that's where the government bonds of germany, the netherlands, and luxembourg. the move suggests possible rating cuts in the future. the debts of these three nations are currently rated triple-a, which is the highest rating. now, this is the first time germany's ratings outlook has been lowered to negative since greece's fiscal crisis brought about the european debt woes. germany is the driving force of the euro zone economy. >>> well, euro zone nations outstanding debts continued to grow in the first quarter of this year despite efforts to reduce them. the e.u. statistical office said on monday that total government debts of the 17 members stood at 88% of the region's gross domestic product from january to march. that is up from 87% in the previous quarter. greece's outstanding debt stood at over 130% of its gdp. it was a remarkable recovery from 165% marked in the previous quarter. however, the nation remains the highest indebted nation in the euro zone. now, this is followed by italy at 123% of its gdp, portugal at 111% and ireland at 108%. their debts rose f

. >> the meeting on monday is also expected to discuss who should succeed luxembourg's jean-claude junckerhead of the eurogroup. juncker is due to step down on july 17. >> and spain is high on the agenda. on monday, the interest spain has to offer on 10-year bonds rose back above 7%. that level is considered unsustainable. >> spain's economy minister got a warm welcome on a rival in brussels. but the meeting with his eu colleagues is bound to involve tough bargaining. >> we will be talking about two main issues, the memorandum of understanding setting up the bailout conditions and the level of prevacid that we are permitted. >> france's finance minister said he was confident. >> i am optimistic that we will make progress on the difficult points with spain and the establishment of the esm. >> the key is cross-border supervision of banks, which is seen as a requirement for stricken institutions to get bailout aid directly. >> first, we need to create a european banking regulator pitta that is a lengthy and difficult process, and we will have to work at it. >> resolving the situation in greec

more trouble for your above the moody's investors service put germany the netherlands luxembourg all negative credit watch out in class or so in already fragile situation plenty to talk about them in ten minutes time in a bit of an attempt. a staple of america's war broad unmanned drones might soon be used to spy on the country's own citizens by twenty fifteen the computer controlled jets will have access to aspace usually reserved for piloted planes a director probably a u.s. drone training company supporting their increased use says that if you have nothing to hide you have nothing to fear but trebek team and activist had the electronic frontier foundation says that argument no longer holds water. this is been used countless times in the past to justify a warrantless email surveillance or g.p.s. location on your phone cops getting it without a warrant and it's all actually just of kind of a false use of of an idea that we have about privacy and that you know i'm sure if we asked the head of this drone industry whether he would like a law enforcement drone following him around twent

swiss bank account and romney also has an undisclosed amount of money sitting in bank accounts in luxembourg and ireland as well as vanity fair notes come august romney with an estimated net worth of as high as two hundred fifty million he won't reveal the exact amount will be one of the richest people ever to be nominated for president given his reticence to discuss his wealth it's only natural to wonder how he got it how we invest it and if you pays all those taxes on it the story isn't just about romney though it speaks to something much bigger it speaks to how working class people have been duped for decades into believing that the wealthy can do no wrong and that the wealthy should never be punished because after all everyone else is just waiting for their turn to be wealthy too and now i have a man running for president on essentially that message joining me now is my pap and tony attorney and co-host of ring of fire radio bobby kennedy mike welcome back to the program. great what's the essence of these revelations vanity fair this week . well i think you drill down to it it comes out

strategic in all form under a period ministration will increase to luxembourg all right but seriously as we mentioned this is in many ways a rite of passage in american politics so we have a deeper look into this tradition and its history. long past the shadow of the sunshine state thank you so much bigger. and the cornfields of iowa oh oh yeah if it is another required campaign stop for any u.s. presidential candidate i can tell you to say that. jerusalem will be the capital of israel here's then candidate obama in israel in two thousand and eight and many others before him mitt romney's visit comes just days after eastland president obama for his lack of loyalty to israel or the people of israel deserve better than what they received from the leader of the free world and the course. and the chorus of accusations and threats and insults at the united nations should never again include the voice of the president of the united states many say the heart of this matter lies with two important constituencies those two constituencies are. christian fundamentalists particularly those in the

we got that and moody's changed to negative for germany, for luxembourg, netherlands.

the movie truck is in luxembourg for the production of the heat.out on the street. >> a friend of mine, we thought that this scene was part of the movie, and i'm like, no, this is real-life footage. >> all passengers went to the hospital with bumps and bruises. why the bus driver crashed into the movie van, it was the drivers second trip on the route and he had gone around the bus for the first time. >>> well, they may be on their all-star break, but tonight we're cheering for some of our favorite o's. more on baltimore's all-stars and the prep for tonight's big game. >>> and what's hotter on twitter? tweeting about church or beer? take a guess. we'll have the answer. >>> all right. we're taking you live to kansas city right now. we're getting ready to cheer on our o's tonight. we have three o's playing tonight. we will all be cheering them on. >>> all right, shifting gears, we have those facebook friends always bragging about something. social media is becoming very competitive. rosevelt leftwich reports tonight, we found parents who say, hey, the

things like the swiss bank account and the cayman islands and in bermuda and luxembourg and all that stuff ce up, an his ta rates and romney went right through the stop sign. he did not want to discuss h his self-absorption witith money -- this is a man who has been running for president for most of the 21s century. thiss not something that just jumped out at him he has made this decision, and he allowed barack oba to put him squary thehe defensive as farars jobs, there is one figure to remember -- more jobs created last year under barack obama in the private sector than in the eight years of george w.. bush's presiden in the private sector. >> even "the wall street journal" editorial-page says that romney has squanderered the susummer because he has let obama and define him ass a w wealthy elitist, and then a they excoriated him for being shot in the testy in n front of his mansion on the lake. when the president was elected he talked about hope and change. whatever happened to hope and change? now it seems he's just coming right out of the box with the old-fashioned, negative ads.

moody's downgraded its outlook on credit ratings for germany, netherlands and luxembourg the rating serviceed growing instability in europe and the possibility those stronger countries may have to fund future bailouts. >>> asian markets fell slightly this morning. both japan's nikkei dropped a faction and hang seng sunk only 1%. >>> today we'll get apple's earnings report after the closing bell. analysts are not expecting a big quarter from the tech giant. they believe consumers may be waiting for the next version of the iphone to be released. the unease over europe pushed stocks on wall street lower. the dow lost 101 points while the nasdaq was down 35. >>> the nasdaq is raising the amount it will offer brokers that lost money because of technical glitches during facebook's ipo. the exchange will pay out $62 million up from 40 million it proposed in june. however, some experts say the trading losses may have added up to more than $200 million. >>> the government is investigating chrysler's two top selling vehicles. the national highway traffic safety administration is looking into 2009 and

that applies to the government bonds of germany, netherlands and luxembourg. the decision suggests possible rating cuts in the future. the debts of the three nations are sitting at aaa which is the highest rating. this is the first time germany's ratings outlook has been lowered to negative since greece's fiscal woes enflamed the european debt crisis. germany is the driving force of the euro zone economy. >>> japanese finance minister made a comment about the yen advance after a cabinet meeting. he said he will closely watch foreign exchange movements with a greater sense of caution. >> translator: it is clear that the recent advance in the yen is speculative and does not reflect the true fundamentals of japan's economy. we will not rule out any measures against excessive gains in the yen. we will take decisive action if necessary. >>> china national offshore oil corporation says it will buy out canadian resource company nexen. the takeover will boost china's international presence in the energy business, ranging from oil to shale gas. according to a joint ann

it also downgraded the outlook for netherlands and luxembourg. this is the first time germany's ratings outlook has been lower to negative since greece's fiscal crisis brought about the european debt woes more than two years ago. the eurozone's driving force, germany, supports the struggling economyes. moody's latest move underscores the difficulty in detaining europe's debt worries. here is the latest market figures. >>> united nation officials are trying to get political leaders to protect something we can't live without. studies suggest two thirds of the world's population could be living under water stressed conditions by 2025. using water sustain built means keeping it clean. engineers at japanese company today come up with a new kind of filter to further that goal. it is a product they believe could be a hit with heavy industry and households. >> water is essential to this industry. drilling for shale gas. estimated reserves on this natural resource are big enough to challenge the global energy balance. in getting shale gas from the ground,

only in luxembourg, the netherlands, and austria are fewer people lot of work. >> mexico is heading fornge in government. with most votes counted in the presidential ballot, the institutional revolutionary party, or pri, has won the majority of votes, and its leader enrique pena nieto has claimed victory. >> pri had ruled the country with an iron grip for 70 years after it was ousted in 2000. it had a reputation for ruthless and repressive policies. now it has regained popularity with the promise to tackle drug- related crime and poverty. >> up to 12 years in the political wilderness, the party that ruled mexico for most of the last century is back. led by enrique pena nieto. >> today, mexicans of that voted for change. they have given our party a second chance. we will honor it with results, with a new way of governing, according to the demands of the 21st century mexico. >> the 45-year-old former governor of mexico's state has promised jobs and economic growth. that is something mexico desperately needs now, almost half the population lives in poverty. the living standards of millions

indefinite suspension del boy is able to fight on saturday as the contest has been licensed by the luxembourg boxing federation hey meanwhile has come out of retirement for the clash the rivalry between the pair remains as strong as ever. blew in. if you live in it looking down my fists they look at me usually. there is. just the look i look at the little everything is a little bit me it's the easiest thing to do every day in my life. i'm a car has been reinstated as w.p.a. light welterweight world champion the brit lost the title in a controversial points decision to mount pietersen in december however after the w.p.a. ordered a rematch peterson failed a drugs test and the bar was cancelled the means can survive on saturday in las vegas last vegas against w.b.c. champion danny garcia is now a world title unification bout. now for the tour de france where britain's bradley wiggins has retained the overall it is a yellow jersey although it was frenchman thomas voeckler who won stage ten in the your hard mountains after tuesday's to mulch was rest day which saw french monogamy to gregorio arres

frank schleck was pulled out by his reddish team after failing a drug test thirty two year old from luxembourg tested positive for a band. although he claims he's innocent and may have been poisoned who was twelfth in this race. let's ask for a sample to be tested he's the second driver on the test positive for. also failed a drug test week ago. there are just nine days to go on to the london games begin and the brazilian football team has touched down in england in search of their first olympic title many brazilian fans who are heathrow airport welcomed their heroes despite the nation's glorious history they have never won olympic gold and join favorites with spain after picking a seriously strong squad that includes santas striker who at the age of twenty is one of the hottest talents in world football and ac milan frontman alex out of potter brazil will play great britain in a friendly on friday before starting a big group see campaign against egypt and. new zealand. the biggest name on the track maybe sprinter you say bold but fellow jamaican you and blake looks like an increasing threat t

germany, the netherland, luxembourg all of that really pressuring some of the weaker economies today. we have spain and italy considerably lower than the rest of those european indices. spain's ibex below 6,000 and poised to close at least at a nine-year low. if you look at italy here we're ontrack to close at least at a decade low today. so a lot of weakness in europe. you cannot ignore it. you cannot put brackets behind it and push it aside. you have to pay attention in this very global economy. that spanish ten year above 7.5% yet again. these euro era highs just going higher and higher for spanish borrowing costs. very unsustainable levels. the german boon hit record lows yesterday but again after what moody said about their outlook, it's pushing those yields higher for the german boon. something i know we'll watch going forward. if you switch back to -- we had a lot of good news in the united states. talking about tobacco, we have gold, altria and reynolds both trading near all-time highs. lorillard out tomorrow. ryder systems, a trucking company having the best percentage gainer

frank schleck was pulled out of the race after failing a drugs test the thirty two year old from luxembourg tested positive for a banned directive although he claims he's innocent i'm a have been poisoned schleck who was twelve in the race has now asked for a base sample to be analyzed he is the second ride on the tour to fail a drug test this year four in french friday means you could have a week ago. the mile race leader bragg readings has full of is full of confidence ahead of stage sixteen in the pyrenees it takes in four of the biggest climbs in cycling including the tall molay which rises to over two thousand metres the brit has a two minute lead in the standings over sky team mate chris froome while italian been changing the barley is a further twenty seconds back on the five days left he hasn't written off his chances of grabbing the yellow jersey but first let's hear from wiggins who is every believes his team can help him win the tour de france. i think we proved that every race we've gone through this year across the board even when there's been other line ups and things like tha

out of this year's race after testing positive for a ban directing the thirty two year old from luxembourg quarter is drawn from the race by his radio shack team she was in twelfth place and finished third overall last year is the second day from scandal to hit this year's tour call for the tried to good record deal france was arrested on july the tenth as part of a mass a drugs prize well we're just five days to go until the finish the race heads into the pyrenees today and bradley wiggins will be looking to protect his two minute lead at the top of the standings his sky teammate chris froome is second while italy's been chan's in the barley a further twenty three seconds behind wiggins though as cool as ever during yesterday's arrest age even though he's likely to be attacked by his rivals today. i think we proved that every race we've gone through this year across the board even when there's been other line ups and things like that this team prides itself on racing as a team going out with a game plan and sticking to that game plan and working for each other really in every environment

schleck was pulled out by his radio shack team after failing a drug test the thirty two year old from luxembourg tested positive for a banned retic although he claims he's innocent and may have been poisoned cause twelve in the race has asked for a b. sample to be tested he's the second ride on that test positive. also failed a drugs test a week ago. meanwhile current leader bradley wiggins was full of these are you going to have stage sixteen it includes four of the biggest climbs in cycling is one of them which rises to over two thousand meters the two minute advantage in the overall standings over sky team a chris froome while it televen chance in a further twenty seconds back he hasn't written off his chances of grabbing billy the yellow jersey but first let's hear from wiggins who has every believe that his team can help him win the tour de france. i think we've proved every race we've gone through this year across the board even when the. it's been other line ups and things like that this team prides itself on racing as a team going out with a game plan and sticking to that game plan and w

country of the eurozone together with the other current account surplus countries the netherlands luxembourg finland austria these countries don't have a majority within the european council and within particular the european central bank so they live in the diaspora really. the knob of rescue policy. in that particular situation germany has a responsibility to instigate a riot against. a rescue policy which leads. every day closer to the precipice but as you know the german political class as the political class in brussels all these representatives of central brussels powers then the prisoner's dilemma they don't want to admit defeat and that's why the story goes on and unfortunately every day it continues to last it will cost the taxpayer the european taxpayer of all different countries a lot of money as you say as you say that you know the taxes keep going up and certainly the austerity measures and the cost cutting keeps going on as well marcus kerber a professor of political economics live in berlin i'm sorry we don't have any more time but thank you for coming on the program today tha

negative territory have moved is the investors service credit outlooks for germany the netherlands luxembourg that was all on the grounds of contagion i can see the hindsight that has renewed that trading that was off to bring delays because of a typhoon. in the u.s. markets we see how wall street managed to get on yesterday as we can see them go losses on the screen now they want as bad as at some point in the day they did manage to limit the losses by the end we have mcdonald's one of the biggest losers of the day two point nine percent down there blaming a strong dollar on the international economic performance. we'll see those oil prices and if we may yet we've got them again in just a fraction just as a managing to rebound of the hitting one week. and the process begins construction of the biggest port in the yellow that with over twenty billion dollars of investment coming from the states private gas producer nova tech experts believe the new port will help to make the northern sea route attractive for businesses away a substantial part of cargo shipments from other transit routes but i

out of this year's race after testing positive for a banned diuretic the thirty two year old from luxembourg wasn't drawn from the race wise radio shack team however schleck denies he took the substance and believes he may have been poisoned and is now asked for his bass sound or to be tested check was in twelve place before the incident and finished third overall last year and he's the second date in scandal to hit this year's tour de france after a french rider i mean because he'll failed a drug test a week ago. with just five days to go until the finish the race heads into the pier in this today and bradley wiggins will be looking to protect his two minute lead at the top of the standings his sky team mate here chris froome is second while italy's been chan's in the barley is a further twenty three seconds behind wiggins though as coolly as ever during yesterday's rest day although his rivals haven't written off their chances yet. i think we've proved that every race we've gone through this year across the board even when there's been other line ups and things like that. this team prides

swiss bank account and romney also has an undisclosed amount of money sitting in bank accounts in luxembourg and ireland as well devon dwyer of a.b.c. news and notes that what little we do know about romney's efforts to hide his wealth both from the american people and from the i.r.s. are pretty surprising the company in question san katy high yield asset investors limited is described by government a financial documents as a bermuda corp wholly own by w. mitt romney yet as both vanity fair and the associated press note in new reports it has never appeared on the candidates financial disclosure forms limited details on its existence only came to light recently when romney released his two thousand and ten tax returns under public pressure. as nicholas shaxson writes for vanity fair even after examining that return we have no idea what it is in this company but it could be valuable meaning that it's possible romney's wealth is even greater than previous estimates while the romneys spokespeople insist the couple couple has paid all the taxes required by law investments in tax havens such as be

indefinite suspension he's able to fight at the weekend though as the contest has been licensed by the luxembourg boxing federation while haye has come out of retirement for the clash and the rivalry between the g.a.o. is bad blooded as. we. look at. you looking down my face they look at me. look i look at the little busy little bit me. my life. yes looking forward to that one that is all from the world of sports plenty more later on arteta world whether it's next. well for the. science technology innovation all the moves developments around russia we've dumped the future covered. wealthy british style. markets finance scandal find out what's really happening to the global economy for a no holds barred look at the global financial headlines in two cars a report on our. resistance to politics but a culture. is couldn't test. on its own. cultures of resistance on our team. mine. would be soon which brightened if you knew all about sun from funds to freshen.

because of mood is the investors service cutting the credit outlets for germany the netherlands luxembourg on the grounds of contagion. see the u.s. markets to see how they performed in the session yesterday will be able to see the losses of the stores did manage to limit the losses somewhat before the close. down two point nine percent that was actually the worst performer on the dow yesterday off disappointing second quarter profits they're blaming the stronger dollar slowing international economic growth let's have a look at the dollar the now shall we the exchange rates where we see how the year at all is performing and it is pretty flat out one twenty one twenty eight that trade is five hours for the russian ruble this is that close that yesterday it managed to what is weak u.s. dollar and the european currency as for the case here in russia we saw significant losses the sponsor my five percent while the mises was then with bats around three percent in the red that will move in a shaken in the next i have the figures for you as for oil the clover is they took a basin right now though

going on in europe today as investors really digest the information that germany the neverland's luxembourg they've all been put on negative watch so they're really taking their in today and demonstrate in their disapproval to their around a quarter of percent down the dax edging towards home four percent in negative territory as the asian markets i was shopping a day of trends. there we go in the carrier and quarter down the line saying around nine tenths of that in negative territory having said that though they did stage a recovery at some point where we had chinese manufacturing a private survey said that it's set to contract but a slow up i use i was adding a bit of momentum as you can see that didn't last i can move on to the oil markets and we'll be able to see they all still managing to rebalance and that's from a one week a lot of moving on rush's energy regulates is considering a project of this century was twenty billion dollars the country intends to link its european and siberian grid systems which historically separated russia into two energy markets and the move is a huge inc

also responding to the news that moody's the investors credit outlooks for germany the netherlands luxembourg on the grounds of contagion also want to mention as well there was a natural disaster going on in china as well so they've had a few delays in their trading session stores stores are concerned on the neck a we've got intend the video games maker calcine europe for thirty four percent of its cells is down around. two percent as well big technology dropping nearly three percent over honorable that is course the loss will be around one point three billion dollars that some of the biggest losses in the senate so i mentioned wall street so let's have a look at the close yesterday and see what we're looking at here because it was big a loss is the source did manage to kind of limit the losses so before the end of the one point you know we were looking at dissolves just levels it was really european worries as well as our i did mention china there was news coming out yesterday that a chinese central bank advisor cited slowing growth of the world's second biggest economy that was taking its t

we had to move is the investment company really picking gold in germany in the netherlands and luxembourgputting them on negative outlook so because of all what's going on the sovereign debt crisis because of the rest of asia we have a mix performs in the asian session if we get into the all markets will be able to see that a lot of this committee justify why the russian markets are in negative territory as well with the declines just a very choppy session of the day now russia's energy regulator is all considering a project of the century was twenty billion dollars the country tensing think it's your pain. baryonic grid systems which is sort of place separated russia into two energy markets the move is aimed to increase competition between power companies and lower consumer prices meanwhile as well the implementation won't be false to the high prices on the scale of the projects itself i came he's that's all for me today don't you push oh he'll be taken over the reins and give you all the latest on the. story come out boy all right katie thanks for about update and more financial news bu

agency has lowered the outlook for its most stable economies including germany then others and luxembourg also have negative forecast with rising fears over the debt crisis cited as the reason behind the move and it adds to already existing uncertainty around spain are shades of boring cost the reach new year era highs and for more on this let's now cross live to peter all of us in berlin hello that peter so is this a sign that the contagion is now reaching or been considered to europe's stability plan in germany. well it doesn't look good really what you're century what you have is you've got one of the leading credit agencies in the world saying that they don't have confidence in germany's ability to pay their debts in germany's credit rating now it's worth noting that this doesn't affect germany's aaa rating as it stands at the moment this is the outlook. it is being downgraded to negative however that does suggest that in the future we could see germany follow the likes of france and italy who have lost their triple a ratings now this is due to the fact that. moody's believe that a gr

mitt romney is the one that has his bank accounts in cayman islands, bermuda switzerland luxembourg in different countries, not the united states of america. but they call president obama un-american saying he doesn't know how to be an american. gee, i wonder why they do that. of course we all know, he's different. he looks different. come on, he doesn't look like us. it is so obvious. but sununu realized he stepped in it. he's going to try to backpedal here. he says what i thought i said but i guess i didn't say is that the president has to learn the american formula for creating business. the american formula is creating business is not to have the government create business. yeah yeah. nice try. by the way apparently the formula that mitt romney is for creating business is firing everybody or shipping their jobs to china or india. so i don't think that's really the american brand of business. and so they are melting down in that regard obviously and that leads to the question of look, if they're in this bad of shape and they have this many republicans calling for his head, is it pos

included in that the netherlands and luxembourg. and here is the reason why. moody's said the rising uncertainty about the outcome of the european debt crisis and increase in event risk led to an increased possibility that greece will lead the euro is one reason it is lowering its outlook for these countries. in addition, they think any kind of knock on effect of the weaker economies will result in the aaa rated sovereigns taking on a greater burden dealing with the european debt crisis. that happening in the afterhours. there is a move in the euro and we will see how that impacts trading tomorrow. >> we will show you the picture of the s&p 500 futures slightly lower. the sell-off originated in europe. it might not be bad but it can't be good. >> i don't think it should be a great surprise. >> it doesn't order that well for tomorrow's session. maybe it does. when we're looking at the s&p, the financials let us out. i don't bow at the alter of j.p. morgan. the stock closed up 1.6%. a name we have been mentioning for a while now on what was a lousy take most of

moody's changed the outlook for the netherlands and luxembourg. joins us is stewart richardson, partner at rgm wealth management. welcome. >> good morning. >> how troubled are you by the moody's move on some of the northern or core european economies? >> i don't think there's two key things to take away from this. one, is clearly the cost of germany to bail out the rest of europe is weighing on some investors' minds and a full bailout of spain would pull pressure on germany's finances. there's a big cost to try to continue this bailout program. the last point about a review of france by the end of q-3, that's the other thing we're taking away. the french finances appear to be in much worse shape. >> why are the yields performing so well in the last three months? >> germany or france? >> both. france in particular. we saw quite a bit of a narrowing. >> there's a couple of things. first of all, the action from the ecb to move to zero rates a couple of weeks ago forces pension funds, insurance companies, et cetera, to chase yield. the next step was t

she plays a second round match against a 49-year-old woman from luxembourg. >>> opening ceremony in london brought a record -- broke it, that is. more people tuned in for this year's ceremony than any summer games ever. an average of almost 41 million viewers last night, a million higher than the record set by the opening ceremony way back in atlanta in 1996. and 6 million more than beijing. as for tv overall, it's the biggest audience any network has ever had on a friday night in a decade. if you missed the opening ceremony, go to nbcbayarea.com and click on london 2012 and scroll down and click on the title royalty and rock extravaganza. you'll find dozens of pictures from the show. the action continues on nbc bay area starting at 8:00. some of tonight's big events include the much-anticipated gold medal swimming finals and three different events, men's and women's 400 meter individual medley and 400 meter free style for men's. men's gymnastics team competition and beach volleyball, to name a few. you can find the entire list of bay area athletes competing tomorrow on the website as well

the last vacation we had there walki ining around the city of s and walking over to luxembourg. [ speaking in foreign language ] >> in fairness to mr. romney, that was not today. joining me now is melissa harris-perry, host of "melissa harris-perry" here on msnbc. and steve kornacki also here on msnbc. this is the biggest story in england right now. it led the bbc news tonight. what happened to romney? >> it's great. i've been trying to figure out if this is a little bit like the naacp moment when sort of romney was doing pretty well. then all of a sudden he starts to stumble. first with the obama care line and then later when he talks about free stuff. and the major analysis behind that was well, when romney said free stuff, he was actually signaling. it was kind of a dog whistle. i actually wanted the boo. >> that's what i felt. >> because of the critique of obama is he is a cosmopolitan president, he has an understanding of the world. that by going overseas and making a mess of it, making a gaffe of it being sort of ridiculously non-cosmopolitan. there he is talking about being in franc

fast forward two months and in that two months you fill it with cayman islands switzerland luxembourg, i don't know if that's one of them, but you get the drift. then you come in this past week with these documents that show he was a ceo and the first responsible--at least by title-- title--by bain and all its things that they're trying to run away from. >> cenk: are you saying that they'rethey have information that contradicts this. >> not to take away from the investigative reporters who are finding this stuff as well too but they have a thorough dos yay on romney. some of this of course was in john mccain's 2007-2008 opposition against romney. >> cenk: that's a really interesting point. the team that vetted sarah palin thought that romney was unacceptable after they looked at his taxes. so imagine how unacceptable romney's taxes are because he showed them to the mccain team. he showed all 11, 12 years and they said, whoa, this is nuclear stuff. is that the ultimate goal? is the obama team trying to get him to release his tax returns because it would show would be devastating? >> i

he's also got assets in bermuda and luxembourg. what are the advantages of investments in these offshore places for people? >> okay. for people, the chief advantages are that that's how many funds are organized and they're organized that way in order to be attractive both to u.s. and to foreign investors. if you're trying to attract worldwide capital. from the point of view as an individual investor, if you're trimming square corners you're still going to pay u.s. tax on your offshore income. there are some technical advantages but they're second and third order. >> wait a second. when you said turning square corners. if you're an honest u.s. citizen and you invest offshore, you'll still pay taxes on the income that you earn in those accounts offshore. >> exactly. >> if you're an honest person. why would you put your money offshore? >> that's one of the great questions here. the investments in the bain funds in a sense follow from the fact that that's how bain itself is organized. and that's frankly common practice for private equi

credit for a child and help him raise him in a middle-class family or will we protect the bahamas, luxembourg? george, those are the trade-offs. >> i get that. >> and in one year you have learned -- no, this is a big decision -- he has fully used what's legal and that's the problem with the tax code. >> i want to move on, he also said that you're all pushing these issues from the president who can't run on records. our polls do show that two-thirds of the american public think that the country is going in this wrong direction. and disapprove of president obama's job on the economy. >> and george, let's go to two very points, the same polls said that president obama would fight for the middle class and mitt romney would not. second, one of the most critical decisions made in the last three years about the economy, the industrial sector, obama went one way to keep the jobs here, the auto industry, saving 1.2 million manufacturing jobs. mitt romney would let them go bankrupt, why, because that's how he dealt with companies. our auto industry today is thriving and creating jobs here. the reason w