series we've been speaking with david kelly of j.p. morgan and joe davis of vanguard funds. still ahead, an exclusive interview with former xerox c.e.o. anne mulcahy. she tells us how companies are preparing and dealing with economic and market turmoil. one of today's biggest losers was bank of america. c.e.o. brian moynihan tried to reassure investors about the health of his bank, but they weren't convinced. he participated in a web conference call hosted by a mutual fund manager, and for an hour and a half he was grilled about everything from the bank's capital levels to its weak stock price. erika miller reports. >> reporter: investors couldn't see bank of america c.e.o. brian moynihan, but 6,000 people dialed into to hear him defend his business strategy. moynihan reassured investors there's no need for the firm to raise additional capital, because conditions are improving. >> the fundamentals are so much better in our country, and in our company, and in our industry, than they were four years ago, when the financial crisis hit. >> reporter: moynihan also tried to bolste

status, we asked david kelly, what would happen if the snb decided to downgrade the u.s. credit rating. >> will just be largely symbolic. people will still purchase u.s. debt, it is strictly from to the agencies and aa from s&p and fitch downgraded. a chinese agency downgraded u.s. stocks for the third time or something like that. the s&p could happen but it would be largely symbolic. i think at the moment with the debt deal done the markets have turned their attention to the weak economy and the crisis in europe >> a downgrade from a credit rating agency is still possible. if the dow finishes down i will be nine straight days. that has happened since february of 1978. let's talk about what is happening in congress. one trillion dollars in cuts. then they have to come up with another 1.2 trillion in cuts. it's called member bipartisan congressional committee will have to find that additional 1.2 trillion in cuts by thanksgiving. congress wants to approve them by the end of the year. they do not do that there will be automatically 0.2 trillion cut affecting gop priorities

a >> david kelly, the key for your time. editor and chief of market >> what are we in for this weekend? >> a nice, mild weekend. decent, warm temperatures. right now we're dealing with fall. here's a live look out of mt. tam. a blanket of marine layer moving through. today will be a little warmer than yesterday. this weekend temperatures will stay on the cool side. cooler than we should be in august but plenty comfortable. next week mild weather will continue with a slight warm-up anticipated by the middle of next week. here's a quick look at the fall on the satellite. it is bay area wide. we expected the fall to pull back between 9:00 a.m. and noon. spokesman where right now tartars are ok. right now, temperatures are ok. >> temperatures this afternoon will look like this. 60s along the coast, '70s and '80s for the remainder of the day. brentwood will be one of those areas above 85, but no one in the '90s. nice and mild. it will stay that way as we head into the weekend and into next week. 7 06 a.m., we will take a quick br

david cameron is cutting short his holiday and flying home tonight. june kelly starts our coverage. >> the smoke is the signal of the mayhem in the distance. the death of the man in one part of london has triggered violence in the north and south of the capital. in hackney, the disturbances began in the early evening. the police said they would have more officers on the streets of london tonight, and here they moved in in force. >> all around the area, it is building up. we have copycat acts of violence. it is what police are calling pure criminality. >> one of these looters carried away a box full of drink. and shopkeepers livelihood being destroyed. a furniture store was in flames. this is the view of one local eyewitness. >> i do not care. i have never seen such a disregard for human life. i hope they rot in hell because of the grief they have caused people. these are decent people who have done nothing to anyone. >> this is an area that is miles from the shooting, which has triggered the unimaginable spiral of violence. >> let's be clear that there is no exc

kelly. they are done. you think about all the athlete/actress couples that have broken up over the years. you had halle berry, davidn and reggie bush, lance armstrong and sheryl crow. the list goes on. i don't know how you let that go, but, dude -- >> we want to tell you all the "dancing with the stars" fans you'll be excited because another set of stars heading into the ballroom. some possible people, chaz bono, snooki, david arquette, queen la feef fa, all of this is speculation. we don't know for sure yet. >> the official announcement tonight. stay tuned. as another season gets under way. [ male announcer ] undeniably colorful, seriously smooth and in excellent condition... those are your lips with covergirl lip perfection. it doesn't just give you beautiful color now, it gives you more beautiful lips in 7 days. in a single stroke, rich clor rocks your lips. in a single week, the sik moisturizing complex helps smooth and soften them. how perfect! [ male announcer ] lip perfection. from easy, breeze, beautiful... overgirl. [ drew ] and try lip perfection lipliner to define e ur lips with conditioning color. here

>> kelly o'donnell, thank you very much. david plouffe is senior white house adviser to president obama. good te to see you. good morning. >> good morning, matt. >> they're talking about a done deal and it's really not a done deal until congress votes on this. there are unpredictable caucuses in the house, for example. what's your level of confidence? >> well, obviously, that's going to be up to each member of congress to decide how they vote on this. congressional leaders in both parties ended up moving forward based on the substance of this, which was a compromise obviously where both parties will not get everything they wanted but also a sense that it will be passed. each member is going to have to evaluate this. but we think at the end of the day this is an agreement that will pass the senate and the house, and the president will sign into law. >> you hear a lot about compromise. i think everybody wants of to be able to stand up and say, hey, we got somewhat we we wanted and we compromised for the good of the nation. i want to

kelly wright live in the d.c. bureau. thanks. >> sure. now the rest of your headlines and we start with a fox news alert. british prime minister david calling parliament back to london now for emergency meetings following the outbreaks of the violent riots there three days in a row. cameron speaking outside 10 downing street moments ago. >> this is pure and simple and it has to be confronted and defeated. >> prime minister cameron also said that 16,000 police will be on the streets tonight but so far, there are no plans to call in the military. this comes after the riots continued to spread throughout london neighborhoods and other british cities like birmingham and liverpool. windows were smashed, fires set. it all started after a father of four was gunned down by police in a racially charged north london suburb over the weekend. eric? >> a federal appeals court says two former contractors who were reportedly tortured in iraq can sue former defense secretary donald rumsfeld. the lawsuit filed by donald vance and nathan ertal claims that rumsfeld personally approved of methods in iraq making them responsible for their detention and

kelly for what she is done and is made a big difference in this program. she had a very singular effort and i hope she gets -- greatly reported. [applause] >> thank you david. we are now going to go to kabul. it seems like an appropriate moment to take you to afghanistan to hear a recorded message from commander of nato training mission in afghanistan, lieutenant general william caldwell who was also commander of the combined security transition command there and was the spokesperson for operation iraqi freedom years ago. he has really been a major supporter and contributor to this program, to its manuals and its projects and we feel very fortunate to be able to share the videotape message with you. if we could roll the tape. >> is great to be with you today from camp edgars to celebrate the one-year anniversary of the moda program. when nato training was developed in 2009 we saw that her mission was about teaming with afghans to build an enduring and self-sustaining afghan national security force. though the international community had been supporting the afghan government, military police for several years, efforts really lacked from a sense of unity. th