nasdaq down 131, san diego 500 down 53. a very bad day for wall street many terrible sign for our economy. where is president obama at an important time lake this? officially on vacation in massachusetts on martha's vineyard for 10 days. joining us sarah palin. good evening, i guess the truth is whether the president is at the white house or or martha's vineyard the stock market still went down, where he is doesn't matter. does it matter symbolically where he is? >> it does matter. i don't know why our president bothers making promises at this point spewing those platitudes. he promised to not rest until every american who wanted a job got that job. yet, there he goes jetting off to tink his toes in the sand of martha's vineyard, ignoring the fact that 14 million

americans cannot find a job. 40 plus million americans are relying on food stamps to make ends meet. economies are crashing, markets are crashing. there's a lot of turmoil now. he seems so absent from the reality that the rest of us are facinging in this country today. illustrated by his desire and now his action to go on vacation again. this time for 10 days in a pretty elite area where the rest of us are kind of shaking our heads saying really, at this time, perception being reality in politics, why would he do this? >> greta: i'm not sure he understands how important the office of the president is to the american people. not policies, but we look for him for inspiration, leadership any president whether you are for him or against him. i guess in these times when people worry about paying rent, putting food on the table that we want to see our president leading us.

and digging in with us. that's what i think is the unfortunate message. i don't doubt he's working hard. i may have trouble with his policies. i wonder who is -- who is talking to him. we need inspiration. this isn't it. >> well, we need empowerment of the individual. i think his ideology will not allow him to be one to allow that empowerment of individuals in our small businesses and families to make decisions on our own and invest according to our own priorities so the private sector can grow and thrive and jobs can be created. his ideology is one of big centralized government that can plan an economy and make decisions for our businesses and for us as individuals. i think that he is not the one to provide that inspiration and that empowerment that is need today to get us out of this chaotic situation that we're in. we saw markets today react to

that tumultuous chaos as they are forward looking, these investors taking money out of the market right now because of the uncertainty. and it is caused by barack obama's ideology that will not allow the private sector to do what it does best, stimulate the economy itself. >> greta: i'm not sure i totally -- in looking at it, i think the american people, whether he wants to centralized government or not, want an answer. i think the more difficult thing is the mystery of it all. saying i have the answer, i've got something for you. you will get pit in two weeks. i think that's -- you will get it in two weeks. i think that's what is so painful. the economy is so fluid. to think like, -- he doesn't feel the pain that president clinton did, if he goes off and lets people hang out there hoping when he comes back that he's got something.

>> and he makes another promise that he has a plan that this time he will actually present. we don't know if that is going to be another speech or if it is a written down plan that people can hold him accountable to. what his jobs' plan will be, i guarantee you, it will be based on spend more money, incur more debt. spend money that we do not have so we will have to borrow from countries like china or print more money so we can spend more money. it has to do with government. his ideal that government is the answer. when it is proven in these last 2 1/2 years that government is not the answer too often it is the problem. truly, he needs to allow the private sector to start stimulating the economy the way that america used to. that was based on development of our natural resources and reward for work ethic. we've gotten so far from that in our political -- the policies coming out of

washington that it is going to take a while to get this train back on the right track. >> greta: in february of 2009 and the stimulus bill was put into effect, a lot people opposed it. any good american wanted it to work. now 2 1/2 years later, if he comes back to the american people and says we need another stimulus. i think it is going to be a harder sell. he will have to show real progress with the last one. otherwise he needs plan b. the american people won't buy another stimulus, unless there's in recent history there's been some strong evidence of success. >> you know who is not going to buy in next stimulus package and believe it is going to work, will be the governors around the state. i was governor the last time he tried to tell us this nearly trillion dollar stimulus package that we had to have shoved down our throats was going to be the cure all for our economic woes

around the nation. there are a lot of conservative governors, i was one who vetoed part of those funds and said there are fat strings attached to bigger centralized national government that would attach the states to big government. and we would be holding -- beholding to moreoverreach of the federal government and we thee that wasn't going to be for the tent amendment and states rights and our sovereignties. the president and congress insisted it was going to be the answer. it has proven to not be the answer. he will try upon his return from martha's vineyard, he will try another stimulus package i'm sure. i think it will be the governors in the states who rise up and say, no not this time. fool me once. you are not going to do it again. >> greta: how does a president, any president. we've had a uniter president bush said he could unite that didn't work well. this president said he could

get people to talk on both sides. no party what think about the two ideologies, unless both parties work together, instead of locking horns, there will never be success in washington. should we abandon the thought that the two parties can never work together? would you do something different? how would you get the two parties to work in concert for the common gel that satisfies so many different factions? >> look at the -- movement that has risen up that we call the tea party movement let's use that as an example of nonpartisan, independent americans with just a lot of common sense and a to see the economy put back on -- and a desire to see the economy put back on the right track. tea party movement is a good model for congress. if you start asking people how long have you been involved in your local, state or federal government? you will hear people say i've never been involved in government before. i'm not even recently centered in one party or another, i'm

just an independent. and i just want people who are in these elected offices to be held accountable and listen to the will of the people and to make common sense decisions with our economy so we don't become an insolvent bankrupt country. look at what is going on in the tea party movement and the rising up of the voice there is. if congress would embrace more of that independence. not that parochial and obsessive partisanship we see on both sides of the aisle today if they would embrace more of that movement our country would be better off and that's how we are going to make some progress. >> greta: i see a lot of hardworking americans in the tea party movement. from time to time i see things like today i wrote on greta wire a blog in the tea party movement orrin hatch is get -- [ unintelligible ]

if you do a little research, senator orrin hatch going back to 1979 was pushing the -- balanced budget amendment. yet some of these people in the tea party movement won't look at the facts and they go after him. even within the tea party movement there is a disregard for the facts and effort to be disruptive even within the group. >> you will find that within any group. especially when it involves politics. to your point about senator orrin hatch, he is doing good in terms of trying to get a balanced budget. and he has been for the last couple of decades. he's pushed hard for some fiscal reforms that we have got to see i am -- implemented otherwise crony capitalism will continue out of washington, d.c. and we will continue on the wrong path and be bankrupt. people like orrin hatch, he's

rising up with quite aggressive tack about the balanced budget amendment and other things that he has seen for all these years need to be done. we need to be agreeing and embracing his idea and working with him to make sure that happens. instead of shooing him away and out of a tea party movement, if you will when he an guess with such a basic fundamental principle that we must -- just simply balancing the doggone federal budget. >> greta: back to president obama. i was watching the announcement by secretary of state clinton about the united states' position as chief diplomat on the president of syria that he must go. that he's got to leave. as i was looking at the screen, i thought this very important thing. the president, let me be very sarcastic, he's packing for his vacation, he hasn't given the jobs plan. it is like he outsourced it,

she looked more presidential announcing the policy of the united states. i thought is he just tired? has he given up? suddenly she looked like the president. >> he's got his priorities skewed. i think he was packings.n> for vacation while secretary clinton asking on behalf of the united states of america for another president of nor country to step down that is our president's role. this is another example of president obama leading from behind. makes you scratch your head and wonder what does he do? what does he desire to do in that position of leader of the free world and so much influence that he has in a case like this stepping back and allowing hillary clinton to basically carry the water for our entire nation. very strange goings on there with our foreign policy decisions and announcement like that. i'll bet you, going out on a limb, obviously i can't speak

for liberal democrats. i just think that after a day like this, where you saw that kind of presidential aura of hillary clinton as she made that announcement today, while barack obama was packing to head out for 10 days on vacation to golf and tickle his feet in the sand. i bet people if they had to do it over again who had that choice in the primary between hillary clinton and barack obama, i bet you today, they are saying, we should have gone with hillary clinton. >> greta: it is amazing to me. has he sort of given up that he would outsource that? where is the fighting spirit for him? i don't get this he was such a strong on the campaign trail. and he inspired so many americans. i was hoping he would inspire people who had never been involved in politics. he got them out to vote. now it is almost as though he's lost his steam. he seems to have lost the

interest, at least right now in this month he has. >> different between him now and back there three years ago on the campaign trail is he was getting away with everything on the campaign trail. i was driving me crazy as a member of the john mccain presidential team, as we were campaigning for office. watching what the press was letting candidate barack obama get away with, with his proclamation that he would be transforming america. yet nobody asking him him what do you moon you want to transform the greatest most prosperous, safest, healthiest nation in the world request? do you mean restore all that is good and stprpbg? or you want to fun -- one example of candidate obama spewing that kind of rhetoric and getting away with it. we are understanding what he meant by that fundamental transformation of america as we see more failed policies implemented and we scratch our heads wondering what is next?

we saw markets today reacting leads to lack of confidence in the marketplaces. and we won ver how much -- how much worse is this going to get before 2012? 2012 can't come soon enough. >> greta: how can we help matters now? whether you are republican or democrat, i don't know what going to happen come 2012. in the meantime people are without jobs. if you are good decent citizen you got to want president obama in some ways to succeed so people can go back to work and have all the tune. even as an opponent, what can you do to help him? >> that is a great question. what we can all do to help our country right now. one thing we cannot do is put our faith in an individual, politician or really a political party or government policies. because i talked about this in my gubernatorial inaugural

address a few years ago. i said government cannot make you happy, healthy, wealthy or by. we have to reach within ourselves and find -- or wise. we have to reach within ourselves and find the ingenuity, work ethic things americans back in pioneering days built and resulted in the greatest most prosperous, exceptional country on earth. we have to do what we can to create our own jobs. done wait for government to create jobs for us. they are going to mess it up that bureaucratic morass we find in washington. let's get out there and hire people. let's save for the future. we have to make sure we are taking care of our families and small businesses and being didn't and planning ahead. let's get out there and be bold with our own initiatives and not wait for that elite bubble in washington, d.c., those folks within that bubble to tell us how it is going to be. and how the economy can be

planned for us. they keep messing it up. we have to could that -- have to do that within our own families, small communites and states and ignore the chaos and the turbulence out of washington, d.c. and pull ourselves up from the boot straps like americans used to do. ignore the problems in washington. take care of it ourselves. then let's hope that soon we have elected officials who will come in and get government out of the way so the private sector can do what it does best and stimulate the economy. >> greta: i got an e-mail from carl cam saying that you are going to iowa for the -- carl cameron saying you are going to iowa in early september. we are suspicious, a lot of chatter about what you are doing and why. any closer making a decision and why are you going back to iowa? >> thankful to have been invited to a tea party event there. where we will talk about the

solutions to the problems that americans are facing now many anxious to be there september 3rd. we'll be continuing to do a lot of travel. >> greta: it is an awful tease trying to guess what different candidates are doing. you in iowa, you are one of the subjects that is driving the media a little mad. can you give me a hint which way the wind is blowing tonight? >> still contemplating whether i should jump in or not. in the meantime determined to help get this country back on the right track. remember you don't need a title to make a difference. you don't need to hold an office to make a difference. i think i'm proof of that as are millions of other americans. looking forward to this event where i can help explain how we can part of the solution by empowering individuals, empowering one another and not waiting for government to do it for us. >> greta: i see in the

background dark in alaska, no more midnight sun governor. >> nope. summer did wind down quickly. fall time is here that nip is in the air. but it is absolutely beautiful. >> greta: indeed it is. governor, thank you. >> thanks so much. >> greta: wall street is drenched in red ink today. nervous traders are selling. most unsettling, morgan stanley gives all of us a frightening message. what is it? dennis kneale goes on the record, next >> did they think we wouldn't notice? u.s. justice department giving special treatment, they have a class pet. wait until you hear who it is. this is going to fire you up big time. >> vice president biden is in china. unfortunately, so is one of our nation's top college basketball teams. why is the vice president shaking his head tonight? stay tuned for that. ♪

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>> greta: investors are spooked. dow plunging 419 points. traders leap out of he can wittes and flock into assets. is -- is fear drying the sell-offs or something more.

joining us dennis kneale. what happened? >> that was a worldwide outbreak of wimpiness. started in europe, u.s., jobs, existing home sales, morgan stanley report which you teased before our segment where they said the u.s. and europe are dangerously close to falling into recession. couple things, going into recession doesn't have to be frightening folks. it is not the end of the world we've been through plenty of them we'll come out of it. morgan stanley said that. today the chief global strategist came out and said, i think stocks could be performing a very important bottom here and a bottom is when you start to rebill. second, insider buying by internal company executives is at an all-time high since the meltdowns of '09. they are buying now -- guess who is among those buyers?

ceo and two other top executives of morgan stanley the firm that scared us today. i don't think this is the end of the world. i'm sure of that. >> greta: may not be the end of the world for you or me, we both got jobs. in terms. recession, people don't have money on wall street, it does affect others. you say -- we've been in recessions before but we've come out of it. it feels like a double dip recession now. if you are out of work it does matter. it is hard to say i'll just ride it out if you don't have food, a job, no prospects you can move to another city to get a job because you can't unload the house you have because of toxic credit swaps. >> i'm sorry for the pain of the unemployed it is very rough, at 9%. they say it is higher. 90% of us in america are employed and we are gonna get through this. and we gotta take time to grow

that economy. >> greta: that's not even true. the unemployment doesn't include the under employed. the 27% in the city of detroit, i can go on and on. these numbers are grocery understated. >> today's sell-off has nothing to do with hurting the prospects of the people you are talking about. you are mixing two topics. i heard on fox business today a market guest said the markets are right one out of three times when they plunge. they so we now see the chance of re-- of recession at 30, 35%. we can fix this. let's remember fidelity -- study seven million retirements. people who sold out by john of

this year up 2%. people who stayed in june of this year their retire accounts were up 50%. let's not throw the baby out with the bathwater. let's remember that yes stocks fall and it is scary but stocks go back up. >> greta: wall street is gambling, this is a giant casino. but it is an end kay for forfr# -- an indicator for the stability of the economy across the nation. it does matter as people watch, they worry, they fear. to the extent that companies have economic problems it does create problems for others. >> what was it saying about our economy when stocks rose 90% at the fastest pace in modern history, going well. [ talking over each other ] >> greta: you are talking about 2007 you want to talk about s&p? >> sometimes the markets

aren't saying anything other than i'm afraid and i want to get the heck out of here. people who stay in for the lodge term they will be okay, eventually. i know it is rough out there i -- i low unemployment is high. i -- i know unemployment is high. i know it is scary. we will get through this. >> greta: i think to the extent there is so much uncertainty across the country even with unemployment we don't have a jobs' plan it does have an impact on people whether they want to sell-out in the market. all these are interrelated. it shows a very unstable nation. at least in terms of how we feel about our economy because we can keep it constant. >> it is not all gambling. there's real fundraising that raises money companies can spend on inventing new prod diagnostics -- new products and services. a lot of people made money today. the vix thing up 30, 40%.

gold went up. people who are buying and selling that stuff are making all kinds of money. gamblers make money and spend that money on new cars and things like that. >> greta: dennis, you get the last word. i'm sure you will be back tomorrow, thank you. >> thanks a lot. >> greta: if you didn't hate the justice department before, chances are you will after our next report. wait until you hear who getting special treatment, not you. they must be laughing at us. thinking we would not spot this one. but we did. that's coming up. [ male announcer ] looking for a complete picture of your money? meet pnc virtual wallet. it comes with a calendar that shows you all your finances at once. it lets you know when your money's going out.

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>> greta: in 2007 the credit rating agency s&p gave credit swaps, bundled mortgages, triple a ratings they were toxic. so toxic that our entire housing market came down and the economy imploded causing sustained unemployment and immense heartache and hardship. two weeks ago s&p does a credit rating of our nation and downgrades us. a new york time report about a justice department investigation joining us louise who wrote the story. >> i've been talking with former s&p workers interviewed by the department of justice

potential witnesses many they told me about the questions the doj is asking. the justice department is interested in whether they have examples or witnessed examples where ratings' nan lists who were supposed to be neutral who were -- were supposed to care about nothing but the truth in the mortgage bonds were overruled by business executives at standard & poor's and whether they were trying to put profits over the truth of the bonds. >> greta: in other words defraud the real value and we've people buying and trading and the housing market implodes and the economy further implodes, right? >> this opens up the entire debate about the financial crisis. what we heard on wall street that it was a big mistake that people did not see this coming. they didn't know the housing market would collapse and i was just a one huff year

event. what this department of justice case is looking at with standard & poor's is whether they wanted to downgrade things and they saw problems, whether business executives there instead overruled them, trying to make more money off these deals and keep them coming from the banks, more and more mortgage bonds which made them more and more profits until it all blew up. >> greta: i went online and read your article. i thought for a while this is i go, the justice department is looking into what happened in 2007. then i got to the bottom of your article. i saw it was a civil investigation. meaning that if the american people have been defrauded the justice department is not seeking to send anyone to prison only a financial penalty, which the shareholders will have to pay, probably many it is so outrageous that the justice department isn't doing a criminal investigation. i didn't know if there is a crime or not.

why isn't the justice department going soft? >> very few people have had criminal cases coming out of financial crisis. there's only been three. most have been civil. there haven't been many cases at all. the justice department has already closed the investigation involving washington mutual the giant bank in seattle and countrywide. i said what does the department tell you about this case might it be criminal? they were told it would be civil. one person put in an interesting way. he said, at the beginning of his interview with the doj they told him, they wanted to reassure him, don't worry it is a civil matter. that struck me as interesting that they knew that upfront and that's the they were going and telling these people this. >> greta: it is so outrageous.

if i stole a ham from the safeway or started ripping off fox news, there would be a criminal investigation. why s&p agreeing this pass. i read your article i know at one point a u.s. attorney said on a civil investigation every lie is not a crime. whatever. i'm curious, going back to these 2007 credit swaps that s&p rated as aaa. who paid them for those ratings? >> the way it worked is the banks, creating these mortgage bonds could go around to fitch, s&p and moody's the three main agencies and find out how they might rate the deals i am then the banks could choose which rating agency -- agency to take their business to. the rating agencies are paid by the party creating the mortgage bond. not by the investors who are going to use these ratings. an essential conflict of interest. a lot of critics say it last been -- it has been around

since the 60s. you might see them changing the business model. >> greta: what would change it real fast, a good fraud indictment. you don't have to have a lot of hearings on capitol hill. the conflict of interest and there was this cozy relationship, one fraud indictment, would do the entire trick for the more than what six months of hearings could do on capitol hill. it is outrageous, i don't know if a crime was committed. it is outrageous the justice department is going to do at most a civil penalty, just a financial slap on the writes, astounding. i'm taking the last word since i was reading your article and got so mad. >> sorry i ruined your night. >> greta: thank you louise. >> coming up, new questions about the so-called super

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>> greta: a shocking new report about washington's so-called super committee in 60 seconds. but first to our new york newsroom. >> reporter: more on the overseas financial situation spooking investors. stock markets in asia opening lower following a day of sharp losses in markets around the world. nikkei down over 180 points or 2.1% in early morning trading. hang seng fell 2.8% and korea's coffee index plummeted 4.7%. global markets plunging amid concerns of a second u.s.

recession. and renewed worries over the financial health of europe's banks. germany index following 6%. having major effect on telecommunication companies in the u.s.. hewlett-packard will discontinue its smartphone and certain other products. >> greta: will special interest groups muscle into the super community and get deals you will never get? know one wants to get cut. there could be and will be lots of lobbying. joining us liz mcdonnell. liz, how do we determine who might have a special deal, special access? what is the money story? >> money story came from a nonpartisan watchdog group

that looked at information on special interests donations to the 12 members of the super debt committee. they based that information that came out of the center for responsive politics based on government filings. what we see is nearly 65 million dollars in political action committee money went to the 12 members of the debt committee over the last decade. that's just pac money it does not include employee or staff donations at these interest groups. it includes corporations from across the country. unions, it includes the most important sectors of the u.s. economy. >> greta: i'm looking at one over the last 10 years. lawyers and law firms have given 31 million dollars to these 12. what in the world was that -- obviously i don't know what that is about. what do they need that for?

>> important point. they've led the way, 9 legal profession was the top donor to all of the 12 members of the super debt committee. it is a pac run by law firms run by their employs. close behind was wall street. -- in third place came the democratic progressive and liberal groups. those are the top three. when we looked at the break down of which sides of the political aisle got most of the pac money the democrats got nearly double what republicans got over the last decade. democrats got 43 million dollars. the republicans got 22 million dollars from pac money over the last decade. >> greta: here's one, club for growth, a relatively new organization, conservative group, dish out a million. the point is you see how much

access some people have had over the last 10 years. it doesn't mean necessarily the committee is going to be talking to the committee, but it does show some of the poison of money in washington, who has access and who does not. the shopkeeper in my hometown doesn't have the access that these wall street, 11 numbers that they have. >> on that list, the top 10, club for growth is a free market advocacy group. rounding out the top 10 are wall street firms. j.c. morgan choice, goldman sachs, citigroup in the top 10. bank of america. >> greta: general electric. >> right. and microsoft as well. when you look at the break down by each of the representatives in congress on the super debt committee you have to ask yourself these are the individuals who have to come up with 1.2 trillion cuts

by the end of november. when you look at the big issue, oil industry breaks gop members got $800,000 in the last election cycle, 11 times what the democrats got. defense industry up for cuts. senator murray got a lot of money. one interesting fact we came up with is what did these members of congress do in the most recent congressional cycle? look at this screen we have for the track record on the cuts they presented. ranges from 85 billion in spending cuts to 1.2 trillion hike in spending there was representative who co-con spored the bill for the single payer health system. none of the three house democrats backed the bill

. >> greta: liz, thank you. >> straight ahead, the future upon us. human beings are becoming a thing of the past at one airport. >> dangerous combo, larry flynt and the cast of jersey shore, next. new bayer advanced aspirin's for pain. it has microparticles and enters the bloodstream faster. works twice as fast as before. did you invent this or something? dr. eric first, from bayer. wow. [ male announcer ] new bayer advanced aspirin. for red lobster we can find. male announcer ] hurry into crabfest at red lobster and savor 3 crab entrees under $20 like our crab and seafood bake. or our snow crab and crab butter shrimp. my name's jon forsythe and i sea food differently. or our snow crab and crab butter shrimp. woman: day care can be so to save some money, i found one that uses robots instead of real people. 'cuz robots work for free. robot 1:good morning...

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>> greta: here's the best of the rest. you know the saying when one door closes another opens? this case it is a closet door, sort of. first abercrombie & fitch wanted to pay the cast of jersey shore not to wear is clothes on the show. now larry flynt is handing out his clothes. he wants to give the cast members cash and clothe from the hustler clothing line. he's not worried about any connection to the situation or jersey shore. he says the fitch may not be -- he may not be good enough for abercrombie & fitch but he's good enough for us. we'll see was. >> if you were to combine an insect with a sex pain yak, multiply it several hundred times you would get bug-nadoes.

massive swarms of may flies or midges start in the water rise to the surface, grow wings and take flight. the result is this awesome sight entitle is a true mating dance. the female picks a male bug the pair mate and the men adios, the males die immediately after mating. the females lay eggs and take their final breath. it all-stars all over again. by the way, do you think the staff made this up? i don't know. it sure is weird. >> relations with the chinese are getting tense. it is not the vice president's fall. cameras captured this fall-out between an exhibition game. players started shoving on court and it turned violent. the center forward for the chinese was called for a foul and it went quickly downhill. the game was call off with less than 10 minutes left with a tie of 64.

the vice president is still in china. we bet he can be happy about this tonight. >> finally, in the film, "back to the future" two holograms took over the streets in 2010 we have -- 2015. the future is here. hall grams now replace hugh -- holograms now replace some humans projected on to a human shape silhouette made of phrbgs glass. three boarding agents were filmed to create these illusions. the french airport is at the timing them out in the hopes it will make the boarding process easier. there are you have the best of the rest. >> coming up, president obama is getting slammed for being unpatriotic. what did he do? not what you may think, next. ♪ the front-row tickets you never bought.

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>> greta: 11:00 is almost here, flash studio lights, it's time

for last call s president obama a real american? conan has doubts. >> president obama's big bus tour of the mid west, talking about jobs. and he's talking about jobs and making jobs in america. and apparently it came out today the bus he's riding was made in canada. so unpatriotic. if he was a real american, that bus would have been made in china. don't you think? >> that is your last call. lights are blinking and we're closing down shop. thanks for being with us tonight. i'll pull putt on open thread on gretawire, you can talk about what you like and didn't like. let us know what you thought about any of our shows. keep it here on fox news channel. o'reilly factor is next. good night from washington. go to gretawire and tell us what you think. >> laura: "the o'reilly factor" is on tonight. >> i don't think we're in danger of another recession. >> really, mr. president? with the economy