-held company will set up its north american headquarters in chicago and start selling its most popular products in walgreens stores starting february 1st. rite aid and target stores will start selling the products in april. the company's ceo says the products it sells will be manufactured in utah and florida. swisse vitamins is positioning itself as a premium product and intends to price its products 5-10% above competitors such as pfizer and bayer. the nation's largest retailer is reaching out to men and women in the service. wal-mart is offering a job to every veteran who honorably left the military in the past year. the program will continue for 5 years and is expected to provide work for more than 100,000 veterans. additionally, the retailer is committing to buying an additional $50 billion of u.s.- made products in the next 10 years. the government of japan joins the u.s. government in investigating boeing's 787 dreamliner. the probe is to uncover

economist. all right. if they do this, what happens to the economy, the stock market? >> well, i would think that financial markets have had enough warning of a possible downgrade of the u.s. aaa credit rating by an agency other than s&p, and thus perhaps it would not have that damaging impact. the downgrade was not especially g. that being said there will be a negative psychological shock that will temporarily send share prices sharply lower, but provided that policymakers in washington could reassure markets that washington is going to do more to stabilize the budget. maybe that -- gerri: it makes into the pipe. they did it -- did not to say there are going to downgraded if we did not like the debt ceiling prices go away. they also said the current outlook is likely to be resolved even if another debt ceiling crisis is averted. they want to see spending cut. now, do you think that the markets would go to town if there was some big deal on spending? >> i think if substantial progress was made at kirby expenditures over time so that this threat of a data rate could be taken away so that the


on the economy, in terms of housing, mortgages, hiring, and we watch that trading activity in the last quarter. >> susie: and we'll have all of those numbers tomorrow. that's "nightly business report" for tonight, tuesday, jnuary 15. have a great evening, everyone. see you tomorrow, tom. have a great evening, everyone. and you, too, tom. >> tom: good night, susie. we'll see you online at www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

financials are a significant sector in the overall market, and they have the pulse on the economy, in terms of housing, mortgages, hiring, and we watch that trading activity in the last quarter. >> susie: and we'll have all of those numbers tomorrow. that's "nightly business report" for tonight, tuesday, january 15. have a great evening, everyone. see you tomorrow, tom. hae a great evenin everye. and you, too, tom. >> tom:ood night, susie. we'll see you online at www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org



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