dear's boss, calpers c.e.o. anne stausboll keeps a close eye on the market as well, but she too is worried about a repeat of 2008. >> it's always tough when we have these market downturns, and i find myself stuck in my tv every couple of hours, which is probably not what we need to be doing. >> reporter: the wide market swings that started last week were a sharp departure from where calpers and the market had been. >> we had a 20.7% return as you probably know for the year. and it was our best return in 14 years and we felt like we had really bounced back, so kind of looking at this period of a few weeks really makes you reflect on the ups and downs of the market and how misleading it can be to focus on too small of a time in the market. >> reporter: last year the calpers stock portfolio did better than the s&p, or the dow jones. calpers traders are into all sorts of investments: the system recently raised its target on stocks to 50% of its portfolio, hoping to better guarantee pensions, while lowering its troub

under the settlement, fitch will not make a payment to calpers. two years ago, calpers sued fitch, moody's and standard & poor's, alleging the inaccurate ratings cost $1 billion in losses. calpers has not commented on the other lawsuits. >> tom: we saw a bright spot for consumers in july. spending rebounded last month as americans bought more cars. sales increased by 0.8% in july, the biggest increase in five months. spending was lifted by a rise in income, which rose 0.3%, and a slowdown in the savings rate, to 5% from 5.5%. the head of consumer credit ratings agency fico tells us americans creditworthiness is improving, but is not where it needs to be. we spoke with c.e.o. mark greene, who began with some bright spots for consumer credit. >> consumers have done a good job actually focus on their credit cards, in fact, they paid down their debt on credit cards and are now running at the lowest default rates on credit cards in 17 years. there's similar health around automobile loans and student loans. so a lot of the credit portfolio that people n

calpers is the nation's largest public pension fund. they see the stock market decline as a chance to hunt for stocks at bargain prices. >>> 4:35 now. the san jose city council voted to keep paying city employees indefinitely when they are called up at the military reservist. media partner, the "san jose mercury news" reports recent audit recommended a time cap on how long the city would subsidize a tour of duty for city reservists. they recommended restricting employee to five-year subsidized leave. yesterday, the city council voted unanimously to extend the military leave program indefinitely without any limit on how long soldiers can be away from their city jobs and still get the equivalent of the full city salaries. >>> the redwood city fire department is asking property owners to check the water, sprinkler and the pipe system every day to make sure they're intact. that's because 18 sandpipe fixtures have been stolen in the redwood city/san carlos area this summer to be resold as scrap metal. the fire marshal says without the fittin

calpers the largest public pension fund.calpers officials sigh they see the stock market decline as a chance to hunt for socks at bargain prices. . the san jose city council voted to keep paying city employees indefinitely. when they are called up as the mill their reservists. the media partner, "san jose mercury news" report a recent audit recommended a time cap on how long the city was subsidized. tour of duty for city reservists. the audit recommended restricting employees to a five-year subsidized leave. yesterday, the city council voted unanimously to extend the military leave program indefinitely with no limit on how long the soldiers can be away from the city job and still get equivalent of the full city salary. it it's 5:36 now. redwood city water department is asking homeowners to check the water pipe and and stand pipe fixtures every day. 18 have been stolen in redwood city and san carlos to be sold as scrap metal this summer. fire marshal says without the fitting, it takes longer to get water on the fire which put

calpers is largest public pension fund and they see the stock market decline as a chance to hunt for stocks at bargain prices. >>> the san jose city council has voted to keep paying city employees indefinitely, when they are called up at military reservists. our media partner the san jose mercury news reports recent audit recommended a time cap on how long the city was subsidized. tour of duty for the city reservists. the audit recommended restricting employees to a five-year subsidized lead. yesterday, the city council voted unanimously to extend the military leave program indefinitely with no limit on how long the soldiers can be away from the city jobs and still get the equivalent of their full city salaries. >>> we have breaking news out of afghanistan. the "associated press" is reporting that the u.s. military chief in afghanistan now says a strike has killed the militants who downed the u.s. helicopter killing 30 service members including 22 navy seals. marine corps general john allen told a pentagon news conference this morning that the u.s. forces learned where the insurgents

. >> the stanford research found the largest pension system calpers is under funded and over the past ten years, they have spent $3.1 billion more than projected. >>> san francisco has long been described as romantic, right? we are romance, portland is about pros any cute. they have ranked portland, oregon the most promiscuous city in. they made by the rulings percentage of users profiles were seeking casual sex. seeking and actually finding is two different things. portland and seattle, there could be a rain link there. >> safest course of action would be to move to the weather forecast. >> you don't want to talk about there are no midwest cities or no southern cities, they are all along the coast. that is interesting. we will move on to the weather. thank you. thought i would make that observation. we are looking at pollen, thick along coast this morning. dense fog advisory until 8:00. visibility in some areas, near zero on highway 1. you see some of that trying to spill into the bay but having a hard time because the winds are really light this morning. let's talk about temperature

calpers the california public employees the áf system lost $18 billion since -- employees system lost18 billion since july 1st. >>> president obama went to dover air force base. the pentagon pointed to the catastrophic nature of the attack. >>> one of the navy seals killed in that mission came from the bay area. >> reporter: the war in afghanistan has struck home jesse pitman's home willis. flags are now flying at half staff at calfire where pitman spent two summers as a firefighters before joining the military. >> reporter: chris holtz is a firefighter in willits. he remembers when pittman told him he wanted to become a navy seal. >> i said you've been watching too much television. you know how hard it is to to do. and he said yeah but i really want to do it. >> reporter: the seals were on a mission to help troops in trouble on the ground. his friend remembers the last time they saw each other. >> he was a changed man, he was still jesse, he was still fun. but he was very mature. very straightforward. >> reporter: before becoming a seal, pitman fought fires, wildfires. coworkers reme

calpers the california public employees the áf system lost $18 billion since -- employees system lost18 billion since july 1st. >>> president obama went to dover air force base. the pentagon pointed to the catastrophic nature of the attack. >>> one of the navy seals killed in that mission came from the bay area. >> reporter: the war in afghanistan has struck home jesse pitman's home willis. flags are now flying at half staff at calfire where pitman spent two summers as a firefighters before joining the military. >> reporter: chris holtz is a firefighter in willits. he remembers when pittman told him he wanted to become a navy seal. >> i said you've been watching too much television. you know how hard it is to to do. and he said yeah but i really want to do it. >> reporter: the seals were on a mission to help troops in trouble on the ground. his friend remembers the last time they saw each other. >> he was a changed man, he was still jesse, he was still fun. but he was very mature. very straightforward. >> reporter: before becoming a seal, pitman fought fires, wildfires. coworkers reme

. >> stanford research found the largest pension calpers is under funded. >>> facebook can't grow fast enough. employees are just settling into the 1 million square foot campus it acquired from sun microsystems and expansion plans are underway. they are reporting that facebook plans to build a second campus right across the street. it has told city officials that they want to house 9400 employees at two complexes. >> you know what else we will be studying this morning, summer temperatures and good cheer. >> let's home it brings happiness to everyone because there is not much we can do about it. we have a 24-hour temperature rise. 8 for oakland and santa rosa and 10 for concord and fremont. 11 degrees warmer than yesterday. now this morning, temperatures are fairly mild. low 50s around the coast but we have dense fog, watch out for the dense fog, fog advisory around the coast and some drizzle, mid to upper 50s just about everywhere else. mountain view and antioch in the low 50s. fog should lift about 9:00 to 10:00. 56 in half moon bay this afternoon. 70s in san francisco, oakland richmo

. >> that is john fox from calpers.nding more than before. >> this a dangerous thing for most consumers because a lot of the liability are the same, the protections of the card act don't apply to business credit cards. >> so do those with the cards know what they are carrying. >> did you know there is a difference between a consumer and business credit card? >> no, i didn't. >> aubrey is an artist and says the paperwork goes along with any credit card is overwhelming. >> i just don't look at the small print anymore. they counted on that. they know i'm a perfect victim to this. [ laughter ] >> the business cards do serve a real purpose. if you are charging for why family, leave the business card to business people. if you want to keep all your consumer rights, stick with a consumer credit card. those that say business generally don't carry all the rights and protections you are used to. >>> coming up next, a great story, hours after getting laid off, a group of assembly plant workers strike it rich. coming up. c let me g

calpers tested 100 financial apps and were able to recover payment history. security pins and partial credit card number from 69% of them. some apps stored financial data on the phone, itself, meaning the thieves could recover easily. the best security measure use a password to protect access to your phone. >>> number of americans paying credit cards on time is at a 1-year high. transunion says credit payments 90 days or more past due fell .6 of a percept in the second quarter, lowest rate since 1994. they report slight increase in the average debt that the card users carry in the quarter. i went up $20 to $4,700. >> yeah. all right. we'll pay it off sooner and becoming more responsible. that is my take-aua. >> that is a good take-away. >>> this morning if you are dressing the kids for school, some of which started already what is it like? >> pretty much the same. temperatures in the morning are homogenized in the afternoon. that's where we see the micro climate take place. look outside, if you need a jacket, probably won't need it this afternoon in many area