so i alerted mac to that and mac stayed right outside the door.talk to art for about four more hours. >> a cat-and-mouse game. >> yes. >> clarice. >> yes. >> brave clarice. you will let me know when those lambs stop screaming, won't you? >> tell me his name, doctor! >> clarice! your case file. >> the young investigator alone with a manipulative convict with a monstrous history. yes, she thought the same thing. she'd walked into a scene from "silence of the lambs." she was playing clarice starling to art ream's hannibal lecter. >> he even said to me during part of that interview, i'm not hannibal lecter. and i'm thinking, he's been our own personal hannibal lecter on this case. you know, that's exactly who he is. >> she played along as the nonthreatening young female. he'd sexually devoured young women, hadn't been close to one in years. >> so i'm just going real easy with him having conversation. i kind of feel like a [ bleep ] idiot sitting here, because i got nothing out of all of this. >> you did, you know it. i don't know everything. >> so you

oh, mac, mac, mac, this endorsement's going to put me over the top. >> mac: go to hell, charlie. >> charlie: oh, these people are going to be eating out of my divine hands. >> mac: these people are going to catch on to your shit! >> charlie: are they? are they really? hello. hello. >> o'grady: ♪ when irish eyes are smiling sure, 'tis like a summer's day. ♪ >> charlie: no! get away from there! get away! >> frank: get back off! >> charlie: what did you do, you shit head! you ruined it! >> all is lost! >> charlie: oh, no, actually it's not. >> it's gone! the virgin mary has left! >> charlie: no, she hasn't left! >> frank: you can see it. you can see the outline. >> she abandoned us because we listened to a false prophet! >> charlie: no! a false pro...? >> mac: false prophet, that's what you are. you're a false prophet, charlie. >> charlie: hey, hey, where are you going? >> mac: looks like your follower are leaving you. >> frank: don't go! she'll come back! she'll come back. >> mara: dee. >> sweet dee: matthew? what are you doing here? >> mara: i thought about what you said and i think you're r

>> mac: yeah. >> dennis: she's probably getting the money, then, right? >> mac: dennis! >> august 9, 2011. from comedy central's world news headquarters in new york, this is "the daily show" with jon stewart. (cheers and applause) captioning sponsored by comedy central >> jon: welcome to "the daily show," my name is jon stewart. thank you for joining us! we've got a good show that we have prepared it for you with... love. our guest tonight, jay bahadur, author of "the pirates of somalia." by the way, "pirates of somalia," worst disney land ride ever. (laughter) it's a small world, pirates of... (laughter). but before we get to that, recent weeks have seen such discord and strife here in our united states. our stagnating economy and... what's a worse word than "stagnating" for a broken political system? (bleep). (laughter) it's cost us our a.a.a. credit rating. but before we get too down, remember that in some still credit-worthy countries the third "a" now apparently stands for "arson." london is on fire! dear god! what the hell is going on over in britain? please tell m

>> mac: what the hell you guys doing here? >> sweet dee: we're getting our jobs back. >> dennis: yeah, yeah. >> mac: can't have 'em. >> dennis: we might have a little bit of a drug problem, you guys. >> charlie: oh, see, i might not really care. >> mac: i don't give a shit. >> charlie: your positions have been filled, so... >> sweet dee: so we're gonna take yours. >> mac: no, you're not gonna take our jobs. >> dennis: my dad called and said that we could have your jobs. >> mac: we need money to pay our hookers, okay? so you can't have 'em. >> dennis: but we need money to buy crack. >> mac: oh. oh, i'm sorry. did you get addicted to crack? did somebody get addicted to crack? oh! i sweat uncontrollably. >> dennis: ooh, i can't get somebody to have sex with me unless i pay for it. >> frank: children, children. children, children. what's all the fighting about? >> mac: did you tell them that they could have our jobs? >> frank: why don't we go on inside where it's nice and warm and we can settle this like a family? come on. >> char

that's ok. >> and mac couldn't have come into the industry at a better time. new research shows that only a handful of wineries are actually owned by african-americans, yet they make up more than 10% of the nation's wine drinkers, which is exactly why mac and a new generation of winemakers are entering the business and trying to educate others about this special way of life. >> this whole wine industry goes along with farming. i-it's-- it's all about a lifestyle, not--not about money. if you wanna aake money, uh, go off and become a c.e.o. of some company or something, uh, hit it lucky in, uh, vegas or something, but farming is a lifestyle. it's a lifestyle that i greup with in the sticks of texas. it's a lifestyle that i wouldn't give up. >> it's a heartwarming story, because he was really green, and, i mean, he came--like, started later in his career, uh, makin' wine, and, uh--but you could see he just had it in him. he was gonna make--do the best he could, whatever he di-- whatever he--he worked at, and it happened to be-- uh, he's stuck it out this far, an

: everybody pass the buck. >> mac: you know what, dennis? we have to admit, it's over, it's done. we got to get all these assholes out of here right now. >> dennis: dee, you get everybody out of the bar. charlie, you... you're a disappointment. come on, let's go get everybody out of the basement. >> mac: god only knows what's going on down there. ( men shouting ) >> ( shouts in vietnamese ) ( spins gun chamber ) ( shouts in vietnamese ) ( gunshot ) ( thudding ) ( men continue shouting ) >> dennis: i'll call the cops. >> mac: frank! >> august 18th, 2011,from comedy central's world news headquarters in new york, this is the daily show with jon stewart. (cheers and applause) captioning sponsored by comedy central >> jon: welcome to the daily show. my name is jon stewart. (cheers and applause) >> jon: no, no! i applaud you. (laughter) our guest the multitalented anne hathaway, very pleased about that. but first, there is an ongoing argument in this very country, about how best to close the enormous deficit that we have incurred. republicans have

, mac, don't worry about it. >> mac: awkward, right? >> murray: you know what? you were a good student in school. you got potential. just put that in your pocket. >> mac: really? you mean that? >> murray: i mean that. >> mac: oh, great, coach that's all i really needed to hear. >> murray: good. >> mac: that is so great for me. >> murray: hey, say hi to those folks for me. >> mac: i will, thanks. >> murray: all right. that little prick's going to hell. captioned by media access group at wgbh access.wgbh.org >> august 15, 2011. from comedy central's world news headquarters in new york, this is the daily show with jon stewart. ( cheers and applause ) captioning sponsored by comedy central >> jon: hey, everybody. welcome to the daily show. my name shall jon stewart. oh, listen to the crowd. they are so fired up for independence day. i can't even tell you. ( cheers and applause ) now, pakistan independence day too or just india? that was yesterday? it's on a different day? yesterday. i think i just started a fight. our guest tonight the smoo

expanded as fannie mae and freddie mac began issuing mortgage-backed securities. this market has evolved, and today it is one of the deepest and most liquid markets in the united states with average daily trading volume in excess of $320 billion, a market second only to the markets the united states treasury securities. naming the market to be announced comes from the way the market functions. unlike a traditional marketplace, investors did not know the specific collateral or pools of loans they are agreeing to purchase until months later. accordingly, the collateral is designated to be announced at a date in the future. the ability to lock in an interest rate by the closing mortgage. eight securities in the market, guaranteed by fannie mae, freddie mac, the tva also services as the benchmark for privately issued securities, relative to the cda price. -- adjustable-rate loans and a jumbo loans. as we continue to explore different approaches, it is important that we understand how this market works and what impact reforms would have on this market. how will any cha

even though it technically isn't a big mac but a maharajah mac made out of chicken all around. that's the business up there for the headline is our next. great for the. we've got it for. the biggest issues get the human voice face to face with the news makers.

. >> mac: on a saturday night. >> sweet dee: we're back to normal. >> mac: we are back to normal. dee, i got to know. what exactly did you tell those guys from your acting class to do to dennis? >> sweet dee: oh, yeah, no, i forgot to tell you, that didn't work out. >> mac: what? >> sweet dee: yeah, i couldn't get ahold of those guys. >> mac: then why was he so freaked out? 8r>> au. from comedy central's world news headquarters in new york, this is "the daily show with jon stewart." captioning sponsored by comedy central [theme song playing] [applause] >> jon: welcome to "the daily show," everybody. my name is jon stewart. we have a good show. we have a good show. our guest tonight, austan goolsbee. [laughter] that's my crypt keeper impression. "goolsbee." all right. turns out you were right the first time. all right. we often hear about how divided our country is and just how hostile the opposing parties in our political debate have become and the fear these divisions are so entrenched as to be permanent. well, i'm going to show you something right now. >> six-year-old lucy magnu

even though it technically isn't a big mac but a maharajah made out a chicken. that's the business of it for this hour headline news our next so stay with us.

even though it technically isn't a big mac. but a maharajah made of a chicken. with a look at the markets now all is declining for a fourth day in its longest losing streak since may investors bet the signs of a slowing u.s. economy may fall to fuel to mother the world's biggest consumer of crude and gold declined after a rally to an all time high for some investors to reduce their holdings yellow metal lost as much as point six percent and asian trading silver is also slightly down this hour in asia shares fell heavily across the board the nikkei stock out bridge one point nine percent so is hang sang shares of steel companies are especially hard hit i mean worries about global demand japan's g.s.t. holdings down three point one three point two percent resource sector shares are under selling pressure mining giant b.h.p. billiton lost two point nine percent. and here in moscow the markets will start trading in about an hour both of my zits and the r.t.s. lost over half a percent on tuesday but energy majors among the main lose

joining us is representative mac thornberry who serves as chair of the house republican task force on cybersecurity. congressman thornberry, thank you for being here. jennifer martinez of politico is our guest reporter. congressman, what in your view are the cybersecurity needs of the u.s. to defend against, and do you think that the white house plan introduced in may addresses those needs? >> guest: well, the country faces a wide spectrum of threats in cyberspace be all the way from vandalism and petty crime to more serious crime, theft of intellectual property to things that people are calling cyber warfare. and be so it's a wide spectrum of threats. i think the fundamental issue is that our laws and policies have not kept up with the changes in technology. and so to a large extent the government is playing catch up, and that's what, i think, the white house proposal is trying to address, that's what we're trying to address in congress is to try to help update, basically, our laws and policies. i think the white house proposal has some very helpful elements in it. it, there are, i t

>> and it's thanks to fellow winemakers like gary and his own willingness to learn that has helped mac succeed in a business wherso many have failed. his vision cellars wines have won numerous awards, been served at the white house, and more importantly are the culmination of his lifelong goal of being able to make his own wine and share it with others. it's a goal vance sharp knows well. owner of the sonoma sausage company, vance dabbled in the wine business a little before meeting mac. together, the two and 6 others came together to form the association of african-american vintners in the hopes of stimulating other minorities to investigate careers within the business. >> it's od being in it and ha--and being associated with others who have precisely the same thoughts that you have, although you have other--you have your independent thoughts. but there's certain things that we all wake up and think about, and--and that'good that, uh-- that's our bond. >> one of those inspired by the group's tight bond was daniel bryant. he joined the group early on abd had a successful customized win

a short question, how much money as freddie mac to lead to political candidates and lobbies? [laughter] >> zero. [applause] >> i was disappointed i told the ceo who was with me for six months before he left i said koschel kitfield for your grindle to the perks of the there were no country clubs or airports or stuff we could get rid of and claim victory because they were running a tight shift. >> you asked to be have the will and the patients. what do you think? >> i think we do. i spend a lot of time in the government and the senate at the white house. i worked in the private sector and i do have a strong view that the underestimate the intelligence of our body politic. i think the people fortunately don't spend their lives the way we would washington reading the paper to do not who is ahead of how first base politically. but with the vendors to the issues costs to the two and people generally come up with a pretty good dancer and they are willing to do whatever it takes to go forward. it's one of the things that has made the country great is that people are willing as long a

we have unique fannie mae and freddie mac and f.h.a. servicer guidelines, we have proposed risk retention under dodd frank which includes servicing standards. we have fhfa, fannie mae and freddie mac and ginny may setting a new compensation servicing model that reflects performing loans and nonperforming loans. we have the treasury undermaking home affordable offered recent directtives on a one-year forbearance plans, note that does not apply to fannie mae and freddie mac or v.a. loans. state attorneys general are under kfrl discusses to discuss practices and processes that will indeed lead to standards. the soon to be cfpb efforts and interagency guidelines are also being looked at to affect standards. all these efforts must be evaluated before any decisions made on any single uniform standard. just a quick note, i did visit a shop recently and wanted to see what they had implemented on the single point of contact. hundreds of people were being trained to handle the single point of contact rule, training lasted up for six weeks. once t

. >> reporter: they also dominated the ratings board fannie mae and freddie mac, following a downgrade questions remain about the impact. experts believe the downgrade may cause interest rates to go up, making car loans, student loans, and mortgages were expended. >> the housing authority play cheating that americans could awaiting this and american families will be the losers. >> reporter: the us is that the other countries like japan and canada came in at the same situation just time to justify. >> unit to sit back and look into the emotions take over. >> reporter: certainly good advice for we with the thinking that tomorrow. >>> today's losses extend what has already been a miserable run. and the widely watched as widely watched s&p 500 was trading lower. today to close at 1118. that amount to a client was sending%. not one of the 500 candidates listed height of today seem like millions of senior citizens, the baby boomers and workers are watching their 4o14o1 kays shrink people want to note why there has been such a big drop. one analyst said it is nervous investors. >> is too much

and in business the russian ruble is heavily undervalued according to the latest big mac index join me for a full business books and more on that writing notes time. just after nine am here in the russian capital you're watching our t.v. thanks for joining us now the u.s. narrowly messes a potential default signing into law an emergency budget deal that leaves both sides of the political debate disappointed or the country that once advised russia during its worst economic crisis now struggles to answer the serious questions hanging over its own a financial future. that you know great show of a has been investigating why washington is reluctant to take its own advice. congress has now approved a compromise to reduce the deficit and avert a default that would have devastated our economy the u.s. just had to swallow the bitter pill that many students it will how the patients recovery but will instead prove to be a poisoned chalice our economy is not growing at all in fact unemployment remains very high foreclosures remain very high and no recovery is taking place and are we on a suicide m

after all, fannie mae and freddie mac buy the mortgages and then package them and sell them.ard pressure on mortgage rates. however, it's not quite as simple as that. there are counter veiling forces as work. stay with me. typically treasury bond yields are the basis for mortgage rates. they are right now in the eye of the storm. after all, that's where s&p first did the downgrade, right? because they are in the eye of the storm, investors are rushing into these so treasury bound prices have been rising, which means their yield, their interest rates have been going lower. so as a result, mortgage rates actually have been dropping. the 30-year fixed rate mortgage right now, which is tied to the 10-year treasury note, that is at 4.5%. that's the national average according to bank rate.com. for adjustable rate mortgages tied to 1-year treasury notes, right now the average for a five-year adjustable rate mortgage is 3.2%. those are very, very low interest rates, suzanne. >> what about other loans? what does it mean for other loans, potentially? >> auto loans are typically tied to

we just heard you mention fannie mae and freddie mac. clearly a lot of conjecture about their future. but clearly, nick, the administration is treading carefully here as well, right? >> absolutely. in some ways ironically there is consensus on both sides of the aisle that fannie mae and freddie mac can continue any way, shape or form similar to their current structure. on the other hand the housing finance system and the housing market is so fragile these entities are providing life support. they're between a rock and a hard place in determining how to proceed and when to proceed. >> is that what you see happening, guy? >> yes. in the first half of this year we tracked numbers and fany and freddy were accounting for 70% of all new mortgages being made. >> brown: still that high. >> still that high. >> brown: even after all these years of the problems. >> exactly. when they're doing that, you really can't talk about dialing them back or changing them dramatically. i think it puts a serious debate on that on hold for a year or two. there's

there may not have been a bernie mac show. it is the writing behind-the-scenes that is power. >> historically social commentary did become important until the late 50s because comedy before that was very polite. no one ruffled plotters. no one did anything to upset the apple cart or the status quo which was very important. .. them black comics, but lenny bruce, mort saul and be dick gregory were very important in establishing that kind of critical social humor in this country, and then after they did it, other people came along, and black humorists, particularly richard pryor, combined the rawness with the social commentary. made huge strides. opened it up entirely for people. and the writing is kind of interesting also because they're, blacks have been kept away from writing satirical books. if you look at the literature of african-americans, there were only a few books that even touched on satire up until the 1900s. i think charles chestnut used humor first, and then you have james wheldon johnson, i guess, with the autobiog

. >> standard & poor's shifted its focus today to the debt of fannie mae and freddie mac the mortgage finance companies were lowered one notch from triple a to double a plus. s&p said the loss of the federal government's triple-a status was directly responsible for the downgrades. don't forget the two companies have depended on uncle sam's support for nearly three years, when they were seized during the financial crisis. >> reporter: fannie and freddie own or guarantee more than half of the nation's $11 trillion in mortgage debt. so it's no wonder that homeowners and potential homebuyers are nervous. but, experts point out that today's downgrade of fannie and freddie applies to their corporate bonds, not their mortgage-backed securities. that may be why mortgage rates today remained at historic lows, although experts say the rally in government bonds was also a factor. mortgage rates take their lead from the 10-year treasury bond. still, interest rate strategist mike schumacher says the downgrades are unlikely to move mortgage rates. >> now they're really wards of the state, so if the

and the standard & poor's decision to downgrade freddie mac and fannie mae credit rating and what iteans for people trying to buy or refinance a house right now. "7 on your side" put airport baggage scale to the test. michael finney checks out the accuracy. are the extra airline fees warranted? we have those stories and more at 4:00 and 5:00. >>> get your best costume out, the winchester mystery house is holding open audition for boogie men, zombie and chain saw wielders for the halloween festivities. >> to name a few. it's at the center for performing arts recital hall at 6:00. they will work for the fright night event in september. >> it's known for strange architecture, staircases to nowhere, winding hallway and secret passage ways. built in the late 1800s. the kids love it. >> fun. before we go, take a last look at the big board, the dow jones average. way down, 534 points right now. update you on all of the day's activities there at abc7 news at 4:00, 5:00, 6:00. >> below 11,000 mark and falling. thank you for joining us on abc7 news. >> "who wants to be a millionaire" is up nex

the funding the russian ruble is heavily on devalued at least that's the finding of the latest big mac index published by the economist magazine business artie's michael talks into the theory of bargain optics . mcdonald's is everywhere from guadalupe to the fiji islands and the big man is identical if you go this is of course a good indicator of the purchasing power of people around the globe in moscow for instance the big mac cost the equivalent of two dollars seventy which is a real meal deal to sell this burger to someone in the u.s. about thirty percent or more in the transaction. means that the ruble is slightly undervalued of course localization of production varying disposable incomes all way you know the difference in price but what the index does give people is false food for for it's interesting really india top of the list for the cheapest big market even though it technically isn't a big mac but a maharajah made of a chicken. now it's had a look at the markets oil is declining for a fourth day and as long as losing streak since may investors bet that signs of a slowing u.s

a good indicator of the purchasing power of people around the globe in moscow for instance the big mac cost the equivalent of two dollars seventy which is a real meal deal so to sell this to someone in the u.s. . thirty percent or more in the transaction it means that it's slightly undervalued of course localization of production sharing disposable incomes all the way you know the difference in price what the index does give people is false before it's interesting really india tops the list for the cheapest big market even though it technically isn't a big problem on her raja made up a chicken all around. it's a look at the markets declining for a fourth day and as long as losing streak since may investors bet that size of the slowing u.s. economy may fall to fuel them out of the world's biggest consumer of crude now gold is floating around the waterline after rallying further into record territory cheering asian session on wednesday yellow metal safe haven at the appeal pulled investors amid a steep fall across major stock indexes silver is extending today's gains and is an important

other downgrades to follow today from fannie mae and freddie mac. from fannie mae and freddie mac.ck in a moment... and a choice. take advil now and maybe up to four in a day. or choose aleve and two pills for a day free of pain. way to go, coach. ♪ how'd you learn to do that? what'd you use? every project we finish comes with a story built-in. it's how our rough ideas become "you did that yourself?" so when we can save more on the projects that let us fix, make, and do more... that just makes the stories even better. more saving. more doing. that's the power of the home depot. right now get this vanity and matching mirror for just $99. >>> you're watching live pictures of the white house, we're expecting the president at any minute to be talking about the economy, the s&p downgrade, the jobs numbers and of course, afghanistan. meanwhile, other stories making headlines right now, right here on msnbc, massive riots in north london left 160 people behind bars this weekend. groups of young people damaged cars and set several fires after police shot and killed a 29-year-old man over a

. >> another downgrade this time lowering the rating of mortgage giants fannie mae and freddie mac and the ripple effect keeps coming. >> now about 552 points down, the dow jones industrial. >> another horrendous day. >> goes down, goes up. very unusual for us. >> president obama says washington knows how to solve the problem. that politicians need to put the good of the nation ahead of the good of their parties. here's more. >> markets will rise and fall, but this is the united states of america. no matter what some agency may say, we've always been and always will be a aaa country. >> well s&p doesn't see it that way. congressional leaders must appoint members to super committee of congress by a week from today. they will be looking for more ways to reduce the deficit. president obama said he'll be giving them ideas in the coming weeks. what else can he do? he wants to extend certain unemployment benefits and tax cuts. his former chair told cnn told john king the president should go bigger and bolder. >> if i were advising the president i would say take the next couple of weeks and m

how about the new mac book air? >> that's right.ew new tablets last week, but probably a lapton is the most important tool still. so the new mac book air super thin and lightwater it lasts longer on the battery. what's new is a backlit keyboard, so you can type in dimmer environment, like what they have on the mac book pro. the new thunderbolt port, newer peripherals, faster speeds, as well as it's prebuilt with the new mac os lion, with a bunch of bells and whistles. >> and these other bells and whistles, you can dispute whether the kid really needs them. htc-evo 3-d, a smartphone for movies? >> they're kind of like a digital with his army knife even reading e-books. what i like about it is aside from a gorgeous 4.3-inch touch screen, it shows 3-d movies, photos and games without you having to wear glasses. you won't be able to see the effect at home, because you need two eyes to see it. but it's amazing too look at. and it it can shoot 3-d video as well. >>> another distraction from studying. then the click-free c-6, and there's a

going to be the loser autos today, standard and poor's down graded ratings for fannie mae and freddie mac, financing mortgages and experts fear it would cause rates to go up, making car loans and student loans and mortgages more expensive, but today, many bought u.s. debt, the treasury note fell from what it was before the down grade. and since rates are set on a 10-year note, fears seem unjustified for now. and coming up at 6:00, politics being played and what it means in the race for the white house. >> this is hard not to be nervous. we are now putting this into perspective. david? >> well, much of the analysts we've talked to say much of the selloff has been tied to hedge funds and other investors. and for individuals, days like today can be unnerving. >> i'm just hoping very a long enough runway. >> everywhere, people have an unsettled feeling. investments turning souer. >> they're trying to get out now before panic sets in. >> this advisor is talking to clients who seek reassurance. and large institutional investors are selling off and small investors may feel helpless in europe. >>

standard and poor's down grated fannie mae and freddy mac. the down grade may force anyone looking to by a home -- one said there is a bigger picture to consider. >> this is not the end of the world and remember america is still the gold standard. nowhere else to invest in quality debt instruments. bonds that pay interest. >> reporter: analysts said traders are shifting out of the bonds and european banks are snapping up u.s. debt to shore up for a finance crisis but there is still debate on whether the credit rating will have an effect. jade hernandez, ktvu channel 2 news. >> thank you. >>> we have more details now on what is behind the sell off and more perspective on the situation. ktvu's tom vacar joins us live in the news room. we expected the was going to be a sell off but do you think this big of a sell off was a surprise? >> reporter: no. if it happened friday, standard and poor's lowered the rating friday after the market closed it would have been bigger on friday so people had time to think about this. when you are down more than 50

you know, we're dealing with fannie mae and freddie mac or south dakota housing in our case they all have their standards of when they expect us to make contact with customers, etc. we're concerned about is a cost that they're looking at to document that we're doing what we're doing. that we are having the contact with the customer. but i think, again, our results show that we're there. so what we're looking for is that anything you're doing doesn't add cost and burden to us and we have a carveout if we're meeting certain standards. >> so -- go ahead, finish. >> our delinquency rate would prove at 1.7%, where we're 1/3 of the national average, that we're doing the jobs we're supposed to be doing. we've only had a handful of forkse -- forks -- foreclosures over the past few years and i'm talking 23 last year. i mean, that is not -- out of 5,000 loans, that's not an excessive number of foreclosures. those are typically life-event type things. a divorce, loss of job, etc. that are causing those issues. >> all right. let me ask for maybe some of the council here, does the panel acknowled

well, we have just learned s&p now downgraded fannie mae, freddie mac, of course, the home loan folksicted, the s&p continuing its downgrade after an official from s&p said this morning, absolutely no regrets about downgrading the u.s. credit rating. we're going to continue to follow the markets and the impact of all of this coming up. o nourish plus moisturize. active naturals wheat formulas target and help repair damage in just 3 washes. for softer, stronger... ... hair with life. [ female announcer ] nourish plus. only from aveeno. ♪ [ recorded voice ] onstar. we're looking for city hall. i'm sending directions to your car. [ recorded voice #2 ] turn right on hill street. go north for two miles. ♪ [ man ] this is onstar. i got a signal there's been a crash. do you need help? yes, please. i've got your gps location. i'm sending help. [ female announcer ] introducing onstar fmv. get it installed on your car at best buy or visit onstar.com for more stores. but i did. they said i couldn't fight above my weight class. but i did. they said i couldn't get elected to congress. but i did. ♪

to move it away from fannie mae and freddie mac? mr. davidson? >> yeah, i'd be happy to. so i think right now even within the existing g.s.e. structure there's no reason why the g.s.e.'s can't work to start, setup these types of markets. there's no reason why they can't be using more external private capital in the form of insurance, either pool insurance or mortgage insurance. there's no reason they can't set up a credit default swap market or the solution i said which is set up a subordinate bond market where they sell off some of this credit risk. so as a transition we can start building private capital markets even within the current g.s.e. structure. >> thank you. mr. hamilton, you wanted to comment. >> or just point out that some of this technology already exists at the u.s. agencies. freddie mac, for their multifamily lending program already sells off the subordinate and credit trauverages of the securitizations that they create. so they're already doing it in other markets. the fact that, you know, there's definitely the ability to transfer some of that technology

and the standard & poor's decision to downgrade freddie mac and fannie mae credit rating and what it means for people trying to buy or refinance a house right now. "7 on your side" put airport baggage scale to the test. michael finney checks out the accuracy. are the extra airline fees warranted? we have those stories and more at 4:00 and 5:00. >>> get your best costume out, the winchester mystery house is holding open audition for boogie men, zombie and chain saw wielders for the halloween festivities. >> to name a few. it's at the center for performing arts recital hall at 6:00. they will work for the fright night event in september. >> it's known for strange architecture, staircases to nowhere, winding hallway and secret passage ways. built in the late 1800s. the kids love it. >> fun. before we go, take a last look at the big board, the dow jones average. way down, 534 points right now. update you on all of the day's activities there at abc7 news at 4:00, 5:00, 6:00. >> below 11,000 mark and falling. thank you for joining us on abc7 news. >> "who wants to be a millionaire" is up n

freddie mac's chairman discussed this in new york. this is an hour and 10 minutes. >> thank you very much. i've often thought with that checkered employment career that i thought she was going to introduce me as a guy that has a lot of different jobs, but somehow manages to always get another one. [laughter] >> when i was asked to come and speak at chautauqau, i decided you are my kind of people. you started at 10:35 in the morning. i always thought the early bird gets the worm is told from the bird's perspective, not from the worm. on behalf of those who like to start later, i'm delighted to be here. things sure have gotten more interesting in the economy the last few days. i must admit part of this maybe is my fault. if you hang around washington long enough and in the private sector, you get to know people. i thought it might generate interest if a few friends of mine could shake things up. i think they got carried away thursday and friday. before thursday, the deficit debate was obviously not democracy's finest hour as the old chu

the turmoil may be largely driven by s and p, down grading mortgage agencies fannie mae and freddie mac leading to fears of higher rates but analysts say with a debt crisis, there is more going on. >> it's not going to be parties of the 9 ows and early part of the decade. it's a new environment. the market has to get used to it the agency that failed to predict the banking crisis is defending itself. >> we're talking about government ratings and the group i head up. that record remains strong. >> two either agencies rate the u.s. triple a, s and p says there are no second thoughts about the down grade s and p is not done and now looking at local and state governments and that kind of down grade could lead to a slow down in hiring, perhaps the last thing the struggling economy needs. >> and certainly there is a tough time for investors, what is the outlook at this point? >> we've talked to several experts who say some version of the same thing. talk to your personal advisor and there are over the long term, you need to be ready for what looks like a rough ride. >> it could be a long ride

we had hot dog and mac and cheese. we didn't put it on the menu.out it order it. it began one of those things. i got some parmesan. some american cheder there. we put all of those cheeses in there. we dump all of that. basically cook the flour out and make it thicken up. if it doesn't mix all of the way, you use one of these things, motor boat. get all of that cheese nice and melted. it's very thick. it gets thicker once you put all of that cheese in there. once this is nice and hot, everything is melted. >> passing through. passing through. >> we're going to dump all of your pasta in there. there we go. then you use the spoon to stir it around. once it's all mixed together, look at that. beautiful stuff. don't forget your salt and pepper. every time, we seasoned it earlier. make sure you have your salt and pepper. and then we put the mac and cheese right on top there. >> you serve that with french pri fries. >> people eat that and they kind of need a nap. >>> this is a marc burger, chad der and black pepper bun. six-ounce patty burger. very simple

. >> presented the first mac in 1984.e time, hardly anyone noticed, but it was a model for success that would define an era. jobs alone on stage guiding the apple ship against golioth. >> we have to let go of a few things. we have to let go of the notion that for apple to win, microsoft has to lose. >> reassuring investors during unprofitable years in the early 90s. >> if you're an apple employee and you want apple to succeed, then you want someone to give you good news. >> and laying out a vision for a new kind of tech company. >> we are fundamentally changing the way we do business without losing sight of why we do business. >> year after year, clad and the iconic jeans and black t- shirt, jobs rolled out an arse arsenal of technology. >> every once in a while a revolutionary product comes along that changes everything. >> jobs ushered in the age of the smart phone and with every new apple product, another mountain of cash. >> 4,000lates. >> tim cook has been named the new ceo. he proved he can build high quality produc

a short question, how much money as freddie mac to ld to political candidates and lobbs? [laughter] >> zero. [applause] >> i was disappointed i told the ceo who was with me for six months before he left i said koschel kitfield for your grindle to the perks of the there were no country clubs or airports or stuff we could get rid of and claim victory because they were running a tight shift. >> you asked to be have the will and the patients. what do you think? >> i think we do. i spend a lot of tim in the government and the senate at the white house. i worked in the private sector and i do have a strong view that the underestimate the intelligence of our body politic. i think the people fortunately don't spen their lives the way we would washington reading the paper to do not who is ahead of how first base politically. but with the vendors to the issues costs to the two and people generally come up with a pretty good dancer and they are willing to do whatever it takes to go forward. it's one of the things that has made the country great is tht people are willing as long as t