now and i will speak with kelly evans of the wall street journal about jobs numbers the stock market drop yesterday and the possibility of the s. and he'd downgrade us that that will take a look inside that car and see if this is really prime real estate for government recruitment of hackers and bridges to reason t.v. reporter michelle feels about americans being a fed up with congress and her now infamous interview with matt damon about teachers in america we have all of that and more for you to night including a dose of happy hour but first let's take a look at the mainstream media has decided to move. parts of the day jobs numbers came out for the month of july and before i give you all the details let me just say in summary that we're still screwed the according to the bureau of labor statistics jobs grew by a hundred seventeen thousand that are the may and june unemployment went down from nine point two to nine point one percent but as desperately as the white house is trying to spin this is good news it's not let me give you a few more details hundred seventeen thousand jobs th

from our studio in new york is kelly evans head of the tate columnist at the last return kelly i want to thank you so much for joining us tonight so i just you know spoke about all the data there and you have people running against a goal that's again hitting highs you have people buying a treasury to treasuries despite the fact that the yields are so low people seems like they're panicking like they want some kind of a safe haven what does that tell you yeah it tells you about a lot about mentality right now it tells you that these are the kinds of moves we typically only see during periods of financial crisis so to take one example which i wrote about today in my column if you look at gauge of the money supply known as m two the only times we've seen a bigger increase in the money supply and weekly basis are basically right after nine eleven and during the week of the global financial crisis of september two thousand and eight so that the third biggest move that we've seen in this particular gauge was the week ending august first and that tells you a lot about first of all you know

joining us now from washington fox news business analyst tobin smith and here in new york kelly evan, a columnist for the "wall street journal." >> kelly, my first question to you morgan stanley comes out with this report in these series of comments. it was pretty ugly, pretty dire. the market went down further when this was released. why is morgan stanley coming out with this now. >> what is interesting is that morgan stanley has been the more optimistic on the street. they saw treasury yields and economy doing better in the last couple of years. to me and investors it really indicated this isn't something bearish on the economy yellow flag. san begin we have got to admit risks have got tonight point looks at or near recession. not just talking u.s. talking worldwide. >> laura: the president gives that interview yesterday and he says no we're not going into another recession. when i heard that i said that's the obama jinx. that must mean we are going into the recession. the market goes down 400 points. >> the jinx is my aunt martha calls me and says she selling all her stocks when sh

what the credit downgrade might mean, lee gallagher of "fortune" magazine and market strategist kelly evans good morning to you. this seems rather political. so is it more political or more economic? >> you could say that. there's so much politics behind this. politics in the sense that the main reason s&p did this is because of our inability to get things done. literally the wording in the press release when they issued the downgrade was our ability to make policy has been weakened, so this is not about us not being able to pay our debt. the u.s. will always be able to pay our debt. we can print money. it's not about that. it's this brinksmanship that led us to a point where we can't get anything done and had this impact on our credit rating. >> kelly, our credit rate something below that of lichtenstein's. does this surprise a lot of you? >> s&p said this telegraph is coming, if we don't get a $4 trillion deficit reduction we'll probably go ahead with the downgrade regarding of whether the debt ceiling is raised. people on wall street have more or less known this is coming. this is just o