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jeff toobin weighs in. an accident doesn't have to slow you down.ith better car replacement available only with liberty mutual auto insurance, if your car's totaled, we give you the money for a car one model year newer. to learn more, visit us today. responsibility. what's your policy? >>> reports of aftershocks in virginia tonight after a 5.8 magnitude quake hit the northern part of the state this afternoon. tremors from the quake were pelt in washington, new york north carolina, toronto and montreal. no major reports of injuries. there are a few reports of damage in virginia and elsewhere. the east coast is on alert from hurricane irene on its way. i spoke with meteorologist chad myers about it a short time ago. >> so chad, virginia is a place you don't normally associate with earthquakes. is it an active quake zone? >> reporter: not at all. the map shows active quake zones, carolina. the earthquake was right there, in the middle of a blue and green spot. literally no risk of that, although there have been a few earthquakes here, nothing like this

jeff toobin, appreciate it. thanks very much. we'll be right back. more ahead.better car replacement available only with liberty mutual auto insurance, if your car's totaled, we give you the money for a car one model year newer. to learn more, visit us today. responsibility. what's your policy? what's your policy? good night, frank. good night. desperate for nighttime heartburn relief? for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. talk to your doctor about your risk for osteoporosis-related bone fractures if you take multiple daily doses of nexium for a long time. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. if you can't afford your medication, astrazeneca may be able to help.

. >> jeff toobin, put this in context for us. >> i think it's also important to recognize that standard & poor's is not the voice of god here. standard & poor's had itself an appalling record during the -- what led to the financial collapse of 2008 and they were the ones giving clean bill of health to banks that had invested in the mortgage-backed securities. so the idea that they have perfect insight into who is sound and who is not is simply incorrect. as for what this will mean, i mean, obviously it will be a political football. i don't think most voters have heard of this issue. i don't think most voters care. most voters care about what they see in the world, unemployment, whether houses are selling, whether the economy is moving. i think this is likely to be a big side show. >> erin burnett is back with us at cnbc. were the others wrong? >> it's interesting. i think s&p saw this as a political moment and $4 trillion in cuts or else and they were put in a position where they had to go through with it. as john is pointing out, this error is an embarrassment for them. but i have to s

jeff toobin as well >>> up next, new tropical storm on the move in the atlantic tonight. a hurricane. we'll tell you where it is. later, the absurdity of hurricane duty especially when you cross paths with naked folks. we'll explain that ahead. we're going to add them to the ridiculist when we continue. every time a local business opens its doors or creates another laptop bag or hires another employee, it's not just good for business -- it's good for the entire community. at bank of america, we know the impact that local businesses have on communities, so we're helping them with advice from local business experts and extending $18 billion in credit last year. that's how we're helping set opportunity in motion. >>> hi, i'm isha sesay. here's a 360 news and business bulletin. tropical storm katia is gaining strength and expected to become a hurricane late tomorrow or early thursday. the storm is about 750 miles west of the cape verde islands and is packing maximum sustained winds of 60 miles per hour. >>> two survivors of the casino fire in mexico say when gunmen stormed th

please join me in welcoming jeff toobin. [applause] >> thank you, cathy, and hello, everyone. it is nice to be here. i have a lot of affection and some sympathy for what you do. journalists are always trying to get stuff in the paper, in the magazine, on cnn. your job is sometimes exactly the opposite. don't try to that, don't say that, that is not true. sometimes you are right to try to keep it out because it is wrong or offensive. but sometimes it is just your job and it is our job to try to do something else. i've always appreciated the good faith and the intelligence and honesty and candor of human knowledge that i have encountered which you and your colleagues. nowhere is that true of the than the united states supreme court. and all of their colleagues. not intentionally, but i have occasionally made their lives miserable. i want to express my appreciation for the work you do end of a great web sites. we have a piece of advice that i am sure many of you are familiar with. show, don't tell. i would like to show the one time i believe i have ever written about the public a