nation and the man behind the extremely popular website ritholtz dot com also call the big picture barry ritholtz welcome back to the kaiser report thanks for having me max it's always a pleasure to come by i let's start with what you wrote the washington post recently says why politics and investments don't mix talk to us about this i'm talking about economists and fund managers and traders who all allow their partisan political bias to affect their investing and it turns out this operates for the worse of the two examples i used in two thousand and three after the bush massive unfunded tax cuts at the same time they they were taking place greenspan and taken rates down to one percent and all my pals on the on the left had said this is going to be a giveaway to the rich it's not going to create jobs it's a budget buster and all those things are true but it's sort of like a surgeon going into the operating theatre you have to you know hold all your biases to the side and be completely objective if you look at the market back then was pretty clear this was an overwhelming amount of liquid

in that there is the price discovery any more it's all manipulation at this point what about this barry how are we going to stall this problem when you say the markets integrity is questioned i disagree with you i don't think there's any question at all the markets were once nonprofit organizations run for the benefit of investors and the people that work there and actually traded there and now it's a for profit operation that basically is willing to sell their souls out to the highest bidder so all these colocated servers that hedge funds are putting addicts the exchanges and all of the get a millisecond advantage over everybody else it gives them the ability to sniff orders before they go to the market to flaunt run investors these guys are literally pulling billions and billions of dollars out and that profit doesn't come out of thin air that profit comes from the actual investing public who is forced to. we have a fire alarm so the problem here is honestly did go on these people are stealing money from the investing public and it's really a great tragedy blame dick grasso for causin

composer john barry has died of a heart attack in new york. he is probably best known for scoring the james bond films. he also scored "born free" and others. >> john barry may not be known to everyone, but his music certainly is. top of the list of his most famous scenes, the james bond films. he composed scores for 11 of them. >> who are you? >> bond. james bond. >> the result old-style down. everything else went on after that. "goldfinger" is the blueprint. >> he died today in new york, but his former home is in old york where friends remember him fondly. >> this is the family living room. this is where his family had the grand piano in here. this is probably where he composed some of his early film music. i think he has made himself immortal through his music. i think his music will live on and on. >> and just down the road from this, his home, the family-time local cinema where john barry developed his love of them. directors and actors said is a big music with perfect for the big screen. >> i absolutely agree. you only have to hear -- an

barry's formula for scoring a movie? you just follow the action. john barry was 77.ing news." katie will be reporting tomorrow there cairo. i'm harry smith in new york. thank you for joining us. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org . >>> you're watching cbs 5 eyewitness news. >>> new at 6:00 tonight jerry brown lays out his plan to end the budget madness. what it means for spending and taxes. >> an army of police, a lot of scared kids and parents but still no sign of any threat on campus. >>> and it's oakland's police chief is on the way out or is he just grabbing some bargaining power? the cops and cars he may have already secured. >> good evening i'm allan martin. >> and i'm dana king. in a very short state of the state speech jerry brown laid out the problems in california. a governor wants to put a key part of his budget plan to a vote. hey, mark. >> reporter: hey, dana as promised by the governor himself the speech was sh

. >>> barry bonds now has fewer charges against him. but is he better or worse off for it? and what his attorneys tried to do here today in court. >>> and it's friday already, the weather is beginning to change. looks like part of the weekend is going to be really, really nice. the other part not so nice then there's rain. we'll have all the details. >>> there are still delays at this hour for san francisco nummi riders stemmed from a derailment that happened this morning. happened about 7:00 a.m. with a full load of passengers on board but everyone was evacuated without injury. at this point there's no word yet on what caused the derailment. the train has been moved from the tracks. once they inspect the track, they will allow trains to use it again. >>> a toyota camry collided with a train. nummi has not released any details on what led to the crash. but it appears one person was under the car. witnesses say he was conscious and talking on the phone. >>> the capital corridor train broke a record last month. the train transported 130,000 passengers in january. that is an 1

. >>> barry bonds will have to enter a new plea after prosecutors came out with a fourth version of his indictment. bonds was not in court today but his attorneys were. rita williams has been following the story since it broke in 2003. she tells us what's next. >> reporter: in the new indictment, prosecutors cut the number of charges against barry bonds in half. now four charges of lying and a fifth of obstruction of justice. >> there used to be eleven unfounded counts, and now there are five unfounded counts. >> reporter: they stem from bond's testimony back in 2003 when he testified he never knowingly used performance- enhancing drugs. it's expected that and personal the time, greg anderson, will refuse to testify again and be sent back to jail again. that's why bond's attorneys today asked the judge to exclude a conversation bond's personal assistant had with anderson eight years ago, where anderson allegedly talked about why he didn't inject bonds with steroids in the same spot. prosecutors say hoskins made the tape to get bonds from stop using steroids. >> wanting to play the tape

. >>> barry bonds will have to enter a new plea after prosecutors came out with a fourth version of his indictment. bonds was not in court today but his attorneys were. rita williams has been following the story since it broke in 2003. she tells us what's next. >> reporter: in the new indictment, prosecutors cut the number of charges against barry bonds in half. now four charges of lying and a fifth of obstruction of justice. >> there used to be eleven unfounded counts, and now there are five unfounded counts. >> reporter: they stem from bond's testimony back in 2003 when he testified he never knowingly used performance- enhancing drugs. it's expected that bond's friend and personal trainer at the time, greg anderson, will refuse to testify again and be sent back to jail again. that's why bond's attorneys today asked the judge to exclude a conversation bond's personal assistant had with anderson eight years ago, where anderson allegedly talked about why he didn't inject bonds with steroids in the same spot. prosecutors say hoskins made the tape to get bonds from stop using steroids. >>

barry trying to shed 30 pounds.he showed up at a media gathering today. it's a big deal. two years ago he hit .330. wasn't very good last year and everybody counting on him to be in shape this season. tomorrow 40,000 people on hand at at&t. they are already warming up today for fan fast. i have been doing this show for years. charged a dollar, but it's free. matt cain talking about world series rings. >> i think that brings some reality to it, getting those guys ready to make the ring for you. it's more realistic once we get the ring and celebrate it with the fans. >> at the expense of keeping it real, 40,000 people, if you want to just come out and have fun, fine, if you are expecting to get autographs, the lines could be as long as three hours. would you wait for anybody three hours? >> no. but there might be others who would feel okay with that. >> i am on the scene. i am just telling you -- >> i -- i am sure they appreciate you announcing it. >> the following monday people call in, i waited. yeah, yeah, yeah. wo

barry's water company cal water appears to think so.fact there is a message from the utility included in the sales pitch. cal water even handles the billing. >> that carries a lot with people when they say, okay, if my water company is telling me i need this then i probably do need this. >> reporter: but consumer advocate amy buff isn't exactly gushing over the plan. >> they very often have more exclusions than coverage. >> reporter: for example, the policy doesn't cover acts of god like earthquakes, sinkholes or landslides. nor does it handle thawing or frozen pipes or breakdowns due to pre-existing conditions. in other words many of the common reasons water piles tend to fail. what about the $12,000 in repair coverage? the fine print reveals it is annual coverage good for four separate repairs up to $4,000 each. amy buff points out you may already have this type of coverage in your general homeowner's policy. >> call your insurance company and ask them point blank what would happen if the pipe that connects my water to the city's line

big news on barry bonds. >> streamlined their case against barry bonds a bit. we break down what the government is stacking up against the former giants slugger. meanwhile, pebble beach, rocking week one. and dive in and show you some of the high jinks. he won the pebble beach several times. and now brings gulf coverage. the san francisco native who helped bring great changes to the golf scene in napa. beautiful in wine country. and jeff is in the weather center with more. >> yes, plenty of sunshine across the bay area. live look at the golden gate bridge. well, a little traffic moving on nicely at this hour. we'll let you know when rain, yes, will finally return after rivedays of rain since january i en it will arrive in my seven-day forecast. -d >>> group of san francisco whale watchers got an unexpected treat this week. sthar to their tour hoping to spot some whales. >> reasonable. joe rosatto jr. shows us, nay schnay -- nature put on one killer show. >> a deck hand. >> the captain spent his life on the sea. he is guiding trips for san francisco whale watchi

>> i'm with the hydrologist, barry wilson eluded to this, i think it's important to monitor what is happening and keep on that. the projection of trends is a good way to at least get a handle on something and also feedback can go to climate modelers and they can adopt their models if need be. that points toward more of a 50 year horizon more than a reasonable projection to make. it's nice to show it for a hundred years but that's pretty well mostly beyond all of our planning endeavors. there is a climate effort that was trying to be set up in 3 hundred stations and now it's scaled to one hundred. the energy commission is trying get another one in california. it's locating and measuring sites where we don't expect differences in the land use and really trying define really some of what's happening. the next one is maybe a little bit far out, but we're talking billions so for that kind of money, maybe we ought to support or look that idea of something out in space just like putting mirrors out there, something that can be taken down if necessary so reflect some energy back into space that we're

. >>> another move by prosecutors in the barry bonds case. how it's supposed to bolster their taste against the former giant slugger. >>> friday is looking frigid in the bay area. we tell you where you could see snow. if there's no tv nearby watch bay area news at 7 on your computer. we're streaming live on the web at ktvu.com. bree: sis, help me create my oasis. marcy: ok, romantic garden? bree: oh, is there a castle nearby? marcy: no, but there's a charming farmhouse. bree: right next to my posh castle! i'm sensing a theme here. well, i am the queen, dear sister. >>> at legal move today before the scheduled start of barry bonds perjury trial. on the list a woman identified as bond's former mistress. bond mistreated his helpers. the feds attorney are calling the sames irrelevant. >>> here in the bay area it's cold and will only get colder. >> we are cooling down after a gorgeous day. low 60s and now our temperatures are beginning to fall. take a look at what's going on around the area. san francisco checking in at 49. 50 degrees in san jose.

using the gps has so many flaws that i could talk for hours about. >> barry toronto followed by talik mahmoud. >> good afternoon, chairman nolan. i am really concerned about process. there is a lot here. you do not have to tell me. have all of you read all the pages of the changes today? if you have not, this is a concern, because then you are voting on something you do not know about. we need to go to every page. i have not been able to go to every page. that would be an insensitive way of going through this, by approving something you do not know personally about. on that note, there are concerns. some of the issues need to be passed today, because they are our safety and they are procedural and they ought to be done. there are others that require at least proper book vacation. we know about the tax schemes, but that is for the pilot program. it is not for dealing with pages of changes that couldpeople's id other issues. those issues have not been dealt with enough. have a couple more town hall meetings so you make sure, when you get the note is about all the discussions of the traf

. >> i have been working out with barry. talking to barry a lot. >> barry? >> barry bonds.many pounds i lost but i lost a lot. eating right. a lot of vegetables. >> one of the giants phrases last year was fear the beard. this year it might be all about the stash. tim lincecum gets tonight's they said it award. >> i'm a man. >> i'm 40. >> i want winners. >> i started growing it about a month ago and this is all i got. sad but true. this is my contribution to the beard. it is actually just keeping it on my face. i was going for the johnny depp look in chocolate. >> looking good. >> the biggest game in the bay area tomorrow night is at the hill top. that's right. u.s.f. hosting santa clara and a battle for second place in the west coast conference. >>> broncos won five straight. off to their biggest league start since 1982. despite those struggling years, rex says the rivalry remains strong. >> when you play santa clara especially on a bye week there is a natural built-in hatred. not a great word to use. but a strong dislike between our players and their players. i like their

developments in former giants slugger barry bonds up coming trial on steroid use. prosecutors filed a third revised indictment against him. reducing the number of felony charges. vick? >> reporter: we've been looking over the new indictment that shows the u.s. attorney in san francisco dropped the number of felony charges against barry bonds from 11 to five z now, these in his case related to the balco steroid scandal. the charges reduced because a judge has thrown out some of the prosecutor's key evidence saying they cannot legally tie it to bonds. in a court filing today federal prosecutors recorded their third revised timt against bonds, who is scheduled to stand trial in late march. he used to face 10 counts of making false statements before a federal grand jury in december, 2003. now, prosecutors say bonds knowingly denied to the grand jury using steroids and other performance enhancing substances and they have a failed drug test and other testimony proving that he claims he didn't know some substances he took were illegal. so with a revised indictment, he fac

>> we can give that question to barry. maybe you can give her some advice? >> there are a lot of challenges in community media right now. i have been trying to get our local station to work with us to figure out how to work together to get things going in the community. one of the challenges right now that the media landscape has is that it has been remade for lot of the other stations. these folks that are doing educational government television right now are rooted in ratings in a lot of cases. anyone can be broadcaster and no one wants access to the channel anymore. really, we are just at the beginning of this. for example, i no longer have cable. i get all of my television of the web. that is not on the -- that is not an unusual situation. >> [unintelligible] first of all, back to the question of diversity, the fact that we even have to talk about diversity and employing people who represent that range of diversity, in this day and age, is incredible to me. after 50 years of struggle we are still talking about how many women and minorities are in the wor

with cutbacks and technology shifts, what has that done to the quality of news, barry parr? >> when i worked at the "mercury news" back in the 1990's, we were trying to compete with the paper. i am here to stay mission accomplished. it has been a tough 10, 20 years. i have to tell you, some of the greatest innovation and highest quality work is coming from the ground up. if you look back over the last year, one of the most crucial issues that has concerned in this country, health care reform, we really have to say the traditional media let the country down. it has been a significant problem in the country. in many ways, it is not perfect, it is never going to be perfect, but on the other hand, we have a lot of small innovators out there that are thinking -- changing the way that we think about information. i have been running a small website for about six years. the thing that i am finding is technology has shifted under me as well. i have to think hard about how i have to keep up with social media, how you control the rumors, help people establish fiction from fact. >> than

i'm barry nelson with the water project here in san francisco. i'd like to start by thanking the city for pulling this conference together and note it's in some way as real landmark event. this is, i think the first conference i've attended with water manager's. this is the first one where a significant portion of the event is not devoted to whether climate change is real. i think water managers really in the last couple of years have moved past that and now we're ready for the next step in that discussion, what are the impacts of that and what can water managers do to adopt their operations appropriately. that's a particularly appropriate time for us to be working on this issue and we're putting the finishing touches of a report could, in hot water, what can water manager's do to address this. there's executive summary and we're just finishing the editing now and it should be out in six weeks and how should water managers be changing the way they think in response to water climate change and we're delighted to be there with the report. if you in

. >>> tonights for barry bonds filed a flurry of motions. in one motion filed just before the court closed, bond's attorneys asked that a taped conversation between bonds and steve hauskins be thrown out. >>> oakland police chief anthony bats is staying put. now mike mibach is live with the communication problems plaguing the department. >> reporter: chief bats told us directly that because that police radio system is not functioning properly at all times, right now in at least one pocket of oakland officers are not even allowed to patrol solo anymore. >> if any system is not working properly. i want to make sure that officers can back each other up. and we have gone to some areas to two person units. >> reporter: a radio failed at a critical incident last month. police say the system failed twice this week. >> we had a situation the other day where the officers were on a burglary call. you know, and they had to use their cell phone, hand signals yelling to each other to apprehend three suspects. >> reporter: the president of the police offi

i'm barry nelson with the water project here in san francisco. i'd like to start by thanking the city for pulling this conference together and note it's in some way as real landmark event. th i

once billed as an ammicable split now halle barry and her ex are headed for the custody battle. rep told tmz has she has serious concerns for her daughter's well being during any extended time with ex-boyfriend gabriel aubry. catherine heigl has been hired to replace berry in "new year's eve." barbara bush has broken ranks with father and former president george w. bush calling on new york to legalize gay marriage. she joins meagan mccain and -- sfwlirchlgts finally, charlie sheen is in rehab. sort of. citing privacy concerns, sheen, along with cbs and his show producers, have found an addiction specialist to help sheen work through his problems at home. >> i'll assume that no trips to vegas will be included in the rehab. >> even if they go with him. there's family fun in vegas, bell. you know, the shows. >> that would be a good movie. see, no that would be a movie idea. following the addicted star to vegas with his rehab. >> that would be a reality show. >> that's true. >> no movie. >>> this comes to us from wptv news channel 5 in west palm beach, florida, where one small had i

i have to reiterate barries comments. there's been a great group of people and topics and probably the only better conference i've been to was in nebraska. a long time back, they are way ahead of you on this. i was delighted to hear lester snows understanding of global climate change and we'll have to start calling him lester rain however, and your probably really sick of hearing that, so, next slide. what i'm going to do is talk a little bit about - not the science or impact which i've worked with quite a bit - but rather resources for managers to try and close some of the discussions. you heard this and this is a conclusion from years back from the water assessment approach. the people are chaning. and it's effecting society and water sources are now unavoidable. again 7 years back, and by no means i went back to my records and congress don edwards some of you may remember, held a hearing in 1987 on impacts of climate change on san francisco bay area and that was years back but it's getting a lot of attention but not a

. >> sam marian, followed by barry toronto. >> the delay was a first -- a one time event and should not minimize the value. what i am talking about -- you can access all the information by one or two keystrokes. but there is a flop if you want to use the gps, for example. if somebody forgets to turn off the meter, the drop off point could be a few miles down the hill. many times, we get papers from the police department or customers that they need some information. if we write it down on our way bill, we can fish the memory for that incident. but if it is done through the gps, we have nothing to go by. an electronic waybill using our waybill as a foundation for a database is good. using the gps has so many flaws that i could talk for hours about. >> barry toronto followed by talik mahmoud. >> good afternoon, chairman nolan. i am really concerned about process. there is a lot here. you do not have to tell me. have all of you read all the pages of the changes today? if you have not, this is a concern, because then you are voting on something you do not know about. we need to go to every p