the president inherited aaron economy, john, that i think the only way this thing will go forward is through the old stagflation of the post-nixon era. >> eleanor? >> they've got to raise the debt ceiling even if it takes the president invoking the 14th amendment of the constitution and doing it under his own authority. they've got to do that because the consequences of that, the numbers you just put up on the screen, would look rosie compared to what the economy would look like if we defaults. we take the world's global economy with us. >> who believes we'll do that? >> i do. i know michele bachmann doesn't. but defaulting on our debt would cause interest rates to go up, say bye-bye to your 401(k). it would have all kind of negative implications. but the sluggish economy i think is in part because washington doesn't work, and businesses are retracting, consumers are overly cautious. everybody is treading water. waiting to see what is going to happen. and pat's right, there not a lot of tools in the toolbox left anymore. >> what do you think of this -- debt crisis? >> i think it's a

veterans, they say the economy is draw down makes events like this he sen usual we'll do 61 of the events in 34 cities. we'll keep about the same pace and schedule for 2012. >> aaron drove from lodi to be here, lockheed martin has 400 job openings and he's hoping for just one of them. >> i like how they do veteran outreach, giving back to us after we've done it. they can put us by the wayside, they're saying come help us out, again. >> in san jose, abc 7 news. >> and a lot more to bring you tonight. still to come at 6:00 why dozens of alameda county court workers are kusing officials of betraying them. >> a woman wants her $25,000 but her bank won't give it to her. ahead on 7 on your side, i'll explain why. >> and more trouble for the president. later why the head of the afl-cio appears to bed [ female announcer ] what's so great about jcp cash? no exclusions! with jcp cash, earn ten dollars off when you spend just twenty-five storewide. and unlike other stores, we don't make you come back to save. get ten dollars off with no exclusions! we make style affordable, you make it yours! jcpenney. no exclusions! with jcp cash, earn ten dollars off when you spend just tw

economy. he succeeds naoto, kan who resigned after six months in office. >>> no wanted poster are up around the city with photos of 35-year-old aaron bassler. he's accused of shooting councilman jerry maylo on saturday. maylo was working as a forester when he apparently stumbled onto opium poppies that bassler was trying to grow. bassler is believed to be holed up somewhere in the woods. >> his whereabouts are unknown, but we do have a general idea of where he may be at this time. >> in the meantime passenger service on mendocino county's skunk train is due to resume today or tomorrow. that service was suspended since the councilman's shooting right near the rail line. >>> 6:17 is the time. we hear there's another new crash, pleasant hills, sal? reporter: that's right, intersate 680, pam and dave, 680 southbound at treat boulevard. there's a new crash. now, remember there was another one just down the road at olympic, so a couple of hits here for concord and walnut creek. 680 still has not become really slow, but as we move over to the side, i want to show you that antioch traffic, you can see bright red on the road sensors, it is already s

economy has been in a recession for decades. if we wanted to change this, we would buy a lit bit more of our own debt. it would be a more patriotic thing to do. >> aaron, ali, you mentioned the number 10,812. we're moving precipitously closely. >> the good news is we're above it. that's helping me. i need two calculations to get a sense of how it's ending. one i don't have just yet, and that's the volume. the combinations of the volume and velocity gives you a sense whether there's a break in the momentum. this bell is still a minute away before it rings. at this point, 5.35%, that loss is the biggest loss since november 20 of 2008. you'll recall back then in the fall of 2008 as erin said, those were dark days for us. >> remind us. >> that was right -- it was between september 14 when lehman brothers collapsed and october 3 when t.a.r.p. was finally approved. those three weeks were the worst of it, but beyond that, we started -- and those were massive, mass i have losses in the stock market. then things started to level off a lit bit. by november 20, remember it was after the election, there was still a lot of panic. the talk of a stimulus had already