i think we should be lucky to have people like logan and darren, to engage the community. we could have owners who do not listen and cause trouble. these guys are doing what i think is best for the neighborhood, and i hope you'll approved their applications. >> next speaker please. >> i am from 2827 octavia, and i wish to point out union street is not one long commercial strip mall. we have lived in the location for over 30 years and survived. it is a great thrill to live by union street. there are college football games, and it is a great guy to hang at a bar, but when people get tired of the noise, they get to go home, but where can we go? this hasn' 100 yards of busines, and sherman elementary school is a block away. the crab shack and bricks and are across the street from the shuddered metro theater. good no one lives there. ambient noise issue is not the same. the reason people complain about process and government regulations is the government levels the playing field. neighbors are no match for the developer. we have been opposing this since the front of the buildin

and joining us now our washington bureau chief darren gersh. darren, what is the central allegation here that the federal agency is making against these big banks? >> you know, tom, it's very interesting. basically, the federal regulators are suing these banks as an investor, and they're saying that the banks when they put together these complicated mortgage-backed securities, basically didn't follow underwriting procedures, and essentially lied to investors about the ability of these borrowers to repay their alones. very interesting detail in here is some of these suits allege that the banks hired due diligence firms to make sure these loans were okay and then ignored their advice. if that's true, that's very damaging. >> tom: very damaging. it's not the first time the banks have been alleged to have behaved improperly when this came to hand, out these mortgages. i want to ask first about request possible remedies here as they try to negotiate a settlement, perhaps. >> when i was adding up the amount of money involved, i thought my calculator

darren nurses his sore shoulder

he sat down with our washington bureau chief darren gersh earlier today. darren began by asking him about why the president is so focused on the buffett rule. >> mr. secretary, fisch of all, thank you very much for your time, appreciate it i want to start off y is the president focusing so much on what people are calling the buffett rule? >> well w what the president laid out today was as part of a very tough, very strong long-term fiscal reform to go back to within our means, re-- he proposed comprehensive tax reform with important broad principleses. those were the lower rates, try to clean up a lot of waste in the tax code, help contribute to deficit reduction, help improve incentives for investors in the united states so we're more competitive but also we want to make the system more fair. as part of that what he said is it's only part of it, his basic views if you make more than a million dollars a year today, that we want to make sure you're not paying less in tax than an average middle-class family. >> well, the top 1% of taxpayers now pay about 40%

darren mcfadden had 171. this is the most yards surrended on the ground by a jets team ever.ffensive line was excellent. allowed only one sack. no turnovers by the raiders offense. great to watch. darren mcfadden and jason campbell exstattic about the play of the offensive line. >> having the right attitude and i think they take pride in working together and protecting the quarterback and the run game. >> just one of those things, we want to build a bully. that's what we do. doesn't matter who we are playing against. >> nice to see. mean time, it is time to let the people speak. somewhat the match-up you want to see for our weekly high school game of the week. those are the games you can choose from. thursday we will add it up and the game you select we will show it friday night. mean time it is the thanks u.s.a. charity golf event. hosted by steph curry of the golden state warriors. funds educational scholarships for military families. the nba lock out is on steph curry's minds. with all the games canceled and doesn't look like any end in sight to the nba season. here is his

>> striking fear into others has also landed darren bailey in prison, but he took things beyond the fear stage. >> oh, man. it was kind of gruesome, man. bodies all found and everything like that. for this area, it's not really easy to walk through. we're not having a typical conversation now. now we're dealing with something more personal. as much as i try to move on, i'm still haunted by that past. >> bailey didn't elaborate on the crimes that got him incarcerated, but with the personal camera our producer let him use, he revealed a violent past in prison as well. >> when i first got sentenced, man, i started stabbing police. you know, i targeted them. okay, well, yeah, i did what i did. okay. and since ya'll want to sentence me excessively, all right, i got pain. so y'all got pain. now we all got pain. >> until recently, bailey's time at indiana state has been marked by violence and outbursts of anger. >> your unit, your [ bleep ], man. your unit. [ bleep ] you. i ran professionally. i've always thought that you're not going to go home anyway, so why tolerate this [ bleep ]? what you

darren gersh, "nightly business report," washington. >> susie: apple wants to talk iphone. it's planning a media event next tuesday at its cupertino, california, headquarters, but the invitation was short on details. will it unveil a revamped iphone 4 or an all-new iphone 5? the invite simply said, "let's talk iphone." this will be the first product launch since steve jobs resigned as c.e.o. tom, since jobs stepped down last month, apple shares were at a record high just last week at over $411 a share. >> tom: susie, today's iphone news comes on the heels of a report out of j.p. morgan asia yesterday questioning demand for the ipad. apple stock lost about 1%, closing below $400 for the first time in a week and a half. let's take a look at tonight's "market focus." the stock indices came well off their best levels of the day by the time the closing bell rang. the dow jones industrial average showed strong gains from the opening bell through about 2:30 p.m. eastern time before a late- afternoon swoon cut the day's gains. at its best level, the dow was up more than 300 points

darren mcfadden takes hand off and earns it. >> he's explosive. he is able to break tackles and lower that shoulder. i love that. >> 14-0, the raiders. late second quarter, jason campbell on the sneak. it is a one-yard touchdown umpl up 21-3 at the half. feeling good. >> feeling real good. they're beating a good football team. >> go to the fourth and let the mayhem begin. from one yard out, fred jackson is in. next raider possession on third and four, jason finds mcfadden. the raiders go up 28-24. the bills come right back, romo. >> i tell you what, they didn't have an answer for that passing game in the second half. they could not stop them. >> scott chandler, a six-yard catch. builds up 31-28. under four minutes to play raiders. first and ten. and jason campbell with the vertical game. rookie. rookie. comes up big. you've got to love it. >> denarius moore, very yard catch on the touchdown. he goes up and takes it away from two blue jerseys. >> in double coverage. incredible focus. awesome. >> 34-31, raiders. bills, fourth and one from the six. t

darren gersh takes a look at what's wrong with thilegendary computer company and who could be the next c.e.o. to turn things around. >> reporter: today h.p. ran its own operation twist, leaving ceo leo apotheker twisting in the wind while wall street celebrated news reports he will soon be fired. h.p did nothing to knock that speculation down, refusing to comment today. in less than a year on the job, analysts say apotheker made too many big moves and executed them poorly. the goal was to cook up a new h.p., one focused less on consumers and more on serving big businesses. >> so to make that omelet, he broke a couple of eggs, which is fine, but the way he went about it was more akin to throwing the whole basket on the floor. >> reporter: meg whitman is reportedly a likely successor as c.e.o. the former ebay chief is also a member of the h.p. board. whitman knows silicon valley and has run a big consumer technology company, but she would be taking on new challenges in reshaping h.p. as a software giant serving the world's biggest companies. >> the services and the software aspect that y

darren gersh takes a look. >> reporter: exports have been a bright spot for a sagging u.s. economy. forecasters like macroeconomic advisers are expecting u.s. companies will see sales overseas jump 9% next year, which is why the treasury secretary was talking up exports today. >> u.s. export growth has been really very strong in this stage of recovery, and i think it's encouragingly strong because it's happening across the american economy. >> reporter: but markets lost faith in that story today. investors began their day with fedex, a bellwether for global shipping, downgrading its outlook. it confirmed what many already feared-- that the world economy is slowing down. >> if we continue to have this kind of macroeconomic malaise, yeah, we can get through 2011 with decent profits because we already had a very good first half, but as we get into 2012, there could be some real vulnerability to consensus earnings forecasts, and that's what is really driving the selloff in the market. >> reporter: reports out today show manufacturing in europe is teetering on recession and even china's

darren gersh, "nightly business report," washington. up just a fraction, but down from what microsoft was willing to pay. we saw today's rally continue, let's look at market focus. a strong week for shareholders, with the major indices going five for five. let's put the gains into perspective. this is the past 90 sessions of the s&p 500. with the rally this week, the index has almost matched the rally we saw off its august low. the index remains 10% lower than its july high. technology fueled the gains this week. the s&p info tech sector jumped more than 7% compared to a week ago. consumer discretionary stocks and industrials also put in decent gains, up more than 6% each this week. consumer goods giant procter and gamble led the dow industrial gainers today with its 2.5% gain. volume was heavier than usual with shares of p&g running up to the top of its trading range since june. a move to $65 would take the stock to a four-month high. financial stocks held today's broad market gains in check as investors try to figure out the risk pose

but as darren gersh reports, experts think much of the spending on homeland security has been inefficient and there are better ways to protect the country. >> reporter: all the hardware, all the screeners, all the bomb- sniffing dogs that make up the homeland security front line are aimed at stopping what is a one in a million event. in fact, it is a one in 3.5 million event. those are the odds of an american dying in a terrorist attack on u.s. soil. more and more security analysts are asking whether there is a better way to spend money to reduce those odds. >> we've spent a lot on shiny toys and we've pushed a lot of technology out. >> reporter: frank cilluffo was a key homeland security adviser to president bush following the 9/11 attacks. he says the era of the blank check is over. >> i would argue this is the time to start investing in people and investing in analytical capacities and start investing in ways to maximize those resources. >> reporter: now that budget cutting is the order of the day in washington, there is a growing willingness to take a clear-eyed look at homeland secur

washington bureau chief darren gersh takes a look at this gloomy forecast. >> reporter: put away that bikini; time to get out the parka! a chilly economic front is moving slowly across the continental united states. the forecasters at the imf are now calling for grey skies lasting well into the fall and all the way through 2012. say good-bye to that spring forecast of a toasty outlook with highs hitting 2.7%. we're looking at a frosty 1.8% growth rate next year. >> tight bank lending, the legacy of the housing boom, high leverage for many households all turn out to be putting stronger brakes on the recovery than we had anticipated. >> reporter: but take a look at europe! a dangerous pattern won't let up. tornadoes over financial centers, widespread debt causing fiscal flooding across italy, standard and poor's today downgrading this entire country as storm clouds intensify. experts at the imf forecast center are urging local officials to move more quickly and finally take this rough weather seriously. >> europe must get its act together. it is, indeed, a major source of worry, so you

darren gersh, "nightly business report," washington. >> tom: the third quarter ended in a familiar way. let's get to tonight's market focus. the familiar finish means plenty of selling with the indices back to where they began the week. the dow industrials spent the entire session in the red, but as we have seen very often, the selling gathered steam into the afternoon. the index closed on its lowest level of the day down more than 2%. hewlett-packard led the dow losers, tumbling more than 5.5%. the firm will pay its former c.e.o. more than $7 million in severance. it was one year ago today when leo apotheker was named c.e.o. of hewlett packard. he was fired this month. during his tenure, the stock lost more than 40%. by the way, new c.e.o. meg whitman will work on $1 a year. semiconductor maker micron didn't help things in technology, reporting a loss in its fiscal fourth quarter. analyst had been expecting a penny per share profit. micron has been hurt by falling prices for memory chips used in personal computer. micron was the biggest loser among s&p 500 stocks, falling more than 14

darren gersh has details. >> reporter: reebok ads for its toning shoes were not subtle. >> it's the shoe proven... >> dude... >> ...to work your hamstrings and calves up to 11% harder and tones your butt up to 28% more than regular sneakers. >> reporter: the federal trade commission says the reebok ads were also not true, fining the company $25 million to settle charges of deceptive advertising. >> we are here this morning as the nation's consumer protection agency to remind advertisers, big and small, that they must have adequate proof for the claims they make in their ads. we're also here to remind consumers that there are no shortcuts to a fit and healthy body. >> reporter: reebok-- which is owned by adidas-- agreed to a fine and to not to make any new ads claiming its toning shoes strengthen muscles. but it did not admit that it did anything wrong. in a statement, the company said, "we fully stand behind our easytone technology. settling does not mean we agree with the f.t.c.'s allegations. we do not. we have received overwhelmingly enthusiastic feedback from thousands of easytone cu

darren gersh reports. >> reporter: the lawmakers charged with coming up with $1.2 trillion in deficit reduction held a public hearing today on the history and drivers of the deficit. the star witness gently suggested that was not really the issue confronting the so-called "super committee." >> i think, really, the fundamental question for you is not how we got here, but where you want the country to go. >> reporter: douglas elmendorf, the director of the congressional budget office, said the deficit problem really comes down to what role the federal government should play in the economy. >> and if you want a roll that has benefit programs like the ones we've had in the past and operates the government like the ones we've had in the past, then more tax revenue is needed than under current tax rates. and the other hand, if one wants those tax rates, then one has to make very significant changes in spending programs for older americans or other aspects. >> reporter: members of the committee largely seemed locked in the same debates they have been having for the last nine months. republic

darren gersh reports. >> reporter: the biggest job creator the president will propose tomorrow is keeping cash in consumers' pockets. extending the two-percentage- point reduction in payroll taxes would put 400,000 people to work next year, figures economist joel prakken. >> what should be the best policy in a weak economy? and i think the first answer is, "do no harm." would it do harm to actually allow the payroll tax holiday to expire? i think it would. is it an employment panacea? no. >> reporter: the next biggest job boost comes from extending unemployment benefits. the extra consumer spending there would generate 200,000 jobs. new spending on roads and bridges takes time to roll out, which is why the impact on employment would be just 75,000 jobs next year. it's expected the president will call for some kind of payroll tax cut for employers who add new workers. brookings economist gary burtless says that's a smart way to focus a new stimulus package. >> you're directing the tax cut toward firms that are growing and expanding, giving them even more resources to grow and expand, and s

washington correspondent darren gersh takes a look at the growing trend of downsizing at the top. >> reporter: when consumers hear the name proctor and gamble, they think of clean clothes and dry babies. but when business leaders hear p&g, they think of a "talent academy," a company that has always put a lot of time and effort into training executives and future c.e.o.s. so when p&g trims group presidents and vice presidents, the signal is clear says syd finkelstein, a professor of management at dartmouth's tuck school of business. >> so if p&g is cutting back on senior executive talent, it really is a meaningful indicator, because of the intensity and effort they have spent for years and years on developing talent and enhancing their bench strength. >> reporter: executive recruiters say many businesses have already cut at the bottom of the ladder, so new savings will need to come from the executive suites. and with businesses sitting on cash, not expanding, there are fewer paths to advancement. executive recruiter george davis expects the job market for senior executives will get ev