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The lehman brother failure and the recession fell 60, 70, 80%, a dramatic fall in demand for new construction. as a result of that, you know, the entire industry has been on its knees for many years. just now, we have bottomed out and we are starting to slowly crawl back. and the thought of taxes going up at the same time as government spenning going down in such a precipitous way is frightening to our markets. i would point out that the congressional budget office, which is a nonpartisan entity this fiscal cliff, ifat if we this cliff didn't materialize, the economy can grow 4.4%, but if it r...

The lehman brother failure and the recession fell 60, 70, 80%, a dramatic fall in demand for new construction. as a result of that, you know, the entire industry has been on its knees for many years. just now, we have bottomed out and we are starting to slowly crawl back. and the thought of taxes going up at the same time as government spenning going down in such a precipitous way is frightening to our markets. i would point out that the congressional budget office, which is a nonpartisan entity forecasts next year that if we get past this fiscal cliff, if this cliff didn't materialize, the ec...

Something that's going to be extremely difficult. i think they'll do it in the end, joe, because for the germans letting this thing fall apart is just too horrible a prospect. if it means ponying up a substantial amount of money to the mediterranean, i think in the end they'll do it. what worries me is before they make that decision we could have a lehman moment, a shock as big as lehman's brother failure, but on the european side of the atlantic. >> niall ferguson, thank you so much for being with us. we'll be looking for your new article in "newsweek." david recomme david remnick stick aroun...

Lehman brother failure, aig failure, or bear stearns failure, and so what my goal is to create transparency particularly in the derivatives market and to have better oversight and accountability so we have a stronger financial services industry so we can stay at the center of the world financial markets. >> thank you very much, kirsten gillibrand, the senator from new york. that does it for this edition of "andrea mitchell reports." tamron hall is up next. tomorrow we'll have general david petraeus. be with us. tamron will have the latest on greece and tomorrow as we say the commander from u.s...