s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s

s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s

s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s ss s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s s

p. >> s&p was in this box. you think had they made it four trillion, s&p would not have done this? >> yes. there's a little politics on this i think they boxed themselves in. they didn't want to do this. the fact they came out so heavily and said if you are trillion -- >> neil: you are right. we talked to david about in. >> everyone will point to s&p, they lead to financial armageddon. does that come into play the potential for that? >> we've lowered sovereign governments with aaa ratings before. >> neil: but this is the united states of america. >> it is the u.s. we rate 1 governments. we've downgraded japan's ratings. >> neil: like i said this is the united states. >> i got it, but we take a global view. >> neil: to your point, the united states is no different than japan. >> almost scary that bureaucrats like that have so much power this is an opinion of corporate bureaucrats, he mate be a nice guy but that's what he is. agency that missed the biggest financial an -- >> they are the only game in town. >> the

so not everybody goes by what s&p says. i talked to the head of pimco that there are other things that go into the decisions for investors to invest. s&p and moodys didn't do a stellar job among the financial crisis. they had aaa countries that went into conservative ship the next day. you have to take all of this into account with the to ttalit. i don't think it's with no effect but i think it's muted more than we expect it to be. trickle down to home loans, car loans, things like that, don't know what the reaction is going to be there yet. >> all good things to put in mind. a lot more panelists ahead. everybody stick around. let us know what you think on facebook. we're on twitter. i tweeted about this before the program @andersoncooper. i'll try to respond if i can. >>> the crackdown on its old people. we have late reporting on what it is like in the heart of the city of pama, snipers on rooftops, shooting people dead in the streets. details ahead. ama, snipers on rooftops, shooting people dead in the streets. details ah

s. and p. did immediately as we told you they would others doubted us but we guaranteed it and now we're back in france and guess what. tell us more well now so i'll tell you the headline as soon as the next kaiser arrives in france to pull a reeded france may be vulnerable to downgrade following cut to the u.s. yeah well there's a tremendous ripple effects are a thing with this downgrade because the u.s. dollar is course connected to the u.s. treasury bond market and it's connected to the five bone connected to the hip bone connected to the foot to the yeah it's all tonight it's only downgraded start to pull the thread on the u.s. dollar the whole kit and caboodle its own rival here you all might also say however that it's own relate it's s. and p. itself and moody's and fitch because the u.s. and france are in such bad shape due to all the so-called aaa rated collateralized debt obligations and other credit derivatives that s. and p. allowed to be rated aaa and these country's banks bought th

fish and moody's and s. and p. gave these cancer nations these abominations their aaa rating and it created this huge ponzi scheme and now they've pulled the rug out from underneath them well max another story related to this financial chaos going on at the moment bank of new york mellon charges depositors america's biggest custodial bank has been forced to start charging customers who have deposits of more than fifty million dollars as more investors take cover from the. turmoil so they're saying that they're they're basically trying to force people out of cash and into somewhere else because they're receiving so many people coming in flooding the banking system with all this cash and this is something we've spoken to james turk about where he envisioned reversed capital control that instead of capital controls being on money being taken out of the u.s. it would be against money being brought into the u.s. in order to avoid the hyperinflation of all those dollars that are overseas another great point trying to sto

ness well, i think if you are looking at the s&p, i think you can buy an s&p type fund, very efficient way to invest. if you are looking at other funds, goldman sachs has some interesting funds that have less volatility, about half the volatility of the market. some of the international funds, mfs has the international diversification funds that i own and recommend run by my friend thomas mel len dez. >> do you think people should be avoiding treasury an gold and focusing primarily on stocks s that the best bet? >>. >> jimmy rogers when they asked him how he made his money, he sells says he sells yew forrian-- euphoria and buys panic. he says when price start gapping on the upside is euphoria and gapping on the downside it's panic. if you believe in that investment philosophy you wouldn't sell all your gold but would you take some money off the table in gold and treasuries and use that freed up capital to buy stock. >> you don't agree with that forecast today that is you will caing for gold to hit 2500 an ounce by year end, that's pretty stunning. >> i have been a bull on gold ever sin

s&p does a good job.eople over there have an awful lot of integrity. >> is this a political move? could there be a lawsuit? seems like we are going to be in a major crisis because the president will not accept the numbers. >> s&p there may be political ramifications but they have no political gain to be gotten out of this. most important commodity is basically their reputation. if their reputation ever gets damaged they are out of business. s andz p is smart enough to not get involved in politics. politics is an important part of their company. >> they have a lot of respect to earn back. i don't know if this is going to do it but they got everybody's attention. >> you know what got my attention liz macdonald is china downgrading our debt first and saying we are basically dead beats. >> china has the worst rating from s&p. they are at aa negative. their debt to g dpshg p ratios are not just worse than the united states but worse than insolvent portugal. that comes out of beijing based firm well respected c

that it's the s&p's fault? >> the congress is making even bigger mistakes because they keep talking about slashing and cutting and all of this but there have been no suggestions of cutting anything. it's always. >> it's interesting. they are still buying our bonds and -- >> for now. >> you are right for now. >> neil: we have got to be careful. i guess what i'm asking is we are concerned about the downgrade and whether it's going to cost us more just for people to buy our debt and our notes and our bonds. and you are quite right to point out. people have still been pouncing on our securities as good havens. but how long do you believe that will be the case? are we really more benefiting the rest of the world stinks more than we do. >> yeah, i think the market is more powerful than the agencies who grade the bonds. economic laws are powerful. which means that if you follow free market economics, interest rates will go up regardless of bond ratings. and this might be just the incentive to start the rates going up

and so despite the fact that the neighborhood really in the 1930's, '40's, 50's became just the poor close-knit neighborhood, it was known as this part of town. >> what was the demographic? >> it was known as the black part of town, but that percentage was really, the majority was very slight. oftentimes it was very much irish. it was very much sort of immigrant. all of them were poor. a very working-class neighborhood. police officers. folks who worked in the hand factory, the local distillers and the shoe factory who all live in this neighborhood. very much a working-class neighborhood. interestingly enough the most recent residents who live there in the 1950's to be interviewed for the project remember it as an integrated neighborhood before integration. time after time people were talking about how they were unified more by class, more by their economic situation than the fact that the report then there were divided by the fact that there were white and black. so that was an interesting perspective that i did not necessarily expect when history interviews were being done. it was

s&p stripped the u.s. of its perforating, triple-a, giving it a lower grades of what s&p calls a double a+. this s&p downgrade to a double a+ was the u.s.'s first downgrade in its triple-a history. s&p's chairman john chambers says it may take more than a decade before the u.s. gets its triple-a status back. >> we've had five governments that lost their triple-a that got it back. the amount of time it took for those fivene years to 18 years. >> president obama's response. >> no matter what some agency may say, we've always been and always will be a triple-a country. >> the president initiated the blame game in his address monday morning. he blamed the s&p downgrade, then blamed the world, blamed the global economic slowdown, blamed the european dead crisis, blamed the japanese earthquake, blamed the arab spring, blamed washington, and then blamed washington's debated over the debt ceiling. but the markets were not swayed. before the president spoke on monday, the dow was down 385. after he spoke on monday,

the s and p down grade.slightly built into the markets. >> we got those statements that you were talking about with john vause and richard west and candy crowley about the g-7 coming without the boilerplate statement and the ecb saying they will move into the bond buying program. i think the question is will they buy italian bonds and the spanish bonds. for the asian markets here, the real question is what is it going to do to the u.s. dollar? is the dollar going to stay weak because there are so many trading partners here with the u.s. christine? >> all right. excellent. >> live in beijing, what are you seeing? the same story there? the story we've been hearing across the region is, an initial shock opening a couple of percentage points lower. and then not so bad after that. >> reporter: the shanghai market opening lower. modestly so. by about 1%. in the context of emerging markets, that isn't a very big move at all. what people have been saying is the s&p downgrade was baked into the markets. for the most

and also in half moon bay we are going to see upper 70's through santa rosa. 70's and novado. 70's in fairfield. half your kron 4 7 day around the bay we're going to be dealing with the coastal fog and drizzle along the coast. the slight warm up. 90's inland. 70's for the bay, upper 60s for the coast. 7:04. marty? >> another search for and michele le she was last seen at kaiser permanente day on may 27th. her case is being handled as homicide by investigators but her family believes that she is still alive. today's efforts start at 8:00 a.m. on piper's avenue in hayward. >> warning that commuters are getting ready for the online activist group is planning another part protest. bart protest-they shoud plan on an alternate route. this is all part of the controversy surrounding the decision to turn off cellphones serve as to curb and another protest attempt. >> i work right over here in and it is frustrating. i have to sometimes called to get somebody to come pick me up. i am late and i have other eallegations-i have other obligations and i am late,--everywhere. >> i sort of understand w

it's kiters comments he says s. and p. is being irresponsible as an s. and p. being responsible like. saying it's big government this big you're responsible they're the ones that are racking up in bed and you know the a-bomb administration is all over s. and p. because they claim they got the math wrong that they didn't count is two trillion dollars of assume savings over the next ten years why should be counted it's not going to happen and in fact the real math problem is with the administration using eusebio budget congress all of these deficits assume a rapidly growing us economy for the next decade with low inflation low interest rates this exists only in a dream the reality is we're already going back to recession so you can take all those rosy scenarios and throw them in the trash can where they belong the budget deficit is going to be much worse then both the administration and this in p.t. believe so i mean they're all wrong about about all right i want to go over that i once more just because everyone's talking about this two trillion dollars take this

mid 80's in the inland area. mid 70's around the bay.>> sure beats 114. >> it does indeed. >> thanks spencer very much is that all right larry is here with baseball and all sorts of sports. >> giants with grand total of 4 hits tonight. that was the total. fichlt better than 3. >> that is better than 3. yes. we have the giants story. eternal quest and first glimpse of pryor as a raider. and we show him actually on the field. not just if speaking but exiting i promise. how long not just if speaking but exiting i [ man ] i got long this new citi thankyou card and started earning loads of points. you got a weather balloon with points? yes i did. [ man ] points i could use for just about anything. ♪ ♪ there it is. [ man ] so i used mine to get a whole new perspective. ♪ [ male announcer ] the new citi thankyou premier card gives you more ways to earn points. what's your story? citi can help you write it. >> coming up at 11. latest on hurricane irene. now battering the outer parts of north carolina. plus fight breaks out aboard a light rail. h

one of the things that people were drinking in the 15 70's -- 60's and 70's were wind. tastings and dinners. magazines devoted to wind. people writing books. well, the industry decided to play up and show people that the single malt whiskey, which is fairly uncommon in the united states before the 1970's, late 70's, early 80's, they started shelling and having a encour

s y dije...migraciÓn los valenzuela estÁn en un proceso de deportaciÓn por haber cometido un delito en el pasado. >>> su abogada dice que los incidentes fueron menores y trabaja para que se desestimen los cargos. >>> lo de ellos fueron dos crÍmenes menores que fun 1990 la condena fue multa pequeÑa y libertn dicional y valente fue relaciÓn con violencia domÉstica, tomÓ cs y libertad condicional, pero sabe que tras la reforma migratoria cualquier inmigrante que haya cometido un delito como manejar bajo la influencia del alcohol y drogas, fraude por un cheque sin fondos intrafamiliar puede ser expulsado del paÍs aunque tenga residencia. >>> tienen residencia por favor consigan ciudadanÍa. >>> el departamento de inmigraciÓn sabe el nÚmero de veteranos deportados. pero se estima que de cuatro mil a 5000 ya estÁn fuera del paÍs. >>> hÉctor lÓpez es uno de ellos. >>> lleguÉ llegar a la luna. era como si era un astronauta que me habÍan llevado a la luna, porque soy americano. >>> aÚn estÁ enojad fue saca

high pressure ranging low to mid 60's to the coast and 70's rate around the bay to mainly 80's inland although a couple inland location in the far inland east bay and far north could hit 90 or 91 degrees. in the south bay look for high mainly in the upper 70's to low 80's. about why at los gatos. 79 at san jose. peninsula we see mid 70's. 75, 76 agrees in most location and low to mid 60's on the coast at pacifica half man bay. downtown and north bay high range from mid 70's to mid 80's. for the most part farther north ukiah top out at 91. 90 in mostly clear lake. nearest bay high tomorrow generally in the 70's. 68 at berkeley but see low to mid 70's for the most part then up to 77 at fremont. the inland east bay will have high about 2 degree range about yaiv, 86, 87 in most places. up to about 88 at apartment i don't care and perhaps 89 at brentwood. monterey bay 70 at watsonville. 73 the hyatt santa cruz. inland 87 in gilroy and yain at morgan hill. here's accu-weather 7 day forecast. temperatures will drop-off few degrees on thursday. that will be our cool down. last one day. then i

john chambers is the managing director of s&p and david beers is ahead of the credit rating of s&p. s&p has been egregiously wrong before, and they are wrong again. the downgrade was not based on so sophisticated analysis of the numbers. indeed, s&p got the numbers wrong, very wrong. friday afternoon, the treasury pointed out to s&p that among the many miscalculations it has been caught making over the years, it had miscalculated our debt on friday by $2 trillion. after s&p accepted treasury's correction of its calculation, s&p went ahead with the downgrade, couching it entirely in political terms. the political brinksmanship of recent months highlights what we see as america's governance and policy making than what we previously believed. the statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. john chambers, who lives in manhattan, and david beers, who lives in london, have no better understanding of the politics and policies of the united states government than you do. in fact, they obviously have much less of a

s&p told you what was going to happen.'t ever crowd a professional that has protect credibility and s&p had to protect their credibility. it was a downgrade and a sync, h. get an energy plan for america. >> okay, thank you, boon, boone pickens. as boone pointed out. we'll talk to john chambers hidded had of the s&p committee that was a wrenching call to downgrade the credit rating. the message from s&p not just the size of the debt plan but the speed of the cuts. lizzie, what was the issue? >> it was long-time fiscal outlook for the u.s.. s&p said we are not considering over the 10 year time frame. s&p could move to downgrade to double a status in two years time. behind the scenes, there was an behind of the action. s&p went to the full committee and got the officials in europe to concur hat it needed to move to double a plus . so what you are seeing s&p was committed to a downgrade regardless of what the error was. why? the fiscal picture and dc and infighting that they are calling detrimental to the fiscal out look is no

the row houses start taking over in the 1920's and 1930's. and soon people start forgett

and as you said, s&p is not backing down. they're reiterating even this morning the possibility of a further downgrade if the select committee in november doesn't come up with the promised cuts and they also want the united states government to go further. s&p said they wanted $4 trillion worth of cuts. as you know, the budget deal came up with between 2.1 and $2.4 trillion of cuts. it fell short there. the bottom line is the outlying budgets don't show the debt to gdp ratio ever falling. it goes up. the rate of growth slows but it never declines. that's the thing that s&p keeps coming back to, as its major concern. >> cnbc's steve liesman, thanks much. >>> let me bring in msnbc policy analyst as well as columnist for "the washington post." good morning, ezra. >> good morning. >> s&p's basis, and steve talked about this, their reason for the downgrade was economic as well as political. let me read part of what they said. we see america's governance and policymaking becoming less stable, less effective and less predictable tha

s a political workout.cide how big a role government will play and how much we can spend. >> drew, let me ask you -- >> what's going on there. >> we have what could be -- i mean, frankly treacherous politics as we head into december 23 when this super committee, this bipartisan committee has to decide how to cut another $1.5 trillion. what are you expecting for how complicated that could be for markets? i mean, every now and then you get some kind of reaction in markets to political things. do you think it could be tough going? yeah, it is. you just don't know. markets discount good news and bad news but they can't discount what they don't understand. you can't understand the politics of what will unfold for a while. i don't think anyone understands how specifically this will work. what markets do know now is if there is a concern about financial markets around the world, chances are the u.s. bonds is probably the best place to be, the most liquid, the d p deepest market, the place where you can park severa

i asked s&p's john branch, he's the head of sovereign debt rating for s&p about how this affects thosepanies and your mutual funds or your pension funds if they invest in those companies. here's what he told me. >> the u.s. corporations, i think there are four of them -- >> yes. >> they are not affected by this directly. in terms of other people who might be -- have portfolios that have aaa restrictions and the u.s. being downgraded, will that have an impact on them, we've spoken to a number of investors about that. they think the impact will be pretty minimal. they don't think that there will be massive forced selling because of this. >> christine romans joins me now. christine, markets will open again, asian markets will open 8:00 p.m. eastern time on sunday night and our markets on monday. what a week we've had, a lot of people, a lot of our viewers out there would like to know what this means for investors when markets open on sunday night and monday. what do you think? >> it's absolutely impossible to know because you might ironically have huge safe haven buying into the treasury

something else with the s&p.st-minute deal that was ultimately cut, it may have hurt more than it helped. here is s&p's managing director john chambers on how america's politics played into the s&p's decision making and how the downgrade to have been avoided. >> i think it could have done a few things. the first thing it could have done is raise the debt ceiling in a timely manner so much of the debate could have been avoided to begin with. as it had done 60 or 70 times since 1960. that is point number one. point number two, it could have come up with a fiscal plan, similar to the bull simpson commission, which was bipartisan. although it did not have a supermajority vote. it had a majority vote. it came up with a number of recommendations. that would have been a start. >> the bull simpson commission that chambers talked about was the panel set up by president obama to identify ways to reduce the national deficit. now the super committee created by the debt deal in congress will identify ways to bring down the de

is this to be expected or should we dismiss s&p? >> s&p is doing a big favor.is getting oust hand and this is what i look for. somebody to be a catalyst for action. what we saw in the last week was a sham. to increase the deficit two trillion . biggest voice spoke up in the last week that was the market. if they kept this trajectory you would see the market much much lower. i don't want to see all hell break loose. it is the best thing that could happen. short-term the markets will take a hit. we have to do something about the long-term fiscal health. >> quickly, gary if we do not? >> market is going to be cut in half. we are going to get up to 20 trillion deficit and never pay that back. >> lizzie you agree. >> i don't think cut in half. treasury bond market is a rate of three percent . quickly canada went through it in '94 and fixed it and got triple a back by 19nen. >> it took three years. >> much mauler. >>> and why it moved and controverses approximate since it moved and former economic advisor who said unemployment is closer to 20 percent and looking good

it was a day of sheer panic and more downgrades from s&p. it's an historic one-two punch -- a downgrade and then a massive global stock market sell-off. from tokyo, down 2%. to london, down 3%. to new york, down almost 6%. extending a 12-day sell-off that's erased more than 15% from the dow. >> at any given day, the ebb and flow of the stock market is all about confidence and right now there's no confidence. >> reporter: in total, more than $2 trillion in stock market wealth wiped out thanks to uncertainty about the national debt and s&p's downgrade. for the average investor, it's an expensive hit to the bottom line. some $16,500 erased from their 401k statements. it's all adding to the economic gloom as the nation feels like it's slipping back toward recession. >> the businesses and consumers pull back, then the odds of recession go very, very quickly. >> reporter: beyond the stock market losses, the downgrade will likely hit american families' bottom lines in other ways. s&p downgraded mortgage giants fannie mae and freddie mac today. a mo

eastern last night when s&p removed us from it.veryone from australia to denmark, germany, which is your strongest economy, the netherlands, sweden, the united kingdom, and even the isle of man off the coast of the uk. so this is the harsh reality, as one wall street analyst put it in his note, he believes the emperor had no close to the united states. however, i want to put this in perspective and show you other countries and where they stand in their ratings. let's look at china, japan, brazil and india. china right now, which is the biggest holder of our debt, is rated below us. aa-minus. japan, same. brazil, some of these are wrong on your screen, so i'm going to correct them. japan is rated aaa. brazil is a bbb-plus. india is a bbb-plus. japan, i think, is a prime example. this is a country that in the '90s saw its debt downgraded to eventually be upgraded, if you will, back to aaa. so it is possible for that to happen. but les, you can speak to this as well, it takes a long time. eventually they can gain the aaa rating back,

low 60's at the beaches. up to 80 in calistoga. 77 santa rosa. sonoma. beautiful day in the east bay. just not exactly where you should be for this time of year. 68 hayward. oakland 71 degrees in castro valley. inland area running milder. 82 in livermore and fairfield and around the monteray bay 65 grease in monterey. here's the 7 day forecast looking at, we will get to it in a moment. giants are playing tomorrow. i forgot about them. taking on the phillies. partly cloudy breez breezy. upper 50's for the temperature range and you will lack at drizzle morning the next 2 mornings. cooler than normal conditions right through the weekend. and then we are in for warmer days check out the 90's showing up. carry lip kind of weather. middle of next week and latter part of next week back up to average. 90's inland. 60's at the coast. take a few days but we get 30. let's get away from the drizzle into august warmth. >> i know financially it's going to happen. >> thanks. up next hiring frenzy in silicon valley. not just

this was in the late 50's. my grandfather and my father, like many other irish who went to cuba during the past three centuries, became integrated into the cuban society and many used spanish as their mother tongue. as a child, i was never able to pronounce certain words. i spent many solitary hours searching for words and phrases in dictionaries. my spanish was not cuban enough. my english was not irish enough. my catalan, only a few words. spanish was and is a privileged territory where i feel alive and well. my father grew up in new york and havana and married a cuban woman, my mother. all my family shared a great loving for havana, a city they call home. but contrary to my family, i grew up dreaming of traveling and wanted to leave havana for dublin, where some of the most famous writers i keep admiring were born, and also dreaming of paris where my grandparents, my grandfather, spend many important years of his life. also i want to move to my place, i don't know what was the name of that place. every time

and s&p is off almost every single stock in the s&p off.bviously there are 500 of them and all the dow jones industrial average utilities are down. leading the charge is the financial sector and the united states markets have lost, the s&p, now, 15 percent or 16 percent or 17 percent? >>guest: in 12 days. obviously when you see that it is basically a rapid flight away from all risk. not a matter of carefully pricing each security for what the fortunes will look like and that is what you see at times when it seems like you cannot analyze the situation properly. and there are too many things that you have to analyze whether it is the european central bank and whether it can get a bailout through, whether it is obviously the fortunes of the government, of the situation in washington, and the impact of the softer economic conditions, that that will be on big companies which have been extremely profitable. so it is like people pushing away from the table say this is not what i signed up for. >>shepard: you said during the commercial break if we

the late 70's and early 80's. they started having whiskey vendors and tastings and started encouraging books and magazine articles and things and doing the same things the wine industry would do to grow the product. the industry called on to that and started creating products which are single

is this to be expected or should we dismiss s&p? >> s&p is doing a big favor. this is getting oust hand and this is what i look for. somebody to be a catalyst for action. what we saw in the last week was a sham. to increase the deficit two trillion . biggest voice spoke up in the last week that was the market. if they kept this trajectory you would see the market much much lower. i don't want to see all hell break loose. it is the best thing that could happen. short-term the markets will take a hit. we have to do something about the long-term fiscal health. >> quickly, gary if we do not? >> market is going to be cut in half. we are going to get up to 20 trillion deficit and never pay that back. >> lizzie you agree. >> i don't think cut in half. treasury bond market is a rate of three percent . quickly canada went through it in '94 and fixed it and got triple a back by 19nen. >> it took three years. >> much mauler. >>> and why it moved and controverses approximate since it moved and former economic advisor who said unemployment is closer to 20 percent and that w