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cropped up. will they derail his meteoric rise. breaking news, stocks fall sharply, spooked by worries about the european bailout. the dow lost 276 points. the european crisis took a bit out of the u.s. markets and also took out a former u.s. firm. john corzine's company mf global filed for bankruptcy today after more than $6 billion in bets on europe gone bad. it only went so far, the dow was up the best since 2002. the s&p 500's best gain since december of 1991. stocks were spooked, fitting, because it is halloween. and new jersey governor chris christie told kids to stay home. y...

So, it is --. >>stuart: but it takes this $105 billion is reimbursed to the social security fund from the general fund. which we don't have. so that $105 billion is added to the budget, it is a budget problem, right? >>guest: yes, well, again, this was a tax cut that, yes, does increase the deficit but it increases the overall deficit. this is the general fund --. >>stuart: you add up the $46 billion they are paying out more than they take in because of the recessions fewer working, that $46 billion, and the $105 billion they are not taking in this year because the payroll tax holiday, and $10...

Year's payroll tax holiday means another $105 billion a year will not flow into the end, into social security. is this threatening social security's finances? and now, we get that question answers. let me repeat this, this payroll tax holiday means $105 billion in social security taxes is not being collected, $105 billion a year, not flowing into social security. i say, that undermines the finances of social security and you say? >>guest: well, it doesn't. it is a silly argument because if we had done the the presidens middle-class tax cut "making work pay," this would not be an issue. >>stuar...

You know? >> i don't believe they are. i do not think they are. this extension of the payroll tax holiday is part of the president's jobs bill and is going to be voted on in the senate fairly soon. harry reid linked the democrats and the president, they want an extension, that would mean another $105 billion in one year, taken out of social security. bill: just to quote here, somebody was picked up, talking within the some committee -- supercommittee saying it rarely came up in these closed deliberations so they were focusing on the elephants in the room. >> it's the third rail of economy, tou...

Around that? >> tell us. >> i'll tell you $46 billion a year goes out that's not coming into social security. that's the cash negative. ok? that's largely because of the recession. fewer people working. fewer people paying social security taxes. lots of benefits being paid. got it. now, there's $105 billion a year going out, not coming in that is the result of a tax holiday. if that tax holiday is extended into 2012, as the president wants, you got another $105 billion going out that's not coming in. total -- $260 billion added to the deficit in a two-year period. how did you get to grips with...