. >> fishing, no offense for the fishermen, for a layman like me, you cast the line out there and sit and wait, so has to be hot. >>> today, the threat of adouble dip rerecession, with larry summers, and steve forbes. and then washington from afar with california governor, jerry brown. >> the washington of today is suffering and experiencing a crisis. >> and then plus, retired admiral, mike mcconnell, on the looming dangers of international cyber attacks. i am candy crowley, and this is state of the union. a better than expected jobs report was the only upbeat economic note this week, and it was downgraded. that's the first time that ever happened. >> it's a matter of the medium and long-term budget position of the united states that needs to be brought under control, not the immediate fiscal position, it's the one that centers on entitlements and its entitlement reform or having the matching revenues to match the entitlements. >> we have treasury secretary under president lynn clinton, and steve forbes, the president and ceo of forbes ing, and a former presidential candidate. thank y

the dow fell more than 500 points for the first time since december of 2008 when the layman shock triggered an economic slowdown. sell orders surged on the back of lingering worries about the u.s. economic slowdown. remarks by european central bank trichet suggesting concerns on the outlook weighed on market sentime sentiment. 500-point plunge results in a 4% loss with the dow ending in an eight-month low. to see how tokyo stocks are doing, we'll cross over. how are things kicking off today? good morning to you, bit of a negative start following from the losses on the dow with the nikkei down 190 points, the topics trading lower as well in the first few minutes of trading. the immediate market reaction following on from the u.s. session, the dow had its steepest one day loss in more than two and a half years. it looked like markets were in a bit of a panic and any economic data we're getting out is being seen as a negative. and all of this just ahead of the crucial jobs data later today in the u.s. a lot of focus is going to be on that later on today. yesterday in japan obviously the bigges

if you could just explain to us, quickly in layman's terms, what's the difference? >> new concepts and ideas, machines, and drugs. copyrights protect work, in books or art. >> would there ever be a time when you would need to get both for a particular thing or they cover different parts of your business? >> no. that's a great question. they do overlap. you can take an example where you can get a patent on a particular product and have it start to build out your brand and part of your whole marketing slogan. a company does a great job of that is apple. think of the ipod franchise. the ipod is something that apple has chosen to get patents covering as well as design patents, trademarks and copyright protection to protect that franchise. >> got it. do you need an attorney to do this. >> >> you can do this yourself, it's typically better to engage a professional. you're dealing with intellectual property it's tough to define the bounds of that property. it's probably best to ebb gauge an experienced professional who can draft those claims for you to get a well defined a

>> how about the layman out there with a 401(k) and depending upon it for their retirement? what do they do? we saw this in '04 and a lot of those were cut -- in '08 and a lot of those were cut in half. >> it is tough if you're a normal investor out. there the average investor, where do you put your money that is safe? people are pouring their money into gold and at a record high, and it is hard to put into something that is at an all time high and certainly fall back from that. hard to find anything safe. the best thing to do, if you have a good diverse plan, to stick with it. markets tend to come back after a while. just after we saw after the financial crisis. if you sell when things are low, you're going to get hit hard. if you can maintain that and have the patience, you will probably be okay. of course it is tougher if you're nearer to the end of the investing cycle and it is hard to make the money up in a short amount of time but the key thing is to hold on to your woop straps as tight as you can -- your boot straps as tight as you can right now. >> hard to do. >> fre

richard, you have been integral to helping us understand this in layman's terms. we appreciate all you have done. to the teachers and students and parents, congratulations. this has been a wonderful thing for us to see. there's a lot of senior staff here also, and without the senior staff, we would not have been able to support you in any way we have been. congratulations, erica. great job. bill, eagles -- go, eagles. my daughter would not appreciate that since she is elsewhere. it is really great to see. we want to be able to raise the standards. we want to be able to offer more aid the glasses. we want to see our kids graduate. we're also looking at it from early childhood education to 20. we want to make sure that once you graduate from here, we get you through college and you graduate college. we have a lot of mechanisms in place, many things we are doing collectively and collaboratively to make sure our kids are doing well. starting in preschool because we want to make sure it does not start. as we start to narrow it on the high levels, we want to make sure i

and what that basically means in layman's terms is that they are keeping traders from selling companies that are in a free- fall. >> pelley: rebecca, what is driving these wild swings? why the big numbers? >> well, the market is very reactionary right now as a result of that fear. the other component of this is computerized trading. high-frequency trading accounts for about 70% of the market and it amplifies all of the momentum in trades because what you have are trades getting made-- thousands of them-- in a matter of milliseconds. not between people but programmed into computers. and that momentum begets more momentum in stocks. >> pelley: thank you, rebecca. in times like these, it is important to keep perspective. it was worse before. in 2008, the dow rose or fell by more than 300 points 11 times in just one month-- october. the market eventually calmed down and hit bottom in march of '09. but look at this, if you'd invested then when the dow hit the bottom, even after this week, you'd still be ahead more than 70%. even so, chronic unemployment has kept president obama on the defens

because you can, you can, you can explain this very well for the layman. >> well, there are these peculiar trends in books as well as everything else, you know? certain colors become terribly in or ties are skinny or fat. [laughter] it's hard to explain just what it is in this a particular era that makes people interested in one thing or another. you're certainly right, there is a resemblance about these books of, which try to tie science together with what was going on in the greater world. um, historically what happens is that these men like newton were so successful in what they say if you look at the world in my way things that seem chaotic now make perfect sense. for the next two or three hundred years, people were so carried away by that. someday there will be a newton of psychology and of economics and of sociology, we will fine the laws of human behavior, we will make -- instead of having armies and crazy arguments, we'll sort things out from first principles, and things will make sense, and everyone will be able to agree. it's because of newton's success that that idea which now s

the entire subprime mess they missed lehman brothers they missed their sterns they reaffirmed the layman if i remember correctly just a day or two before they actually filed for bankruptcy so i don't feel you know if anything it's an attempt to reestablish their credibility is as meaning something in the marketplace because i don't know anybody that's actually taking them seriously the last three years.

. >> essentially in layman's terms we're dealing with the exploitation of children and young girls forl purposes and the procurement of sex with girls under the ages of 18. >> and here is the canadian compound. now it has split into factions. one faction loyal to jeffs. the other loyal to this man, winston blackmoore. he's a long time polygamist. >> i've heard the stories. just different people have come like you've come and told me about them. i feel very disappointed if they were actually true. >> a woman who did not want her face shown told us that it is true. she says she has first-hand knowledge. three of her nieces were among those sent away to be married to older men in the u.s. >> it angers me that 12 and 13 year olds would be taken away and given to an older man. and that he'd consummate their marriage vows. that angers me. i mean, they're just children. you know? it's not right. >> many girls investigators say, ended up here at this flds compound in pest texas where we tried to get some answers. >> it's gary tuchman with cnn and we're doing a story about warren jeffs. cars we

. >> this is very serious allegations here where essentially in layman's terms we're dealing with the exploitation of children, of young girls, for sexual purposes and the procurement of sex with girls under the ages of 18. >> reporter: and here is that canadian compound. now it's self-split into factions. one faction loyal to jeffs, the other loyal to this man, winston blackmore. he is a long-time polygamist leader who does not want to believe accounts of child brides moving away from canada into the united states. >> i've heard those stories. just different people have come like you're come and told me about them but i would feel very disappointed if they were actually true. >> reporter: a woman who did not want her face shown told us it is true. she says she has first-hand knowledge. three of her nieces were among those sent away to be married to older men in the u.s. >> it angers me that 12 and 13 year-olds would be taken away and given to an older man and that he'd consummate their marriage vows. it angers me. i mean they're just children. you know? it's not right. >> reporter: m

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what should we -- you put out this statement about the series of recommendations, tell me in layman's terms, what are the recommendations, what should the n.r.c. be looking at right now to prevent this sort of thing from becoming a major catastrophe? >> well, the nuclear regulatory commission right now is in the process of approving a new ap-1000 reactor which one of its own scientists, its own engineers, says it will shatter like a glass cup in the event of an earthquake. some of the plans are planned to be built in earthquake-prone areas. in addition, the nuclear regulatory commission is extending the licenses of these nuclear power plants, as your report said, these plants were meant to operate 20 years, 40 years, the nuclear regulatory commission is now in the process of improving the extension of the life of these plants out to 60 years, event 15 or 20 years before they hit 40 years, so i think the n.r.c. has turned into a lap dog and not a watchdog. and i think that mother nature, once again today, gave us a warning that we should be humble and we should spend the extra money, t

higgins' prison job is as an inmate adviser, a sort of layman defense lawyer. >> therefore, inmate hull is being charged with dsa, drug screen alter. >> i did this for a reason, was because i'm coming up for parole here in less than three months, and i needed a way to delay that, to delay getting out. i'm not ready to get out. >> lieutenant vance, the d-board chairman, has a tendency to have an attitude of don't know, don't care, when it comes to your personal problems. all he really wants to address is what's in the write-up. >> ziggy faces several potential penalties for attempting to alter his drug screen, including time in the hole, a loss of his prison job, and even a judgment that can make his whole plan backfire, a transfer to another prison. >> that's one punishment i really don't look forward to is being transferred somewhere else. >> ziggy's reluctance to leave prison became all the more puzzling when we learned some of what he'd endured during his 30 plus years of incarceration. >> i was not born gay and every relationship i've had has been a forced type, a, well, this is wha

so there was a third guy involved in this period of profiteering scheme, and he, although he's a layman, has a very important job. he works in the congregation for the causes of the saints. he helps makes saintings, and -- saints, and he got $387,000 directly wired to him from the vatican bank to new york, and another got over $800,000 wired to him on invoices that the fbi agent who built this case told me were utterly worthless, and the scam only collapsed because every time at every speech i give, i pause and try not to laugh for an investigative reporter, when you have somebody, you know that god is smiling on you. [laughter] this guy came out of central casting, a tas l of brown hair, 27 years old, cheeks, dark piercing eyes, the italian gentleman, and fell for him hard, lived together in an apartment in new york that just cost $37,000 a month, and he got one of his biggest up vesters, ron burkle, a major real estate mogul, friend of bill clinton, and he's a pretty smart fellow. he realized this guy's spending was off the charts. when you pay $62,000 to charter a plane because you h

to marl meanwhile >> i am a layman for a man 61 all year old david dixon was arrested on wednesday hea suspect in a murder in 1979 she was found dead in a trailer after being stabbed 30 times a of blood stain found on the victim leasing to the crime >> we were able to locate a blood stain and that blood stain came back to the debt funded in this case further lab work resulted in finding out how marijuana cigarette was near the victim's body contained the dna of both mr. dixon and the it would not discuss the motive in this case. >> this is outside of they extended say a hotel and repossessed but 38 peter james thomas was found dead inside the hotel room he had barricaded himself in. how he died it was not the cause of the police when the negotiations ended wednesday night when the swat team finally made their move >> the swat team made a move into the room after viewing a camera that was placed in the room after that they cut all whole dialogue and located the victim and knew he was deceased the girlfriend is in our care >> he was wanted for a supermarket stabbing on sunday in san rap

put it into perspective from a layman's point of view. >> it looks frankly really, really bad becauset is really bad. it we need to disassociate anything going on in the bharkt the debt deal, the downgrade. it is all about fundamental weakness in the economy. people are realizing now that this is, to quota friend of mine, the new normal. this is the way it will be. not a lot of jobs. company making money but not hired. >> gold, normally the safe port, is expensive. it has been rising every day. at record levels. treasury bonds, not really an option given all the uncertainty. what are we left with? how should people take care of their money? >> the first thing is not sell into a falling market. what you have to do is sit tight and see what happens. the good news is that your 401(k), if you buy on the next pay daring it will buy more than it bought last payday. that is a little gal owes humor. >> the bad news is the value has been sliding. >> here's the worst news. the worst news is everybody is thinking october 2008. my goodness, it is happening all over again. they're sitting there wa

put this in layman's speak. why do we see wide fluctuations? >> what we see is a realization that the global economy is stuck. there's a huge amount of debt that we have that we've been talking about for years and the other thing is the no growth. the global economy is slowing almost to a standstill. in the united states the first part of this year, basically zero growth. when you don't have growth, you don't have jobs, you don't have expansion, you don't have rising incomes, you don't have good inflation. >> where is this growth going to come from? this is the great unanswerable question right now. >> let me answer it backwards. it's not happening because companies in the united states and around the world in fact have discovered a way to make money without spending money. they are getting more out of the workers they have. since they don't have to hire, since workers have higher productivity and number came out a couple days ago, since that's happening, they don't have to hire people. if they don't have to hire people, people don't get bigger

. >> chad, just explain to me, as a layman, about this kind of thing. what is the probability now given all the computer projections that you've been looking at, what is the probability today that come sunday, new york city could get hit by this hurricane in a direct hit? >> that is the forecast. and so it would have to turn left or turn right to be wrong. and so the chance of that is at least of it happening is at least 50/50. there's a 50% of it chance being left or right, but reasonable the cone, the center of the cone, that we tell you never to look at, but that's the forecast. that's the true points that the hurricane center has been looking at now for days and days and days. that's the likely place that the hurricane goes. right through cape hatteras, or just off to the west, and right along the jersey shore, right over coney island, and into the hudson river. could be straight up the hudson river and then across into massachusetts as an 85, maybe 90-mile-per-hour storm. that's the likely scenario. >> chad, even if it misses a direct hit, there co

you know, the layman, i look at it and i say, well, geez, mitt romney looks like a stronger candidate going to be a swing state. i don't want to read too much into any one poll, does this send a signal to some in the republican party like whoa let's put the breaks on rick perry? >> i think the chris christie boomlet, the paul ryan boomlet, the jonathan allen boomlet. >> that's for today. >> the rise of jonathan allen. >> i think it shows that the republicans, republicans aren't satisfied with the field yet. and there's always someone better out there. >> chris, let me just interject. it feels like in every election for both parties, there's always someone better out there. i give you wes clark, who, when he got into the race in september of 2003, was where rick perry is right now. is that a natural phenomenon that you always kind of want the person you can't have? or do you think it's more pronounced this time with republicans? >> i think it's more pronounced this time with the republicans. i think what the republican primary poll in florida shows, there's two wings of the republican

downgrade has the potential to be as bad or worse than the layman shock.hat's a tough sentence to read, you lived through the days. do you see the possibility of a double-dip recession on the rise? >> it is definitely a possibility. i think the odds have really increased over the past couple months. the economic data has been so weak. it's not my base-case forecast, but it certainly is very possible. add to this the dysfunction in washington is a real problem. in a sense washington is telling the american economy, you're on your own. you cannot look to us for any leadership, neither republican leadership, nor democratic leadership, nor the president. it's just going to be gridlock in washington, so markets, investors, americans, you're on your own. and that's why the markets are reacting the way that they are, and until we see real leadership out of washington, to try to tackle our spending, to try to tackle our tax code, i think we're going to see markets that continue to be nervous and continue to be volatile. >> you mentioned the nervous, volatile marke

can you give us some sort of layman's descriptions of the differences?porter: well, the earthquakes themselves are very similar. what's the difference is is how far out these earthquakes in the east are felt. when you look at the western u.s. which is active the crust is highly fractured from all the faults and we have far fewer faults in the east, and so seismic waves transmit very effectively across large distances. in this earthquake, the one that happened yesterday is the most widely felt earthquake in u.s. history. it was felt across the entire eastern seaboard. jon: i hadn't heard that. we put together a map as to how many states it was felt in. that was a shocking thing for what seems like a relatively small earthquake after you've seen a 9.0 hit japan, when a 5.8 is felt across such a wide area, that seems surprising. >> that is because of ahh effective the seismic waves are transminuted through the eastern u.s. compared to the western u.s. it was felt through the entire u.s. and the eastern seaboard and canada. over 120,000 people have reported

this is my layman's understanding, all right? in europe since all those countries are tied together is that the big banks in the places like france and germany, they're the ones on the hook for all the bad loans in places like greece and italy, maybe spain down the road, right? so those banks say we've got to loan to these countries to bail them out to make sure they don't go under, so the banks back in paris and berlin don't go under. so right now they're trying to save these countries, and that's calling into question the health of the banks in places like paris and berlin. in simple terms, is that what's going on? >> reporter: well, it's even bigger than that. stepping back from that, a lot of these institutions, of course, are indirectly involved in these bailouts just as financial members of the imf and the world bank and the european central bank, and you're quite right to say they have their misgivings about it. but i think it's even if you don't mind starkly simpler than that. there's just a freeze on credit and that thei

people are saying look, is this a situation where layman brothers -- people are saying wow, maybe thegulation down the road coming that will up the standards in terms of how much wiggle room and capital they have to put aside. >> all right, maria, stick around with us. we have to get in a quick break. >>> also, the liquid bomb plot. we go into the largest terror plot since september 11th and how it was foiled. more with maria, jeff, pat and wes when we come back. [ male announcer ] get ready for the left lane. the volkswagen autobahn for all event is back. right now, get a great deal on new volkswagen models, including the jetta, awarded a top safety pick by the iihs. that's the power of german engineering. hurry in and lease the jetta s for just $179 a month. ♪ visit vwdealer.com today. ♪ living with the pain of moderate to severe rheumatoid arthritis... could mean living with joint damage. help stop the damage before it stops you with humira. for many adults with moderate to severe ra, humira's proven to help relieve pain and stop joint damage. humira can lower your ability to fight

magazine called the bachelor, and there's a great essay by a guy who should be here today, chris layman guys know this guy. he traced the history of the bias critique where it was invented by spar row agnuw deliberately in 1969. i'm sorry, 24 is -- this is the history of the liberal media. before that, it was the other way because there's william hurst in chicago. these are very right wing gems, and so the bias particular was that these guys were doing the newspaper was always doing the bidding of big money. sparrow flipped it on its head that the real problem of journalism was the professionals. the problem is with professionalism, these people who arrogated the power of publishing to themselves in their little clique of professional writers or whatever it is and are making news decisions for the entire country. what's funny, as that's become less true over the years, you know, now there's fox news, a.m. talk radio that's almost completely conservative with an exception here and there. as this has become a less and less valid description of the media environment we live in, it's now ev

someone who is a layman cannot go on line and about medicine.d in the law, i cannot get up in a courtroom and practice law. and yet, people who think they have an expertise in journalism can go out and present themselves as darrell issa -- as a journalists at present themselves and expect to have legal rights. >> journalists are not licensed. you become a journalist by doing journalism. the reporters committee has had to evolves. if someone calls and tells us that they are in a courtroom do in journalism and they were covering a trial and they were doing something to it editorially and disseminated to that audience, i feel an ethical obligation to help them out. quite honestly, lately, i have been grateful that they were there. most trials do not get covered these days. >> i have a concern about cameras in the court room. one of my admonitions as a journalist who covered trials for a living would be, you do not get to say you watched the trial unless you only go to the bathroom if there is a recess. they leave become rich and have a sense that t

magazine called the bachelor, and there's a great essay by a guy who should be here today, chris layman guys know this guy. he traced the history of the bias critique where it was invented by spar row agnuw deliberately in 1969. i'm sorry, 24 is -- this is the history of the liberal media. before that, it was the other way because there's william hurst in chicago. these are very right wing gems, and so the bias particular was that these guys were doing the newspaper was always doing the bidding of big money. sparrow flipped it on its head that the real problem of journalism was the professionals. the problem is with professionalism, these people who arrogated the power of publishing to themselves in their little clique of professional writers or whatever it is and are making news decisions for the entire country. what's funny, as that's become less true over the years, you know, now there's fox news, a.m. talk radio that's almost completely conservative with an exception here and there. as this has become a less and less valid description of the media environment we live in, it's now ev

just as a layman speaking on this -- >> or even a laywoman. >> laywoman. thank you, jon. [laughter] picking up, actually, on the last point as well, the way that, um i haven't yet seen a compelling reason why, and with all respect to you martin moore, and the hacked up campaign why it has been now that this big phone hacking story has broken given that we know the practice had been ripe for a couple of decades or more? and is there some sort of nexus with this thorny problem of this sort of crisis of privacy that we have in this country? you know, we've got the transatlantic clash, we've got the european clash, and we've got the conflict between articles 8 and 10. but, you know, on the one hand we're told that the invasion of our own privacy is in our best interests that we're filmed wherever we go the automatic face recognition in our every move it's monitored for our own benefit. but at the top of the tree we have a few judges telling us what we can read what we can think and what we can say. and that does have um some, i think, unfortunate connection with the absence o

i know that someone who is a layman, who has views on medicine can not describe, they can't go online and give out medicine. as somebody who is interested in the law like myself and in the courtroom and practice law, again people who think they have an expertise in journalism, can go out there and represent themselves as journalists and have have legal representation if they get in trouble doing it. i find that totally puzzling and i would love to know from you where we stand on it? >> well, as you know, unlike lawyers and everybody else, journalists are not licensed and, you become a journalist by becoming journalism and we, reporters committee have had to evolve and recognize that when someone calls and tells us that they were in a courtroom doing journalism, they were coughing a trial, they were doing something to editorially and disseminating it to an audience, i feel an ethical obligation to help them out. and do i, and quite honestly, lately i've been very grateful they were actually there because most trials don't get covered these days. >> [inaudible]. i might say technology i