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in spending that we've already cut from the budget, our plan makes additional spending cuts that need to happen if we're to solve this problem. we reform agriculture subsidies. subsidies that a lot of times pay large farms for crops that they don't grow. we make modest adjustments to federal retirement programs. we reduce by tens of billions of dollars the tax money that goes to fannie mae and freddie mac. we also ask the largest financial firms, companies saved by tax dollars during financial crisis, to repay the american people for every dime that we've spent. and we save an additi...

During the volatile trading session during the afternoon so that dropped basically 700 points in 15 minutes. we went from down 200 to down 900. they said it wasn't because of a glitch in the system. whether program trades or a backlog as art cashin talked about, whatever the reason they are saying it is not a mistake in the system. i just wanted to give that according to reuters to people at home. >> okay. what about the procter & gamble sell-off? how much does that have to do -- i mean, that's a major entity there on the dow. how much does that have to do with the way people reacted? >> well,...

Oil, gold, everybody become worth less, why? >> the fear trade, the risk-on trade, people have a tendency to panic when they don't know what's going on. you don't know how to discount the impact of a possible nuclear meltdown in japan. it's too random for anybody to figure out. we advise people, have a plan, execute it, the time to worry about where the exit roads not when the wings are falling off the plane but in advance. if you're reacting to this, you're making a bad decision. >> ralph, what is the greatest explicit economic ripple that you see coming out of the known disruptions in japan?...