. >> investors were unconvinced. the market's took a nosedive. politicians were forced to react.speeches, followed by speculation, followed by more speeches. sarkozy had to return early from his vacation. his answer was new austerity measures. the holidays are well and truly over. it seems that the effort to increase the euro is gathering steam again. it remains to be seen how it goes well months the rest of the euro zone. >> there is the view from berlin. terry martin, plenty of proposals coming out of the palace the day. what do they say about pressure on paris and berlin right now? >> the pressure on germany and france, as the largest euro zone economies, is tremendous. in the press conference they made it very clear that they felt germany and france had special responsibility within the euro zone. in the france -- press conference, the leaders made it clear that they were not talking about short-term problems. that they were rather talking about long-term solutions to the underlying problems. they were attempting to address a discrepancy that had a group of countries with a c

aaa school which was finally reaffirmed by ratings johnson on wednesday investors however remain unconvinced the country's finances a solid enough and how going from the european school of management and technology says it's the banks that once again being offered protection. part of these rescue managed measures have been taken to to rescue the banking system. especially with the banks and southern europe and i think this needs to be addressed but overall we also have this kind of political situation which has been very convenient for governments to increase debt levels to avoid bringing tough measures to their constituencies and i think this is something that has to end markets have indicated that they are not willing anymore to finance these large debt levels my fear is that we see some short term improvement in the share prices i think overall we will see a continued downward trend so overall i think these measures will not have a long lasting impact france also has a debt problem the overall debt level is very high and now that the u.s. government debt has been downgraded there's obviou

some bereaved families remain unconvinced about the official explanations. >> translator: unless the government clarifies its responsibility and discloses the facts, i will consider taking legal action. >>> even though it's summer, classrooms in the tsunami-destroyed areas are busy with students and teachers. they are making up for lost time caused by the march 11th disaster. >> reporter: the harbor in onagawa once bustled with fishing boats. the tsunami completely upended life in the town located in the miyagi prefecture. five months later, not much improved. even now, almost 500 people live in shelters. this junior high school was built on elevated ground in the center of town. even so, it barely escaped the tsunami. earthquake damage forced classes to be stopped. then a series of aftershocks further interrupted classes. to get back on schedule, the town offered supplementary lessons for three mornings. 11 college students studying to be teachers helped conduct the classes. one of them is a fourth year student at the miyagi university of education. >> i kept thinking about how i co

the 11th hour deal to raise the debt ceiling left s&p unconvinced that a new bipartisan committee will lead to significant financial reforms. >> it does not go far enough to halt the rising debt burden of the u.s. government over the near-to-medium term. >> reporter: while government sources tell the cbs news the white house disagrees with the downgrade, the response from the press office was more muted. muted. last week, president obama said a downgrade would inflict pain across the board. >> a lower credit rating would result potentially in a tax increase on everyone in the form of higher interest rates on their mortgages, their car loans, their credit cards. >> reporter: reaction from around the globe is mixed. through state media, china, america's largest foreign investor, urged washington to cure its addiction to debts and live within its means. but australia's prime minister downplayed the purpose of s & p's decision. >> the other two major ratings agencies, moody's and fitch, continue to have the american economy right at triple a., so i think people just need to look at all of

leading french banks i think it was for the night it solvent theme with at risk invest this remain unconvinced the country's finances are full of aussie economy want to claim their pennies the french banking system will pull three. the french banks are loaded with toxic derivatives that were sold to them by american investment banks and the american investment banks plus the rating agencies plus the hedge funds are now attacking these french banks they know where the bodies are buried and they're using the weapons that they sold them to attack them society generale and b.n.p. and credit agricole are insolvent their balance sheets are six to ten times bigger in terms of the debt that they carry than they could possibly service but it's carried on the shadow banking system they don't report this debt but the insiders around the world who wield the weapons of mass financial destruction are taxing them to force these unrealized debts onto their balance sheet to force these companies into delinquency into a foreclosure because they are going to rape again billions of dollars attacking these banks t

distance by cutting a ball bearing before finally prevailing seven five three six six three for an unconvincing victory the other two took the first back in forty seven minutes and went to break up in the second but then lost four games in a row as the crimean levelled the match but spun the road raced into a three lot lead in the decider and i don't think back to two three four second seeded with her third match point zero meanwhile russian maria kirilenko was the first player to reach brown's reign after knocking out patrick beard to shave in a two easy sets thought men's world number six robin cycling's has withdrawn from the tournament due to illness. but will now in russia take a big step towards next year's european championships if they win that's you upcoming qualifiers that have to macedonia and ireland six points from those two matches would see the russians taking out right leading group b. as constant reports. this is the second training session ahead of the first qualifier against macedonia here at the stadium the last time the next russia squeeze the one victory and this time. hop

that hopefully addresses and answers the confusing qualities within the law, i remain uncon -- unconvinced there needs to be such a rule. i'm not a banker. i lease trucks. to be placed in the same category of a financial giant makes no sense to me. in my opinion, making a truck leasing company or any small business comply with section 1071 is a mistake. thank you for allowing me to issue my testimony today. >> thank you, mr. fleming. questions -- i'll start with mr. jones. on a scale of 1-10, how would you rate the cfpb's outreach on the mortgage disclosure forms that they are currently in the process of revising? >> thank you, chairman coffman. i would rate them at a six or seven and especially compared to previous regulatory form changes. i think they really have reached out and provided an opportunity for our members and members of the mortgage lending community to comment on those forms. >> thank you. with your 40 years of mortgage lending experience, can you tell me what happens if an entity is seen by its customers as being abusive? >> i think -- if an entity is seen by its customers

global markets ratings giants of say fall confirmed france's highest status but investors remain unconvinced. financial journalist in the thick or thin or says it's not just the banks but all countries which are now struggling it's to make ends meet with more public unrest on the cards. the downgrade of the s. and p. of the good of the united states whether it was worth it or not i think speaks volumes about the shift of risk from the balance sheet of banks the balance sheet and sovereign countries which are affecting the backstops for the welfare state so when that it's not a question of course you're going to have mounting on rescue and i think what i'm really because this is the architecture is is such with the banking system and we the way that the sovereign countries are benefiting backstops for. florida bay consistent i think you're going to see one that's especially united states because the u.s. is an empire and it's the reserve currency of the world so when this when the system collapses it's going to be felt in the u.s. because an empire sits on an asian state within which it was a

being forced he did not hide that it's financials to because he was at risk but investors remain unconvinced the country's finances are on solid foundations punch and that's not the kinds of things the french banking system would pull through the current crisis . the french banks are loaded with toxic derivatives that were sold to them by american investment banks and the american investment banks plus the rating agencies plus the hedge funds are now attacking these french banks they know where the bodies are buried and they're using the weapons that they sold them to attack them and you know going back to the s. and p. downgrade just before the s. and p. downgrade of u.s. debt i told you point blank with certainty that the rating would be downgraded now i'm telling you that the rating will be downgraded again because this is part of a new era on wall street where they go after sovereign debt and the hedge funds and the rating agencies and wall street banks work together now to destabilize the sovereign debt of these countries because remember the hedge funds lost trade working with the rati

that france has higher status but investors remain unconvinced to find out the full financial journalist in the coroner says it's not self the bank the whole country's which announced struggling to make ends meet with more public on the west on the cards. the downgrade of or i simply of the good of the united states whether it was warranted or not i think speaks volumes about the shift of risk from the balance sheet of banks the balance sheet of sovereign countries which are effectively the backstops for the welfare state so when they do start to question of course you're going to have mounting unrest now and i think what i'm really because the system architecture is is such with the banking system and the way that the sovereign countries are benefiting backstops for. for the banking system i think that you're going to see one versus especially united states because the us is an empire and it's it's the reserve currency of the world so when it when this when this is the glasses it's going to be most felt in the u.s. because an empire sits on a nation state within which it resides and a g

tell me do you realize that you've conducted a could attack they look pretty very unconvincing and. just got mad meanwhile on the streets the russian supremes soviet building the white house had become the center of resistance to the coup. boris yeltsin the president of the russian part of the u.s.s.r. had convinced some of the tank crews to switch sides people flocked to join him and demand the chops return. if yeltsin tells you that both the yards of your command are traitors and enemies whose always will you have be as night fell on the twentieth of august the curfew ordered by the cool denies is raised fears of an assault on the white house when armored vehicles began moving through a tunnel and night protesters disillusioned with the communist party rose up to defend their hopes of democracy. of kamar son dimitriy was killed one would believe an out onto the road where his friendly duma tried to drag him away while the machine rolled over my sons had and killed were to mary's wow. cool fail and what's more it destroyed trust in the communist party which was then russia in novem