[ talking over each other ] >> at the end of the day leadership is influence, nothing re, nothing less. our president has failed miserably in that department of influence. >> sean: greta is next. see you tomorrow night. >> greta: this is a fox news alert. another white knuckle ride today. the bell went off, stocks rose but that soon ended. stocks sliding down into negative territory putting everyone on edge. the heart stopping drop didn't seem to have an end. when the federal reserve said they would likely keep interest rates at record lows for at leave the next two years. later the unexpected, but welcome. in the final hour and a half of trading the market shooting up 640 points. then the bell raj and the day ended. dow up more -- rang and the day ended. what does this wild day on wall street mean for our

struggling economy? back is dennis kneale. should we be celebrating? >> no sooner i start uncorking that champagne then the market futures head down. this morning i get an e-mail from a guy who had been up all night washing -- watching the markets. futures down, up 3 in the morning. then you saw what happened in the last 70 minutes 40 point swing. my gosh it is hard to know where they go tomorrow. official, the markets are this volatile because the fear is in the market. it is this worry the entire world is slowing down led by the u.s. the most important economy in the world, no matter what we hear about china. and the u.s. is showing signs of slowing. when the fed came out and said we are going to leave low interest rates through the

middle of 2013, two years. a lot of people thought june of this current year we would be taking interest rates up because the economy is growing and we could afford to do it. the fed for the first time was very specific saying we think the economy sucks wind for another two years. that scared the markets first. traders got bold. a lot of individuals didn't come back into the market. this was a professional panic this is by the guys who should know betterment by the people who have seen it all. but man there's a -- a lot of skittishness. neither bulls nor bears, all gazelles flinching at the slightest movement. >> greta: the market is like going to vegas and betting your money. the thing that was distressing is when the fed did make its announcement the numbers tank after that the message i got from the fed is they couldn't

lower the interest rate any more if they wanted. they've run out of ammunition. that was the ammunition they used lowering the interest rate. we have hit rock bottom. i thought that was a bad sign. we don't have any give-and-take to manipulate in market to make it grow and stable. that was the message i got. >> two things, first i've had two cans of red bull to stay up until 10:00 tonight. you are killing my buzz girlfriend. also, the market going up over 400 points ending up, up -- >> greta: why? what in the world except this is a casino. nothing happened in the last 90 minutes except contagious casino-like aspect. i'm glad it did, but there was nothing provocative everyone decide let's do it. >> i read this one line the casinos like hieroglyphics it is not what they say, it is between the line.

one line keep the interest rates low and take all other measures necessary to keep it going. i think that some traders thought, qe3, more money to keep things flowing. if they think more money is coming in that allows them to borrow at lower rates and invest at higher rates. they like that spread. if you think that qe3 as they are calling it would come, then maybe you go. >> greta: if they dump that cash in we run the risk of invasion. it is not the panacea, the end all -- [ talking over each other ] >> greta: it is hard to think that someone is reading into the fact that they didn't say anything about qe3 that must mean they are considering i don't get it. >> the feds, there's always hope that it is a matter what you read into it. take a deep breath.

we've got to slow down. it is all the latest boogie man i'm worried about inflation, place, stagflation. i we'll like we have to stop worrying -- [ talking over each other ] >> greta: have you seen these people in washington running our government? >> say that again? >> have you seen the people in washington running the government -- >> they always get it right after trying every option that fails. i believe we will get this right. nothing like fear of getting voted out of office to get you to get your act together: i like the call to push president into calling congress back saying we can't take a month off, let's get back to work. of course that would mean that our president has to get back to work to. -- has to get back to work too. >> greta: thank you dennis. this crisis is not just here.

new concerns about france with its high debt and weak growth, france is facing the risk of a downgrade. how bad is it? more importantly, how contagious. join us john bolton. we were the stabilizing force the united states, we were supposed to be the stable government. now we are not so stable. >> i think the policies we've pursued not just in the past 2 1/2 years but at the end of the bush administration as well have put us on a course toward europe. the issue for us is a huge philosophical issue. well beyond government spending and budget deficits. it is how big a role in our lives do you want the government to be? do you want the government to be as big as it in european countries or you want to shrink it back to where i was? that's the issue. >> greta: to the extent that we are rattled, i know many say we are still strong. the fact is we have a high

unemployment, we do spend a lot, we don't have the revenues. hard to do that cheer thing when you look at the cold facts. it has national security conversations -- security considerations, things like our well-being, not just insignificant matter. >> that's what troubles me most about the debate we've had in washington over the past month or so. people have not seen the linkage between a strong economy and strong national security. this is not just about budgetary bean counting. this is about american grand extra the fundamental issue is, do you think you have a stronger economy by having a larger government or by trusting in the private sector to grow the economy as a whole? the more assets you transfer into the government, the less growth in the private sector. >> greta: we have an impact on europe. right now europe has a bad situation with italy and spain. france is not in great shape.

germany, the strongest has got problems as well. do they have an impact back on us? >> sure. the european problem is one they've created on their own. their common currency the euro. they did something nobody else has done, they created a currency without a government. some would say ultimately they expected to be in a position where this would decrease the power of the national governments, increase the power of brussels. by creating the your yo they subsidized spending policies we've seen in greece, spain, portugal, ireland maybe in the other countries. their whole largely political experiment to create the euro is in trouble. >> greta: where is the u.n.? does the u.n. have any role? should it be doing something? >> it has no role what ever. >> greta: be, should it be? >> nothing of consequence gets

resolved in the u.n.. the international organization that has played a role is the imf. i think their american policy has been wrong. i think if the euro is in trouble it is for the europeans to resolve. that created that to be an alternative to the u.s. dollar. when it runs into trouble they shouldn't call on our resources through the imf they should solve it stem service -- solve it themselves. >> greta: what do you think is going to happen in europe? >> eventually this all comes back to germany. and the germans are saying why are we subsidizing these ridiculous fiscal policies at our expense? i think there is going to be a political crash. if france runs into the trouble now forecast it is inevitable. i don't see the euro surviving. >> greta: the u.n. sits and watches. >> it is useless in this case, totally. >> greta: that's rather bleak.

>> but accurate, i think. >> greta: nice to see you ambassador. >> thank you. >> greta: new criticism seizing washington. where is everybody? members of congress are not here. they are on a scheduled five week recess. the president, he's about to go on vacation. our economy is a mess. and we need help now, not later. will president obama call congress back to work? rush limbaugh doesn't think so. >> they want a stimulus. these people want congress to come back and put together a new stimulus bill. that's what they want. now, obama is not going to do this. because it would mean he would have to give up his vacation too. and he's not going to do that. things are proceeding just fine. there's enough destruction going on. there's enough angst and chaos. >> greta: president obama is in washington, d.c. tonight.

will he make the call? andy harris joins us. good evening. should everybody come back to washington and work or put it off for another five weeks? >> i just got off two days of going through the district, had three town hall meetings, people are furious. they think that we not only took a long time to do it, we got it wrong at the end. they think we ought to go back and get it right. >> greta: what will it take? >> i've been grumbling the last couple of nights to get them back to work. whether or not something can be done i don't know. but give the psychological boost to the american people they care enough to work. >> i agree. part of it will be to prove to the american people we want to get something done. i think there's a balanced budget amendment, bipartisan sponsorship sitting on the desk in the house.

we should bring it up, pass it and send it to the stays and prove to the world our credit rating is going to be good. take up a jobs bill that looks to create jobs in the united states. maybe a minor reform of the tax code bring down corporate tax rates so companies will start manufacturing here in america. there are things we can do. i think the downgrade was a wake-up call to washington. think washington is going o listen. when we get together, i think there will be a different attitude. there is nothing to sharpen up a politician like next year's election. >> greta: i'm not sure i agree it was a wake-up call. if it was they would have stayed and worked. [ unintelligible ] this really is an urgent matter to those who don't have jobs who worry about putting food on the table. is not something that can be

put off until september. it is not that easy for a lot of americans. now they should come back and send a message. there's a lot to be done. i don't think it is a wake-up call if you continue to put it off. >> greta, the world is very different today than i was one week ago when the decision was made to begin the recess. at that time, we were told by a lot of the leaders in washington that don't worry, we passed the deal, it is going to be good enough, nothing is going to happen. a lot has changed in one week. >> greta: you should stick around we'll have a segment on the dodd-frank bill supposed to be the panacea passed 13 months ago. supposed to answer a lot of the questions. that didn't happen. i guess i sort -- experience has given me the right to be cynical. i'm probably the own one except ambassador bolton here in washington, d.c. tonight.

>> i got an earful over the last two days. people really are angry they do think we need to get our act together in washington, get something done and prove the economy and take -- and improve the economy and take care of our debt and deficit problem. >> greta: if you go to the gao report released in march, there are so many instances of billions of waste. congress has the obligation to oversight. take a look around, do a little oversight, see what it is. start cherry-picking some of the problems off. congress could do that and it won't. it won't look at the waste. it just commissions studies and says that is awful and then ignores it. >> you are right the report 300 billions in duplicate federal programs, 100 billion dollars in fraud, waste and abuse throughout the federal government. we have to go line by line. tonight one person said in our

budget when we run on tough times we go line by line and decide what we can afford and what we can. that's what we have to do in washington -- what we can't that's what we have to do in washington. >> greta: thank you. remember the dodd-frank bill? president obama was proud to sign it and make it law. has it been a bust? on the record investigates what this law means to wall street and to you, 13 months later. >> our nation's financial crisis is now spreadinging to the states. we'll tell you what it means ready. -- >> is the national organization of women watching representative michelle bachmann's back? here's a clue. a picture is involved. you are going to see it. here. and so too is the summer event. now get an incredible offer but hurry before this opportunity...disappears. the mercedes-benz summer event ends august 31st.

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the thing that would get our going again is if we would repeal obama care, dodd-frank all the regulations he's shackling our economy with. >> it tells you what dodd-frank is, is a horror movie for the american economy. a horror movie if people are interested in taking risks and creating jobs. >> in addition to all the

pieces of this bill, a common goal was to con without to -- was contribute to that restoration. >> this legislation is one of the pillars of president obama's building a new foundation for a stronger economy and fairer society. >> greta: dodd-frank a cure all? if so how come we are still in the soup? the verdict from those sound bites mixed. what is the 2 l 300 page document -- what is the 2,300 page document. here it is. that is in the word of leader pelosi, that is meant to -- that's the pillar. >> it was thought of as the great panacea for the financial crisis of 2008. it does correct some of the problems that we saw in the financial crisis of 2008. obviously it doesn't correct

everything. the past few weeks and months show there's more work to be done before congress and the white house are able to figure out what to do to fix this economy. >> greta: [ unintelligible ] >> obviously, the american people do not trust their government leaders to figure out what is wrong with the economy. this bill, identified specific problems that occurred before 2008 and tried to come up with ways to fix them. >> greta: i went through one aspect. creates a new independent watchdog for consumers. so consumers didn't get cheated. in the old days we used to refer them to the justice department and they get prosecuted. that still works. >> justice department is still supposed to do that. clearly they've not went after any of the big investment banks or companies involved in this crisis. this agency is supposed to make sure the mortgage documents we sign, credit card

loans we get are easy to understand that we are not tricked that wasn't being done by other regulators. >> greta: when other regulators fail or people not doing their jobs we roll out another document for new people not to do their jobs. nothing has been accomplished. all this good hopes and will for the people in 13 months, that hasn't happened. we have another set of failed expectations with another statute. >> right. i think it is early to tell what this law -- what impact it will have. it is just coming into effect now. they signed it a year ago. it took a year to set up now it is being rolled out. >> greta: it prevents us from huge bailouts. in the old days before in, if there was a problem with a company the company would go into a bankruptcy, a semi bankruptcy and the bankruptcy court handled it and you got trustees and did the

restructuring, we didn't need this. >> we had lehman brothers and it scared everyone. we the fed and treasury got scared they went to bailout and learned they have to bailout if a financial institution is going to crash and bring down the entire financial system with it. >> greta: we had a mechanism, that's the problem. >> but regulators worried the mechanism we had want effective. they have a new system that will prevent bailout. there's a lot of doubt about whether that is the case. i think a lot of people think the government will still step in and rescue that bank between fit involves taxpayer money. -- even if it involves taxpayer money. >> greta: what is the selling point? >> it is posed to, i'm not saying it does, it is supposed to protect you and me and average people who can get cheated by financial institutions. supposed to go too the guts of the financial system and figure out what is wrong and

put patches on those to make sure what we had in 2008 doesn't happen again. we don't know until we have another financial crisis. >> greta: is this least bit plain speaking? >> of course not, very complicated, many rules. that is one of the risks businesses point out. 300 rules when we are trying to rebuild during a recession itch it is going to cost money we are going to pass the cost on to customers. and it is going to take a long time get back to business. >> greta: i read a good bit of this it is incomprehensible. >> it is very hard to understand. it reflects many personal points of view of lots of congressmen and senators. the overall goal is to make the system stronger. in 2008 we clearly saw the system was broken, was flawed. this is an attempt to fix it. >> greta: zack, thank you. >> idaho's government goes on the record.

his state earned a credit rating upgrade. that is coming up. >> would you pay $80 for a piece of pvc pipe the size of your hand? you already did that is only the beginning. if you are a taxpayer you where to hit the roof on this. there's more, straight ahead.

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to assume our nation's 50 governors are on edge. is the downgrade going to take our states' status down? jing us on the phone idaho's governor otter. your rating -- has just gone up in your state. do you worry the fact that the national rating has been downgraded is going impact you? >> good evening. no, i do not. it is not unusual for companies and subdepartments of those companies to differ in their financial value idaho, obviously with our upgrade, we went to aa+ while the nation was coming down. we saved when we had a surplus and didn't spend more than we had during the economic crisis. >> greta: was it tough to do that? that's the problem facing our nation now. how we can dig ourselves out

of a mess that your state is emerging from. >> absolutely. i believe idaho and other states are a model for what the nation ought to do. i think paul ryan's plan was right. you have to cut back on the continuing cost and expenditure of entitlements. i used a term which i was criticized for in my last state of the state, the sole crushing tyranny of entitlements. it is tyranny for the taxpayers and for the continuation of government. >> greta: was to these people who no longer have these -- what happens to these people who no longer have entitlements and who are dependent on entitlements? >> with paul ryan's plan nobody was going to be cut off. >> greta: in your state, when you did it? >> we said we've been paying 15 -- 135% of pofr -- of

poverty for folks we went to a means testing and said if you can pay part of the price for the services you are getting, you going to pay that price. >> greta: what happened? tell the people, were people thrown out on the street in your state, tell me what happened? >> no, no there wasn't anybody thrown out in the streets. there was lots of things that happened. first of course, people became more responsible for their own needs. when they had to share the cost when there was co-pay for some of the entitlements they were getting they were more judicious in how they spent that money. the second thing was churches and the rest of the community said we can help a little. buff to help yourself. >> greta: -- but you have to help yourself. >> greta: before you became governor you were a member of congress what do you think what is going on in congress

and what about the thought of having them come back now rather than four, five weeks from now? >> i think the damage was done long before congress passed what they considered the solution. any time you create that much uncertainy greta, it is going to be disastrous for the psyche of the marketplace. any time that you've got gold over $600 of the s&p and within striking distance of the nasdaq, in values, that's serious problem. the people are looking at for intrinsic value. whether it is gold, food or whatever. any way, i think the damage was already done by the lack of leadership out of the white house. and in some cases because of the senate. the senate couldn't agree. we simply have to live within our means. >> greta: if we brought

congress back now is that a stunt or could they make inroads and send a message and move us towards a solution? >> having been a member of congress and taking that month of august off, gone home and talked to the people, i think one of the best things that can happen. just like with what happened in years past, we people unhappy about a policy that was being advanced by the white house, in the last couple of years, the best thing that can happen is for congress to listen to the folks. take this month to listen to the folks. then go back with a focus on solving the problem. i think they ought to stay where they are. listen to the folks at home. go to the hearings they are going to have in the communitys analyst ton the folks and go back and check policy. >> greta: governor, thank you. now to london where violent

riots have been rocking that city it is 3:30 in the morning london time. the city is on lock down with 16,000 police officers trying to keep control. the violence has been spreading. joining us ian evans a correspondent. tell me what is going on in london? >> reporter: london unfortunately tonight with massive police presence has been quiet. by and large the police have not been busy. different in other cities. cities like manchester, liverpool, birmingham, lester there have been outbreaks of violence, looting and rioting. >> greta: in terms of prime minister cameron has come off vacation he has called parliament back. what has been the i am bag of that? >> reporter: i think he's given some direction. when the rioting started

saturday night he was abroad in italy. the mayor london was also on holiday. there's no commissioner at the moment permanent one. it was a bit of a vacuum. david cameron has come back this morning and stood on the steps of 10 downing street and said this is what we are going to do. this is the plan this is what the police is going to do. >> greta: why did this happen? does economics have any bearing on this? >> reporter: not really. it is easy for journalists to report on blame and find reasons. the reason this blew up saturday night was due to a killing in an impoverished area of long done where a suspected gangster was shot by police. -- area of london where a suspected gangster was shot by police. locals were angry about what happened.

sunday night and tonight hadn't had much bearing on that dispute. it has been more economic youths want to steal tv's, stereos and loot shops. i was out last night in south london, quite a middle class area. spoke to a couple of guys involved on the periphery. they weren't interested in what happened, they were after goods from shops. >> greta: ian, the videos i realize it is in lock down tonight, those videos, buildings destroyed is extraordinary. so horrible. we are hearing about the lootings going on. i hope it is finally quiet. ian, thank you. >> reporter: cheers. >> greta: here's what is coming up on the o'reilly factor. >> bill: governor perry getting into the republican race, we hear. will that upset -- will that affect mitt romney in a bad

way? what about michelle bachmann? >> greta: coming up, a senator says you are getting ripped off. if you pay taxes this is going to unglue you. critics are slamming representative michelle bachmann. now she has an unusual ally. the national organization for women. that is straight ahead. announcet that starts off ordinary can become romantic just like that. a spark might come from -- a touch, a glance -- it can come along anywhere, anytime. and wh it does, men with erectile dysfunction can be more confident in their ability to be ready with cialis for daily use. cialis for daily use is a clinically proven low-dose tablet yotake every day, so you can be ready anytime the moment's right even if it's not every day. tell your doctor about all your medical conditions and medications and ask if your heart is healthy enough for sexual activity. don't take cialis if you take nitrates for chest pain as this may cause an unsafe drop in blood pressure. [ man ] do not drink alcohol in excess with cialis.

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>> greta: stick around for a mind-boggling report, next in 60 seconds. but first to our new york newsroom. >> reporter: a very emotional day at dover air force base as the bodies of the 30 troops killed saturday returned home. president obama was there on hand to salute the caskets and console their grieving families. the chopper was shot down in eastern afghanistan on a mission to help fellow forces under fire. 22 of those killed were navy seals from the same special forces team which killed

bin laden. but they did not take part in that raid. >> in japan, 25,000 people will be able to return home next month. those living near the fukushima power plan. i was heavy damaged in march by a quake. some will be allowed to visit their homes this month but will have to wear protective suits and can only stay two hours. i'm ainsley air . now back to greta. >> greta: new report says a vendor for the government is over charging our troops overseas for the necessities. overcharging can be government talk for stealing from you. you won't believe the dollar mark-up. where is the oversight by congress? we can ask, congress is still on that five week recess. here's griff jenkins. >> reporter: the end of july this report was issued that says among other things that iraq is less safe than it was

12 months ago. and june was the deadliest month on record for u.s. troops in more than two years. perhaps what is most shocking is the claims that a u.s. government contractor named an ham overcharged the pentagon and the american taxpayers for items like control switches and pvc pipe, sometimes 5,000% mark up, even 12,000 in one case. we sat down with the inspector general to get answers. >> this is an example of failed government oversight and excessive billings by the contractor. specifically, a study in weak subcontractor management and the failure to review invoices. we have an example of a pvc pipe that costs $1.41. the university is government was charged $80 for this, a

5,500% mark-up. $7 circuit switch, we were charged $900 for it. 12,000% mark-up. understandably costs are going to be higher in a war zone not that much higher. >> the anham representative that i've communicated with says what she finds astounding something the inspector general, in her words, not mine, doesn't take into consideration the security risk that -- the security factors and says essentially, listen it is not like you can go down to a hardware store on the corner and buy these items. >> it is true that it costs more to ship supplies into a war soon. it costs more to do reconstruction, obviously in an insecure environment. but it doesn't cost 12,000% more, it doesn't cost 5500% more to send a piece of pvc pipe into iraq. >> i'm not a contractor, but

the american people kind of understand how these things work. anham says it is a competitive bidding process and that while someone approved these $80 pvc pipes that cost $1.41 as you say, why wasn't the competitive bidding process done anham says they won with the lowest cost and they say they saved the government money. >> our concern is about the bidding among subcontractors. it is disingenuous for anham to say it was over process it want. they selected the subcontractors who bid under their large contract. therefore, were these subcontractors bidding fairly i think there's some question. >> reporter: after our interview we caught up with

senator collins the ranking member on the senate homeland security and government affairs committee. >> this is an area that cries out for increased congressional oversight. it is unacceptable, at this point in our commitment to iraq, to see billions wasted. >> reporter: are you telling you might call for hearings? you expect there could be hearings to look into this matter? particularly that one contractor this report has brought so much attention to? >> this does warrant hearings. our committee has jurisdiction over federal procurement laws. if this kind of contract can be award, it suggests to me that we need to take a closer look, not only at the companies that are doing business with the state department and defense department in iraq. but also, at our procurement laws. are they too loose?

how does this happen? where are the contracting officials? where are the auditors? how can this kind of waste occur? it is discouraging as well as unacceptable, that we are still seeing the taxpayers being ripped off. to rip-off the american people in a war environment, is even more appalling. >> reporter: we've spoken with the folks at anham and gave them an opportunity to come on camera, they those to issue this statement: >> reporter: they continue to claim they've saved the u.s. government and american taxpayers 153 million dollars throughout the course of its contract. where does this leave us? inspector general says there will be a further

investigation by the proper authorities and could lead to congressional hearings. >> it fits with the pattern of hearings the congress has been holding regarding contractor oversight this is the latest chapter in a series of problems that have been uncovered. shining more light will help clarify what needs to be done to improve the system. >> greta: it requires congress to do its job. >> strange bedfellows. national organization for women and representative bachmann, why are they pals? >> matt lauer under attack by guests on the morning show that does sound scary, stay tuned. ♪ [ male announcer ] every day, thousands of people are oosing advil. hers one story. my name is laceyalvert and i train professional athletes with yoga. i know how myody should feel. if i have any soreness,

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>> greta: here's the best of the rest. this may sound strange but the national organization for women is teaming up with republicans. okay, sort of. both groups are up in arms over the latest issue of "newsweek" magazine featuring michelle bachmann on the cover, critics calling it sexist. dubs her the queen of rage check out the cover shot, a less than flattering picture of the congresswoman looking a little frightened to say the least this the first time "newsweek" has gotten this

kind of backlash remember governor palin in runner shorts? the women's group now at that time was quiet then. but they are speaking out now and better late than never. forgot to mention, "newsweek" editor's a woman, tina brown, go figure. >> matt lauer didn't see this coming. he and ann curry were doing a segment about exotic animals when a guest landed on his head. >> is that one potty trained? oh no! [ laughing ][ñ2d >> that thing has sharp claws. a little to the left. >> oh my lord. stay there matt, don't move. >> they are very gentle.

>> greta: we wonder if that bird will be invited again? >> french are getting fancy when it comes to after hour cravings a bakery installing 24 hour automated beget dispensers. get fresh bread from a machine. right now there are two machines in tkpwrpbs and we would like one here in our break room here in fox in washington. >> finally, needles are the enemy for this new fashion statement. a dress made out of balance -- made out of 200 balloons. the artist has won prizes for her dresses. the dresses come with one big warning the balloons deflate after 24 hours. there you have the best of the tress.

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>> greta: 11:00 is almost here, flash studio lights, it's time for last call. yes, our credit rating is down graded but who knew it was this bad? >> from ratings standard and poor's down grade of the u.s. from triple a to aa plus. it.""kñ worse, today england, italy and greece befriended us on facebook. >> that is your last call. lights are blinking and we're go to greta wire.com and i put an open thread up. ñ about congress and talk about bret baier who is going to moderate the big debate from iowa on thursday night. you want to see that. in the meantime you know where to keep it. keep it right here on fox news channel. o'reilly factor is next. and