mentioned earlier, we do have a new city attorney, so i do want to welcome john gid ner, he is taking cheryl adam's place, i do have a question, given an amount that is lower than the original 17 million dollars, if we made that change, it would be non-substantive, correct? >> yes, that's right. >> thank you. why don't we open this item back up for public comment. are there must be members of the public who wish to speak. seeing none, public comment is closed. colleagues, do we have a motion to accept the budget analyst recommendation and then to send the item as amended forward with recommendations? okay, and also to authorize the clerk to make that amendment. okay, we will do that without objection. thank you. can we call item number 7 through 12, please. >> item number 7, resolution approving the 28th amendment to the treasure island south waterfront master lease between the treasure island development authority and the united states navy to extend the term. number 8, resolution approving the thirsty seventh amendment to the treasure island land and have you beening khur master lease between the

cheryl: adam shapiro. thank you very much. let's talk a little bit about the global markets.ing is thursday. ashley webster is here now. you get this, it is like saying the pope. they are just not going to meet their obligations. it is impossible to believe that government can get it together to meet their timelines. ashley: i think a lot of people realize that. they have to fulfill, how are you going to make 11 billion euros worth of cuts and where is it going to come from? the greek prime minister cannot get in agreement with his own coalition. professors, teachers, right now, university protesters, they are protesting right now. if you lost half of your salary in two years, it is very difficult. cheryl: if i was increase, i would be happy to have a job. ashley: at some point you cannot pay your bills. what do you do? and a lot of are leaving. last week we had police fighting bullies. there was a police protest and they sent a police unit to monitor the protests. huge pay cuts are in the future. it is not easy. it is very difficult. angela oracle said i am more open to more

cheryl. >> and we had a sneak peek today in a special collection of work by ansel adams and it's not probablyhat you'd expect showing the university of california campuses. >> nearly 50 years ago they were commissioned to celebrate the centennial. now, it's called fiat luchl reduchl or let there be light which is the motto of uc berkeley. >> good stuff. >> and that

cheryl: "money with melissa francis" is coming up next. >> i'm adam shapiro in for melissa francis. here's what's "money" tonight. oil's dire straits. local economy depends on protecting the strait of hormuz, a herculean security task that rests on the shoulders of the u.s. navy's fifth fleet. what does it take to safeguard one of the world's most critical oil passages. melissa francis is live in bahrain with a special report and the answer to that question. >>> plus mideast tensions spike on new revelations iran is rapidly moving ahead with its nuclear program. have the odds of a u.s. navy attack soared with it. how will that impact oil prices? we'll get insight from former u.s. ambassadors to iraq, james jeffreys. >>> ben bernanke levels investors empty-handed announcing no new stimulus plan during his jackson hole speech but they expect they will do something big. will they act before the investment crisis enact as new inferno. we'll ask one of the biggestest players in local finance. he is live from jackson hole. even when they say it's not it is always about money adam: and a g

cheryl: breaking news i got to get to. thank you very much. we are getting breaking news in fox business. i want to go to adampiro. >> mark fields from ford is president of americas for ford motor co.. bloomberg reporting field is the ceo 0 at ford. when alan malawi ever announces he is on his way out and ready to hand over the rage that field is being groomed but field has a good history which ford. at one point was in charge of laws the motor co.. in charge of the premier automotive group when ford -- and land rover and volvo and in charge of americans for ford motor co.. he is rising within ford. cheryl: i can imagine the thought but interesting news. thank you. closing bell is going to ring in 7 minutes. follow the show. when we come back i will tell you the one stock that is getting a bounce. the ceo stepped down. [ engine revving ] ♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay ale... but feel alive. the new c class is no exception. it's a mercedes-benz through and through. see your authorized mercedes-benz dealer for exceptional offe

cheryl: juicy stuff. thank you. dennis. dennis: i think there are too many threads on this show today. it is forcing the u.s. to send troops to the region to respond. adam. >> good morning. you are exactly right. the increased presence in the entire pacific region. one third of the earth covered by the ocean. so much of the shipping comes through here. twenty-six of the world's largest ports. china is continuing its presence and building its presence. including today when they put a brand-new, for them a brand-new, they put in aircraft carrier on the water. it is a refurbished carrier from back in the soviet days. they have gutted it, rebuild it and put it out today. it is the first carrier. important when you consider that china and the tensions that continue to build up. when you talk to experts, they say this is a true testament that china is a force to be reckoned with. >> china's defense budget has expanded around ten-13% for the last few years. this has allowed china and the chinese military to become one of the most significant and consequential military powers. >> the u.s., of course, has been a power in the pacific. we saw that during world war