i'm joined by andrew stevens in hong kong. what are the markets saying about the election here? >> well, the immediate reaction was positive. there's a bit of a relief. it was a short-term way to describe this, there was a short-term gridlock. this is leading up to when cnn started projected that obama could keep the presidency. and we saw a big pop here around lunchtime that went from a third of 1% to up over 10%. not huge pop, but that was repeated pretty much everywhere. all these markets in japan and shanghai were down considerably more until we got news it looked to be the re-election. so the status quo as you say has been reestablished, but there's a huge but. this is the fiscal cliff, which was the big shout-out behind the election as far as the financial markets are concerned and will only become a bigger problem until it is actually dealt with by a divided congress. the fiscal cliff, of course, is where we get the automatic kicking in of tax rises and spending cuts, equally about $600 billion, which has the potential,

. >> you just heard from andrew stevens that asia was flat.arkets have closed and european markets opened with u.s. stock futures up a little bit, but i wouldn't be surprised if they turned around. because this is what people expected. they expect what investors expect. they expected the president would be re-elected. >> we don't need a big distinguish here. barack obama is not bad for business. and democrats are not bad for the stock market. this socialist president got you a double in the stock market in the last four years. but there is something very clear, barack obama and the democrats are bad for very rich people who are all those people who give those surveys to say that he's going to be bad for business. this is an entirely skewed look at the world. so it's not bad for business, actually, it is just bad for rich people because they will pay bigger taxes. that's the problem we have right now. that's why everyone was saying we want mitt romney as president and do better under republicans. it is categorically not true in america that the

governor andrew cuomo dismissed steven kuhr after learning he ordered a crew to remove a tree from hisy on long island when they were supposed to be working to help with sandy recovery in an area where, by the way, 2,000 homes are still without power today. >>> sandy is playing havoc with labor department numbers for unemployment benefits. the department says applications dropped by 8,000 last week. they went down in one state because power outages stopped some filings but went up in some places because the storm put people temporarily out of work. >>> and trying to rebound today are the stocks after the market's worst day all year. mandy is here with moving your money. how are we looking the first hour of trading? >> we're looking pretty lackluster. we're coming off the largest drops in a year just yesterday on a whole mix of things probably keeping the markets back. for one, the election is over. investors have to come to grips with a divided government that needs to get down to business to avoid the massive tax increases and spending cuts. you've got european worries returning to th

joining us now, steven nagy, assistant profgts essor of japa studies. and andrew is still with us. steven, how significant is it that this week in cambodia with korea they're looking to extend trade relations. what does that signal in turn with the new leadership change? does that mean relations over the island going to get slightly better than they have been, do you think? >> i think relations between japan and china in terms of the direction that they're going to go right now are based on the relations of the past and especially the post world war ii period. specifically strenenning economic relations, continued integration of the two economies, strengthening trade, people relations. this is independent from the island dispute. both states and both leaderships in both states would like this territorial dispute to disappear so they can continue japanese invest nmt to china, continue the trade relationships and to hopefully maintain stable economic relations between the two states. >> if they wanted to disappear, it would be quite easy. just stop making it an issue. >> ooyou're righ

andrew cuomo finally somebody that screwwed up the preparations and everything else with the response to the hurricane sandy. stevendently sent a crew to get a tree off his driveway diverting him - on them from other people. andrew cuomo heard and fired him. >> steve: the first lady of new jersey she revealed they were without electricity six or seven days. >> gretchen: believe it or not people suffering from the original storm and now have the nor'easter. americans have more questions than answers on the benghazi terrorist attack . peter doocy is live in washington dc with more. >> you are right. hi, gretch gretchh. roundding up high-ranking officials one week from today and try to get them to explainn in plain english that left four americans including ambassador stevens dead and what the administration did or did not do to help them in the attack. they will hear from sy democraticor petraeus and matt olson who made waves when he was the first official to say the deadly 9/11 raid on benghazi was a terrorist attack and many in the administration were insisting it could have been provoked by the anti-slamic youtube

steven, lose some of the cynicism if you're going to wear that proudly. >> don't take the pin away, joe, please, do anything. >> you've got another hour to earn that pin. maybe we'll get andrewne. >> i'm wearing it right here. >> you're wearing it in your crotch. >> right here, you got that? >> that's down near your belt that you don't have on. >> there it is. >> he'll move it up. >> put it around back. >>> coming up in the next hour -- i'm going to put it on my head. >> put it on your mouth. >> bart chilton. >> we'll get bumper stickers made. >>> and mohamed el erian has advice from protecting your portfolio from falling off the cliff. let's -- let's start over from the beginning. we were just driving along, comin' back from the lake, and all of a sudden, ka-plam. it blindsided us. what is it? our college savings account. how do you think it happened? not sure. i think something we bought a while ago turned out to be something else, annnnnd, i remember a lot of other stuff in there had the word "aggressive" in it. is everyone okay? well, now, yeah. who knows later. ♪ wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're no