we'll see you next fox news sunday. this week on editorial report. fresh from a private equity fund-raiser, president obama attacked mid romney for his ties to private equity. when will romney fight back? greece on the brink with exit from the euro would mean for the u.s. economy. as california woes grow can governor jerry brown tax his way back to fiscal health? ealth? ♪ >> welcome to the journal, editorial report. i'm paul gigot, fresh from a fund raising wing t

>> paul: fresh through a swing of manhattan through an apartment big wig tony james is president obama rolled out a long expected attack on mitt romney's ties to private equity. campaign released an ad blaming romney and his former firm bain capital for 2001 closing of steel company in kansas city. >> i know how businesses works. i know why jobs come and go. >> bain capital was the majority owner. they were responsible. mitt romney was deeply involved were the influence he exercised over these companies. >> it made as much money off of it oos they could. they filed for bankruptcy without any concern with families in communities. >> paul: joining the panel this week, columnist dan henninger and james freeman and washington columnist kim straussel.

you looked into the closing of plant. tell us what the facts are the reality? >> it's not really the ad. you have 1993 the steel industry is a wreck. hundreds of thousands laying off. companies are losing billions of dollars and a plant in kansas city. i spoke to someone that was vice president before and after acquisition. this plant was going to be closed. bain came in, they felt there were product lines and invested more than a hundred million dollars and in the end it didn't work out. this was heavily unionized business. they continue compete on the world market when prices plunged. they ultimately did go bankrupt but what bain did give an extra eight years of life. >> paul: so this plant would have closed earlier without the investment from bain capital? >> that is the argument of the

vice president who was there before bain came in. he said the decision had already been made, if we couldn't sell it we were going to close it. >> paul: what about the larger story of bain, the overall portfolio and how well the sbeoys did. is this a success story or is this a story of vulture capitalism? >> there are capitalists want to make money. this is story of the campaign. there is a good story for romney if he wants to tell it. you keep waiting for him to come out. >> paul: what is that? >> the story is by any measure this is a wealth and job creator over time. they backed staples early on, 90,000 people work there now. bright horizons the child care center. steel industry, steel dynamics employs thousands of people. >> paul: another steel company?

>> within the steel industry bain appears to be a net job creator. how many people can say that? >> paul: one of the things private equity does it invests in company that are down on their luck, maybe aren't doing well and tries to turn them around. sometimes it works, sometimes it doesn't work. >> so what does the ad tell us about the obama campaign. that ad after listening to kim, that ad is a piece of propaganda. he is talking about an event many years ago because he can't talk about the economy we have in the here and now. obama campaign is going to be five months of propaganda. the thing is it can work. if mitt romney does not provide the facts and an answer do this he will be spun in a way that he will not realize is happening to him. >> paul: it's clear that the obama campaign is trying to define romney right now in the early stage of the general election campaign and go after

him on the strength that has romney claims for his campaign which is i know how to create private sector jobs. this ad goes right to the heart of that claim. how much impact could it have? >> you are right. he has invited it. he has said i can do this and obama campaign we looked at your experience. you've taken the wrong lessons, all you know how to shut plants down and extract capital from them. romney is not engaged in on this. he doesn't want to touch this issue. he will have to defend himself. he may not want to get the back and forth of details but talk about the value of private capital, the fact of risk taking and how an economy works. if he doesn't this is a huge claim left unanswered and goes to the heart of his credibility. >> paul: let's show the ad that romney is running.

this is first big ad. >> what would a romney presidency be like in day one, he immediately approves the keystone pipeline that creates a thousands of jobs. he introduces tax cuts and reforms that will reward job creators. president romney begins to replace obamacare with common sense healthcare reform. that is what a romney presidency will be like. >> paul: so james? >> that would be a good day. >> the strategy is here, let's not answer the bain capital. let's go after barack obama on the economy. smart strategy or not? >> that a good message for him but at some point he is going to need to defend his business career. i think he has something worth defending and for the community

organizers that don't realize, the goal is not to destroy the company. you want to make the asset value. >> obama is going to be running against j.p. morgan and financial industry, there is no way to hide from the subject. >> why play that game. why do this? the campaign will argue, we're going offense. independents wanted to hear the positive message. they don't want to get into a tit-for-tat about bain? >> the nature of the campaign he'll have to do both. he'll have to stand next to barack obama who is going to shove it down his throat. he better have an answer. >> paul: when we come back, greece on the brink. will they exit the euro after next month's election and will it take down the u.s. economy? ugh! all work and no food is making lorenzo very snippy.

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>> u.s. and european stocks were down sharply this week in a growing concerns over the greek debt crisis, fears that

the country will soon leave the euro zone caused a near run on banks in greece as >> paul: grooks withdrew almost $900 million sworn in and tribune after no party could put together a majority after the splintered election. and joining us, wall street editorial board member, matt comiskey and the former columnist breath bret stevens. >> the size of buffalo. >> paul: why is everybody concerned. >> dallas. >> paul: it's a very small economy and the worry is about contagion. if greece does have to leave the euro because it cannot pay its debt and the package and euros from europe, they will have to go back to the

drachma, and a knock on effect against spain, portugal, perhaps on italy. suffering from a lot of the same problems that greece has had. >> paul: and will the knockon effects, okay, we're going to turn on the debt, portugal and spain. if one country can leave the euro, both can. or is it a banking problem? >> and markets say pressure on the bond market, but the other problem, people that have, you know, if you're portugese and you have your money in a portugese bank account and you see what happens in greece where they go to a drachma and jump the euro they'll convert the euro accounts into drachma and they'll wife out the savings of millions of people and people will be surprised and do the same thing in portugal and spain. >> this is a tragedy. what's happening is a tragedy for the greeks and may also be the salvation of the rest of europe. if i were angela merkel, chancellor of germany be

secretly wishing a greek exit from the europe. >> explain that. >> a small economy, 2% of the overall euro zone. the problem is the demonstration effect of greece. if greece leaded euro and converts to drachma, the economy goes into freefall and governments in spain and italy, hopefully in france where you have a new socialist president are going to take a look at what happened. >> it will be ugly. >> it will be ugly when countries leave the euro zone when they try to, sort of float on air and ignore fiscal restraint and it will care them and that's what the rest of the countries need. you know, in italy. you have a trillion dollar economy under mario monty and trying to put together labor reforms and other reforms and getting a lot of push back from italian politics. they may look at what's happening in greece and say we don't want to go there. we do not want to become third world countries inside of europe. >> well, we should not believe or think that we're going to

be disinterested observers to this process, we're going to get hit. europe has to go down before it can go up. probably on the brink of recession right now and france's economy grew not at all. germany only .5%. those germans western european banks hold greek debt. if that greek debt flattens, they're going to have the credit urines a-- and probably effect some of the american banks. >> barack obama and secretary geithner say europe should use the tools they have, the term of art, to solve the problems. they have them there, solve it. what does it mean. >> if you want to do a stimulus, an obama type stimulus-- >> more government spending. >> trying revive growth through inflation. >> that's the european central bank, also, inflating. >> and germany isn't going to

let them go for this for political economic reasons and the impact on the u.s. can also be overstated here. the banks have written off a lot of the greek debt already. you know, and sort of be a market reaction on wall street, i think they'll see them be felt. there are healthy economies in europe. germany has a fairly healthy economy. and doing fairly well. so, i think the trade, yes, maybe some american experts pay fall, but i don't see an impact. >> briefly, bret. >> nobody in europe is talking about the solution. they're talking about the tools, which is inflating their way out of the debt. stimulus spending and not talking about hab market reform, breaking the baskets over the unionized forces and going over every country in europe and giving the entrepreneurs and until you

get the formula, europe is continuing to find. >> still ahead, is california headed down the greek path? and news this week that its debt woes are worsening, will governor jerry brown's solution drive more of the middle class from the golden state? >> i don't like to tax anybody, but you've got to go where the money is. dad, why are you getting that? is there a prize in there? oh, there's a prize, all right. [ male announcer ] inside every box of cheerios are those great-tting little o's made from carefully selected oats that can help lower cholester. is it a superhero? kinda. ♪ of single mile credirds.

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. >> we don't want to be greece, portugal. italy, ireland, or an england. they borrow too much and got too deep into their hole. >> paul: well, it may not be greece yet. but the fiscal problems, with

jerry brown saying he faces a state putting deficit, almost twice the 9.2 billion he predicted in january along with a new round of spending cuts. the governor is calling for temporary increase in the state's sales tax and a seven year sur tax on californians earning $250,000 or more a year. will it-- and a urbn urban studies profesr from chat man, california. welcome to the program. >> nice to be here. >> so her states have seen revenues grow in this economic recover. what is ronning with california? why can't they do the same? >> well, california has a lot more heavy topic, and now with facebook, people earning phenomenal amounts of money, the general class, small business and middle classes making less money.

you have a facebook, and hewlett packard 30,000 layoffs. the fact is you have very high end success, but the middle class has been hollowing out and at least a decade and frankly, as governor brown said. that's where the inmo is. only how much money you can take from the very rich. they're good at hiding it. as you know, apple has moved a lot of financial reporting to other states and places where they don't have to pay the taxes. and so, you know, the middle class is a sitting duck, the problem is that sitting duck is the key thing that drives the economy. >> with he will, now i want to ask you about that, the governor says, look, we're just taxing the rich. we're not hitting the middle class and you're saying it's not the rich despite that. the middle class. why is there so much pressure

on the middle class that they're feeling? >> part of it has to do with coa coach, particularly on the coast. if you make $250,000 and have a family it's not rich ap san francisco, los angeles very expensive places to live and a lot of these people run small businesses, individual proprietors. they are-- they are a group that's very, very vulnerable and drive the economy. i don't see any way that we're going to make our economy better by continually raising taxes on, on middle class coloradans, and so what we're-- we are evolving to and i wrote about this in the journal, we are moving increasingly to a bifurcated society and much more so than the rest of the country and this step by

governor brown will make it work. >> the rich will stay and the poor depend on government, and the middle, upper middle class salaries, they're fleeing to nevada and texas and idaho and arizona. is that the point you're making? >> yeah, i think that's basically what's happening. i mean, then what's happening, what we see in the population profile particularly on the coast, an aging population, not a lot of young people, know the a lot of young families. and l.a. in particular suffered a huge outmigration of families, basically what's happening is we see people coming to california, sometimes when they're young, but leaving when they get a little bit older. and frankly, people aren't coming, our last year, according to the irs, we were right around where michigan is in terms of people, as percentage of people coming in. now, think about this. this is california the most beautiful state in the union, we have the best weather and still have some of the great

universities, and we have great infrastructure, right on the pacific rim, all the things that should count for an upwardly mobile economy are here and we're gradually destroying it and by the way, i would say that taxes are not the biggest problems. the biggest problem is our regulatory environment enough to drive almost anyone crazy. >> paul: that's regulation on environment, regulation on energy, they have a cap and trade. sate cap and trade program which imposes those burdens on companies in the state even though the rest of the country doesn't have it, briefly, you voted for jerry i brown, has he been a disappointment? >> i, i didn't -- i was somewhat misquoted. i didn't quote for him last time and didn't vote for either of them. i've known jerry i for a long time. longer than i care to admit, but i thought he'd be more innovative and tough. and he's at the end of his career, and he should be able to risk things riot now, and

instead, he's playing it, you know, really much more like a conventional democratic politician and i don't think it's going to get us where we want. i think a lot of us thought jerry is smart, he's innovative. willing to take risks and did it when he was a young man, for whatever reason, he's not as an older man. >> thank you for being here. we have to take one more break. wh he-- when we what makes the sleep number store different? you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those. if you want a soft bed you can lie on one of those." we provide the exact individualization that your body needs. wow, that feels really good! once you experience it, there's no going back. at the sleep number memorial day sale, save 40% on our innovative sleep number silver edition bed-for a limited time. only at the sleep number store, where queen mattresses start at just $699.

. >> paul: time now for hits and misses of the week. >> this is a hit for the g.o.p. voters in nebraska this week went their own way choosing their candidate for u.s. senate and turned into a classic primary, club for growth who flooded the state and they didn't like the front runner and the attorney general and backed their own guy, and the voters know a three-time loser for the senate and had his own

baggage. we want none of the prove and went for a fresh face, state senator deb fisher. sent a message if you're coming into the state with primary drama better have somebody worth backing or we'll ignore you, too. >> bret. >> a 99-0, not a vote to name a post office after bob hope or easily vote. the senate's unanimous rejection of president obama's 2013 budget. a big mess for the president and the lack of seriousness of his governance, unfortunately rejected four other republican budgets as well. a miss for congress, too. >> paul: okay, matt? >> here is a like to the facebook ipo on friday. the biggest ipo of the new company in history. they raised about 18 billion dollars and valued the company at 100 billion dollars nl 0 eight years after mark zuckerberg famously started this company in the college

dorm roomment. do you have any shares, matt? >> i haven't been on the computer. >> paul: and i'm paul gigot, fox news alert. world leaders gathering in chicago for today's nato summit. welcome to a special extended edition of america's news headquarters. >> heather: i'm heather childers. meeting the two just delivered opening remarks at the nato summit in chicago. ed henry is there. afghanistan is front and center at the summit, right? >> reporter: absolutely. that has been the plan all along. they are trying to fill in the details of how this mission will end the next few years.

the last time president obama sat down with president karzai was when he on a secret mission around the anniversary of the death of osama bin laden. at that point they signed a pact that would show that the u.s. would be out with all combat operations by the end of 2014. since then, france has elected a new president, president hollande who ran on a platform by getting his troops out 2012. so president obama is working to keep this coalition together. he was making clear that the u.s. even beyond 2014 will be committed to afghanistan while president karzai made clear that he wants to make sure u.s. and allies are not a burden. >> also painting a vision post 2014 that we have ended our

combat role but our commitment to friendship and partners with afghanistan continues. >> at the completion of withdrawn of partners in 2014 so that afghanistan is no longer a burden on the shoulder of shoulders of the united states. >> reporter: now that meeting took place on the sidelines before it kicked off. very pore meeting between the two presidents. now, the summit itself has kicked off and secretary-general and president obama and other leaders. bottom line what the president is trying to make clear that the u.s. will be committed beyond 2014 to help afghanistan stand up on its own but reiterating that all combat troops out by the end of 2014. >> so the g-8 summit wrapped up and focused on the euro zone debt crisis. will leaders talk about that in

chicago, too? >> reporter: they think they will talk about it on sidelines, andrea merkel, germany being part of nato a lot of the same leaders, canada is here talking mostly about security issues but the debt crisis is overshadowing anything. it's been a drag on the u.s. economy. white house officials feel good about what happened at the g-8 summit at camp david of them feel president obama helped move the german chancellor along bit. she has taken a firm line, not more spending in europe. they think inside the white house there needs to be what they call a more balanced approach like the u.s. debt crisis plan. the same should play out in europe, but there are critics what president obama is doing is encouraging more spending in europe when that is what got a lot of these countries like greece into the debt crisis in the first place. >> heather: thank you very much. ed henry reporting live.

>> gregg: this is the very first time that a nato summit has been hosted in a u.s. city other than washington, d.c. city of chicago has spent months preparing for just what you see here. this is streaming, thousands of protestors marching a two-mile route to the convention center where the meeting is taking place. that is where we find mike live in chicago. >> reporter: i'm just about a mile and a half south in the direction of the protestors are marching. when you look up michigan avenue to see the path they are traveling, it's not accurate to call it a ghost town because you have so many people off the sidewalks and people up in the apartment buildings looking down to see what will happen. we have thousands and thousands of people from a number of different groups marching up the street trying to make all their points at the same time. there are indications that that group the, the group that has

broken off from the main crowd of demonstrators and got on a tear of vandalism. we haven't seen it today although there have been skirmishes with the police. as i can show you now as you look at the police presence out here on michigan avenue, what you see is somewhat light police presence. they don't look intimidating. they don't look aggressive. with the heavy riot gear is short distance away. if it gets ugly they can make it to this location in a short period of time. >> gregg: mike tobin, thanks very much. in addition to the arrests that were made on the first day, talk to us about any additional arrests. >> reporter: there have been a total of 18 arrests made with just the demonstrators. but what is getting attention is five different arrests that have taken place and they are all connected to building of explosives.

most of them are molotov cocktails. the things that would start firings out here. these people have been charged with a different charges all of them related to carrying out terrorist acts or helping a terrorist organization. those are five arrested people. four that have been arrested some of the evidence 6 connected them with that organization, the black lock. >> gregg: i've been trying to do research on line who these people are. there seals to be a wide variety of them. there is the usual group of anarchists and then there is the narco terrorist and others that are there, they are nato and against wars and what have you found. >> reporter: you do have a wide array of people. everyone ranging from nurses,

and then you have other people that wanted to show up and break things. they are pure and simple vandals that show up at an opportunity like this to ignite what they are doing. as far as the individuals in the more well known bloc, some of will call themselves anarchists. it's hard to identify them. that is part of their effect inesses. they wear the black clothing and wants they start trouble and strip the black clothing off. you can't determine which one of them would be a black cloth member and which one is a protestor. >> gregg: mike tobirn reporting live in the million of it. we'll check back with you as things progress. >> heather: we are following a developing story in europe. at least four people are dead there, dozens more hurt after a powerful earthquake in italy. magnitude 6.0 quake striking northern italy in the middle of

the night. emergency crews says the quake knocked down buildings and seriously damaged historic sites. 3,000 people may be homes. the shaking could be felt as far away as franz. at least two aftershocks, 5.1 magnitude causing more damage. >> gregg: the other big news overseas, the death of one of the world's most notorious terrorists, lockerbie bomber has died at his home in libya. he was the only person ever convicted in the 1998 bombing of the flight of pan am plane. what else do we know about his background and libya's ties to terrorism. our next guest covered the pan am bombing. judith miller, author and fox news contributor. he always denied his innocence.

>> he always denied he had done this. his family has continued to deny that to this day because it was the family that initially made the announcement of his death. he was let out of jail supposedly because he had only three months to live. this was scottish and british decision and low and behold he died three years later. questions have been raised whether or not he was let out of jail for different reasons. the british press and british government ever since his release have been looking into allegations that perhaps there was a trade between his release and british access to oil and gas in libya. and the son of moammar khadafy who is still a prisoner in libya is going to be accused of war crimes, he said after the

release, of course there was a deal. of course there was discussion of oil and gas something that tony blair have denied. this remains one of the many questions that continue to haunt us about this terrible case. >> gregg: as to his guilt or innocence, i must say personally i travel to the hague and covered some of the initial hearings and presentation of evidence in the bombing. there was never any doubt as i looked at the evidence that he was absolutely guilty. he was convicted by three judges all of whom announced their verdict unanimously. i'll quote -- there is nothing in the evidence that leads us with any reasonable doubt as to the guilt of the accused. can we put to rest in any meaningful way any questions about his guilt?

>> those of us, gregg and you who covered this story are absolutely convinced he did this. but the issue is who else helped him and are those people free? why is he the only person ever to spent any jail time because of this horrendous terrorist attack. those are kinds of questions people ought to be asking now. was he alone. who else is responsible? can you charge somebody else? his father is dead. this was a crime, the release of him was terrible travesty in the minds of many of the families hoe had relatives on that plane. the plane by the way the fact we know about this was an upside-down miracle had the plane come down over the water as it was intended to do, there

would have been no evidence. so all of these questions about this terrible crime continue to haunt us. we really don't have answers to i think one of the most important questions is the business whether or not there was a trade. >> gregg: as you know, the overwhelming evidence of his guilt makes it even more puzzling as to why people like tony blair and tony brown took the actions they did? >> i have no reason to believe, he was making money and over fist, but he did have very close ties to someone named sir mark allen who when i met him was busy trying to get libya to renounce weapons of mass destruction which moammar khadafy did. he quit the group, britain's

equivalent and he went to work with bp. he had many contacts with the government about his release as a senior executive in bp. he was never testifying before an american hearing but are wrvl on this issue but questions still surround his role, as well. it's a very sad chapter. >> gregg: judith miller who covered it all. thanks very much. >> heather: judy will be back a little later today. the atlantic hurricane season off to an early start. hurricane season doesn't officially begin until june 1st but we already have a named storm, tropical storm alberta is expected to remain offshore but they are issued a tropical storm watch for alber for high winds and heavy surf. >> gregg: the drops to the midwest and a funnel cloud on the ground. story behind this dramatic

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come on down and help make 2012 an even better year for the gulf. brought to you by bp and all of us who call the gulf home. >>. >> gregg: a powerful twister caught on tape in kansas. take a look at this. storm chaser capturing this videotape in harper county along the oklahoma border. i think we have it here. several homes were damaged. look at the massive side of the twister. a farmhouse destroyed, overall 17 reports of tornadoes around the wichita area in middle kansas saturday night. >> heather: also weather-related story, a rare solar eclipse in east asia and western u.s. the moon sliding across the sun

creating what is known as a ring of fire. eight u.s. states are expected to witness the event through this evening but you want to take a few precautions before you head outside to take a peek. >> you really want to stay away from sunglasses or cheap welding glasses or the cheat mylar film. they are not entirely safe. >> heather: 20 years since a ring of fire was visible in the content continental u.s. >> now before we go to a break, quick check of headlines, house minority leader nancy pelosi challenging house speaker john boehner to move forward with cutting middle-class tax rates and blasting him for matching cuts before agreeing to raise the debt ceiling. a showdown over the debt ceiling last summer resulted in the downgrading of the credit rating. >> search crews finding the bodies of four people missing after a boat crash on the

mississippi river in iowa. eight people were also injured when the two boats collided. a large wildfire in colorado that scorched 12 square miles is almost under control. lower temperatures and higher humidity are helping firefighters. >> gregg: as nato leaders meet in chicago right now to talk about how to move forward in afghanistan, there is a new report, details in the shift the way president obama views that war and how best to fight it and, of course, taxpayers' money to pay for the next ten years. our national security analyst k.t. mcfarland will be joining us live next. ♪

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>>. >> heather: president obama and hamid karzai met in chicago earlier today. the president under lining the need among unity with nato. >> to provide support for the afghan national security forces that have made excellent progress over the last several years. also painting a vision of post 2014 which we have ended our combat role the afghan war as we understand it is over but our commitment to friendship and partnership with afghanistan continues. >> heather: this, the same day as "new york times" report laying out what it says is president obama's changing attitude about the afghan war. joining us is k.t. mcfarland, national security analyst. thank you so much for joining us. you heard the president speaking

there. although our commitment is winding down, is the war over and civil war inevitable? >> i think civil war is inevitable but if you listen carefully to what president obama said. afghan war as we know it is over. we're leaving. our commitment is over. all of our nato allies want out. all of them are facing budget squeezes at home. everyone looks at it and they say gee, we don't see the war ending with add conclusion. i think president obama bungled it and president bush bungled it. we should have left in december of 2001 when the ragtag elements that were left of al-qaeda, less than a hundred of them went across the border into pakistan. we should have been hot pursuit and finished them off. what we did instead we said to pakistan here you finish them off which pakistan never did.

we stuck around to nation build in afghanistan. >> heather: newly elected french president has said they will withdraw all french troops by year's end. that is two years before the time line is set for 2014. how would that affect the coalition? >> everybody is running to the exit. they don't see anything less an 20 year commitment in afghanistan is going to change. afghanistan is not going to become a democracy. we spent ten years and hundreds of billions of dollars there. what do we have to show for it? even the head of the intelligence committee has come and said the taliban is gaining. both administrations bungled the war and president obama feels this is over, he is afghan war is over, why not leave now. why, because he doesn't want to carry the failure on his political record. he talked about the war we had

to win. he hasn't. >> heather: and expenditures, one of the things being discussed at nato summit today, expenditures for training the afghan security forces after 2014. let's also talk about the debt. after more than a decade claiming the lives of 3,000 western troops including two nato security forces today. >> if we are leaving, what is it going to do us to stay another six months, nine months, leave now. don't let other americans die. i think the best thing is get the other countries in the region together and say how can we prevent a civil war from happening. >> heather: thank you very much. we appreciate it. we'll be right back. stay with us.

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