from america's news headquarters imi'm marianne rafferty. irene has been downgraded to it a post tropical cyclone, prompting forecasters to call off all storm warnings for the east coast. a tropical storm warning still in effect for parts of can that. the storm is packing winds of 50 miles per hour and now 105 miles south of quebec cit.

asian markets rising monday three days after ben bernanke predicted long-term economic growth. japan's nikkei rising 0.7% and south korea up 2.9%. on friday bernanke didn't announce any new stimulus plans but left open the possibility if another recession looks likely. i'm marianne rafferty. now, back to "geraldo at large." for all the latest headlines, go to fox news .com. >> the real issue we are going to have to deal with now is flooding. this storm is transitioning flooding event. some rivers haven't pressed it yet it is still remaining. we are prepared for what that means for shelter transportation infrastructure and positions with urban search and rescrescu

michael grimm republican staten island on the spot. governor chris christie another star in the republican party had some moments when he was tough as nails some suggest he was over aggressive, other times more compassionate and one bufrs the ground trying to save he was choked up about it. you think he came on to too strong you think getting off of asbury park or we are going to rip our throat out. what do you think? >> i understand why. people are frustrating. they have faced challenges they have never seen before. that is unacceptable. he is letting that frustration out for the good of all people saying enough is enough. sometimes he gets caught up in the moment but he's a human being just like everybody else.

>> i love the guy. i heard on the local radio station on the local news station saying that he was only giving interviews the national shows national correspondents he made a joke about a a reporter from iowa and another from new hampshire. you think he helped our hurt his presidential problems? >> my understanding he's got money so he said that clearly many times. i think he's really concerned about getting his fiscal house in order. he is doing it well. >> one of the great things about the modern era with digital technology some of the most important reporting during this extraordinary event has come from you the viewers. the hudson river beautiful valley starts in new york city and trafrls north for more than

1 munn miles. there was torrential rain turning small streams into river. 11-year-old they show is in his backyard. it became a raging rapid. the latest on irene's location was the hurricane and where is it? maria joins us from the fox news weather center. >> still a tropical storm. 50 miles per hour. very soon an update as of 11:00 p.m. see if it is considered a tropical cyclone. it may be an extra tropical system regular area of low pressure losing those characteristics. one of the major systems is the

flooding. wayne fall eastern carolina 147 inches of rain apositi a-acrosss of the catskills. it does not experience direct land fall has to deal with major impact. irene coming along blinging in the additional rainfall. didn't take very much wind to knock down the trees power lines pouter outages new jersey being reported delaware portions of long islands. it has been more widespread. 115 miles an hour. not too significant. we are not talking a major hurricane. they were enough to cause rain to go down. generally dry conditions a few

sprinkles lingering across southern maine but holding onto the tropical storm strength 50 miles an hour moving to the north northeast by light tonight or tomorrow that will becomen area of low pressure. >> luck of the draw it is staying a tropical storm even into canada. >> i think it is so big it takes a longer time to change in sxreen. that's why when we held on the a hurrica hurricane>> maria thank you very much. you mentioned long island. i want to go to the report laura angle filed. here's the latest from long beach. >> geraldo the governor certainly got an eye full as he was zig bagging through the long beach area today. driving down street that have

trees all over. power was out in some places. some of the rain crowds for a current can be virtually rivers. some people could not get through. a lot of the area local businesses have boarded up and sandbags in front of their businesses literally have waves lapping at their front doorsteps. i want to show you what's happening on the beach. the waves are crashing when wefrm here at 8:00 a.m. when the tied was high water was up to the board would you being pounding across these poured into the panels into the parking lot. some of the cars had water all of the way up to the wheel wells. man pee people coming back today to find their car in different

places. the fatality also sustained major flooding lots of trees down there as well. all of this means it will be a busy day for crews trying to get the branchs limbs and bigotry trunks up and out of the areas affected so we can get power restored on long islands. >> general where do you stand on beach punishment. ocean patients faces detours the others in california. >> with the economic activity you can add name because it is protection for rich people. if you go one or two homes in that's all middle and lower blue collar americans that are working and making a living from

those communities. those features protect a lot of people. i think a life cycle analysis of those people for economic. when you get rod that's a it is a cost benefit anal ysianalysis general. the rich guys off the beach. and the federally subsidized flood insurance also at risk. i think there are some harsh analysis that have to go on. do you agree congressman michael grimm? >> i think everything should be done by xos anal blah what bo all those homes direct -- stated

tan island you hope ner the etyest i think it should be done with all of that in mind and we should certainly put all of the different classes within there the economic classes and look at it from an economic benefit for the entire community not just isolated. >> why are we showing the tree? no beaches? >> this is something that irks me personally. i always wanted to live on the beach when i finally could afford to live on the beach and now it is ironic. i buy the argument there are plenty of other nonrich people who benefit from beach replenishment. something happened in your life last night. you were riding around i mentioned you were a 911 respondser. tell them what happened? >> i was going from one shelter

to the next shelter. the rain was coming down pretty hard. i was driving with nick from brooklyn. we were in staten island a gentlemen with a walker is standing at the bus stop in the pouring rain when it is hours after they are no longer current. >> i asked my son did you see that guy at the bus stop? i came around said sir what are you -- he said bus, bus, bus. he had a speech impediment. i said sir where are you going? >> my brother, my brother. i got the phone number to the brother i called the brother. he was at a home himself and got the foot animated. there is mary on my left and that's his brother in the bay. >> i thought the buzz was coming he had probably been there

himself. >> he was out there god knows how long how many people passed him. i caught him out of the corner of my eye. we asked him bus bus bus. >> when you see something do something. >> that's what i hope to bring to the political arena. as a former united states marine they text you on the daily basis. they loo implement and execute. >> we have gotten jaded in some ways. there really is a role for that kind of activist volunte volunt we saw a lot of that in these shelters. >> there is a heroism there. it is not macho. >> the red cross a always so

pupilble wonderful to work with. they make the worse situation okay. >> it's a cliche to say new yok has the worse situation. >> i have been a new yorker since the day i was born. i disagree with that reputation. when times are tough i want a new yorker by my side every day. i lube back after this.

>> they came to a number of like $7 billion it's a huge amount of money but little compared to hurricane katrina over $100 billion. you know the insurance industry had a lot of problems in terms of their ability or at least the reserves that they kept bash in

f financial economic cries success we have. are the insurersable to pay for some of the damage. will the companies take a hit when they open tomorrow. loretta is vyings president communications. >> we are joined also by russ rl roughville. russell -- >> i screwed up the first name. robert. president and ceo of independent ijts agent of the brokers>> loretta before we talk about the solvency of the insurance industry can you add vise the people who have suffered damage on what they should do right now? >> i want to say a few things about the total losses from katrina it was 45 billion.

>> the air worldwide is putting it anywhere from 1.5 million to $6 billion. in terms of the insurance industry, it has taken a very serious approach to the storm much like katrina. wref mounted a serious offense for losses and have already gone in and we have -- we already started making phone calls about the storms to let people know what the potential losses would be what they needed to do. >> preparation is great. i am glad you did all that. now it happened what should people do? >> right now in terms of filing -- >> if they have flood insurance through the flood insurance program they will be covered. if they don't have flood insurance then they won't have coverage. that is something that is a big concern for the insurance

industry. only 17 percent of people in this country carry flood insurance>> do you advise people to have flood insurance? >> all of the time. >> they try to educate them on getting the coverage. >> is it on your house or your vehicle? >> do you have enough money to pay them all? >> we have the financial wherewithal from the storms not going to be significant loss for the insurance industry. >> will not be. >> when you talked about the 1.65 billion you are looking at insured losses. >> that is not the economic. perhaps you are referring to the economic loss. >> bob stand by. i am going to come to you after this short break. i will continue with congressman grimm. we will be back after this. it was created with the power of verizon 4g lte.

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>> we have a general. we have a congressman. we have two insurance industry executives. i am going to go to one of those to begin. would be russville perhaps i should have put had a question to you if i have something damaged something broke because of this storm give us your advice what do you tell the folks? let's say you have a freezer packed with $10,000 worth of steaks and they have gone bad what do you do? >> in washington we sell freezers with cash. no offense to congressman. but i will tell you that that is something called business

interruption insurance. we don't know what the exposure is. in your business is interrupted you lose electricity our yies is independent on that the claims will come in and the insurance industries will pay. i have talked to insurance agents up and down the east coast today. they are coming in for free damage to houses in cars and flooding. flood be will be devastating. only 17 percent of americans have flood insurance and there going to be a lot of consumers tomorrow. they are going to wake up with a major headache when they find out they didn't purchase flood insurance. >> do you advocate it or do you say if you live in the flood zone you are on your own. >> by law it's required to get a mortgage that is federally backed. you have to have flood

insurance. people don't know if they are in a floodplain or not a floodplain. there are people that need flood insurance but say they don't need it. if you are in a disaster zone by the government you may qualify for low interest loans you have to pay them back unlike flood insurance where you get the money if the house is damaged a flood. >> i hear you mentd take pictures if you have damage. loretta thank you bob. thank you. want to go back to the general. it's not in your zone but how is the new orleans area the huge core of engineer project. is new orleans' safe now? >> the system was completed this month in august of 2011. it is 100 percent fuvended it

was funded up front you c unlik other system that was only 40 percent done. it will protect against category 3 storms. old levy and system designed. >> i didn't get to missouri or mississippi river. 15 seconds final thoughts congressman? >> just very, very impressed again by the volunteers and staffers at the shelters. very impressed with the administration reaching out. >> katrina was an f you would still give this an a. >> i would give it an a or effort for sure. >> in terms of the aspect of compassion people standing up to the plate helping neighbors. >> never been stronger. >> i hope to see you in our 9-11 special. we are doing our special the we are doing our special the counter attack thast: could swio really save you 15% or more

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