we will pick that up next week the liechtenstein traders audio. c o m at the cme group. still to come from gold to silver, how metals are faring this recession. get out your pick axe..... but first....is the worst of the mortgage mess behind us...and how soon before we go back to normal....we'll talk to two market pros....after the break. at the center of the credit crunch and financial meltdown over the past year are home mortgages. one of the contributing factors to the housing boom was the ability of banks and other lenders to sell their loans off, freeing up cash to make more loans. once that dried up, so did the mortgage money.cascading into the foreclosure crisis of today. umrai gill of performance trust capital and walt schmidt of ftn financial deal in the so-called mortgage backed securities market, bonds that are backed by home mortgages. any sense of normalcy returning to the market? if we define it as a new issue market where a bank can do what he does that we are a ways away from that. " we haven't put almost a floor and is declining prices and the distress s

after investigating a complaint into betty liechtenstein it was given she threw a phony awards dinner in her own hon spending $2,000 of her own money, if convicted of wreckless endangerment liechtenstein could face up to five years in prison. >> in this morning's consumer alert as parents across the country prepare to stock up for their kids' back to school shopping needs, many are counting on tax-free shopping days to help them but right now only 15 states are offering tax-free shopping on back to school items. back to school items is projected to be down 8% so it gives retailers a chance to boost their sales but not all states are willing to give up that revenue. maryland hopes to reinstate tax-free days next year. if you're all atwitter because you couldn't tweet yesterday twitter away. the social networking site crippled the site and it was shut down for hours. it still may take a little longer to get things done. hackers also targeted facebook which slowed it down but didn't knock it out completely. a bleak back to school season for retailers, but if you're trying to use the gove

authorities say the 56-year-old betty liechtenstein had worked in a doctor's office. the doctor she worked for believed she was a registered nurse, you know, especially after a 2008 dinner honoring her as the connecticut nursing association's nurse of the year. but, that association doesn't even exist. prosecutors say liechtenstein spent more than $2,000 of her own money to stage the whole event. she could be sentenced to five years in prison if she's convicted. >>> people in hawaii are getting ready for hurricane felicia. fortunately forecasters say the storm will likely be downgraded to a tropical storm or tropical depression by the time it reaches the island. at one point felicia had become a category 4 storm but has lost strength traveling over colder waters. meanwhile a tie even if dumping heavy rain on taiwan. this storm is blamed in the death of ten people in the philippines including three french tourists who were swept is away in floodwaters. >>> can you believe it it is the last weekend of summer for a lot of school kids and we're keeping track of our hurric

betty liechtenstein had been working as a nurse in the doctor's office after a patient complained about her afterwards authorities realized she wasn't even a nurse. she organized a dinner spending $2,000 of her own money paying for a dinner recognizing her as a connecticut nurse of the year for an organization that didn't even exist. >> work permit that is could create more jobs especially on the eastern shore. >> and as the housing market slumps more people l >> going to be a nice friday morning commute. >> not bad so far. >> not seeing any delays. >> not just yet. so that's a good thing. but we do have a watermain break. actually the watermain break is clear but the right lane is blocked westbound northern parkway between roland and falls road, so that's something to watch out for in the city also that accident on eastbound 100 at 295 is all clear. but an advisory going on that charles street between center and reid street is closed until monday morning. something to be aware of as you head into the weekend. a live look at the beltway. they think so picking up to be outer loop but no

. >> you have got another story on this tax haven in liechtenstein? >> i have already pulled out my money. they are a tiny principality, there are more companies and their than actual inhabitants. they are under a lot of pressure from the u.s., germany, and uk about the tax havens and revealing the names and how much money the nationals have. they have signed an agreement with the british government and britain now has five years to reveal how much money they go. >> thank you. this is world news today. coming up, aung san su ki is found guilty of violating her house arrest. we will speak to an exiled member about the situation in burma of. -- burma. can 500 teenagers from around the world come up with a plan to tackle global warming? that is the topic in this year's third round of climate talks, students from many countries are developing their own ideas from a camp in denmark. >> did you are a fan of green energy, welcome -- >> if you are a fan of green energy, welcome to paradise. you can use the elements to create your own power or give you a helpi

the liechtenstein with the set the cme. both houses of congress will be on august break starting next week and lawmakers will be spending much of their time on health care reform.. and taking their message to the people with democrats pushing for more support from their constituents by holding town hall meetings and rallies while republicans continue to voice their opposition... calling it an expensive government takeover. president obama's plan calls for a government run insurance plan to compete against private insurance companies. the congressional budget office - says it would cost 1 trillion over the next 10 years. and now - the president's closest advisors are *not ruling out higher taxes on the middle class to pay for health care.... initially, the debate focused on taxing wealthy individuals to pay for the plan. we talked to taxpayers - and found many who are against raising taxes on any income group. after i retired my ins. 800 / month.. i am paying fair share - don't support that me: what if it meant lowering your

the liechtenstein drawn lines in the same with the s&p 500 about 550 the exchange traded fund followsthe s&p 500 when you put it on the target can see we have a ways to go whether we're going to be able to revisit the last lows that we have which were back in early july after this most recent rally at that point your but half the price below $90 a share. the most recent low in july came around $88 for the spiders have been taking a look at the nasdaq it was not able to hold the $40 level so the level that which to watch as a boy of $35 a share the was the most recent low in july. in short term was frustrating with retail rally is when you put a line on the bottom of all of the most recent sell-offs going back for march to roll the july ruby about leading the trend so the short term it looks like maybe the trend could be sideways a little bit weaker but perhaps that can be more constructive long-term become become a long way in the short period of time. people an eye on the nasdaq it's been a leader on the way up in recent smart to nasdaq is the year to date 29% since jane married pers

>> let's go to liechtenstein and in 30 days we'll set up a structure for you. july 23rd, you're a foundation, you're going to overlay that, 15 days later create an enterprise in hong kong, nothing behind it. you've got that done. about 12 days later you open up the hong kong entity's account at a ubs branch in zurich. a month later, you're flown $1 million from a u.s. business into a u.s. domestic account and then out of the u.s. and into zurich at this fake hong kong account. >> you're actually looking at the note. is this the indictment you're looking at right here? >> that's correct. >> oh, my goodness, look at this. robert, can you pick this up? mind if i -- i don't want to be grabby on you, but it's the document. that's the indictment that was handed down. it has two of the names that we're talking about. the part that makes most people angry is that it's americans hiding money from americans. i mean, that's money that could be used for my kid's school, for my grandma's health care, for a lot of things in this country. that's -- take me through that. >> th

it turns out not only is betty liechtenstein not a nurse, but the connecticut nursing association does not exist. she spent $2,000 of her very own money staging the fraudulent ceremony. >> think of the fun she had, though. >> we'll live that there. up next, don't let the pretty round numbers at the top of the screen distracter. we were up big, but the index you have to keep your eye on is the vix. >>> welcome back. times for some options act. the first week of august catapults stocks to the highest level of the year, but what is on deck for next week if things start slowing doub? joining us is scott nations, scott, what do you see in the vix? >> it's surprising given the price action we saw on the s&p this week we didn't see it come in any more. it's way below its recent low, and that shows healthy skepticism. put call ratios for the ones out on parole like jpmorgan and goldman sachs were healthy. but there's some indefensible giddiness in names like citigroup that had only about four puts trade for every ten calls that traded. i think what we see is people casting a wider net that mis

betty liechtenstein is accused of posing as an rn, giving people injections, medicine, medical advice, but cops say she's never been licensed and she faces up to five years in prison. that's a look at the news for now. i'm mike galanos.