The First Look - Lex Haris, CNNMoney.com

Our guest this one never had terrorists on the -- like to welcome to the financial gain from CNN money are you doing. And it very well thank -- good morning. Good morning. Any expectations from the dead this afternoon on your -- 50%. Of economists surveyed are suggesting that receive further stimulus. Would what do you guys think and down their team and money. Yeah I mean we've just been sort of -- dialing economist and everybody. You know everything we're gonna be for something if you're going to be there are a lot where they really -- for -- -- -- maybe operation with which is sort of mildly. Form of stimulus and believe politically risky. Others are saying they're gonna wait a bit. Ultimately QE3 is coming there to bang they're gonna have to jump in we just had too much week at. I most people did not expect that today but there's certainly. They can't they could have. Young guy in India should be dead members as well which is kind of an -- -- Situation nobody seen how these guys vote and vote he or so they might bring some some new flavor to the Federal Reserve. Exactly I mean there's just it's just -- huge to me going -- and I think even I mean I've read a lot of Bernanke's -- over the past few months and I mean if I can career -- he want to do I mean if you take social seriously cred ability of the I mean there's some people say you want to jump in and do more I. I'm not sure that that even he want that. No what did you buy treasuries mortgage backed securities stock saying news that would be a purse that thing. If it's the it's no longer secret what they're doing -- in the -- and now. Absolutely I I noticed a story on. About six -- that just had huge pension liabilities kinetic Rhode Island Arafat Rhode Island. There's a town in Rhode Island that all it on their pension payments to existing retirees is this something that we're looking at. Nationally is this a a nationwide -- and isolated to these days. Are on different scale you're gonna see this everywhere right or don't pay hitting it absolutely sitting pretty or at least very few. And the issue is when you have really tough financial market. Which we have. Budget should not every state has -- have to make contributions to their health care of their pensions. And they're all under funded right now and within that went on -- debate. For that short ball. Here in Massachusetts we had bought a century war. But we're still sitting -- when he billion dollar pension liability and on you know have the money -- higher res. Are you seeing any indications that there are pension reform of these going on in other parts of the country by its and we had modest reform here in mass. New York seems to be keeping their pension house in order. Who what what states are acting in a proactive fashion towards fixing these pension liabilities. -- you know I don't think it's inevitable and everyone. Everyone is gonna have this conversation. And I think you're not gonna have any real near term. To potential changes I think the from the storage it's -- unfold over the next year over the next two. I think you -- and -- -- mean -- about the huge changes we need to have to -- entitlement system. Federal level. And we can't even have that conversation that this is this -- much longer being near terms story. Is it is it something is it harder or easier to deal with than the federal -- entitlement programs. It is it easier for state like Rhode Island to come in and you pension reform -- it is for. Less to do Social Security reform and on a federal level. -- which is harder I don't know I think actually the federal level probably harder and there's so many other. Heating factions in in politics to get out of much more equity capital of the federal level. You know Meredith Whitney was roundly. Criticized for her prediction last year that didn't come -- I'm not sure she was wrong I think she just might have been a little early with their production or. Our way early but everyone in. Yeah I mean ultimately she's she was no question that the states are in trouble and that story we started following very close -- two years ago. Are they managed to muddle through they've gotten they had aid from the federal level. Which help a lot of the states. If we have another period. Softness. In the economy which we're we're right in the pick a bit right now and you think which is gonna go. You're gonna have a fresh round of problems. All right. Well let's thank you very much for joining sure appreciate your time. Absolutely thank you Lex Harris joining us today from CNN money. On the financial exchange.