we will be back with gerry connolly in just a minute. ♪ ♪ ha ♪ ♪ ♪ host: congressman gerry connolly,of virginia, how did you vote last night? guest: i voted yes and that does not mean i was not concerned about the deal. our choice was between this proposal, a bipartisan proposal, and catastrophic default. host: when did you come to your yes vote? guest: 1 that vote -- when i was able look get the details. the boehner proposal was terrible and the reid proposal, it allowed for the democratic perspective to be preserved. i was comfortable with this moving forward. is it what i would ever written? no. but it was the choice in front of us. i think it had something for everyone to like in a. host: are you confident the president will fight another day? many democrats have been critical of the president's negotiating skills. here is an article. it does not sound very positive about what the president has done so far. guest: a lot of friends on my side of the aisle are still in denial about the fact that we lost the november elections. he does not have the strongest hand in the world after

i am gerri willwillis. global financial markets are falling tonight the first reaction to the downgrade by sta standard & poors. gold the new high. we are koring the story from all angels especially how this will effect the u.s. economy and your money on main street. this is a huge political story as well. joining me matt mccall the ceo of financial group and liz macdonald. smith is live in the fox business newsroom. white house is on the phone with me right now. we have talked a lot about how the white house is doe fending itself attacking standard & poors. what's your reaction? >> the reaction is a two-pronged approachment trying to discredit what standard & poors is doing. southbounding np handled themselves poorly he said shows lack of knowledge about u.s. basic budgeting and math and s&p showed terrible judgment in all of this. second piece is to say the president in the budget deal asked for a much larger type of proposal to cut u.s. deficits siting a number of 12 trillion in ten years. democrats neve

gerri, what is the conventional wisdom of what will happen today? >> we have more conventional wisdom, futures trading, it looks like a stronger opening, which is good news for investors and traders who suffered through a blistering 600-point fall yesterday. really painful, alisyn, and a lot of fear in the market. alisyn: i want to talk about what happened yesterday. when the president took to the microphone to try to assuage some of the fear in the global markets, the stock market then fell 400 more points. what was that about? >> i just think what he was saying wasn't very reassuring to investors. he wasn't saying we're going to get this debt under control. it was more kind of partisan pointing fingers at republicans, and there's more and more a sense among investors that this president doesn't know what to do next, that they've kind of tried everything in their keynesian play book and it's not working. but i will say this and i'd love gerri's reaction to this, it looks to me like stocks are cheap and i'm thinking about getting back into the marke

. >> gerri willis live in new york city. let's start with the down grade the u.s. debt and now fannie and freddie. what does this mean to all of us? >> those u.s. treasuries still the best house on a bad block. federal government only paying 2% and change for its debt. that's low low low. freddie and fanny also downgraded. look, they operate on the basis of taxpayer dollars. don't know how they will do in the future. it's amazing they even had a aaa rating to begin with. >> shepard: bank stocks got hammered. bank of america lost 1/5. morgan stanley off 14%. what is happening there? >> well, bank of america sued by a.i.g. over bad mortgage investments. morgan stanley saying and this is from morgan stanley itself saying this credit rating cut will hurt them, will make life harder for the bank. so the entire seq. for sold off. all banks doing worse here. bank of america doing very bad, indeed. >> and gerri, as wild as the stocks have been commodities including oil, which is way down and gold which is way up have been making major moves. >> right, oil down and dramatic

gerri, today's lost was the ninth worse lost. >> it went to paris. france worries overnight would lose a.a.a. credit rating. s&p said no, we are not taking that away. the focus changed to french banks. they sold off. what will be the impact on u.s. banks? our market got crushed. >> shepard: as a lot of our viewers probably might expect, gold hit another record today. traders didn't shy away from oil, either. >> no, no. oil popped as well today up to 82 bucks and change a barrel. not to worry about demand. gold bursting through the previous high. $1,801 today. it settled at 1784. people are looking for a safe haven out there. >> shepard: how real, gerri, are concerns about the possibility of a second u.s. recession? >> well, very real, indeed. keep in mind that the economy doesn't have to go into recession just because we have a stock sell off. one of the biggest sell offs offer in 1987 did not result in the economic retrenchment. but the big worries behind these moves today is lack of growth. lack of growth in the u.s. economy. we're seeing that play

his weekend of reflection understood included showing up at the jerry garcia amphitheater on gerry's day. >> i thought that said let it be. >> reporter: and he wasn't about to spoil the announcement. but talking with phil matier's at cbs 5, he sounded like a candidate for a job he promised to take only on an interim basis. >> i have been getting a lot of support, there is a lot of people calling, i haven't been able to answer the phoning. >> reporter: the message he is getting is he likes the job he is doing and, apparently, he does too. >> it's very enthusiastic support, people like what we have been doing the last 7 months. it's been hard, i have been working really hard, i've never worked so hard before. but, i'll tell you, end of the day, the sacrifice is worth it. i mean, this city is worth everything we can do for it. >> reporter: should lee run he is the presumed leader in a crowded field including state supervisors, a state senator and dennis rivera. >> the thing i want to make sure is that he is his own man. he changed his mind again after having discussions with people abou

martha: let's hope it's better by the hoim gerri comes on later today. keep an eye on the markets. >>> in the meantime, a case of vandalism that has spiraled into a life threatening situation for one man, he's an ohio business owner and he believes that union organizers are responsible for shooting him in the arm outside his own home, after they trashed his property. john kings owns a nonunion electrical company, a successful one in michigan, and he says he woke up in the middle of the night at his home and he caught somebody, he saw movement, he went out, saw somebody trying to slash his tires and scratching scab on the side of his car. this was a picture taken in the driveway. that's when the suspect then pulled the trigger on him and police are in the middle of investigating this case. we have seen escalating labor conflict in this country, at the same time that the influence of unions has been waning. since the 1980s, membership has declined dramatically, as you can see on this graphic. i'm joined by the man that we talked about, john king is his nam

gerri with us from the fox business network giving her two cents. gerri, what is moving the market now? >> no debt relief rally. not today. you said that stocks were down 150 points but, still, about even, 11 points down. but we are focusing on the jobs and one report you did not mention was the christmas report about layoffs down 60 percent. >>shepard: that is scary. planned layoffs. >> that is not today or yesterday but tomorrow. in the future. so tomorrow will look bad. and the other thing we are waiting for s&p 500 to say what are we going to do with the rating on u.s. treasury debt? will we downgrade? they wanted to see $4 trillion in debt relief and they do not have it and they have not said anything but the other companies are keeping the aaa rating. >>shepard: but moody's gave us a negative outlook and on friday we get the latest unemployment numbers and specifications are not high. >> we will stick with 9.2 percent unemployment creating only 85,000 jobs, better than last month, when we created 18,000 but it will not make the economy grow, w

>>shepard: thank you, ed and gerri. the dow has recovered from being down to flat as a board. some 16,000 officers are policing the streets of london to stop the violence and deadly protests there. witnesses are calling the british capital "a war zone." gangs lotting shops and torture shops and buildings and clashing with police and cops are investigating the death of a 26-year-old man the first to die in the violence. the riots spreading to birmingham and the prime minister is back in the united kingdom to deal with this after cutting short a family vacation. witnesses say some are so scared of the rioting they are barricading themselves in their homes. a woman jumped from a burning building. she reportedly picked herself up and ran from her rescuers. the fox report chief correspondent with the news live. never seen anything like this. it may have starts as something small but it is a national crisis. >>jonathan: it has. it spread lou -- throughout in a clockwise direction yesterday but now they have gone beyond that to many of britain's largest cities. there was trouble last

>>shepard: thank you, gerri. we will want for you on weekdays on the fox business network giving you the power to prosper. after all the theater and controversy over the debt ceiling, did anything change, really? will we see a repeat of this in the fall? gridlock ahead? stay tuned. labored breathing ] [ coughing continues ] [ gasping ] [ elevator bell dings, coughing continues ] [ female announcer ] congress can't ignore the facts: more air pollution means more childhood asthma attacks. [ coughing continues ] log on to lungusa.org and tell washington: don't weaken the clean air act. excuse me? my grandfather was born in this village. [ automated voice speaks foreign language ] [ male announcer ] in here, everyone speaks the same language. ♪ in here, forklifts drive themselves. no, he doesn't have it. yeah, we'll look on that. [ male announcer ] in here, friends leave you messages written in the air. that's it right there. [ male announcer ] it's the at&t network. and what's possible in here is almost impossible t

much for your time gerry webb live there in london thank you. well of course we are keeping up to date on the situation and you can always find more on our website it is r t dot com. other news now after a meeting with the french president in paris the head of libya's national transitional council has recognized france's leading role in removing gadhafi and return to closer causey promised military assistance to the new libyan government for as long as they need it and sorties daniel bushell reports from france says much more than just democracy on the table. fraud's feels like a winner was the first power to recognize libya's rebels the first to become tree and now the first in talks with rebel leaders for mr allan she paces victory gives him great satisfaction opposition m.p. jack lang everyone to be thankful that inspired action at the united nations corporations in states that voted for u.n. intervention are rubbing their hands one of the first members of the french to. march as a representative of the different or company. is not. french al

and now gerri willis is with us and says the agencies are responding. >>guest: they have no final decision but s&p 500 might downgrade us if they don't like what they these but the deal is not final so they are not saying. and moody's could give a "negative outlook," on the rating meaning we could come back and downgrade you later. and a third company is not happy, either, and would like to downgrade us and will look at the devil in the details in all the details of the spending and savings and see if they like what they see. >>shepard: markets start new jersey started in positive territory. >> you can expect mortgage rates and interest rates to go up if with get a downgrade. >>shepard: a little bit of a recovery in the last few minutes and we will see how it ends. thank you, gerri, with her program at 8:00 east days eastern, and 4:00 in oxford, on fox business network giving you the power to prosper. and a lot more of the debt ceiling deal politically and economically. stay tuned. [ female announcer ] this is not a prescription. this is kate. [ kate ]

gerri, thank you. >> thank you. megyn: you can watch gerri and the willis report, week nights, 5:00 p.m. eastern on the fox business network. >>> well, president obama also facing a new low in the polls since taking office today, his approval rating on the economy, sinking in a recent gallup poll to 26 percent, just 26 percent of americans approve of the way he is handling the economy. that is down 11 percentage points since the last poll by gallup, which was back in mid march -- may, those numbers obviously not good for the president, who is seeking a second term, and they come as one leading democrat in the house yesterday started challenging the president's track record on the economy and jobs. i say a leading democrat, raising questions about the president's track record. coming up, we'll have a debate on that. >>> well, we've also got breaking news now on reports that the department of justice is investigating the credit agency standard & poor's. elizabeth mcdonald from the fox business network has been -- has

charlie and gerri thanks for coming in. bill: i love the fact that you guys disagree.n: a lot. [laughter] bill: right on. now to a different dip. high above the streets of san francisco two window washers dangling from a 16-story building after the scaffolding collapsed. firefighters on the scene, they raced there to get them and save them pulling one man to safety to the roof, the second brought through one of the building's windows. this was a close call. >> we heard some noise, but we didn't know what it was, and that's when we ran around here, and everybody was kind of pointing up like this guy's just praying. i was really hoping the other end wouldn't break because that means that whole contraption was going to fall. bill: both workers are hospitalized, one has serious injuries. what's coming up? alisyn: two f-16s scramble when a small plane gets way too close to president obama. but you'll have to hear who was behind the controls of that plane. bill: also, how's your 401(k) feeling today, america? remember, you had to get the debt deal done otherwise the markets

and more gerri with fox top story. with all the havoc going on, what are people doing with their money? >> yanking it out of stock funds, $14.4 billion the fourth rate in a row, and i have to tell you, it is only balanced by the amount of money going into money markets, mutual funds, those are safe funds considered very safe funds $47.5 billion into money market funds. you can see the difference as folks try to find a safe place to be. it is difficult. >> but the spending numbers show that people are spending money, right? they just don't feel good about it. >> the mood is down dramatically to levels not seen since 1980. you have to go back to the carter administration to see numbers this bad. 54.9 percent was the index, expected to be 63.7 percent, down for three straight months. people are not feeling great. what is interesting, on the one hand you have retail sales were fantastic, and that is measuring the last four weeks and the index measures the last four weeks. people did not like the volatility. >> thank you, g

gerri will offer her two cents. there are several factors at play in addition to the jobless numbers. >>guest: that is right but the claims that was a big deal to the market. number down, good news, and it ended at 17-week string of being 400,000 or better. and the other good news, news corps reported fantastic earnings and that is good because they own this network and it came from programming network and a big thing is television. shep, thank you for that little boost. >>shepard: our cable channel has done well on earnings report. and cisco had a great quarter. >>shepard: that is a rebound. >> the first quarter where they said the orders were growing, a breakout. but they have had a heck of a time. >>shepard: the situation in europe has been driving the markets and this is turmoil. >> a lot of turmoil. on tuesday sarkozy and merkel will meet. one thing that drove futures lower this morning, and they then turned around, there were rumors a bank in asia said they would not do business with some of the french banks s

but the american top ten for par settling for a seven and out is two shots ahead of second seeded gerry tally mark arroyo meanwhile is awaiting the results of the scales solidly and if it's assumed tomorrow and i know that i'm not going to do any more damage to it i would play. you know there's a couple of points where where i thought of i'm not continuing but. as i said it's as a very important tournament and i'm still around. even par and stone still in the hunt so. you know we'll see what the results are tonight and if i can strap it up and play again tomorrow a lot of golf yet to be played let's move to football where on saturday a coupon trouble to rust off aiming to unleash that recently injured last seen at henri again the twenty year old ivory coast prodigy as middle preston debut in the russian premier league drawing comparisons with chelsea compacted deal drugs constantine to top off reports. his star he is strong and he is from either a coast didier drogba no but it could well be his heir me twenty year old last seen at all in this season the two new no three centimeter it's

>> i would like to differ with my colleague gerri. i think we are aaa. if there is any way to be a quadruple a, we will be. >> how can you be quadruple a when you've got 15 trillion dollars worth of debt? >> credit rating agencies are supposed to rate your ability to pay the interest on the debt you have. we have around 29 billion dollar interest payment, per month. we take in as a country 175 to 200 billion dollars, per month. which means we will always be able to pay the debt down. >> we've just announced we are going to increase the debt by for self trend trillion and interest rates -- seven trillion >> i'm saying our ability to pay our debt is sound and in intact. we have to get our debt down p no doubt. head of the s&p who i spoke to today said off camera, granted but he did say if we had some sort of balanced budget amendment to the contusion where were weren't adding to the debt we wouldn't have been downgraded this isn't a partisan statement. this is the s&p trying to flex a little muscle. >> s&p has all kinds of problems not just the mortgage me

great to hear from you. >> good talking with you gerri. thank you. >> i want to talk to you.ere in favor of cut cap and balance. if we had put that in place do you think we wouldn't even be having this conversation today? >> well, i think that indeed had we put that in place we would not be interesting this conversation because it met every bench mark we were told needed to be met. now, we knew that there were not 60 votes in the senate. we knew they were not going to call the bill up. what we did was to continue to have other provisions come forward. what we have on the books now are the basic under tin pinning of cutting spending putting spending discretionary caps and calling for an up or down vote on a balanced budget amendment. that is a good start. it is a foundationnal step. this should be a lesson to everyone in washington what we were saying about having some long-term system wide reforms is indeed necessary and what they want to sees spending reduced. that is at the center of it. >> is tim geithner the person to lead that? do you think the administration can do it?

gerri now with her two cents anchoring the willis work. you talked about this during commissioner.ot $50 million but if someone has $50 million to put in with the bang of america they say, thank you and ... >> you pay us for the privilege. >>shepard: it is cheaper in the shoe box. >>guest: right thousand for big people. not you and me and normal human beings but if you want to put a chunk of money, the g.d.p. of istanbul not bank, that is what is happening. that is already happening this europe. >>shepard: since you have been speaking we are down 40 points off 440 for the day, the kind of sell off we have seen in the past where it is not about fundamentals or corporations just announcing earnings, and they may loads of money but this is a flight to liquidity. people are getting out of gold and financials and pulling money out of the market and we are collapsing. >>guest: cash is king. people want to be liquid so they are not exposed. you described how gold is down. on a day like today you would expect gold to be higher because it is usually safe. the one good news treasuries, u.s.

not to be though bob the american in football settling for seven and two shots ahead of second seed gerry calenders michael roy meanwhile is awaiting the results of a scan but hopes to compete in the tournament. if it's assumed tomorrow and i know that i'm not going to do any more damage to it i would play. you know there's a couple of points where where i thought about not continuing but. as i said it's very important tournaments and i'm still you know i'm still even par and still in the hole so. you'll see what the results are tonight and if i can strap it up and play again tomorrow. on the ten is still both former world number ones from russia . and that all have been knocked out of toronto's scalp sort of fell victim to kazakhstan's boy a shock six three seven five defeat for this year's wimbledon finalist and she goes out to play rang just one hundred and thirty fifth well it. was a little bit nervous because i had points. but things happen and . i'm very glad. to go through that. the next few games so. good and aggressive and i came back to my game. well done champ and patrick wante

was not to be bought the american football settings for seventy two shots ahead of second say the gerry kelly meanwhile is awaiting the results of a scan but hopes to compete. in france assume tomorrow and i know that i'm not going to do any more damage to it i would play. you know there's a couple of points where where i thought about not continuing but. as i said it's as a very important tournament and i'm still you know i'm still even par and still in still a. so. you'll see what the results are tonight and if i can strap it up and play again tomorrow. on the tennis to both former world number ones from russia maria sharapova and it is not over have been knocked out all toronto. shut up of fell victim to. the risk of boy over a shock so six three seven five defeat for this year's wimbledon finalist as she goes out to claire and just one how to dance to it see in the world. was a little bit nervous because i had points. but things happen and. i'm very glad. to go through that and the next few games i play again good and aggressive and i came back to my game. meanwhile wimbledon champ

was not to be about the american tap in football settling for seven shots ahead of second seem to gerry cally mcilwain meanwhile is awaiting the results for you scan but he hopes to continue to compete he seemed to solidly maybe a little misread. if it's assumed tomorrow and i know that i'm not going to do any more damage to it i would play. you know there's a couple of points where where i thought about not continuing but. as i said it's a very important tournament and i'm still you know i'm still even par and still in the hunt so. you know we'll see what the results are tonight and if i can strap it up and play again tomorrow i will. over in town is top seed novak djokovic booked a place in the cold finals of the rogers cup and more that's up to beating croat. in straight sets seven five and six do this was the serbs second but since becoming world number one following wimbledon djokovic improved his season's record to exactly fifty victories with just one defeat to federer at the french open the job now on course for his ninth title of the year. elsewhere almost but it is also throug

gerri willis from the fox business network is with us now. that doesn't sound like a big deal but i guess it was. >> it sure is a big deal. the first response from that report from the fed was hey they say the economy is weaker than we thought. we believe it's weaker than we thought. so they sold off. good news here though interest rates will stay lower through 2013. what you saw was the biggest dissent we have ever seen from the fed. three of the fed's governors saying i don't agree with that. we should talk about when we should raise rates. big dissent. that was a surprise. >> shepard: after mauling it over a bit, investors after selling off seemed to think it was a buying opportunity. >> they sure did. 640 point change in direction. a really big rally. shocking, surprising. as many as stocks rose on the new york stock exchange for every one that fell. there was 12% profit increase for these companies that has been baked in and that's one reason why people were looking for value here. these stocks are not trading on their fundamentals. they

special report on the credit downgrade with gerri willis.ottom of the hour to talk about the opening of the asian markets a little more. >> eric: turning to the campaign trail. former minnesota governor tim pawlenty is stumping hard in iowa. ahead of the critical show of support by iowans at the ames straw poll. he appeared on fox news sunday chris wallace asked, why after so much time he spent in that state, is he still trailing some of his rifles? >> when you have cam -- his rivals? >> when you have campaigned longer and harder why is congresswoman bachmann beating you? >> those early polls don't predict the final outcome ever. if they predicted anything rudy giuliani would be president or hillary clinton would. we are seeing momentum on 9 ground. you are going to see good -- good progress, the proof will be in the pudding. you will see our campaign moving to the front of the pack. >> eric: the ames straw poll saturday. before that, something big here. fox news' republican presidential debate that will be thursday august 11th, this coming

i am still about to split sales after seeing gerry connolly saying that republicans were lying about gutting of medicare. that is a boldface july. they did indeed medicare $500 billion. schering recipients into believing that they would not receive their payments if this thing was not passed. that was not even a possibility. it was never going to happen. there were always going to receive their payments. next, i think this tirade against the tea party is absolutely over the top. calling tea party activists "terrorists" is unbelievable to me. i will get out in the streets and march with them next time. i am so angry about this bill. the entire talk was about things that roy to be posted on the internet for three days to allow everyone time to read this and see what is in this. this is more of the nancy pelosi "pass it to see what's in it." host: next caller from alabama. caller: mr. brooks is my representative and he did not get my vote. sheffield is my district. guest: it won't be. caller: we're getting redistricted? good. i hope i get a democrat. but you said it was up to president

gerri millo was killed on timber company land. investigators say he worked for the timber company and they believe he accidentally stumbled upon a marijuana grow site there. the sheriff's department has identified the suspect as aaron basslar a transient said to be in his mid-30s and reportedly has a long history of run-ins with law enforcement in that area. >>> it could be late next week before a fire near yosemite national park is contained. the fire chased dozens of people from homes and campgrounds yesterday. and as of this hour, the fire is 35% contained. so far it has torched more than 4700 acres. a 15-mile stretch of highway, 140, remains closed. the fire started thursday, when a motor home caught fire, on that highway. >>> and this large grass fire in solano county now under control. and this is video from saturday. when it broke out. it scorched more than 700 acres near fairfield. at one point several dozen homes were threatened but the crews had the upper hand yesterday and the flames contained. and no reports injury or

accounts up playing football there settling for seven on the ball sixty two shots ahead of second seeded gerry calley michael ware meanwhile is awaiting the results of the scan hopes to continue to compete in the championship. if it's assumed tomorrow and i know that i'm not going to do any more damage to it i would play. you know there's a couple of points where where i thought i'm going to continue and. as i said it's is a very important tournament and i'm still. i'm still even foreign and still in still and so. you know we'll see what the results are tonight and if i can strap it up and play against morrow. all the time to both former world number ones from russia money shot up with anderson i don't know how they knocked out of toronto's rule just cop shop of fell victim to kazakhstan. cover boy over a shock six three seven five defeat for this year's wimbledon finalist ashley goes out to play at ranked only one hundred and thirteen. was a little bit nervous because i had my eyes points. but things happen in and. i'm very glad. to go through that and the next two games. again good and aggre

bought the american steps in football settings call seven hundred two shots ahead offside can see the gerry kelly microwave meanwhile is awaiting the results of a scan but hopes to compete. in france assume tomorrow and i know that i'm not going to do any more damage to it i would play. there's a couple of points where i thought about not continuing but. as i said it's a very important tournament and i'm still you know i'm still even still in still. so. you'll see what the results are tonight and if i can strap it up and play again tomorrow. on the tennis to both former world number ones from russia. and i would have been knocked out salter on to just go shut up i fell victim to because like songs you have a schoolboy of a shot so six three seven five the people they see as wimbledon finalist and she goes out to claire and just one how didn't fit see this world. was a little bit nervous because i had my points. but things happen and. i'm very glad. i go through that and the next two games i played. good and aggressive and i came back to my game. meanwhile wimbledon champion patrick reeves o

even the american top ten for par settling for a seven under that is two shots ahead of second seeded gerry tally not to roy meanwhile is awaiting the results of a scrap solidly at the same tomorrow and i know that i'm not going to do any more damage to play. you know there's a couple of points where where i thought i'm going to continue on but. as i said it's a very important tournament and i'm still around. still even par and stone still in the hunt so. you'll see what the results are tonight and if i can strap it up i'm play again tomorrow we have a lot of calls yet to be played so let's move to football where on saturday coupon trouble to rostov even chill unleash the recently injured last seen at trattoria again the twenty year old ivory coast probably g. has been pressing to putin the russian premier league drawing comparisons with chelsea compatriot drogba constantine to top off reports. he is still his strong and he is from either a coast didier drogba no but it could well be his there me twenty year old last seen at old air and this season the two metre three centimeter it's all fo

bill: thank you gerri. alisyn: we have breaking news, speaking at this hour is britain's prime minister, at the house of commons, in front of parliament, and he's vowing to bring rioters to justice after his country's worst unrest in decades. there's david cameron, addressing a recall session of parliament and saying that police have made 1200 arrests, and will continue going door to door, tracking down more suspects. this violence appears to be simmering down, nearly a week after a deadly police shooting sparked all these protests. those turned into riots and then spiralling out of control in london, and cities around england, four people died in the chaos, one victim's father is peaking for peace. >> last night, we lost three church members of our community. they were taken from us in a way that no father, mother, sister, brother, should have to endure. today, we stand here to plead with all the youth to remain calm for our communities, to stand united. alisyn: police say the 21-year-old yim and two other

credit default swaps but he's a hint three administrations that have adopted policies that are in our gerri going in criminology are highly criminogenic means they will produce epic amounts of fraud and then you had attorney general the casey under bush famously refuse to even investigate the major frauds saying that they were still completely and i'm going to voting right color street crime and then it's revealed in the new york times that secretary geithner intervened to try to prevent even investigations much less prosecutions of the largest banks and so we have this bizarre incredible concept. from stress resegregate and areas took to financial stability is to leave the frauds who caused this crisis in control of our largest banks and then to bail them out and then to seek political contributions from them i will start with the rating agencies for a second because they're eyeing the period when the collateralized debt obligations were created the securitization and the derivatives explosion throwing the two thousands the rating agencies gave aaa ratings to what could be ostensibly refer

the right spot to make it one zero but mr played his spot just before half time they want to with gerry picking carving within the difference in time to find with ease so he was frantic stuff without pushing forward to tear up a tune and they go they were ten minutes from time there and it's a much the quicker sophie to equalize the final say was left to the hosts though to the match when it with the new fifty eight million dollars signing for us no substitutes us for because we provided. it up again we want to go from the first minute of the second half there were no goal. boy snowballs the way small time teams do when they're in difficulty for the game i think we played very well both at home and away my players demonstrated an absolutely fantastic attitude into the sooner for us to beat real in this game and to win the super comp for the third time in a row it was a very intense match in which they put us under a lot of pressure and i believe we've learned even more in how to take unreal again . three to two bossa was how it turned giving them a fine for i get between and there were

now it's time for the latest in our close up series of events for gerri's of russia where few travel before. this week where the cure of regional catered around a thousand kilometers east of moscow the city of curate is renowned is a renowned cultural center famous for its for cars and crafts in the summer the region is host to an annual festival celebrating a common green vegetable argues you are growing and joins in the fun. kirov region so far not very well known outside of russia and even inside russia is good the brand itself. is cucumbers the most russian of vegetables so if you look behind me what you are seeing is a cucumber festival people thousands of them coming here all day eating cucumbers you know fresh pickled or whatever else and this is something of an initiative we'll see what it takes off but we're noticing that over the last fifteen years getting bigger and bigger and international with people coming in from all over the world just to solve these special ticket was a troll local speciality but more and out than my report it's the pride of the cure of region annual

and a half thousand people a second question since so much gerri is calling for an emergency session of the security council to convene on monday syria is already under a said you sanctions but some a president who is association thinks the west doesn't have the credibility to do serious bass. the interference of the outside world in my view can be counterproductive unless it is done properly rather than just making these wild statements like for instance the usa would decide whether the president of syria is next in the sea or not everybody is asking what right do the americans have to put this question anyway let alone deciding it but they seem to be doing this selectively they have done it with syria in a panic with libya but of the same time they have not done it with yemen they have not done it with other places where there is uprising including. when president obama says what he's saying everybody in syria and out of world will be here to respond. one time or. the rest of the afghanistan situation all of these things so it rings hollow and it doesn't give any comfort generally

right spot to make it one zero but massive played his spot just before half time they want to with gerry mccann covering up in them to defensive in time to fire how with these missing half was frantic stuff without pushing forward to tear up to ninety and they got there were ten minutes from time there and it's a much shallower the quickest a feat to equalize the final say was left to the house though messy the match went out with the new fifty eight million dollars signing for us no subsequent says fabregas would provide i put it up again with the goal from the first minute of the second have there were no ball boys no balls the way small time teams do when they're in difficulty and as for the game i think we played very well both at home and away my players demonstrated an absolutely fantastic attitude in the review and delivered this in order for us to beat real in this game and to win the super cup for the third time in a row it was a very intense match in which they put us under a lot of pressure and i believe we've learnt even more in how to take on a real again. three two two boss

very dear gerri. specially ones from. cuba it was sure here in the grand jury proceeding may take you drinks all right thanks very much journalist somewhere in tripoli from the center for research on globalization thank you for joining us now we can go to independent journalist lizzy feelin who says we shouldn't write off gadhafi forces just yet i will name the say the hotel right now because of you see the situation. outside is not so yes safe and i'm evil so i've also had said that there's been intense nato bombing of the city. so clearly you know there's been a lot of bloodshed some nights that the last time we had which is a few hours ago i think that toll for the day was one thousand three hundred so shooting has risen above that and nato has a has a month to advance on its hands today so what i can say is i definitely would not underestimate the libyan army they do have the mass supplies we have seen we should be very invention lens about but leaving and hearing and i got bibles say as we know they have made out of

long uprising has seen over eighteen hundred people killed in the violence there is escalating say gerri this is the right time for international action first of all those figures all. those figures are not so good by anything which is tangible become from foreign sources but i think what we have to address. first of all the causes and consequences of those those that's i've been following this day by day since it started to admit it may march in daraa in the southern city of daraa which has a population for forty five thousand people and what we have here is. islamist. salafi as well as muslim brotherhood. was shooting at civilians as well as shooting at police and israeli sources actually confirm that these these. militia and i quote. although with heavy machine guns they say they will say that this is not a protest movement because that seems to be the the media consensus but then they say the protesters are armed with heavy machine guns and rounds now since way of peaceful civilian protesters armed with heavy machine guns and i often see people walking side by side we've seen in the

implemented and proven to be effective the activists say well continue with their attention and to contain gerry parsky over arching the scale. of more news updates and videos you've always log on to our website dot com here's what's all i know the moment should you go on a global hacking team is threaten to bring down facebook in a step to protect people's privacy. and on this day eight years ago the first ever marriage in space was abducted by russian and american astronauts those stories and plenty of others of r.t. dot com. well there will be talking to the former editor of the british newspaper the sun. is not there each is next with your ear. hello and welcome to business here on the right see now we start this hour with the markets and the latest figures the r.t.s. is gaining one point two percent while my sex is up almost one percent there let's take a look at the individual share moves on the mines like seven generators are among the main gainers supported by stronger crude gas from point eight percent and also that this gain in almost two and a half percent banking stocks are also on t

have to leave it there good to chat to you on this i can hear your point of view thanks very much and gerry and they for joining us live there and whitefish in the usa richard spencer thanks thank you. well the question you could have his whereabouts is yet to be answered and i spoke to dr going to monaco is a director of the german orange institute based in berlin who thinks the embattled leader is not likely to run away. if the rebels were in a situation to advance more troops. because the compound in which gadhafi might still be i mean he would be there in the bunkers and be underground bunkers and not not on the surface. during the last hours apparently the rebels have advanced somewhat compare to part of the city the southwestern part of tripoli and i think we said that up to twenty percent of the city were still are still in the hands of the soldiers and militia who are defending a good outfit so are you convinced that gadhafi could well be in a bunker in that compound being stormed at the moment by those rebels if that's the case we could be in the witnessing the last moments of gadh

drag other countries that were there when in the meantime is all that is business things we can you gerri. well and welcome to business and see the russian markets sad closed in positive territory for the first time in seven trading sessions was anything but its move day at the opening the r.t.s. my six made some strong gains these were quickly pead back and accelerated into a sharp decline i wish point be my six was five percent in the red but then wall street opened well and gave the c's on this side of the atlantic well as it was the day straight i'm joined by ro the nasty investment strategist at capital rather than thank you so much for being with us so how would you describe the sentiment on the russian markets keep going up and down it's crazy moments i think the markets are. really trading on right now as much as anything else everybody's watching everybody else and trying to work out what's going to happen next nobody that's very difficult because of those who are saying right now so it's not even panic it's fear it's fear no it's no it's not panic yet and that's that's actually

gerri is joining us with. a lot of criticism aimed at s&p when someone does something you don't like you aim criticism at that "somebody." >>guest: and coming from the white house, saying this is a terrible decision, and it does not make any sense. hear what managing director at s&p said about that. >>guest: we face criticism from governments when we lower the rating, and it is sheriff popular to do but our job is to hold the mirror up. >> he says we get these complaints. happens all the time. >>shepard: s&p indicated another downgrade is possible. >> six months to two years if we don't get our act together they could downgrade further and moody's said we could downgrade before 2013 so we could have another decision that is two, two of three, against us. >>shepard: a few weeks ago there was a run on the banks in italy and that started things and now bank of america faces a lawsuit and they are down 20 points. how much is the enormous european problem playing into our problem? >> very much so, the ebc is back s

gerri willis tops the news tonight live in the new york newsroom. are the markets back to focusing on jobs or lack thereof. >> you bet they are. you mentioned one report. there is another the adp report that the payroll's report actually showed improvement for july up 814,000 jobs. when you look for all important job's report we are expected to gain 85,000 jobs from july. the unemployment rate will stick at 9.2%. that is not good news. we need at least 150,000 jobs added a month just to keep pace. if you really want to dig your way out of this unemployment debacle, you have to add something like 400,000 jobs a month. so we are way behind. >> shepard: what about the credit downgrade or the possibility thereof. are we out of danger. >> the most negative credit rating agency standard and poor's and s&p has yet to way. in they sort of boxed themselves in here. they say they want a credit downgrade if we don't cut more than $4 trillion. we have not agreed to do that still waiting to hear from s&p. moody's and fitch, however, keeping us at a a.a.a. credit

. >> congressman, gerry has been following the congressional race -- presidential race and wants to know why you think governor perry has become so popular so quickly. >> i do not know. maybe because he wears cowboy boots. i could not tell you. i can tell you this. it is still pretty early in football. -- preseason football. we still have a lot of people to fill up the roster. it is a marathon. it is not a sprint. let us see what happens by november. or even at the end of the year. it only takes one single thing to flip. i remember back -- howard dean. remember, howard dean was well ahead. one single thing. then he was forgotten. politics in the united states of america are very interesting. i think we have to be patient and watch this process. we have to continue to talk to people about the issues that are pertinent. understand there is a difference between a midterm election cycle and a presidential election cycle. in the midterm, you get people that understand the legislative process, people that understand what the congressman is and a senator is. presidential election cycle, you see

. >> rose: frank gerry is a great friend of yours. >> yes. >> rose: he says his architecture is most influenced by art. >> my architecture is probably influenced by the architecture that's been designed without architects. i learn a great deal from visiting villages and towns and seeing an architecture that evolved over centuries and adapts itself to the land ask adapts itself to the material. it doesn't mean they imitate those building forms, but i learn from the process. i learn the most from studying design in nature. >> rose: design in nature. >> you know, i'm a sucker for morphology and, you know, i read "scientific american" from beginning to end, and i'm fascinated by-- by the whole question of evolution and how design responds in nature and how we might learn from that in architecture. >> rose: did i read somewhere that sort of the earliest hero you had was corbashe? >> i was a minor critic. i worked for kawn -- >> i actually was thinking about kawn. >> i apprenticed for kawn and learned a great deal from him? >> you thought what he did was too sterile and stood too independe