sitch, not fitch. sitch not fitch. dress him for the love of mtv. >> nicely done. >> he looked a lot like me. >> yes. he had the defined abs. >> what did the af models think of you out there? >> didn't notice it when we did it. >> when you walk in there they always have shirtless models out there. >> i didn't think that was real. now i'm very astonished by the huh poke craw see. lauren, you dated "the situation yts in 2006. whose side are you on? >> i think they would rather have more of lauren sivan. >> are they really that shocked that [bleep] wear their clothing? what's next? they will tell date rapist thees can't -- they can't wear their shirts anymore? >> that will never happen. >> jim, you are one step below ed hardy tonight. >> i just wore this because it matches my eyes because they are bloodshot. >> very good, very good. isn't it hipocritical given they traffic to low culture men. >> i am jealous because i work on a tv show where i wear a concert t-shirt every week. i wish there was a band that hated mooy so m

this is not the face of retailer abercrombie and fitch. you what the company is doing to try to keep it that way. >>> remember, if you want to comment on any stories you see here in the show, just get in touch with the whole team on our facebook page, facebook.com/cnnwbt. let us know your thoughts. welcome back, live from cnn hong kong and lon didn't, you're watching "world business today." >>> the clothing retailer abercrombie and fitch has founded itself facing a tough situation. the situation in question is the nickname of the character on the mtv reality show called "jersey shore." jeanne moos now explains. >> reporter: take a good look at these lime green sweat pants, because they're what led abercrombie and fitch to offer to pay this jersey shore star not to wear their clothing. >> what i don't want is for you not to be yourself. >> reporter: and the guy who calls himself the situation, only made things worse with these blue pants by abercrombie. >> actually i'm falling off. >> come on. >> reporter: an abercrombie and fitch employee

american pride and joy the jersey shore so abercrombie and fitch has actually asked not to wear their clothes anymore there's the like they just don't want to wear their clothes you wear these they will literally wearing our clothes i was really curious i didn't like who wears abercrombie and fitch anymore as i had for maybe pre-teens or when you're like fourteen or fifteen years old and abercrombie and fitch should be all about you know tanning engines they're the only hired good looking people i feel like they're making a big mistake you know what is so funny you said that because back in the day before i was a broadcast journalist i used to be an equity research analyst and i used to actually cover abercrombie and fitch and their brand was suffering from a tarnished whatever they think is going to be tarnished by the situation more several years ago so i can attest to the fact that the situation is probably helping their sales if anything i mean i can understand how the jersey shore doesn't really help your image but it's going to get really expensive for them because i think every

fitch cut garden state bonds today by one notch to aa-minus. it believes new jersey will struggle to meet pension and worker-benefit liabilities. still, fitch notes the state benefits from a wealthy population and a diverse economy. >> susie: in the "money file" tonight: getting creative in tough money times. here's nancy trejos, personal finance columnist at the "washington post" and author of "hot broke messes: how to have your latte and drink it, too." >> in this economy, we've all got to channel our scrappy inner selves. the stock market is behaving like a pinball machine. many of us are watching our salaries stagnate. to indulge in our occasional guilty pleasures, we've got to find ways to supplement our incomes. get creative and use your skills and talents to generate more money. get a part-time job, and it doesn't have to be a traditional gig. tutor students. if you're a good cook, do some catering. if you sing, get paid to do it at weddings. maybe you can start a business. there are other ways to make money or get things for free. try b

fitch says it wants to see a credible plan to reduce the budget deficit.ays it plans to finish the review of the u.s. rating by the end of the month. but the credit rating agency in china has already taken achlkts stan grant, beijing, has the story. >> reporter: he's pored over the u.s. financial books and doesn't like what he sees. he once worked for an caught aunt but he's lost faith in the american economy and its political system. >> translator: the two political parties acted in a very irresponsible way and quickly exposed the negative impact of the system on the economy. >> reporter: he heads up dagong, china's only independent national credit rating. while the big three, moody's, fitch, standard & poor's watch and wait, they downgraded them once and now on the back of the dead.net crisis, he says he's marking them down again. >> translator: it simply reflects the u.s.'s inability to pay back the debt. >> reporter: they pride themselves on being independent. dagong says night controled by the chinese government and will make the hard calls where othe

apparently abercrombie & fitch doesn't care for the party image. no word if anyone will change the style. >> back to the breaking news story. sky7-hd is live over the richmond-san rafael bridge, which is shut down right now. because of a possible gunman. we are told they are investigating a situation. we're going to continue to follow this. one shot reportedly has been fired. we have this on abc7news.com. we'll bring you more >>> back live now to the breaking news story in san rafael. both directions are closed on richmond-san rafael bridge as a result of police action. officers reportedly looking for a gunman at the extended stay hotel on east francisco just off the freeway. the c.h.p. is warning to stay away from the area because it can last some time. ? we'll continue to follow this on abc7news.com. for all of us here, thank you for joining us. >> bye-bye. ♪ [ female announcer ] there's no right way or wrong way. every baby plays by his own rules. and they need a diaper that lets them do it. new pampers cruisers with 3-way fit adapt at the waist

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

. >> there is moody's and fitch. another game in town called the market. i think this is going to have political ramifications. we have a president who is the first president in my lifetime since 70 years of bond ratings who lost the u.s.a.'s a.a.a. rating. political ramification. bigger question is the market on monday. is the stock market, particularly the bond market, because, remember. >> neil: bond market much more important right now. >> i will tell you i don't think so. and. >> neil: you don't think what? >> yesterday, you know, i -- last night i smelled this thing coming. i knew that the. >> neil: i know you don't think what? what's going to not happen. >> i don't think the bond market is going to implode. >> neil: you don't think interest rates back up a lot. >> no why would it. the issuers that usually get the press release, you know, they were telling us that this might happen, right? when i'm doing that i'm calling the wall street firms is this baked into the market? yes, it is. >> neil: will we have to to pony up more to get the chinese and ja

how do you know not this, fitch. haven't you see new jersey's tourism ads. >> in new jersey 44 people were arrested in a federal sting today including three mayors, and five rabbies. everything from bribery to selling organs. >> new jersey and you. perfect together. (applause) >> jon: we'll be right back. wlingz. >> my guest tonight an act ris. >> you know, we've never actually met. >> actually, we have, several times. >> have we? >> you crashed my birthday party, called pie juliy and-- down my top. >> well, i'm sorry about that. >> in, not at all. you're delightful. >> was i. >> no, look, if you are's not julie. >> i'm emma, emma morley. >> listen, i'll walk you home. >> i can tell you what is weird, she's not actually graduate until that film, it's just a hat she likes. please welcome back to the show anne hathaway. young lady. (applause) how are you? >> i'm good. i'm good. can i help with you something? >> jon: no, i was looking, i thought i had had pens down there but i have this one. hold on. >> so these are the

apparently abercrombie & fitch doesn't care for the party image. no word if anyone will change the style. >> back to the breaking news story. sky7-hd is live over the richmond-san rafael bridge, which is shut down right now. because of a possible gunman. we are told they are investigating a situation. we're going to continue to follow this. one shot reportedly has been fired. we have this on abc7news.com. we'll bring you more information copd makes it hard to breathe, so i wasn't playing much of a role in my own life, but with advair, i'm breathing better so now i can take the lead on a science adventure. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator, working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of

retailers are mixed, techs tumble, and what's the stitch with abercrombie & fitch? your first look at this morning's business headlines oig is straight ahead. >>> coming up, ponzi schemes, nightclubs, and prostitutes. that's college football for you. you're watching "first look" on msnbc. at exxon and mobil, we engineer smart gasoline that works at the molecular level to help your engine run more smoothly by helping remove deposits and cleaning up intake valves. so when you fill up at an exxon or mobil station, you can rest assured we help your engine run more smoothly while leaving behind cleaner emissions. it's how we make gasoline work harder for you. exxon and mobil. handle more than 165 billion letters and packages a year. that's about 34 million pounds of mail every day. ever wonder what this costs you as a taxpayer? millions? tens of millions? hundreds of millions? not a single cent. the united states postal service doesn't run on your tax dollars. it's funded solely by stamps and postage. brought to you by the men and women of the american postal workers uni

i find the curious gangup, and senate banking panel looking into it and, i don't see that with fitch and moody's, maybe it will come, but i don't see it. >> it is pay back and it's headlines, but frankly you need to have your head examined if you buy anything based on what standard & poor's says. going back to enron and worldcom. the mortgage securities. they've downgraded the u.s. triple-a credit rating and what happens? our treasury bonds rally and go through the roof. they're just dead wrong all the time, but they're getting paid back because they did what they did. >> and to me, why did you say i need my head examined. >> you've got a big head. >> neil: ben stein, what do you think of that, not the head examined. >> it reminds me of the deer dead days when i worked for president prnixon and this is the exactly same thing, the s & p caused mr. obama a lot of political embarrassment, political headaches and so their answer, the government is after them. is he hitting them with a sledgehammer as hard as they can. obviously. s & p is screwed up for a very, very long time and they're

. >>> and a situation for abercrombie & fitch. the reality t.v. stars it wants to pay not to wear its clothing. ,, [ bailiff ] fee court is now in session. come on out, guys. the jury has reached its decision. now, you guys found the other airline guilty of charging a 150-dollar change fee. you bet! southwest would never do that. and that was after she changed her flight and paid the difference in airfare. that other airline treated her wrong. she was understandably upset. well, who can afford a 150-dollar change fee? he was surprised with the verdict. you got that right. [ male announcer ] don't pay a change fee on top of a fare difference. fly southwest, the only major airline that never charges change fees. you have arrived. sweet belt. e-reader for textbooks. gps. hd video cam for lectures. game pad. have you considered this by motorola ? it's got all that and more than 200,000 apps. technology to learn and play on-the-go. only at verizon. get the latest smartphones like the more powerful than ever droid x2 by motorola. returned to class. so m

officials have noted, though, that fitch, the rating service fitch, and moody's still keep the u.s. at a aaa and so there is hope that maybe this won't play huge in the markets. certainly you can bet that the white house, the treasury department, administration officials will be watching this closely and figuring out how to respond. >> i think the president signing the debt deal alone in his office, no fanfare, nobody around him. he called it a manufactured crisis. something that could have been avoided entirely. what kind of pressure does this put on congress? >> well, it puts a lot of pressure on congress, and you know what you just said, the president talking, it echos what chambers said from s&p. this whole issue was -- ended up being a political football. the congress couldn't agree, the debt ceiling, the threat of default became a political bargaining chip and you still have the two parties who are in their corners with the republicans not wanting to see this deal that was struck last week include tax revenues, the democrats don't want to see all of the balancing of the budget

he says the fitch may not be -- he may not be good enough for abercrombie & fitch but he's good enoughas. >> if you were to combine an insect with a sex pain yak, multiply it several hundred times you would get bug-nadoes. massive swarms of may flies or midges start in the water rise to the surface, grow wings and take flight. the result is this awesome sight entitle is a true mating dance. the female picks a male bug the pair mate and the men adios, the males die immediately after mating. the females lay eggs and take their final breath. it all-stars all over again. by the way, do you think the staff made this up? i don't know. it sure is weird. >> relations with the chinese are getting tense. it is not the vice president's fall. cameras captured this fall-out between an exhibition game. players started shoving on court and it turned violent. the center forward for the chinese was called for a foul and it went quickly downhill. the game was call off with less than 10 minutes left with a tie of 64. the vice president is still in china. we bet he can be happy about this tonight. >> fina

of their own. >> abercrombie & fitch has a situation.ing shirtless me models an the store have offered to pay mike "the situation" sorrentino and the rest of the "jersey shore" not to wear their clothes. in a press release, abercrombie says it's a win/win situation. they are deeply concerned that mr. sorrentino's association with our brand could cause significant damage to our image. >> they're saying they explicitly want to break with the show but there's no way you can talk about the show and a character wearing your clothes without instantly connecting the two in the minds of the consumer. >> reporter: mtv fired back with a statement of their own. "it's a clever pr stunt and we'd love to work with them on other ways they can leverage 'jersey shore' to reach the largest youth audience on television." >> i think it's kind of ridiculous. they want to pay him not to wear it. >> they're trying to promote their brand as more dignified clothing apparel. >> he's not exactly a shining example of moral character if that's what you're really goi

. >>> well, tech stumbles, and what's the stitch with ambercrombie & fitch. >>> plus, he could earn an award for grossest performance. >>> coming up, ponzi schemes, nightclubs, and prostitutes. that's college football for you. you're watching "early today." >>> good morning. welcome back to "early today." i'm lynn berry, and here are your top headlines this morning. despite syrian president bashar al-assad claiming that military and police operations against protestors have ended, activists report more bloodshed overnight. since march over 1,800 civilians have been killed in syria's uprising according to witnesses. >>> in libya rebels are closing in on tripoli from the west and south. they have also assaulted a coastal oil refinery in an effort to drive out muammar qadhafi's forces. he is now nearly cornered in his capital stronghold. >>> in tampa authorities have arrested an expelled student who was allegedly behind a catastrophic plot to set off a bomb at his former high school next week. police say the 17-year-old was planning to cause more casualties than the columbine high school

>> well, this was a big no-no on abercrombie & fitch's part.rsey shore" cast literally has millions of twitter followers. they have has berabid fans. obviously we have the situation, we have paulied. tweeting things back. the situation noticed abercrombie stock fell 9%. he says looks like abercrombie & fitch has a situation on their hands. which they do. paulie d. noticed they make a gtl t-shirt, a "jersey shore" term which stands for gym, tan and laundry. >> as you pointed out, this sort of backfired on them. >> it could have backfired. it has in terms of the stock. at the same time, it is excellent press for them and it's press for "jersey shore." in some ways everybody's happy. >> kim kardashian will be a happy woman very soon. her wedding just around the corner. there's word she invited too many people. >> unfortunately the fire marshal put the ka bosh on everybody she has invited to the wedding. 50 people actually are no longer allowed to come to the wedding. >> who's getting dissed? >> i guess we don't really know. we have heard it is som

fitch ratings agency, one of the big three, did say, this is one encouraging point, it confirms the u.s.'s aaa rating. for the time being, at least, it says the debt agreement will confirm the aaa rating on the united states debt. we'll now wait for moody's and s&p to chime in with theirs. one other thing to note, you want to know why the dow is down? one of the reasons, that super committee. it promises between now and november to be the fighting ground as the president just said for all those issues that didn't get solved in this particular debate. >> so at least the good news, one of those three agencies now announcing as you just reported, they are not going to downgrade. s&p, standard and poor's, moody's, we will have to wait awhile to see what they do. a lot of people assume at some point they might but it's by no means a done deal. >> reporter: absolutely not. they will probably hold on their hands, this is a very good deal for the starting process of cutting the u.s. deficit, but they are going to look three, six, five years out and say what is the deficit likely to be and how i

hampton, you have been watching this and with the downgrade and now fitch reaffirmation here, and itesn't seem to make sense when you put those two pieces of reasoning together from the two rating agencies? >> and the s&p's is out there on an island by itself. fitch looked at the same set of circumstances as you said, and they have reaffirmed the credit rating, and they say that the u.s. is still a leader of the global economy even after the debt and deficit reduction debate that didn't come up with a big long-term deal, and they say that the enreasons are that the dollar is the global reserve currency of choice, and the u.s. has a diversified economy with strong underlying fundamentals, but fitch is taking a wait and see attitude as far as what this 12-member joint senate and house committee come up with this sfaul as far as the plan to cut the deficit by an additional $1.2 trillion. failure to strike a deal, fitch said would be viewed as a negative. >> hampton pearson with the latest than. thank you, çsir. >>> and now former world of the news reporter discussing the hacking cover-

not necessarily moody's or fitch? >> i think people thought if there was no change it was matter time. i think it was going to happen, just a question of when. >> neil: all right. so this notion that money finds another home, that all these people who have been supporting our debt, chinese, the japanese, the canadians, the germans, that they have nowhere else to go, is that true? >> they have gold to go to. you will see -- we will see how gold trades. u.s. is still the best house in maybe not such a great neighborhood. western economies people still want to own treasuries. >> neil: that's better than my view we stink they stink more. that's far more harvardish. no wonder you are a harvard professor. former vice chair at goldman sachs; he has been pretty uncanny on this. different reaction, one for the treasury markets where they are fairly san begin and okay one for the stock market where they are barney five. come back to d.c. now. do it right this time. republican jack kingston demanding his leagues do just that a c

so, we have confidence that moody's and fitch will not downgrade. we'll see if s&p does. but independently, it is still important but it means less than if we saw, say, standard & poor's and moody's, downgrade the rating, john, and i think that is a very, very important point. at the same time i think it's important when you look at where americans have been putting their money, when they pulled out so aggressively of the market yesterday and we saw the biggest decline for stocks that we've seen since the financial crisis, where did people put their money? they put their money, interestingly, in u.s. treasuries, in government bonds, so much so that one-month t-bills were getting a negative return. people were paying the u.s. government to hold their money. if we see a downgrade, you will see a dramatic shift and people will be going away from what they thought was a flight to safety in treasuries and they will be looking for another safe haven for their money. they don't feel like that safe haven is in the stock market, if they don't feel like that with the u.s. treasurie

the fitch ratings have reaffirmed the united states aaa credit rating this morning. we will be right back as the kron 4 morning news continues. here's a live look for mt. tam temperatures are already warming up. a programming note, coming up and about 10 minutes, dr. phil speaks with a woman who cannot stop her self- destructive behavior. hawk >> welcome back to the kron 4 morning news. we're looking at a shot this morning in walnut creek. san francisco still seeing a lot of clubs in place. in terms of the fog, falk has settled along the coast. we're certainly seeing those microclimates in full gear. >> tlc will not be renewing another season of kate plus 8. here is what kate had to say this morning. john gosling said he is not surprised by the news and happy about his kids being able to return to having a normal life. >> 34 years since the death of elvis presley. thousands of people have descended upon graceland. he was 42 when he passed away on this day, every year an estimated 30,000 people visit from around the world to remember elvis is death. the dow has been a

now, moody's and fitch, the other two major rating agencies didn't set that target.aid our credit is still aaa. that's why the administration can still hope the consequences of this in actual economic terms for the interest rates that you and i pay on homes and cars is going to be quite limited. but symbolically, still a blow. and the administration has taken an embarrassment here because it happened on their watch. republicans because they raised the stakes for a major deficit reduction deal and then blocked it by resisting the tax increases an that they needed while they share power with democrats to make that deal. so everybody's got egg on their face right now. >> so what does washington do now about this? we talk about how the obama administration is pushing back and challenging the calculations. is that the best they can do with this? i mean, are there other tactics they can take to try to get s&p to put it back up to aaa? >> the good news and bad news, alex, is that the deficit reduction deal that was struck to raise the debt ceiling initiates a process within

. >> fitch made a decision and it's actually good news. i've got some good news.itch says it's going to hold -- yeah, can you believe it? it says it's going to hold the u.s. credit rating at aaa even though there are still a lot of issues to work out. some are saying, you know, a downgrade by standard & poors is still inevitable. s&p has been the most vocal agency in all of this. if this happened, it would be a big deal. it could raise the nation's borrowing costs and the borrowing costs for businesses and consumers as well, and that would, of course, be an even further drag on an already very weak economy that's already having trouble picking up steam. we don't need that, but of course, we're going to keep an eye on it. brooke? >> thank you so much. listen, if you hang out in washington long enough, you will catch a glimpse of some bigwigs. but a marine scored an ini havation to breakfast with the vice president. joe johns has the scoop in our "political pop" next. we find the best, sweetest crab for red lobster we can find. yeah! [ male announcer ] hurry in to c

. >>> and a situation for abercrombie and fitch. the reality tv stars it wants to pay to not wear its clothes. >>> the day the big cooling occurs, we'll pinpoint that with your forecast as eyewitness news continues on the cw. [ bailiff ] fee court is now in session. come on out, guys. the jury has reached its decision. now, you guys found the other airline guilty of charging a 150-dollar change fee. you bet! southwest would never do that. and that was after she changed her flight and paid the difference in airfare. that other airline treated her wrong. she was understandably upset. well, who can afford a 150-dollar change fee? he was surprised with the verdict. you got that right. [ male announcer ] don't pay a change fee on top of a fare difference. fly southwest, the only major airline that never charges change fees. . >>> police say they have stopped a high school bomb plot intended to be deadlier than columbine. tamper officers got a tip that the eggs peld student had something planned for the first week of classes. his mother a

abercrombie & fitch doesn't want the cast to wear his clothes. mtv calls it a very clever p.r. stunt. >> "the situation." >> what are you going to do about it? >> i don't know, what are you going to do about it. >> i'm going to dress like snooki. that would give you nightmares as you go to bed. wouldn't it? that would be a bad dream. all right, let's head to san jose where today's high temperature was 78 degrees. we take you to the performance of art center. in the santa clara valley. where tonight overnight it will bottom out in the 50s. we already have the invasion of the clouds into the bay. locally spreading inland tonight. so we will awake tomorrow and kick start our thursday with agree skies in the 50s and low 60s. the bottom line, here are your headlines. this is what you need to know for your wednesday. we are going to have sunshine. pretty much a repeat performance from what we experienced today. in fact, let's go ahead and fire up our pinpoint forecast. walk you through your thursday. the deck of low clouds a little bit more modest overnight tonight and in throughout

we'll have two days talking about split ratings, look at moody's and fitch. kneel they'll that was by design as you reported -- >> neil: that was by design as you reported. >> i thought that was the time they would do it. [ talking over each other ] >> neil: thank you charlie. best business reporter on the planet. charlie gas reason know >> white house officials are -- scrambling to downplay the downgrade. we have ed henry. we only got one downgrade is senator harry reid asking for another? he's worried and he's next. kneel feel to the white house now where this downgrade -- >> neil: to the rite now where this downgrade did not come -- ed what are you hearing? >> reporter: there was a behind the scenes struggle yesterday afternoon and evening where the treasury department was trying to point out to s&p look you have a math error and you have overcounted two trillion in debt that the white house believed was overstating the problem. at the end of the night, official s&p still moved forward with the downgrade. i think the first impact for the president is the f

fitch was more tight lipped. they said we will comment only after a final deal is approved.e other agency credit company standard & poor's, they were the one to threaten the downgrade of the rating of the u.s. debt. one has already downgraded the u.s., not once but twice. it's china's only independent global credit rating firm. and our senior international correspondent stan grant explains, the reason for the downgrade are both economic and political. >> reporter: he has poured over the u.s. financial books, and he doesn't like what he sees. he once worked as an accountant for a chinese firm on wall street, but now he says he's lost faith in america's economy and its political system. >> translator: the two political parties acted in a very irresponsible way and it quickly exposed a negative impact of the system in the economy. >> reporter: he heads up china's only independent national credit ratinging agencagency. while the big three, moody's, fitch, and standard & poor's, he's watched them downgrade it once. he says he's marking america down again. our duong rating of the

if fitch and moody's had ginned s&p to say, hey this -- had joined s&p to say, hey this turkey stinks? >> probably not. i think the markets had already anticipated this. >> neil: they believe s&p not necessarily moody's or fitch? i think people thought if there was no change it was a matter of time. i think this was going to happen, just a question of when. >> neil: this notion that money finds another home. all these people who have been supporting our debt, they have nowhere else to go, is that true? >> they have gold to go to. we will see how gold trades. as they say, u.s. is still the best house in maybe not such a great neighborhood. it is all relative. in economies i think people still want to own treasuries. >> neil: better than my view, we stink, they stink, far more harvardish. robert kaplan, thanks very much. he's been pretty uncanny on this a different reaction one for the treasury markets where they are fairly sanguine and okay one for the stock market where they are barney fife. do it right this time, republican jack kingston demanding his colleagues do that. congressman

fitch and moody's were all warned about and so they all deliberately adopted of the financial version of don't ask don't tell and there's a infamous s. and p. memo from two thousand or two thousand and one in which the poor professional rater asked for the loan files so we can actually reduce the credit quality of the sample of loans so what happens he gets back in flame graham from his boss in all capitals trouble explanation saying that it is totally outrageous to ask to see the loan files that people that merrill lynch's of the world believe in brothers putting these c.e.o.'s together don't even have a loan files and never looked at the loan. can you compare the looting going on in the u.k. with the looting by the bankers yes when your most elite or most powerful members of society. opt strategy of what a famous french economist very conservative called plundering then as he said they will develop a morality that doesn't simply permit plundering but valorize as it. and when that happens the moral structures of the society will inevitably deteriorate in the upper classes that we sti

fitch ratings reaffirmed its aaa rating on the u.s. and, in a blatant disagreement with rival standard & poor's, fitch gave a vote of confidence to washington's deficit-reduction efforts. still, all the recent wrangling in washington and europe over budgets and the global economy have rattled investors everywhere. so much so that many are reevaluating their appetite for risk. suzanne pratt reports. >> reporter: a quick walk on manhattan's park avenue takes you by some well-known firms for regular investors. guess what? today, they're mostly empty. perhaps that's because it's vacation season. but, more likely, it's because the stock market lately has been rather unfriendly. in the last month, the dow has traded in nearly a 2,000-point range, with daily triple-digit moves becoming the norm. those market swings have made this financial planning office a very busy place. c.e.o. lewis altfest says nervous clients are questioning their appetite for risk. >> these are clients that were stung in... in the 2008 period, and they're afraid they'r

moody's and fitch still are the u.s. at the storiling aaa. >> stay away from that d.when the asian markets open? joining us brenda buttner. thanks for joining us. around 8 p.m., when the asian markets are set to open. what did you expect to see happen? >> this is a first chance they will have to react to what happened friday. i suspect we will see a down market. what we will really expect next week, on wall street and globally, is a lot of volatility. volatility has jumped from 50% in the last week. you can expect a lot of seesawing in the market. much of this however, has to do not so much with the downgrade, but with what it reflects about the u.s. . we have ter rebel job reports numbers friday. there -- ter able job reports friday. what wall street is reacting to, not so much the downgrade, honestly, some of the big investors don't pay attention to what s&p has to say. they will continue to buy treasuries. as will asia and europe. they both, the central banks in both of those entities have said they will continue to buy treasuries. it is really a question of what h

that it made that means that when standard and poor's moody's and fitch were giving triple a rating on the collateralized debt obligations to the c.d.o. those were primarily backed by fraudulent mortgages something they had bet s. and p. fitch and moody's were all warned about and so they all deliberately adopted a pop the financial version of don't ask don't tell and there's an infamous s. and p. memo from two thousand or two thousand and one in which the poor professional rater asked for the loan files so we can actually reduce the credit quality of the sample of the loans so what happens he gets back a flame gram from his boss in all capitals triple x. commission point saying that it is totally outrageous to ask to see the loan files that people that merrill lynch's of the world the lehman brothers putting these c.e.o.'s together don't even have the loan files never looked at the loan quality finally going to compare the looting going on in the u.k. with the looting by the bankers yes when your most elite most powerful members of society. upped strategy of what the famous french eco

. >> pelley: one of the big credit rating agencies, fitch, said today that the u.s. economy is flexible, wealthy, and diversified and that is why fitch is keeping in place its top a.a.a. rating for u.s. debt. earlier this month, s&p lowered its rating, citing all that bickering in washington. the presidential race is all about the economy, of course, and governor rick perry kicked up a controversy when he was asked about the federal reserve. to keep the recovery going, the fed chairman, ben bernanke, dropped interest rates nearly to zero and expanded the money supply. governor perry was asked about those policies at a house party last evening in iowa. >> i'll take a pass on the federal reserve right at the moment, to be real honest with you. i know there's a lot of talk and what have you about him. if this guy prints more money between now and the election i don't know what y'all would do to him in iowa, but we'd... we would treat him pretty ugly down in texas. i mean, printing more money to play politics at this particular time in american history is almost tre... t