this may be recognized increasingly as the new safe haven so obviously it's not a nice and i'll let s. and rest knows what resides and effects of this crisis and there's this time around the bond market we're not we're not given all demand safe haven but more of a trap and one can be a physician position for that but clearly i think everybody agrees here the federal reserve policy is. particularly good ones are one thing i would say it's maybe also even too late to save now and then to example say draw because if they're if they're a u.s. economy and every u.s. government is trying to implement massive saving measures it will be very difficult because they increase taxes and cut spending what will be as a result probably we will be slowing down oil is in the short i mean i can't really afford that at this moment because the deficits are already out of control so i was saying some form of better reorganization s. as you have to happen in the eurozone is probably the only solution probably as western countries going forward but it's not all it's not there are a lot of emerging market co

we showed you the country's with aaa ratings by s&p. let's take a look at s&p's aa+ countries. of this club. new zealand and belgium exist in that environment. curious about a double dip recession, we've been talking about that possibility with the bad economic news we've been getting lately. it's not a done deal. i'm going to let jay leno do the explapg on this one. >> a lot of talk about the possibility of a double-dip recession. some people -- do you know what that is? maybe this will help. >> and now a video met fa for for a double dup recession. this overturned car carriers represents the struggling u.s. economy. the cars inside are the american workers trying to get back on their feet. this tow truck is the federal reserve giving the economy a boost. there we go, it's all better. but then the stock market plu e plunges and we have a double dip. >> that was very effective. look who's here. it's my friend pete. he's comedian, host of stand up with pete on sirius. good to see you, my friend. >> i'm mad at you because you keep saying that we're now aa+. my question for you is

s. let's look at this northeast corner of the city. it is really interesting. i am sure that frank has a lot to say about it. the thing i find absolutely surprising about this is that there is this large area called mission bay. out in the middle of the bay is mission rock. many of you have been to mission rock resort. this is part of the shore line now. look how far off shore it was in the 1850's. this has all been filled. many of these areas are now filled. let's talk about that. >> this is montgomery street. e have thembaradero -- now we have the embarcadero and marina. this map is the infamous lipofaction map. the green areas are the areas that will have potential lip ofaction. that is a loss of strength of material when it is subjected to vibration. it can occur in sand and silt. those have to be saturated or below the ground water level. you can almost type dismount tie t --tie this map -- this area right here is the same as this one. it is all silt and will liquefy. the marina is in this area here. you can correlate the advancement of the shoreline of sa

america has been taken hostag but several times the debt ceiling has been increased since the mid 60's. let me straighten that out a little bit. they are only half right. in the mid-60's, we had a great society. several times since then, americans, taxpayers and hard- working people have had to pay a ransom, 70 different times. today will mark the end of the beginning of america taking itself back. host: next is mike, new haven, independent. caller: the woman from florida in the last man that talk is right. i am outraged. has anybody read the bill? this administration has been as transparent as a brick wall. the old republican plan, they had two wars -- everything was off the books. now everything is on the books. we have been in trouble. they have been playing smoke and mirrors for the last six to eight years. it is evident that we the american people will have to pay attention. we have not had audget in almostwo years. if any legal companies did not have a budget, they would be in jail. our lobbyists our representatives or congress? nobody has ever backs in washington. host: here is a com

s&p. >> republicans are blaming democrats, democrats are blaming the tea party, but the blame belongs to standard & poor's. >> let's talk about the s&p. >> blame the ratings agencies. >> politicians of all sides attacking them. >> i think s&p's shown really terrible judgment. >> they've made a $2 trillion math error. >> s&p is wrong, totally, absolutely, wrong. >> president today aims to dismiss the s&p rating downgrade. >> what's the problem with the economy? >> robert reich joins me. >> the super rich have 40% of the nation's entire wealth. >> so pretty darn [ bleep ]. >> but how will watch get better? >> congress ultimately owns the credit rating. >> the house of representatives had a mandate. >> this is a tea party downgrade. >> pointing the finger at the tea party. >> if only the united states congress would take a hint from iowa. >> so pretty darn [ bleep ]. >> oh. >> and michele bachmann is getting competition in the race to be christian in chief. >> sources across the political landscape are indicating that rick perry, the governor of texas, will get into this race. >> you call us to repent, lord. >> god bl

>> no -- >> chris: let me finish. s&p condemned the political disfunction here in washington. the gridlock in washington. let's put up what they said: the political brinksmanship of recent months highlight was we see as america's governance and policy making becoming less stable, less predictable than what we previously believed. no question that if they had passed your budget, that that would have vol -- would have solved the debt problem. the cans are they weren't going to balance your budget. the failure to compromise the two sides, isn't that part of the problem? >> let me first say, both political parties are responsible for the mess we have now. this is not a republican or democrat-only problem. i would argue that over the last couple of years, we've gone deeply in the wrong direction. the kind of compromise you need to actually fix the structure of our debt, like the gentleman just said previously entitlements. our partners on the other side of the aisle the president and senate have been unwilling to put a plan out there to address entitlements. specifically health care

>> no -- >> chris: let me finish. s&p condemned the political disfunction here in washington. the gridlock in washington. let's put up what they said: the political brinksmanship of recent months highlight was we see as america's governance and policy making becoming less stable, less predictable than what we previously believed. no question that if they had passed your budget, that that would have vol -- would have solved the debt problem. the cans are they weren't going to balance your budget. the failure to compromise the two sides, isn't that part of the problem? >> let me first say, both political parties are responsible for the mess we have now. this is not a republican or democrat-only problem. i would argue that over the last couple of years, we've gone deeply in the wrong direction. the kind of compromise you need to actually fix the structure of our debt, like the gentleman just said previously entitlements. our partners on the other side of the aisle the president and senate have been unwilling to put a plan out there to address entitlements. specifically health care

then the city fathers in the 1920's let us knock down the hill, let us extend second street, and it finishes at the ballpark now. as you move south along second, that whole area, you get into rock. many of these old warehouse buildings, as you approach rincon hill, are sitting on rock. if you go down to king street, which is the street that fronts the ballpark, if you cross the street from the ballpark and the look on the sidewalk, there is actually a little brass plates that depict the location of the bluff that existed, the transition from the beach to the vertical cliffs that existed at second street. at second and king. all of that was taken down, and they have built warehouses. now at his condominium developments. and portions of mission bay. the first building of mission bay, third and townsend -- i am sorry, third and king, it is a rock site. if you go further into mission bay, it goes from rock to week bay mud. -- weak bay mud. this is on the folsom? >> the old wonder bread bakery. a little bit higher up. >> that particular building, if you look closely, the rock has actually receded

know gee maybe we ought to buy something from like you know a store i mean let's let's actually you know get the a.t.'s lawn service out here and fix up our you know the help clean up the farm and make it look better and you know let's. buy some shoes and things in a sack and it's not. the farmer by the way because you know these people have some money too and in fact and so then you know it's a let's open a shoe store let's open a clothing store you know put some then you know we'll put some money because there's demand now because there's money circulating in the environment let's let's open this restaurant here just southeast let's let's open juice at his restaurant and they're going to get some now what happens when all these small businesses open they all need employees so they're going to give money from them to the people in the houses they're going to say come back to work and so you get more houses and more people move in and they've got jobs because they're working for these people here and what has happened is they have a little bit of money that was put in just to jumpstart the thing in ter

eric, s&p -- s&p -- s&p slept through -- no, no. >> let me finish. >> s&p slept through -- the junk crisiss&p was not even on the watch when they were given these toxic instruments. these aaa rating when it was basically junk. let's go back to the housing crisis and how s&p handled that. so look, one agency gig the united states a downgrade shouldn't force us to throw in the towel. >> who is talking about throwing towel? we're talking about solving problems. >> we should look -- we should look at the good things that have been happening. it is not all gloom and doom. prior to the earthquake in japan, prior to some of the other rising gas prices, we were seeing private sector job growth come back. we need to get back to that. we need to focus on the positives in our economy and stop blaming politicians for all the problems that we're facing in this country. quite frankly, the private sector needs to step up and stop pointing fingers at the political dysfunction as well. >> it would be nice if there were more positives in this economy. as we all just learned, this is part of the reason the m

in the 1970's, the neighborhood said, let us build a park there. then in the 1980's, when we first moved in, somebody once again brought it to our attention. it got as far as the drawings and then fell into the blue void also. and then we started working with the neighborhood, rec and parks, and then we had lots of meetings. after a year and half of talks, we finally got our park. it is build it and they will come, and they have not stopped coming. i am sure that is what will happen at 17th and folsom. definitely an area that could use open space. >> it iis there any other member of the public that would like to comment on this item? being none, public comment is closed. commissioner's matters? is there any public comment on this item? being none, public comment is closed. item 11. new business, the agenda setting. is there any public comment on this item? being none, public comment is closed. item 12. communications. is there any public comment on this item? being none, public comment is closed. item 13 is adjournment. >> is there a motion? >> move

some had been in congress in 2000, when didn't have oversight over fannie mae and freddie mac and let the shey were all sleep at the wheel they were supposed to be supervising the sec. congresswoman wilson just got in so she can't be blamed for this. they have gal when the tea party is saying wake up -- they have gall when the tea party is saying wake-up. >> a lot woke up and decided to do something about it. you are right, it is easy to say all these things that should be happening they were in power for a good amount of time as well. >> greta: they keep using the same code words. the republicans are having a hard time because they are trying to embrace them and make sure they don't get mad at them. >> this has never been an easy marriage for the republicans. tea party would love them to have them in the tent. they can't survive as a party next year if they go elsewhere. democrats would love to make this election about barack obama, democrats, versus the tea party that going to be a tough road for republicans if independents, associate all republicans as tea partiers they are not going to

on taxation, is that it would open up this tax question, especially since in the s&p report they actually say that letting the bush tax cuts lapse would actually help the situation. do you think there's any chance that republicans will read that sentence of the s&p report and think oh, okay, let's follow wall street's guidance on that? >> again, the gall of standard & poors to say, well, they simply don't believe that the president is going to let the tax cuts for the rich lapse. i mean, you know, if they are going to get in to the realm of politics, then they ought to talk to their buddies on wall street. hedge fund managers that are paying 15% taxes, while their secretaries are paying at the top rate or paying more taxes than they do. of course, since john boehner, and other leaders, have said we are not going to appoint anybody to the committee who's willing to raise taxes, the outlook looks pretty grim. of course, as you know, there is a trigger there that says if the super committee doesn't make an agreement, then there are cuts that go in to effect automatically from defense, from other spending and

that's the thing that s&p keeps coming back to, as its major concern. >> cnbc's steve liesman, thanks much. >>> let me bring in msnbc policy analyst as well as columnist for "the washington post." good morning, ezra. >> good morning. >> s&p's basis, and steve talked about this, their reason for the downgrade was economic as well as political. let me read part of what they said. we see america's governance and policymaking becoming less stable, less effective and less predictable than what we previously believed. the statutory debt ceiling and the threat of default have become political bargaining chips. are they right? >> i think there's no doubt they're right. which is not to say s&p is a particularly good analytical shop. it's not to say, and this is very important, it is not to say what's going on in the markets today is a function of s&p as other people pointed out. for instance, what s&p did is downgraded treasuries, downgraded government debt. government debt is doing great today because everywhere else in the world is doing terrible. people are terrified what's happening in europe, italy and

let's just say. s. led. us. welcome back to spotlight i am now going are going just to remind you that my guest on the show today is jody bieber the winner of world press photo contest judy we talked about our share of the girl you photographed in the afghanistan here we see this award winning picture once again was there any any investigation other than this tribal court decision to trigger killer actually into the case so young up and yeah i think pressure you know never e one wrote about this on your about any role made a statement i mean the taliban even made a statement to say they don't advocate something like this and now the father in law has been arrested thing is a court case that's opened and they're looking for a husband the husband on the run as far as the newly the they become this is what they're saying do you think do you think the court will. will be able to to to to to make an unbiased decision. well it's a record from you know just say because i mean you know i'm not an expert in judicial syst

nick, keep us poested, and let s know who hires you. >> i will, and thank you very much. >>> no question. it's hot out there. we all know that. but did you know you could be suffering from a heat stroke and not even know it. the life-saving signs to look for after a quick break. bloatin. with three strains of good bacteria to help balance your colon. you had me at "probiotic." [ female announcer ] phillips' colon health. try capzasin-hp. it penetrates deep to block pain signals for hours of relief. capzasin-hp. take the pain out of arthritis. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. auto insurance is often handed down from generation to generation, because it offers a superior level of protection and because u.s.a.a.'s commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto insurance quote. u.s.a.a. we know what it means to serve. while i took refuge from the pollen that made me sneeze. but with 24-hour zyrtec®, i get prescription strength relief from my worst allergy symptoms. so lily and i are back on the road again. with

so big delay now heading into s let's go flying.sent chopper 5 home so we are doing a little simulated chopper 5 action instead. you can see a few brake lights coming out over the altamont pass. slow in stretches from 205 towards airway boulevard. that's your traffi >> caption colorado,llc comments@captioncolorado.com. >>> good morning. as president obama prepares for his ten-day vacation, critics say not the best time. all the while, the president is

in the 1970's, the neighborhood said, let us build a park there. then in the 1980's, when we first moved in, somebody once again brought it to our attention. it got as far as the drawings and then fell into the blue void also.

but john, let's start with this s&p announcement. with a week of hindsight, any better sense of why they did it? >> fundamentally it was political. standard & poor's early in the spring looked at the amount of deficit reduction that major players were talking about, the simpson commission, the paul ryan budget in the house, what president obama put out. it was about $4 trillion over 10 years. they said ok, that's the benchmark. if they achieve the $4 billion over 10 years, then we'll preserve the triple-a. they were alone in setting that standard. the two other major industries, moody's and fitch did not set that standard. then everyone else seemed to blow with the political winds. people assumed a somewhat more optimistic view, at least they got a deal, we didn't default. standard & poor's said no, look how messy that process was. the interesting thing is the administration was critical of their decision but president obama has been repeating many of those same criticisms in the political process trying to turn them against republic

s. let's go all the way back to the about piece the crimes in cuba to be. they don't really represent the cubans in miami particularly the one sort of emigrated lately but they are the ones who control the media they're the ones who have money they're the ones who organize themselves into one of the first with american lobbying organizations which was the cuban american national foundation you say this is an example of obviously you have a vested interest you're representing an israel in this case but it in your opinion is this an example of foreign policy to the highest bidder it's something that i guess i spoke to last week said he thinks as is the case in the united states in part it's they're responsible for funding a lot of the anti cuba work that goes on in this town but you know somebody once said that in this town of washington cuba bashing is a lot like ordering pizza it's cheap and everybody loves you for it it's a great point you know in the g.o.p. debate ron paul said you know and the sanctions against cuba and the embargo and our reporter that

the rebels on a strategy behind the operation and a plan drawn up weeks ago for more on that let's cross your t.'s on it is. so either we know the rebels have nato air support for their push into tripoli but now it seems they were being guided on the ground as well of these reports are true. piers it seems like the british had a bigger and in all of this and they originally let on the british press today reporting that a team of intelligence officials have been operating in the country for some months now people like spies who takes s.a.'s offices giving advice to the rebels after it emerged that the rebels were this haphazard bunch untrained and need some help if they were actually going to topple gadhafi now and mandate that nato would have been operating under in the country did not have ground troops of course so this has been quite a clandestine off the grid operation and william hague the u.k. foreign secretary was keen to stress the bison kit that they've been supplying to the rebels has been not on lethal things like night vision goggles body armor and telecommunications equipment and but

let's s

all 30 of the dow's components were up, and so were all ten of the sectors on the s&p. let's take a closer look in tonight's "market focus." today's trading continued the pattern we've seen all week-- wild swings of gains and losses. this time it was triple-digit gains. as you can see in this intra-day chart of the dow, it was another dizzying ride. the dow was up as much as 500 points in the last ten minutes of trading, and then pulled back but still posted a gain of 423 points. cisco was the dow's standout and the nasdaq's most actively traded stock. shares jumped 16% to almost $16. investors bought up the stock a day after cisco reported better than expected quarterly results, and c.e.o. john chambers made upbeat comments about his commitment to a turn around. but even with today's surge, cisco is down 21% so far this year. bank of america was the most heavily traded stock on the big board. shares in the battered banking giant finding support just above the $7 level. reuters reports bank of america is exploring a sale of its $17 billion stake in china's construction bank.

let's take a look at the futures board for you and more red ink. the dow off 134 points. down about 1 1/4%. s&p down 15 points. the nasdaq also up 25% or down about 1 1/4%. let's take a look at those numbers from yesterday. just the ugly details. the dow under 11,000. down 419 points on the day. the nasdaq composite up 5 1/2% and the s&p slipping 4 1/2%. let's get you up to speed of what's happening today in asia. pretty much speaks for itself. the nikkei down 2 1/2%. check out south korea, down 6%. the third worst trading day in that exchange's history. the hang seng up 3% and the shanghai composite also down 1%. they are thankfully now into the weekend in asia. as for europe, it's gathering down but momentum, off 100 points now. down more than 2%. in paris, down 2% and in germany on the dax index, down right around 3%. and let's take a look at the commodities for you with the concerns of a global slowdown and lack of demand for oil. check out oil now. right around $80 a barrel. down 2% on the day and meanwhile, money continuing to funnel into gold. up $1865 per ounce. fox news contributor k