joining us now, sean egan, founder and managing director of egan jones. sthawn, -- sean thanks for comig on the program. >> thank you. >> >> susie: tell us why your firm decided to down grade the u.s. credit rating. >> put iting on anything watch as of march 1st. we've been looking at it closely for the past year. basically we down graded because the debt to gdp for the u.s. has reached the point where we had to take enaction. in comparison, canada has a 35% roughly debt to gdp and the u.s. has about a 98% debt to gdp. got to the point where we felt as though we owed it to our institutional investor clients and we only serve institutional investors. that they needed to know how we felt about issuing the report. >> susie: do you think that the s&p ratings agency or moodies will follow your lisa in this respect? >> i'm not quite sure. they're seeing the same things we are. if there is substantial progress with the talks, they might take action. but actually, there are two separate issues. one is the raising of the debt ceiling so that bills can be paid. ano

egan's impact report? >> my reading of it is that there would be potentially thousands of jobs lost in san francisco. supervisor campos: 270 the first year, 105 in the second year. >> that is a minimal impact. furthermore, his analysis did not take into account, to the best of my understanding, at the restaurant industry has passed on the cost of the increased expenditures to consumers. that would further mitigate the effect and further reduce his estimates. thank you. next speaker please. -- supervisor campos: thank you. next speaker please. >> i work for a technology company that contacted me with a larger company. they were basically paid by the company to pay me and to pay for my health spending account. last year, december 27, they made a quarterly deposit of $900 into a account. i was not notified of that and i was not aware that the account was in existence. when i found out about it and went to use the money, it had already expired. it was the use it or lose it option. i had over $900 from prescrip

egan's impact report? >> my reading of it is that there would be potentially thousands of jobs lost in san francisco. supervisor campos: 270 the first year, 105 in the second year.

egan. >> good morning, supervisors. this morning, our office issued an economic impact report on this matter, and i am going to go over some of the highlights of our report for you now. you have already heard and discussed some of the key points of the legislation's, so i will not go into much detail on that. the economic impact starts with the fact that we are essentially talking about 8 $50 million difference between the amount allocated to hra's and the amount being expended in 2010. that is what essentially the legislation will require employers to essentially spend once it goes into effect, and that is where the economic impact starts. hra's expenditures are not even evenly distributed across san francisco employers. it has confirmed that they are concentrated in a few industries -- in particular, food services -- restaurants and bars and also the hotel industry and the retail trade industry, with fairly minor amounts of employers primarily rely on them in other industries of the economy. in terms of how this affec

egan. >> good morning, supervisors. this morning, our office issued an economic impact report on this matter, and i am going to go over some of the highlights of our report for you now. you have already heard and discussed some of the key points of the legislation's, so i will not go into much detail on that. the economic impact starts with the fact that we are essentially talking

egan, thank you very much for your hard work. i know that you had to spend a lot of time working on this, and we really appreciate your professionalism and the thoroughness with which you approach the task at hand. so, thank you very much. >> thank you, supervisors. i have to run to a meeting in five minutes, but i will come back if there are any further follow-up questions. supervisor campos: great, thank you. colleagues, unless you had any specific things to add, i do want to turn it over to public comment. but let me simply say this, and it is actually something that i was thinking about as we were going into this meeting today. i see the office of labor standards enforcement, donna, and map -- matt, and i have to say that for me, my involvement around health care issues and the way in which the impact businesses and workers, came out of my interaction with the office of labor standards and, in fact, one of the first conversations i had as a supervisor was with the individual who was first charged with implementing the health

egan: you have hydrants that were manufactured in the 1800s. you have underground pipes, you have underground valves. they get what they call tuberculin built up. you would compare it to a 100-year-old man that has heavy cholesterol. they could be 6- or 8-inch mains, but being 100 years old, they actually may be 2-inch mains. and they reduce the amount of volume of water that's available to us. johnson: there were a number of things that we have had to do in order to get the system back up to an acceptable standard. replacing mains and valves and fire hydrants and other components of the system to ensure that it operates properly. egan: we consider both the underground infrastructure and the above ground assets to be a part of the critical infrastructure of the city. johnson: and if the infrastructure is not there to actually deliver that water in the volume and the quality that's necessary, then communities simply can't exist. man: infrastructure is vital to the american economy. water, after all, is an essential ingredient in hundreds of thou

if we don't do it, it will be a real shame. >> sean egan there speaking to maggie lake.eat shame for many people if the united states were to default in its debt. but it seems not for everyone. in fact, an american default would be a money maker for some investors who are currently betting against a debt ceiling deal. a small group of investors are currently wagering that washington will default on its debt and putting nearly $5 billion of money on the table in the form of credit default swaps. if you compare that with the investors who are betting on the success of the deal, the stakeholders are huge from hedge funds to the chinese government. together they currently hold more than $9 trillion of u.s. treasury bonds and they're counting on washington paying up when those investments are caused maturement. >>> across the atlantic the countdown for the london 2012 olympic games has begun as britain's capital appears to bask in the sport spotlight. we'll look at how the sit difficult that held the last games has changed. that's just ahead. like new sp™ no calorie sweetener

. >> hay personajes que marcan que egan al mundo que tocan y luego se van no sin antes dejar una huellaor. ♪ >> hoy el mundo y lo recuerda por quÉ no fue de aquÍ, ni tampoco de allÁ. >> de ningÚn lado, nunca fui de ningÚn lado. ♪ >> en una entrevista con nuestro colega jorge ramos hace dos aÑos decÍa, se sentía agradecido por haber conocido el amor de una mujer y el amor de una hija. lo que uno ama nunca muere dijo. >> yo quede agradecido a dios de hab conocido el amor de mi mujer y de mi ja. >> mucha gente lo recuerda por sus penetrantes y punzantes palabras, palabras que calan en lo profundo del corazÓn, fue influenciado segÚn el mismo dijo por jÚs por gandhi y la madre tesa de calcuta, el deseo siempre dentro de las circunstancias trÁcas que le tocÓ vivir de ser feliz aunque hoy ya no estÁ en esta tierra la vida sigue siendo el arte del encuentro como en alguna ocasiÓn dijo, descanse en paz facundo cabral poeta, hombre bohemio,rota de esta tierra. >> esas palabras quedarÁn con nosotros para siempre aparte de las investigacnes tambiÉn empezaron los preparativos para trasladar cuerpo d

tt &&p296,,,anddin his last 21 -3 games, his average goies up to &p436...aaouyt threeeweeks ago, he eganro's batt, which are heavier than & his usuaa model, ann the numbers he's producing suggestt pkkows e putting the bat on the ball.... & ball.... 33 3 3 3&p33 -3 3 p "i think the biggest thing is just getting in a comfort zone. getting in a stance that i like, i eel - comfortable with and, you know, ickinn out aagood pitchh ann tryinn nnt to miss it." 3.the o's are baak in the american leagge ttnighh... -33 visittig he texas rangers... and our plaas of the week... aa 10-50 on sports unlimited... back to you... after a two 3 month journey that took him - fifteen-huudred iles away. 3& ound is wwy hhme. -3 33 the ddg, named kody... pne day and was nnwhere to be - found.kkdy is blinddand pdaa... his owners thoughtt they'd never see him aaain. unttl they got help ffom an aa philadelphia bassd organization that cares for 3 ffrrboth kody and his owwers. 3 stephenson says::"his tail poppeddup - and hii ears pas."stephennon sayy: "it ws definntely a reccgnition of being home.. homm." p kody was

egan is on a well-earned vacation. i thought i would briefly touch on a couple of the highlights from our report, which we issued yesterday. to start with, just a bit of background on what the sales tax looks like in san francisco. this is one of the more complicated revenue streams statewide, with different components laird on by different levels of government, flowing to the benefit of different people. if you look at our current 8.5% sales tax rate, as mr. wagner noted, down from 9.5% on june 30 -- almost 2/3 of that flows to the state itself. a small piece is then reallocated back out to local governments. about 1% of it, in a sense, flows directly to the city's general fund, and that rate fluctuates in different jurisdictions, based on choices voters have made. in san francisco, we have about 1.25% of the 8.25% that flows to in part, the transportation authority, and our schools. in effect, this proposal would create a new 0.5% that would be dedicated within the local category to support current the general fund s

i think the controller's office and ted egan have had a breakthrough in determining where are the next steps in this business tax reform. i think the controller's office performed well in a short time. i appreciate that lead up to hopefully a much more well- prepared period that this budget can support. supervisor chu: thank you, supervisor. given the comments i have heard, it is my understanding this committee would be supportive of the additional support to the office of economic analysis, and in that situation, do we have a motion to not take the budget analyst recommendation? >> we do not have to take any action, madam chair. supervisor chiu: i want to quickly echo our colleagues. you do a lot of this work. we know it will be a very complicated set of analyses, and i really want to thank our controller and our economist for the work they have done already. supervisor chu: thank you. thank you, mr. controller. >> thank you for your support, supervisors. we appreciate. supervisor chu: moving on, the next department is a general city responsibility. i believe the outstanding item we h

should read the most wonderful novel i have read in years, "a visit from the goon squad" by jennifer eganear. and it's beautifully written. chris: summer reading from joe klein. when we come back, big question of the week, with this president so vulnerable, are big-time republicans kicking themselves ning? chris: welcome back. president obama's no better than even money for re-election according to most analysts which brings us to this week's big question, are any of the big-time republicans who passed up a run for president regretting it? >> one definitely is. mitch daniels, governor of indiana who wanted to run. only reason he didn't run was because of his family who held him back. to this day he's thinking, i can get in this race and win it. chris: gloria? >> i actually went to indianapolis and spoke with mr. daniels about it. he says no regrets but i'm sure there are. i wonder if jeb bush is thinking about it right now? maybe there was enough distance between himself and his brother to possibly give it a run. chris: kelly? >> since they've taken two great answers i will say how about

should read the most wonderful novel i have read in years, "a visit from the goon squad" by jennifer egan year. and it's beautifully written. chris: summer reading from joe klein. when we come back, big question of the week, with this president so vulnerable, are big-time republicans kicking themselves ning? whoever said that "less is more" is more or less mathematically challenged. less isn't more, it's less. and the only thing more than more is a lot more. which is exactly what i get at embassy suites. more space... more down time. more family time. -more me time. -more me time. -more me time. because the more more i have, the more i have to have... more. [ female announcer ] more room. complimentary drinks. free breakfast. embassy suites hotels. chris: welcome back. president obama's no better than even money for re-election according to most analysts which brings us to this week's big question, are any of the big-time republicans who passed up a run for president regretting it? >> one definitely is. mitch daniels, governor of indiana who wanted to run. only reason he didn't run was be

a speed enforcement eep allng the 3 295 nnar 11955where ttee &susppct wws last seen.goodd morning eganan. 33 theevvolatiin probation hearing for a womaa charged 3 universsty researcher won't -3 happen.. forrnow.lavelva until late septeeber. prosecctors are waiting o see boyfriend sttbbed 23- yeer & olddsttehen pitcairr to ddath last yyer. 3 funeral services are finalized for a mother and daughtee... killed in towson about a week -- ago. p3 25-year old alicia avvryy and her daughter darry'el were murderrd in an extendedd tay photel.avery's boyfriend... brian egggeston junior is phargeedin the kiilingg.alicia & ann darry'el will be laid to rest tomorrow at the saint abraham baptist church in ballimore.ssrvices bbgin at 11 o clock a-m. 3 the last meetiig to iscuss pensions and benefits of state employees is today in annapolii.theeppblic employees' nd retirees' commmssion is hhlddng it.the amounn of mooey state pmployees pay for rettrement haa goneeup from 5 o 7 &&ppercent. changee to the state' s pension plan made by the general assembly innapril took - affect this onth.tte panel will vot

question.safety for our visitors and our city's ressdenns.and pooice are now speaking out about it..eganiland is live at the innee parboo ttissmorninggwith mmre on what thhy say went wrong..-3 while earry 6-hundred police officers were on atrol out here....here were alsoo looo at this video... shot by one family... caught in thh chaos... leaving the inner hhrbor. --police sirens-- & you can see police... rmedd with batons.....tryiig to control the ccowdd..one man is -3 even knnoked toothe grounn... by an officer... 15-yyar-old jonnttannwilson... ecorded & thh scene withhhis digital camera... postiig it on 3 presencce, ut it didd't seem 3 provesspolice officers were steps from tte fatal sttbbing. - and that a state trooperrwaa & the four year old wws shot.so what went wwong... olice and with you....-&p3 mayor 11:31:34 while we had 3 have a refereee0:20:30 it is very unfortunate anddvery sad somethinn thht hhppens wwen 33 ppople..heedepartment is &pexpporing new methods of policing inncuding - checkpoints, the use of metal ddtectors and blocking off 3the department is also putttng -3 toget

los niÑos pequeÑos que te egan a pedir una foto y un autÓgrafo es lo que me hagustado siempre dee pequeÑaste la otra vez y nada más acuérdate.... locutor: las emergencias nunca avisan. mejor estar listos: prepara un plan. >> sÑi y srs. laproducciÓn de premios juventudnos han eencendado q todos se pongan los lentes desol bailar la melodÍa de joey moa. >> suban su vio cantandoy bailando el tema de joey montana y puedenser parte de prios juntud. mÁndanos tu video con tus hermanos, pros, perro, gato, lo quustedes quieran. >> un beso. >> ra mÁs rmaciÓn, si qun divertirse

hoy egan los duques de cambridge. tengo tremendo chisme.dge. para todos los que se preguntan quÉ es lo que van a tar haciendo los duques en esta primer visita oficial a california, aquÍ tienen todos los detalles. la llegadde william y ka estÁn siendo preparados quÍ en los Ángeles. >> esa noche tendrÁn una cena en la casa del cÓnsul itÁnico. y en esta calle los vecinos ya se estÁn preparando para recibirlos. >> estamos muy emocionados, hemos estado espendo este dÍa por mucho tiempo y ya queremos que llegue para recibirlos. >> en la maÑana asistirÁn a un acto benÉfico. >> ya por la noche asistirÁn a una cena de gala en este teatro organizada por la dena britÁnica de cine y televisiÓn. el domingo al mediodÍ llegarÁn aquÍ al distrito de skid row y visitarÁn el centro hispano para niÑos deazos recursos. >> uno de diferentes estilos comovamos a hacer cumbia y saa. y un poco de merene. y tambiÉvamos a hacer el hip dop. >> esta presentaciÓn va a tener un mensaje muy especial. hay muchas personas aquÍ que viven en la calle y queremos ayudar a muchas

a smaller if firm, egan jones' ratings has already downgraded u.s. securities. now, what happens if we get the major rating houses saying that we're no longer aaa bond rated? well, it will have an immediate effect on the cost to the taxpayers of this country. it will cost us more to borrow. that means we will have to pay higher taxes in order to pay the interest on the national debt. it will affect all credit in this country. it's estimated that the typical homeowner will pay an extra $1 no$1,000 a year on mortgage cos. the average credit cardholder will pay an extra $2 50 a year in credit card interest. in other words, the interest rates of the federal treasury notes affect the entire interest rates in this nation. all of us will pay more. it will cost jobs. it will cost us in our retirement savings. it will affect each one of us. and yesterday the people of maryland found out another way that the failure to increase the debt ceil willing have on maryland taxpayers. and that is the rating houses have indicated that if the federal sacred jeopardized, the state o