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bottom. when it comes to steering the economy, we'll tell you how beijing is being penned in by china's soaring pork prices. stock markets are up, but after the collapse of confidence that's hammered equities over the past few sessions, investors are wondering whether the panic is really over. tuesday's federal reserve meeting appears to have been the trigger for the rally in europe. the gains there partially reversing the spectacular falls of recent days. european indices are heading higher. a asia followed that swing. the dow posted its biggest gain this year. here in hong kong...

tough enough to withstand another financial shock. >> i think they've injected themselves into a situation that's beyond their comprehension. >> plus a former fed boss paul volcker has a blunt message for the ratings agencies. quit meddling in things you don't understand. we have that candid interview in full. but first, though, we begin with the tide of debt that is causing problems on both sides of the atlantic. this of course with the results of the european banking stress tests out later on today. now, that is seen as one of the -- one of the most debted nations, italy, is of cou...

Cnn's polling unit says it never even polled on that question. never asked it. where is he getting that? >> take trump up -- take trump up, contessa, on that issue. but this whole idea of race, you know what, if there are birthers and they're all crazy and silly for actually wanting to see a birth certificate, let's talk about the racers, the people who believe that everything is a conspiracy about race. it's obama's race that people want to see the birth certificate, it's obama's race that people don't like the out of control spending. it's not his race. it's that he's awful. the policies are...

More people than ever before on food stamps. gosh, i wish they would have prepared, huh? feel? the president stated policy is have prices necessarily skyrocket. obama, done nothing. but hurt it with a gulf ban. jobs and energy. one stroke of a pen. how great is that? stoking the flames, and starting another war in the middle east. now let me get down to this. your money. because this is really, this represents your work. this is your time. time is money. you put time. some more than others. you you may have worked your whole life to save these and retire. now respected economists now say that ...

That's right. we have food stamps. more people than ever before on food stamps. gosh, i wish they would have prepared, huh? feel? the president stated policy is have prices necessarily skyrocket. obama, done nothing. but hurt it with a gulf ban. jobs and energy. one stroke of a pen. how great is that? stoking the flames, and starting another war in the middle east. now let me get down to this. your money. because this is really, this represents your work. this is your time. time is money. you put time. some more than others. you you may have worked your whole life to save these and retire. now...