this is a gateway city. it's an amazing city with an amazing economy.t's world class companies you know all around the bay area. third importantly there is good equity in the existing package of loans. a fourth is if we were to buy these, it provides the city cash to make new vintage year loans. we are not assuming the risk of those loans. some risk of the program, one would be the impact of a decline in san francisco housing prices. second, if the either mediator longer term low or modest rate of appreciation in san francisco real estate a third is a very long duration of loans, 30 years. a fourth is we have no control of the exit that is up to the time of the borrower as to when they sell. the transacting in real estate is expensive. the borrower assumes those cost but then that feeds into the gain of the property and we are still occurring that up through that door and lastly as it's proposed right here is that there is a cap on the return of 7.5 percent so there is no floor in terms of a potential return and ceiling of 10.5. i do want to

the reasons are, this is a gateway city, this is an amazing place to live. it's a $20 billion plan and an opportunity to build a portfolio from the ground up. >> if you need help getting that done. if you get stuck in places, let us know. >> i'm going to jump on that as well. i think there is maybe 2-3 things happening now in the retirement system now that are of great importance. excuse me it's the asset allocation. and you annoy we -- know we are carving out this area and maybe the metric we can talk about in session is at what point is an offer made to someone without talking specifics. i think that is maybe the -- i think that we should talk about this again next month sort of where we are in the process because again, i think everything else that we are doing is important but a lot of those things can be set aside because this is my opinion of the utmost importance. especially if you go back and talk about the very long deliberation process about how forward we are with the system, i don't think that's going to change. i think we need talk about this ne

a gateway city, in many ways. a lot of people have connections to washington, d.c. there are a number of institutions that employ black women. there is an opportunity to work as a teacher. a number of junior high schools and high schools. you have howard university, one of the most prestigious institutions at the time. and you have parts of the federal government that is already desegregated. so you have a white collar economy that black women can go into. there is domestic work available there and a long-established black community that has been there since the late 18th century. so there were already churches and businesses and doctors and all kinds of services. so even though the city is largely segregated, there were spaces that created affluent communities and new migrants and settlers were looking for those kinds of opportunities. >> were the women coming from deeper south? prof. lindsey: a lot of women were coming from the midsouth, north carolina, south carolina virginia. you have some coming from georgia. but predominantly you will find this carolina-based

city. >> reporter: the mayor mccull ace hopeful another state program candy polish more hotels and redevelop tonight to a attractive gateway into atlantic city n egg harbor township, cleve bryan cbs-3 "eyewitness news". >>> still to come an inspiring store friday one most unlikely places pat. >> behind me you can see what is in any gym or school in philadelphia in fact, thinks at the olney women's correctional facility in philadelphia. i'm pat ciarrocchi. i'll have story of shining light coming up. >>> ever wish breeze through airport security. we have travel tips from the experts about how to speed up your airport screenings, kate? >>> jessica, we have a holiday forecast right around the corner what can you expect for your barbecue? it cleared out today lets hope it stays that way as we head toward fourth of july, i'll have the seven day forecast in a few minutes leslie. >>> free agency started today in basketball and hockey. i will tell how did what on day one. it has been a while since phillies pitcher aaron harang won a game. we wil >>> pope francis philadelphia itinerary includes a visit to curran-fromhold prison reac

new york city a la tourism is hurting the business particularly bloomingdale's, macy's, and the gateway cityoadway has the biggest year in attendance and volume. it says people want that experience. go to disney, record profits, record attendance. it is all about experience and i keep talking about that. it is about experience. erik: how can that experience be changed? matt: i was in h&m and unico yesterday and i'm obviously no fashionista but it was super boring. not just the clothing but the experience. i was just texting and waiting to leave. michael: -- matt: i love bloomingdale's! michael: i appreciate it. it is still in my heart. i do not believe you are there call customer. they may be right -- i do not believe you are there goal customer. there is a constant flow of newness and that is important. there is very little brisk in the business, particularly in the apparel side of department stores. erik: can men's fashion week -- we are in the middle and just started yesterday -- help? michael: i think it helps in a way and it brings the spotlight on new york city and that is terrific. i

the road is a gateway to atlantic city. >>> macy's joins the growing list of organizations cutting tiesith donald trump. the department store will no longer carry donald trump dress shirts neck ties and cuff links. the businessman and presidential candidate offended many when he called mexican immigrants quote rapists and killers. online petition urging macy's to drop trump got over 700,000 signatures. >>> he has taken over the late night scene and has everybody laughing. we're talking about james corden and in a tweet recently cbs3 meteorologist kate bilo called corden the host the late late show the nicest and coolest guy ever and kate, you should know first hand because you got to hang out with him. >> i really did. i went to a taping of his show which were you blast. it's like a party in there and i actually got to sit down and speak to him haven't conversation. it was fantastic. such treat to be in hollywood with james. we talked about the show. i actually tested his knowledge of philly trivia and he got me rapping bite end of our interview. >> start the music. >> it's easy to have

. >> hello from the gateway city. you have your next policy meeting next week. raise interest rates next week? >> next week might be a little early. we will use the meeting to assess the data. we have tried to be data dependent here. i see september having a 50% probability right now. if you look at this geri allen testimony last week, she talked a lot about how you should try to be -- go earlier, but be gradual. this is my view and maybe the committee will come around and go that way. that would mean you feel the economy is strong enough to handle a rate increase. >> oh yeah, it is much normal today than it's been in quite a while. certainly over the last five years. the main problem is we are in emergency settings for monetary policy. you still have a huge ballot a huge balance sheet was your interest rate. the economy as a lawyer can complain about this and not being like this. it's not an emergency. unemployment close to the natural rate. inflation is a little low but probably come back up to targets. this is a situation where we have to think ahead about wh

built 77 yooshgsz along with the golden gate bridge to a beautiful parkway that serves the gateway serve city over the contractor g lc undertook a complex demolition of the structure and constructed new structures to handle the hundred of thousands of people that use the roadway everyday safely and ahead of schedule with the new doyle drive the access to the presidio and the new connections to the presidio for pedestrians and transit users and motorists alike we should be proud as co-sponsors of the project along with caltrans we took the mediate in lead in the earlier stages of the planning review and invested $65 million of the salesforce fund and finalized the funding plan for the private dollars as our director noted it is a celebration not easy to get to this many partnerships and boundary from creating new parkway standards to having sustainable methods to becoming the first and only p-3 or public-private pales in comparison on the highway i want to congratulate caltrain and the presidio parkway with the transportation authority for this wonderful chauvinism i want to acknowledge our fo

built 77 yooshgsz along with the golden gate bridge to a beautiful parkway that serves the gateway serve city over the contractor g lc undertook a complex demolition of the structure and constructed new structures to handle the hundred of thousands of people that use the roadway everyday safely and ahead of schedule with the new doyle drive the access to the presidio and the new connections to the presidio for pedestrians and transit users and motorists alike we should be proud as co-sponsors of the project along with caltrans we took the mediate in lead in the earlier stages of the planning review and invested $65 million of the salesforce fund and finalized the funding plan for the private dollars as our director noted it is a celebration not easy to get to this many partnerships and boundary from creating new parkway standards to having sustainable methods to becoming the first and only p-3 or public-private pales in comparison on the highway i want to congratulate caltrain and the presidio parkway with the transportation authority for this wonderful chauvinism i want to acknowledge our fo

built 77 yooshgsz along with the golden gate bridge to a beautiful parkway that serves the gateway serve city over the contractor g lc undertook a complex demolition of the structure and constructed new structures to handle the hundred of thousands of people that use the roadway everyday safely and ahead of schedule with the new doyle drive the access to the presidio and the new connections to the presidio for pedestrians and transit users and motorists alike we should be proud as co-sponsors of the project along with caltrans we took the mediate in lead in the earlier stages of the planning review and invested $65 million of the salesforce fund and finalized the funding plan for the private dollars as our director noted it is a celebration not easy to get to this many partnerships and boundary from creating new parkway standards to having sustainable methods to becoming the first and only p-3 or public-private pales in comparison on the highway i want to congratulate caltrain and the presidio parkway with the transportation authority for this wonderful chauvinism i want to acknowledge our fo

if it is hollywood or international trade, not just a great american city but a gateway for this country in and out for products and our economy. we have seen a record amount of streets be paved, back to the basics of fixing every single sidewalk. not just analogue that we're ranked the number one digital city last year number one city with open data that journalists can hold us accountable so they can go to a dashboard to look at where the building permits are or the response time for calling 91 how long it takes to transfer or the fire truck to rollout or the travel time we went from zero of that number one we were not ready to. but we also most important they are addressing the issue of equality. we could say l.a. is doing amazing with more foreign investment and real-estate investment that we have to look for those pockets. the with an area of high crime who cares? but if you don't have a job or are under employer you don't feel that. so leclair that inequality is felt so sharply. not yvette's unique to america but to figure a ways to do proust investment with a pathway lifting 600,0

constructed at the presidio this long over die since this great city as always known for taking care of the veterans that was the gatewayo korea that was a return all through the golden gate bridge and a flew we when have that many airplanes i want to graduating congratulate all and thank you for having me here may god bless our country and the president and families and friends as well as the great people of san francisco i thank you very much and (clapping.) thank you warren. >> thank you warren. >> 94-year-old john stevens lieutenant cornell is a remarkable american with a remarkable history (clapping.) he was a 20-year-old sergeant at pearl harbor when the japanese attacked and served in the pacific in the epic battle of okinawa and one of the first marines to enter the korean war in the perimeter and participated that the first marin landing the liberation of soul and the reservoir caption he is the skeet of this foundation and the man that brought me on board he's the moral compass of that endeavor without his selfishly dlofgs please welcome lieutenant cornell john recognizing stevens (clapping.) what can i say af

calling card to the world, whether it's international trade, it isn't just a great american city, it's a gateway for this country, both in and out of this country, for our products and for our economy. >> we've seen a record amount of streets be paved in my city. back to basics of fixing every single sidewalk. but we haven't just done old analog things, we've done new digital things. the journalists can hold us accountable because they like me can go to a dashboard like i have on my smartphone and look at where the building permits are in the city by geography or the response times for 911 broken down by how long it takes us to transfer that call, how long it takes for a fire truck to roll out, and how long that travel time is, so that we can have accountability together. and we went from unranked to number one in the country. so we're seeing a lot of positive momentum coming out of america's second city. we also most importantly are addressing the issue of inequality. if i averaged our citias prosperity, i could say l.a.'s doing amazing, more foreign investment, record amount of real estate inv

really want to protect china town to be an immigrant gateway for immigrants and also for low income people who need a place that is affordable in this city. >> chan expects a decision same in the next few weeks. >>> new statistics show californians are cutting their water use by even more than governor brown is demanding. water use dropped by 23.3% in june. the governor called for a 25% cut. that is because they are taking advantage of a program that offers free recycled water from the is is is contra costa water district. >> i know since june 20th i haven't used our irrigation system at all. >> they gave away 1.4 million gallons of recycled water last month. since july they have given away 2.4 million gallons of recycled water. >>> uc berkeley is among the universities developing the shake alert system. scientists say a few seconds of warning could save lives. the usgs says the test system provided a new second warning to san francisco last year when the 6.0 napa earthquake hit. the estimated cost of the entire project tops $100 million. >>> time is 4:40. green peace activists staged a dramatic protest. some of the protestors dangled fr

people who are drivers and people of different backgrounds and immigrants who come to the city this is their gatewayclass but they've been exploited. >> by whom? >> by the taxi industry low wages, no benefits. that's a conversation i want to have across the country. >> tomorrow i understand city council could vote on the capping issue. what's your position on that? >> my sense is we should have a study that has been proposed by the council, smart to do that but don't cap or take action before you have data. we're doing this all backwards. we don't want a political solution. we want a transportation solution -- >> that requires negotiation, discussion and data to figure out the best way to protect workers and make sure that all people of different backgrounds around the city have access to transportation alternatives. >> have you buying this is about congestion? >> show me the data but right now this is about politics. and that's not how you build transportation. look, i want uber to be good citizens of new york city. yellow taxicabs we pay a surcharge and invest in mass transit. i believe uber shoul

it's international trade, which comes through los angeles, it isn't just a great american city it is a gateway for this country, both in and out of this country for our products and for our economy. >> we've seen a record amount of streets be paved in my city. back to basics of fixing every single sidewalk. but we haven't just done old analog things, we've done new digital things. we are ranked the number one digital city in america last year. we are the number one city for open data something we share with a lot of journalists who can actually hold us accountable. they can go like me to a dashboard and look at things like where the building permits are in the city by geography or the response times for 911 broken down by how long it takes us to transfer that call, how long it takes for a fire truck to roll out, and how long that travel time is, so that we can have accountability together. and we went from unranked to number one in the country. so we're seeing a lot of positive momentum coming out of america's second city. we also most importantly are addressing the issue of inequality. if i a

gateway. it shows temporary command posts set up for the independence day weekend. the pentagon and big cities on high alert. kristin fisher has the latest for us. >> there's always security threats around july 4th. this year is different. it is also cause of isis. they are calling on followers to strike their enemies however they can, wheneverrever they can. it is not a big coordinated attacks they are worried about. it is the lone wolves radicalized over social media where the terror group has been active for weeks. the fbi and department of homeland security issued a bulletin warning personnel across the country they are prime targets for an attack on july 4th. here's the secretary of defense speaking yesterday. >> we are coming into a holiday time. we are always vigilant at holiday time. we are always vigilant as an institution about protection and protectioning our people. isil is another reason. i am sure homeland security indicated for vigilance it has to do with the social media angle. >> law enforcement is taking no chances. three of the big events are here in new york city and nypd.

gateway to cigarette use. >>> the fight over san francisco's new legislation on soda heats up. the american beverage association is suing the city of san francisco. the beverage association claims the legislation requiring health warning labels on sugary beverages and banning sewed at that ads violates the first amendment. the san francisco board of supervisors unanimously approved the soda ordinance in june. >>> the nation's vehicle safety agency is slapping fiat with a $100 million fine. for more on that and the rest of our news before the bell we turn to morgan brennan. good morning. >> good morning. stock futures are pointing to a lower open after last week, it was one of the worst markets so far this year. international fears are likely weighing on u.s. stocks after the shanghai composite collapsed more than 8% on concerns of a slowing chinese economy. best buy will become the first retailer other than apple stores to sell the apple watch and the watch will be available online and in more than 100 locations starting august 7th with another 200 stores planning to have them in time for the holiday shopping season. in apple's

really want to protect the town to be an immigrant gateway for immigrants but also for low income people that need a place that's affordable in this city >> reporter: jenny chan's space was empty for eight years before she opened up her business. she says she now is waiting for a a decision from the council. >>> sinbad is now closing. the jury voted in favor of the request that sinbad pay more than $70,000 in back rent. the restaurant could seek a stay from an appeals court that would allow it to remain open through the end of this year. >>> the threat of a shark attack forced a bay area man to abandon a record making swim to the faralons island. he wanted to be the first one to do it from the island to san francisco. he was almost going to make it before his support crew spotted a shark. >> you see on my neck i have some shaffing. that was bleeding quite bad at that time. >> and his wife was also on the boat and she said, this will be his first and last time to attempt? >>> we move into the month of august with events for music lovers. >> we head into august with a fun schedule of events in the area. sports action friday night in san

really want to protect china town to be an immigrant gateway for immigrants and for low income people who need a place that is affordable in the cityexpects a decision from the zoning department sometime in the next couple of weeks. >>> new statistics show californians are cutting their water use by even more than governor brown is demanding. water use drops by 23%. some of them still have luscious green lawns and that is because they are taking advantage of a program that offers free recycled water from the central contra costa sanitary district. >> i pump water on a weekly basis. i think it's good we can cut back. i know since june 20th i haven't used our irrigation system at all. >> the sanitary district gave away 1.3 million gallons of water. >>> also this morning thousands of teachers are expected to meet in san jose for a summit. it's called better together california teacher summit. it starts at 7:30 this morning at the san jose state student union ballroom. 20,000 teachers are expected to come up with better teaching strategies. and they will discuss ways to implement common core when the summit wraps up this afternoon. thi

he was trying to build a power base from the city there the aden is strategically important because its port controls the strait that is a gatewayor europe asia and the u.s. by the red sea and the sues canal. the international airport is important to fighters on all sides. it connects the peninsula with the mainland. a political analyst says there are still pockets of houthi fighters within aden. >> reporter: >> this is a major tipping point, but i wouldn't be as optimistic as the president. the president is saying that now, aden is going to be a base of operations where he is going to be launching the major operation of liberating the whole of yemen start from aden. i wouldn't go that far. the people fought against the resistance, the southern res interest. they have no interest in fighting battles all the way to sanaa. their interest is liberating the south while the houthis have loyalists in the north, not just their forces. they have the federations and confedrations allied with the houthis. now, the resistance constitutes 90 first of the force that took aden. >> force is not willing to go all the way up to the north. so had

which was really the gateway for american farmers to begin to enjoy what is an important part of the economy today. he passed legislation which addressed the need to support our inner cities with resources to deal with crime. he with his drugs are put together an extensive drug program primarily focusing on education of our young people in that rehabilitation in addition to making sure that those that profited from the drug trade had serious real penalties associated with trading and drugs. george bushdrugs. george bush called only the 3rd summit between the president and governors and brought the governors together to talk about k _ 12 education and re-energize, if you will, you we will, the commitment of the states. he also passed the 1990 budget act. i think everybody remembers he made the read my lips promise. we got the 1st year budget passed that taxes, but the economy was suffering growth rates have become stagnant, the savings-and-loan crisis had taken its penalty on the real estate market and real estate in the us and the economy was trending down. the problem of the deficit. he clearly needed a multi- year budget. we went through a year and a half negotiation an

we talked about the fights -- we've talked about strategic forces in the city that had been a prominent -- sort of a gateway to the prominent important suppliers for isil. that supplier has been shut down. there have in some dominant extremist taking -- taken off the battlefield as a result of our coalition efforts. our president ordered a raid back in made. a senior isil commander was killed. and a treasure trove of information was obtained. earlier this month, the department of defense announced the removal of a key al qaeda affiliated group leader in syria. that is different than isil, but it is a source that the president articulated a year ago. that is nothing to say the important progress that has been made on the political front in iraq. progress on the political front was going to be critical to our longer-term success. prime minister malecki city comfortably in -- undermined the effect of the security forces and undermine the ability of the country to a front -- confront this isil threat. we have seen a new government take office led by prime minister abadi. he pursues an inclusive multi-sectarian

constructed at the presidio this long over die since this great city as always known for taking care of the veterans that was the gatewaygolden gate bridge and a flew we when have that many airplanes i want to graduating congratulate all and thank you for having me here may god bless our country and the president and families and friends as well as the great people of san francisco i thank you very much and (clapping.) thank you warren. >> thank you warren. >> 94-year-old john stevens lieutenant cornell is a remarkable american with a remarkable history (clapping.) he was a 20-year-old sergeant at pearl harbor when the japanese attacked and served in the pacific in the epic battle of okinawa and one of the first marines to enter the korean war in the perimeter and participated that the first marin landing the liberation of soul and the reservoir caption he is the skeet of this foundation and the man that brought me on board he's the moral compass of that endeavor without his selfishly dlofgs please welcome lieutenant cornell john recognizing stevens (clapping.) what can i say after that thank you jerry mayor ed lee supe

constructed at the presidio this long over die since this great city as always known for taking care of the veterans that was the gatewaygolden gate bridge and a flew we when have that many airplanes i want to graduating congratulate all and thank you for having me here may god bless our country and the president and families and friends as well as the great people of san francisco i thank you very much and (clapping.) thank you warren. >> thank you warren. >> 94-year-old john stevens lieutenant cornell is a remarkable american with a remarkable history (clapping.) he was a 20-year-old sergeant at pearl harbor when the japanese attacked and served in the pacific in the epic battle of okinawa and one of the first marines to enter the korean war in the perimeter and participated that the first marin landing the liberation of soul and the reservoir caption he is the skeet of this foundation and the man that brought me on board he's the moral compass of that endeavor without his selfishly dlofgs please welcome lieutenant cornell john recognizing stevens (clapping.) what can i say after that thank you jerry mayor ed lee supe

gateway for american farmers to begin to enjoy what has been an important part of our economy today, our agricultural exports. he passed legislation which addressed the need to support our inner citiesith resources to deal with crime. he witnessed a drug czar bill bennett put together an extensive drug program primarily focus on education of our young people and on of rehabilitation in addition to making sure that those that profited from the drug trade had serious tendencies associated with trading in drugs. george bush called only the third summit between a president and governors, and brought the governors together to talk about k-12 education, and re-energize the commitment of the states to deal with k-12 effectively. he also passed the 1990 got past the 1990 budget act which he took a great deal of criticism. i think everybody remembers he made the read my lips promise. we got the first year budget passed without taxes, but now the economy was softening. growth rate had become stagnant. the savings and loan crisis had taken its penalty on the real estate market. real estate in the u.s. the economy was really turning down. it really needed to take of the problem of the deficit a