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tv   CNN Newsroom  CNN  September 13, 2012 12:00pm-1:00pm PDT

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and let me play among the stars ♪ ♪ let me see what spring is like on jupiter and mars ♪ >> that's one small step for man, one giant leap for mankind. >> you can now finally put out your hands and touch the face of god. farewell, my friend. you have left us far too soon. but we want you to know we do cherish the time we have had and shared together. god bless you, neil.
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hello, everyone much top of the hour. i'm don lemon. thanks for joining us. wall street react og the federal reserve decision to pump more stimulus money in to the economy. the dow up nearly 200 points. positive reaction to the fed chair. in this hour, this last hour of trading, we want to find out what it means and the new program for you and we'll have that in just minutes. but first this. we have some breaking news. we are getting word now of arrests in the attack on libya consulate that killing the u.s. ambassador and three hours. i want to go live to jomana karadsheh. what have you learned? >> we are hearing the deputy interior minister of the eastern region where the city of benghazi is saying that a number of individuals suspected of involvement in the attack on the consulate in the city of
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benghazi have been detained. and they are being interrogated right now. an investigation is ongoing with these individuals. and he says this will reveal either their development or innocence in this attack. >> all right. jomana karadsheh, thank you railroad much. hopefully it will find out if they're victims of a plot or outrage shown as american outposts through the world. demonstrators in at least ten countries, building against america over what one reported american created, a movie that mocks the prophet muhammad as a child molester and a womanizer and in iran, chants of death to america. in yemen, several thousand people demonstrated, some of them breached a wall of the u.s. embassy. 24 security officers were hurt along with at least 3 protesters who were injured. in egypt, you're looking at live
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pictures now. state television reports more than 200 people were hurt in anti-u.s. protests in cairo. the secretary of state hillary clinton has denounced the violence against the united states. >> but as i said yesterday, there is no justification, none at all, for responding to this video with violence. we condemn the violence that has resulted in the strongest terms. >> let's turn now to cnn's ben wedeman in cairo. 224 people injured so far? >> reporter: yes. that's right. and in fact, the number is probably likely to rise. right now, i'm hearing a lot of shouting and there were just a moment ago a lot of teargas being fired in the street. right next to the american embassy. and this is really been going on all day long. and what we have seen in the
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last hour is that the security forces have pulled back closer to the area immediately around the american embassy. now, we had a chance to speak with some of those protest earls. many of them blaming directly president obama for this current uproar. >> translator: our demand is that president barack obama appears and makes an official apology to all islamic nations. that is our right. we also want the tape burned and all those involved in insulting the prophet punished. >> translator: this is a mark of shame to mohammed morsi. he should expel the ambassador and pull the egyptian ambassador from america. that's the least he should do after what they did in america. >> reporter: and tomorrow, the muslim brotherhood is planning large demonstrations around the city. apparently they're going to try to keep them away from the
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square right next to the american embassy. stress they say is going to be on peaceful protests against this anti-islamic trailer that appeared on youtube. don? >> hey, ben, do people there -- i heard the people you spoke to, but do they understand that the united states government officially had nothing to do with this film? this was just some random person that made a film. do they understand that? >> reporter: well, some people do. and it's important to differentiate between the people who are protesting outside the american embassy and the great majority of egyptians who, in fact, are not protesting. many of them expressing their dismay with this film but not expressing it in a violent manner. many of the people i spoke to didn't understand that, in fact, this is the act of an individual, an individual who has been condemned by the highest authorities in the american government.
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that particular point i don't think is getting across. don? >> ben, you know, i'm not sure how far you are from the square where this is all taking place but appears to be activity, escalation in activity there. do you know what's going on? >> reporter: yeah, actually, it's right below me. i'm watching it as it's going on, and what is happening at this moment is that several of these police trucks have moved forward and fired volleys of teargas in the direction of the protesters trying to push them away from the area around the embassy and back really in the direction of the square. don? >> okay. so that activity is happening near the embassy and base clay what this looks like, ben, is crowd control. there's nothing escalating beyond that, right? trying to corral them back to the square, right? >> reporter: that's correct. i mean, really, you know, the protesters move forward. the police move back and then when the police feel that
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they've lost too much ground they open fire with a lot of teargas and push the protesters away. this is really what's been going on all day long and yesterday, as well. >> ben, thank you very much, from cairo. much more on this developing story and more news unfolding this hour. so watch. in less than an hour, wall street ends trading. on the day ben bernanke announces a decision investors have been waiting to hear. plus, the two men begging for your vote hit the campaign trail as violence erupts across the middle east. you'll hear what they're saying. flames rip through a factory and survivors say the owners had locked the doors with hundreds inside. now, it's one country's deadliest man-made disaster.
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the fed acted and wall street reacted to it. the u.s. economy will get a big jolt of money from the federal reserve. the fed announced today it will buy $40 billion worth of
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mortgage-backed securities each month, $40 billion worth of mortgage-backed securities each month. ali velshi joining us now from new york. what's the reaction to this? >> you got the dow? >> put it up. >> a nice big bump there. the stock market investors really like it. sugar high. the fed making more money available to the banks and making the bonds worth a lot of money and can't buy something with the bond. we'll give you cash, $40 billion a month. what do banks do with money? you theory lend it out to people for money and puts money in the economy. that's how it should work. right now, stock markets are liking it. the dow made up of 30 stocks and one is bank of america, citibank's a big gainer and seeing that. but that's one piece of the economy. as you know. those -- your investments and i.r.a. and 401(k) is working very well and mixed reviews of
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whether or not the fed should have done what it did by putting -- buying the bonds back over the course of the next year. >> i got people writing to me. someone said, you taught me about money? i hope. i don't have any. and then someone else said, i think this is a pretty good assessment. this will only help people who have money. so is that true? in mayman's terms, tell us what this means. >> sto market part helps you if you have investments. here's what should happen. if there's 40 billion dollars going to banks every month, in exchange for the bonds that those banks held in theory a bank only makes money lending that money out. lending standards or lending tightness should ease up a little bit. people know that interest rates are low and they have trouble getting mortgages, businesses report to us they have trouble getting loans so this in theory should make it a little bit easier for the loans to occur.
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what business, however, don, takes a loan if they don't see people wanting to buy the product or service? so if it's -- you have to have both sides of it. demand and the economy growing and it could help people trying to get loans so it's not just people with money to benefit from this. the major criticism is that it sort of mucks up the economy a little bit. when there's big money out of nowhere and printed by the federal reserve, it devalues the u.s. currency and makes things expensiv expensive. gold and oil is soaring today and generally speaking causes inflation in the long term and also an excuse for the government not to do what it's supposed to be and people, particularly republicans and conservatives who accuse the federal reserve of playing in to politics. >> that was the next question. he was asked about that. and here's what he said. he said, this is a quote, we have tried very, very hard and i think we have been successful at the federal reserve to be nonpartisan and apolitical. we make our decisions based
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entirely on the state of the economy and the needs of the economy for policy accommodation, so, we just don't take those factors in to account. what is he -- basically saying this is not partisan. >> he's a card carrying lifelong republican and alan greenspan before him. he increased rates before an election and people accused him of trying to throw the election for the republican. there are conspiracy theorists thinking that the fed is in the back pocket of the administration and they're technically a separate agency, independent of politics. ben bernanke, you might or not like him or his judgments, i don't think he's a partisan and if he is a partisan i don't particularly think he's a democrat in his role as the chairman of the federal reserve. >> ali, you know alison kosik. she spoke with a trader on the floor. listen. >> i think there's a chance it improves the economy somewhat. we have only seen not even moderate growth off of first two qes and this one is a big
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bazooka. it's $85 billion with operation twist and this plan to run concurrently. >> okay, ali. how does the day end in 40 minutes? >> well, 40 minutes to go and the dow up 200. momentum is in its direction. i would say that unless there's some unusual surprise and markets around the rest of the world are closed you will see a close somewhere in the range. strong day. investors and traders wanted this. they got it. that trader said what a lot of people are feeling. could work. there's a chance it could work. probably didn't do a lot of harm to the economy and unclear whether it gets us out of the pickle right now and creating jobs. >> remember the straight talk express? >> i do. >> bernanke is a card carrying republican. straight talk. get right to it. >> good to see you. >> good to see you. >> let's focus on your credit card debt. when's the best way to eliminate it? here's poppy harlow with the help desk. >> we're talking about the best
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way to tackle your credit card debt. a lot of people have this issue. joining me this hour, two guests. donna, this woman told me when i talked to her about $4,000 in debt. take a listen to the question. >> if you've got multiple credit cards, you know, what's the best way to work out a plan to pay it off? >> yeah. wondering which do i pay off first? >> there are two schools of thought on this. generally, it's better to focus on the highest rate card and pay that down as quickly as possible because you'll pay less interest over time and of course you want to pay the minimum payment on the other ones and then there's a lot of people getting a psychological boost of paying off the smallest balances first and that's motivating. the best is whatever makes you stick to it. whichever one helps you, that's the most important. pay the cards down. >> this question is important because it amazes me how few people actually write the deaths on paper to see what they are. see exactly what the interest
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rates are and before you pay a cent, call each one of the credit card companies and be aggressive. call them three to four times. >> try to negotiate. >> lower the interest rates to get something, more money in your pocket. >> people don't want to look at it. it's not going to go away. but worse and worse every month. absolutely, guys. thank you. if you have a question to tackle, you can upload a 30-second video with your question. >> all right. poppy harlow, thank you very much. taking aim at voter i.d. laws. supreme court in a swing state is considering the issue. will those laws shape the presidential election come november? ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics,
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and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. exclusive to the military, and commitment is not limited to one's military oath.
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let's have politics right now. 54 days until the presidential election and today a hearing in the pennsylvania supreme court over the right to vote. thousands of people, maybe hundreds of thousands may not be able to vote this year if the state upholds a law requiring voters to have a government-issued photo i.d. republican lawmakers say they're fighting voter fraud but considering there's little evidence of it in past elections opponents say it's a ploy to keep the poor and minorities who typically vote democratic away from the polls. here's deborah feyerick. >> reporter: for teresa, getting anywhere with the elderly parents is challenging enough. >> put them on your lap. >> reporter: getting them to the dmv for a voter i.d. card which they never needed before is daubting. >> it's a horrible experience. they're not giving people the right to vote if they make it impossible for them to vote.
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>> reporter: the number of pennsylvania voters who may not have the right i.d. come november vary widely. state officials say 100,000 people. civil right act titss and organizers like lisa frank say it could be upwards of a million. >> huge information chasm that the state has created that folks like me trying to fill by tabling and knocking doors and having one on one conversations and saying, hey, let's look together and make sure you're ready to vote. >> reporter: republican lawmakers passed a new voter i.d. law in march saying it's designed to protect voter integrity. a comment in june of a top state republican has raised serious questions. >> voter i.d., which is going to allow governor romney to win the state of pennsylvania, done. >> reporter: the state's chief election official says claims that blocs of voters will be
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disenfranchised are challenge rated. >> we're pretty darn certain that we can address the needs of photo i.d. for every eligible voter in pennsylvania. >> reporter: both sides concede there are no known cases of voter impersonation in the state. >> they are saying you have to prove who you are in order for us to make sure that this nonproblem doesn't 0 care. >> reporter: aclu lawyer and others are suing to block voter i.d. requirements. is there an economic component to who gets the i.d.s? >> absolutely. ginn the vast majority of people impacted by this law are poor, are uneducated, of color, live in cities, philadelphia and pittsburgh and likely to vote democratic, could have an impact on the presidential election. >> all right. deborah joins me now in philadelphia, philadelphia's city hall. so what happened in court today? >> reporter: well, so interesting. the supreme court justices
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basically deciding to overturn a lower court judge and zwid whether the voter i.d.s should be required come the november election and focused on two main topics. timing. why this is pushed through so speedily. the attempt to really rush by state lawmakers to get this in place by the presidential election. one justice saying it almost seemed politically motivated. the second topic of questioning is the potential risk of voters being disenfranchised. the lower court judge said there's no persuasive evidence. for example, it's hypothetical, speculative. just because there could be voters disenfranchised doesn't mean there will be and what they're looking at. looking to see whether in fact the risk is greater and rule and decide whether they issue an injunction requiring that voter i.d. to be in place or to not be necessary by november, don. >> what happens if they uphold the lower court's ruling?
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>> reporter: well, if they uphold the lower court's ruling, what will happen is voters will be required to bring this photo i.d. and considered very restricted and the state basically said, look, we'll let you vote provincially what that means is going to the polls, vote provincially and then go back and present the identification for that ballot to even be counted so this is really very interesting. we've spoke to one of the deputy secretaries today. he believes that the state has done a good job alerting voters they know what kind of hide if i case they need and right now we're dealing with a hypothetical. could it happen? it could. the big question and the great unknown and civil rights leaders fear is 500 to 800,000 people whose votes don't count on election day, don. >> all right. deborah feyerick, thank you. more on the breaking news out of libya to tell you about. there's word now arrests have been made in the attack that
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killed a u.s. ambassador. the prime minister i want to tell you just spoke with cnn of what's going on down. you'll hear about that and fareed zakariah will join me live. [ male announcer ] whether it's kevin's smartphone...
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hinted of the breaking news just before we went to commercial break here but this is coming from the one very own christiane amanpour on the international program here on cnn. and it is saying that at least one person, one person is arrested in the killings of u.s. ambassador to libya christopher stevens and three other americans. the libyan prime minister said on thursday speaking to christiane amanpour, one person arrested early thursday in benghazi and three others, three or four others are currently being pursued. as a matter of fact, let's listen now to part of that conversation. >> up to now we have some
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individuals already arrested. and the investigation continues find out all wo h been involved with this act and clearly they're going to be punished for their actions. this is not acceptable to the libyan people. this is not acceptable by our own values and they're our guests here in libya, our friends and partners and before they were diplomats but we -- very unfortunate to see this happen here. >> that is on "amanpour" on cnn international. that gentleman there speaking to christiane amanpour. you know, anti-american protests have spread today to yemen. also to iran and kashmir and got 220-plus dmen stray or thes injured today in egypt an our reporter says the number will probably go up. reporters bracing for tomorrow's friday prayers which often serve as an outlet for political
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anger. joining us now from new york, fareed zakaria. rush why's vladimir putin quoted as warning that the arab world could decembscend in to chaos. do you think that fear isover blown? >> i think it is. what you have here is one of these periodic crises that take place. you will remember, there have been these around the koran burning and danish cartoons and signs of a fundamental problem within arab societies. a fundamental lack of tolerance and an extremism. but they do not always descend, in fact, they have never really descended in that form because remember just as you reported, don, talking about a few people here and there. may be a few places where it's worse and remember the crucial
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difference in the place like libya is that the government is entirely on the side of the united states. trying to battle the extremists. so what you're dealing with is a certain degree of extremism in the societies. weak governance and different from a kind of grand revolution. >> now, obviously, not downplaying the deaths and the violence, do you think -- quite frankly, too much is being made of this when you listen to people yelling on the streets saying, you know, president obama should apologize to the world and to the muslim world for this? obviously, you know, again, not downplaying the deaths that happened there, but when you say there are just a couple of hundred people here, a couple of hundred people can cause a lot of chaos and a lot of trouble. >> well, it's a very good question, don. here's how i put it. i think clearly we live in a world in which the images can go rirl. protests can go viral. they're global very quickly and
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a kind of feeding frenzy on the ground and in the media. i think that that has to be separated from the real issue. and the real issue as i say is there is a level of extremism in some arab and muslim societies that is worrisome and don't exaggerate it and turn it in to a problem of all of egypt or all of libya dealing with some isolated groups jockeying for power in various ways and as for president obama, needing to apologize, i think it's absurd, ludicrous. we are waiting for an apology of the president of egypt and the one figure most disappointing. the egyptian government has not provided the protection the united states needs, it's not reacting to the violence in the way it should, let alone the fact that egypt gets a lot of aid from the united states simply as part of -- >> $2 billion a year, yeah. >> second largest recipient of aid from the united states. >> yeah.
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that's it. behind israel. >> very different from libya as you just showed. the libyan government is actively on our side trying to ferret out the extremists, capture them, kill them. are they encouraging a certain degree of extremism? >> when we look at these pictures and see the demonstrators and hear of ben wedeman, fareed spoke to a couple of them and made a couple of the president apologizing and an insult to muslims the world over, when you look at this, what aren't -- what aren't they understanding about us, a democracy, here and what aren't we understanding about them? because people here want the hear people on the streets in the u.s. talk about how they feel. because they obviously think it's absurd from some terrible small movie that no one had seen that it's caused such violence and even death. >> well, i think it's fair to
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say there is as i say a lack of kind of an understanding of freedom of speech and opinion. you know, the person who made the speech made this movie, is crude, is bigoted and a buffoon but in the united states of america we do not shut down or jail people who are, you know, crude and vulgar and bigoted. they have to do something that harms people, people physically, people's freedom of speech even to say offensive things is protected. they don't get that to a certain extent, particularly relating to religious issues. remember, we're in, you know, the novelist, he's out with a new book. he was -- he went through this whole period of a fatwa because people could not understand that he was exercising his freedom of speech to write a book that was regarded by many muslims as offensive. what we don't understand about them, i think, is it does offend
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a core sense of dignity and whether or not we respect them. i think at the end of the day, the west is in the -- you know, you can't be even handed. the west is in the right here. the united states is in the right. it is entirely inappropriate under any circumstances to use violence as a response to freedom of speech. the way you counter bad speech is with good speech. let them make a great movie about prophet muhammad. that's the way you do it. not by burning and killing people. >> we talked about the amount of money in u.s. aid given to that country. the president is going to congress and he's going to ask congress to forgive about a billion dollars in debt that egypt owes washington. do you think the anti-american protesters are even aware of that? >> i think they're very ill informed. i think they know very little but i think the government of egypt knows this and i hope we're having serious conversations with the president of egypt to make sure to them
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unless their attitude is much more cooperative, and much more responsible, it will be very difficult to forgive any of egypt's debt and going forward a very different relationship. egypt is going to have to come to terms with its own internal dimensions and you know what's happening, don. the's a contest between the muslim brotherhood in power and more radical an extreme groups and why the spth particularly trying to curry favor with the groups by not condemning the violence more strongly. does he want to be president of egypt or an islamic leader of the mob? and his relationship and the country's relationship with the united states will depend on that and more broadly the ability of these countries to chart a moderate mainstream modern course is going to be powerfully affected by these kinds of choices. this is what they have to
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decide. >> absolutely. fareed zakaria, always a pleasure. >> thank you. >> don't miss his show on sundays here on cnn, of course. and speaking of president obama, and mitt romney, as well, both back on the campaign trail today talking about the economy. we'll hear what they had to say and that's next. you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪
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president obama and mitt romney both back on the campaign trail today, both still reacting to the anti-american violence overseas. here's romney in fairfax, virginia, today before launching in to the standard stump speech and offered thoughts and condolences to the families of the four killed tuesday in libya. then he turned to the president obama and the economy and went right after mr. obama on the small business policies. >> small business has been crushed under the last three and a half years. we are at a 30-year low of small
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business start-ups in america. two thirds of the jobs by small business. the president wants to raise taxes on a million of them. i don't want to raise taxes. i want to keep taxes down. regulation. look, regulations, big companies can deal with. small companies get crushed by regulation. we have to ease the burden on small business. i want higher wages and more takehome pay for the american people. i don't want people getting crushed by lower takehome pay. >> meanwhile, president obama is campaigning in colorado today and the importance of that swing state is clearly not lost on him. the president has visited the state three times in three weeks. he held rallies in fort collins and boulder earlier this month and today he's in golden, hoping to shore up his vote in suburbs west of denver. like mitt romney, he also mentioned the violence in libya, saying that no act of violence will shake the resolve of the united states. and then turned to jobs telling
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the crowd he still has work to finish when it comes to getting the economy going. >> we've made progress. we were losing 800,000 jobs a month. we've created jobs now for the past 30 months. we saved an american auto industry on the brink of going under. manufacturing is starting to come back here in the united states. but we have got so much more work to do. because there's still a lot of folks out there hurting. and here's the thing. i don't think the best answer for today's new challenges are the same old sales pitches. and frankly, that's what you heard mostly in tampa. >> president obama and mitt romney remain in a close race in colorado. this new poll of likely voters in the state has the president
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at 49%. and mr. romney at 47%. stay tuned. a garment factory up in flames. hundreds of workers trapped. at least 250 killed. 250. now investigators are searching for the owner who may be in hiding. that's next. i i had pain in my abdomen...g. itust wouldn't go away. i was spotting, but i had already gone through menopause. these symptoms may be nothing... but they could be early warning signs of a gynecologic cancer, such as cervical, ovarian, or uterine cancer. feeling bloated for no reason. that's what i remember. seeing my doctor probably saved my life. warning signs are not the same for everyone. if you think something's wrong... see your doctor. ask about gynecologic cancer. and get the inside knowledge.
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police open a murder probe after a factory fire kills more than 250 workers in pakistan. senior police official says
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locked exit doors prevented many workers from escaping. right now police are searching for the factory owner and two sons. >> search for bodies and the recovery operation is over at the site of the factory fire. now, all the focus and the attention shifts to the investigation. finding out how this fire started and why more than 250 people were killed. investigators say there's evidence that shows many of the exits of this factory were locked, that many of the safety regulations were ignored and that's perhaps why investigators have registered intentional murder cases against the factory owner, his two sons, the factory managers. even the government officials who reported to investigators may have failed to enforce the safety codes. once they're finished with the probe, they'll submit the findings to prosecutors and decide on formal charges. at this point, it seems unlikely
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that prosecutors would be able to prove in court that the factory owner and the managers intentionally trapped and killed these workers but the fact they're talking about a heavy charge like that seems to suggest to take the matly seriously. the factory owner and two sons are still missing. police believe they're in hiding. it put the focus on what labor policy experts call a lack of regulation with safety codes and labor laws. the government says the government in pakistan doesn't often have the resources or the political will to address the issues and they say the international community and the media continue to ignore these issues and they say until that changes the condition is right for these disasters to happen again. reza sayah, cnn. the ambassador to afghanistan speaking out just days after his colleague is killed. hear his thoughts on the violence in the region and if he
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now fears for his life. that's next. at usaa, we believe honor is not
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exclusive to the military, and commitment is not limited to one's military oath. the same set of values that drive our nation's military are the ones we used to build usaa bank. with our award winning apps that allow you to transfer funds, pay bills or manage your finances anywhere, anytime. so that wherever your duty takes you, usaa bank goes with you. visit us online to learn what makes our bank so different.
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anger and outrage at the u.s. over an online film spread across muslim countries today with protests in egypt, libya
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and yemen to name a few. but so far the violence has not spread to afghanistan. that's because of president karzai's actions to try to stop the possibility of violence there. he cut off access to youtube and denounced the film that muslims consider offensive. but is that enough? for insight on how the u.s. is preparing for possible protests in kabul, ana corin sat down. >> there are concerns about u.s. consulates around the world. here in kabul you are obviously a target. are you worried? >> we're always worried every day. every day we get new information about new possible threats, our security posture's continually under review. but i'm not anymore particularly worried after this incident. we have great people here. and a great system to keep us safe. >> ambassador, the video that
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sparked the protests in libya and egypt could very well create unrest here in afghanistan. that's obviously a major concern for president karzai. do you share the same concerns? >> yes, absolutely. as a matter of fact, we are -- after this, i'm going to be issuing a statement condemning the video and the violence that's taken place already and urging the people of afghanistan although they're offended by this, not to react with violence. this is not worth human lives. >> anna coren reporting there. we're keeping an eye on the big board as the fed announces another round of stimulus. plus, what's your guilty pleasure at mcd's? is it a big mac? maybe some fries? the fast food giant now posting just how much food is costing you, not your wallet, but your waistle. great shot. how did the nba become the hottest league on the planet?
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all right. big announcement from
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mcdonald's. it's no doubt a guilty pleasure for a lot of people. that's why there are so many of them. starting next week that guilt is going to be smack in your face the next time you look at that menu sign behind the counter. mcdonald's will post calorie counts in all the restaurants and drive throughs nationwide. it says it's committed to helping customers make nutrition-minded choices. so those choices, take the angus bacon and cheese for example, yum. 790 calories. wow. 790 calories versus a snack wrap, just 250 calories. but do people go to mcdonald's to be healthy? take a look at this poll on cnn.com. we asked, would seeing the calories in fast food keep you from ordering ilt? more than 14,000 of you answered, 48% said it might make you choose another item or a smaller size. mcdonald's is actually ahead of the curb though. a proposed federal regulation required chains to share this
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information as early as next year. everything in moderation. nothing wrong with a big mac now and then. a big rally on wall street after the federal reserve announced its new spending spree for the u.s. economy. the fed will buy $40 billion worth of mortgage-backed securities each month. alison kosik joins us from the new york stock exchange. getting close to the close. >> yes. >> alison, a big day. >> the federal reserve gets all the credit for the rally you're seeing. the dow up 186 points. we're a couple minutes before the closing bell. look at the dow and s&p 500? they're at their highest levels, don, since december of 2007. the nasdaq trading at its highest level in 12 years. we are watching financials up anywhere from 2% to 4%. home builders up 3% to 5%. a little irony, we are coming up on the four-year anniversary of the worst week of the recession.
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the lehman collapse, that anniversary coming up on saturday. that's when the dow -- on that monday when lehman collapsed, the nasdaq plunged, what a difference for years makes. >> yeah. >> glad it's in the positive territory. lehman is doubled now it's asking price for its stock? >> lehman is no longer with us. >> i thought you said -- wait, someone just mentioned about stocks being doubled. what are you talking about? okay. i heard double, yeah, that doesn't sound right. that's odd. thank you. i was like, what? >> let's see if this rally continues. that's really the question. >> so the dow has doubled. that's what they were saying. >> yes. >> okay. so listen, what do you think about this bounce? and what do you think about lehman, is it going to come back to life? kidding. what do you think about this bounce? do you think it's going to last or is it a temporary spike? >> some people say this could just be a temporary spike. what everybody's really waiting to see is ifis