moody's and fitch. oh absolutely there's no question about that and.they've got a joint venture with an american company which is one of the few independent voices which have gotten things right in the past few years so this world needs this desperately it's not u.s. based it's not u.s. centric there will be a huge demand it will take them a while to convince the market but i'm convinced there is a huge market need i know their partners i admire their partners and i certainly know the chinese and the russians want to do it right all right well while you know ratings from s. and p. and the like so if the companies or countries credit was innocent before interest rates what will these new ratings the same thing same thing they're going to be competing ratings if you if joe says your double a and sam says you're single eight then people will have to make a choice of which one and one of them will have more credibility in the end it's exactly the same thing and by the way dimitri i stopped paying attention to s. and p. and moody's a long time ago because i

and moody's a soon to peer that's right and russia is one of.those countries whose ratings agencies are pulling in to create this joint venture this joint agency indeed to compete with the big three and this new rates is aimed to be fully independent of any country or any business and more details now from nick poole. there are only three credit ratings agencies with global reach moody's standard and poor's and fitch they are all american and some would say subject to the same kinds of wall street bias all three have had a bad financial crisis failing to predict in two thousand and eight the imminent downturn at the time they were giving the highest possible credit rating to securities associate with the u.s. housing market prompted the crisis they also failed to spot what was going wrong in iceland shortly before it collapsed and as recently as two thousand and knowing moody's was saying that investor can sons of greece perhaps misplaced but despite this less than stellar track record a new global agency is not going to have it all its own way

and moody's is soon to appear to make that's right and russia is among the several countries are alsochina which are creating this new ratings agency supposed to be independent of any. countries or companies interest some we've talked to richard haynesworth from from ross rating which is part of this agency says well the main goals is to have a new opinion presented to the well that's now joined business that it's in a pool with more details right take what's the point of having yet another ratings agency when we have standard and poor's moody's and fitch. well there are actually many rated games the ratings agencies russia has for the real problem is that only three have global reach and those the three american ones that you've been talking about and they all are subject some would say to the same kinds of u.s. bias the ratings agencies the big three had a bad crisis no doubt about it in two thousand and eight they were all giving the highest possible rating to securities associates with the u.s. housing market which later prompted the whole global downturn. they were giving high ra

there are only three credit ratings agencies with global reach moody's standard and poor's and fitch but they are all american and some would say subject to the same kinds of street bias all three have had a bad financial crisis failing to predict in two thousand and eight the imminent downturn at the time they were giving the highest possible credit rating to securities sociate with the u.s. housing market surely to prompt the crisis they also failed to spot what was going on in iceland shortly before it collapsed and as recently as two thousand and noise moody's was saying that investor concerns about greece were perhaps misplaced but despite this less than stellar track record a new global agency is not going to have it all its own way it will need to establish its own credibility and this can only be done by showing long term accurate and reliable analysis that is going to take some time. and staying with the topic richard haynesworth general director of one of the firms involved in the project says it was trying to do is offer a different opinion to the world. the american new y

our moody's chief economist our moody's chief economist is his report you see us, at the start of the day. our moody's chief economist is his report on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. gerri:. >> i am here with the average n onhe street. ure you savg gerri: i am here with thee3 average man on the street. use a being in the 401(k)? amex 84 retirement? >> saving for a new car. >> you concerned? >> i am a mo. m >> what proportion of yourion at income?and come >> i try to save 10%.percen gerri: that is good. all the experts say maybe 15s or 20 are better if you get older. you are young.>> ia >> i am very mon. illwill not retire until i'mw 80 years old. >> i am tired now. >> recent study said the >> iage american pays when i did $50,000 over their lifetime for t

moody's maintaining spain.hat has caused yields in spain to the lowest level since april. >> that's right. >> and on currency markets, euro/dollar just at a one-month high. there's sterling. that's up at a fresh session high. >>>. pan, prime minister know da may be planning another round of stimulus.noda may be planning another round of stimulus. here is the story. >> reporter: the prime minister called an extra early cabinet meeting earlier today. the new round of stimulus is expected to front load some policy steps proposed under its economic growth strategy compiled in july. that includes measures to accelerate growth in the environment, agriculture and welfare sectors. to avoid a parliamentary vote on a supplementary budget, the government is considering funding the measures with $11.5 billion set aside in the 2012 muj et for economic emergency sis. in that case, the size of the actual spending would be limited and thought to have less impact on the economy. noda hopes to finalize the details as early as ne

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>> i was working at moody' %-sitting in front of of my screen.ge and the s&p 500 kept sinking and sinking. then there was quite a crowd of people round me staring at theame machine that was the blue-green screen and we could not getver what happened. thought e bottom had fallen out. people immediately after said returned to the 1930's wainevitable. gerri: i wasworki my first business reporng job in virginia. the trader was talking to on the phone was cryinbecause heas scared. crying. 500 8.does not sound like a lot day but we have drops all the time. much ado to chnical glitch. could weose 23% in one day ? >> never say never remember the crash of october 87 was par of a byproduct of eltronic type of trading. program trading you had sell, orders auic t kicking g and. to protect investors gerri: some of that goes on today ith high frequency trading. people are afraid we he seen big sell-offs. >> but recentlthey pull the plug on the so of the problem. october 19 nobody knew which plug tpoll gerri: polling the frrntpe of the "wall street journal" ks

and moody's dmitri that is rides and rushes among the countries which are organizing this new agencyit's supposed to be independent of any national corporate interests and actually investor june rogers where i spoke to an hour ago he said it's a great idea except the big three's than the boards moody's and fitch are going to try and undermine it. but they've got a joint venture with an american company which is one of the few independent voices which have gotten things right in the past few years so this world needs desperately it's not u.s. based it's not u.s. centric there will be a huge demand it will take them a while to convince the market but i'm convinced there is a huge market need i know their partners i admire their partners and i certainly know the chinese and the russians want to do it right all right let's take a look at what's happening on the markets and this is the opening picture well one hour into the opening in russia with the r.t.s. now recovering one percent after losing two percent d.m.k. b.p. shares fell on tuesday to the lowest the historical level ever after

moody's chief economist gives his report. next. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach o customer at a time? ♪ or help doctors turn billio of bytes of shared information. ♪ into a fifth anniversary of remission? ♪ whatever you buness challenge, dell has the technogy and services to help you sve it. and waitinin line. i don't have to leave my desk and get up and go to the post office anymore. male announcer ] with stamps.com, yocan print real u. poage for all your letters and packages. it gives you the ect amount of postage you need the instant you need it. can you int only stamps? no. firsclass. priority mail. certified. international. and the mailn picks it up. i don't leave the shop anymore. [ male announcer ] t a 4-week trial plus $100 extras including postagand a digital scale. to stamps.c/tv and never go to the post office again. gerri:. >> i am here with the average man on the street. are you saving in your four o one okay? of retirement? had do think you have enough ? >> i am worried bec

r moody's chief economist r moody's chief economist is his report [ male announcer ] you are a businessro. monarch of marketing analysis. with the ability tomprove roi through s all by cob. and you...rent from national. becau only naonal lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the d-size price. you can even take a full-si'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. like a pro. gerri:. i amhere ith the average man onhe street. ure you savg gerri: i am here witthee3 average maon the street. use a being in the 401(k)? amex 84 retirement? >> saving for a new car. >> you concerned? >> i am a mom. m >> what poportion of yurion at income?and come >> i try to save 10%.percen gerri: that is good. all the experts say mayb15s or 20 are better if you get olr. you are young.>> ia >> i am very mon. illwillnot retire until i'mw 80 years old. >> i am tired now. >> recent study said the >> iage american pays when i did $50,000 over their fetime for the 401(k). 100. >> that is too mh money. gerri: that

and moody's those two we're talking about an agency which has been created by three different statesrussia actually included it's supposed to be independent of any countries or companies interests and its main goal is to provide an alternative opinion to the world now earlier i spoke to the jim rogers the said it was a fantastic idea except the big three will try to undermine it. but they've got a joint venture with an american company which is one of the few independent voices which have gotten things right in the past few years so this of the world needs this desperately it's not u.s. based it's not u.s. centric though there will be a huge demand it will take them a while to convince the market but i'm convinced there is a huge market need i know their partners i admire their partners and i certainly know the chinese and the russians want to do it right all right listen to what's happening on the russian markets the tables of actually turn that out moving down words continuing the rather negative trend said yesterday when the rhythm of declining around two percent now among the exc

and four spanish regions are pounded by ratings john and moody's prepared to march in madrid against more looming cuts. hello and welcome to our team with me karen terrill well how were you thirsty and forced to flee their homes the people of bani walid in libya are seeing their home torn and ripped apart by pro-government shelling women and children are among the dead as loyalist militias try to take the last stronghold of supporters to moammar gadhafi a year after his fall and now just to warn you some of the images we're about to show you report are setting. people are talking about the shortage of labor food and medical supplies for the footage fed by the rally it shows just what kind of carnage we're dealing with children young people old people women to maim and dead their arms their limbs torn off half of their faces blown off and lot of these images had to be edited out of the gruesome nature gross you have to remember that this is the town which has been under siege from pro-government forces for more than two and a half weeks now if you're on after his demise let's have a l

ba-3, the new rating at moody's. over to you, ross. >>> meanwhile, toyota has issued another massive global recall. this time it involves over seven million vehicles worldwide. the good news is no accidents, injuries, or deaths have been reported because this is the defect today, it is because of windows, apparently. electric windows. the auto maker -- this does affect you in the united states, two and a half million cars in the united states. toyota is going to recall. it's going to be 1.4 million in china. nearly 1.4 million in europe. it is the biggest single recall since ford pulled back almost nine million vehicles in 1996. the re. >> caller:s a day after the firm reported that its september sales in china fell 49% on the year. suffering as a result of anti-japanese sentiment in china, a territorial row between the two countries. over two million cars going to be recoiled. recoiled? recalled. >> there might be some dogs recoiling given that this issue largely affects window controls. you may want to make sure th

moody explained there are basic things anyone can do to get a top price for their used car. key number one, clean it up. the coins, the traces of dog fur need to go. and lose the junk in the trunk. >> someone wants to picture their stuff there, not necessarily your old stuff. >> reporter: to that end, rethink your key chain. >> yeah, i would ditch that. >> reporter: life is about reaching your designation but enjoying the trip. that sounds good. >> i picture this being a girl's car. >> reporter: and finally, take a whiff. have a woman, yes, a woman, smell your car. it turns out we have a better sense of smell. it's a little funky, but it's not awful. so, we get to work. hot rims. whoa. the car now sparkling, we focus on making the online ad pop. right away, brian notices problems with the five pictures posted. the steering wheel needs to be straightened out. the sunroof closed. and all these other cars are distracting. it needs to look like a new car ad. so, we take new pictures outside, near a park, on a cloudy day so the light is even. but there's one more big hurdle. >> i

rating agency moody's and that also caused a bit of a jump in spain's government bond yields, so that was a major effect there. let's have a look at the opening levels for this wednesday, october 24th. the nikkei and the topix trading down, the nikkei down by 1%, 8925, and topix at 743. the nikkei did end yesterday slightly higher, extended gains to seven days, doesn't look like it will do that today. i must add yesterday the last couple of days has been on lower than average volume. we'll see how it plays out today. basically what are investors waiting for? the answer may very welcome from the bank of japan meeting due out next week due to convene next week and investors seem to be expecting japan's central bank to get ready to take extra measures to boost growth and perhaps increase its asset buying program which includes such things as real estate funds, exchange trade funds as well as corporate bonds. so a lot of focus there on what the bank of japan may do next week. we'll have to see. that does seem to explain a little bit of hesitancy that we're seeing in the markets today. def

a moody's downgrade by two notches to be a 1 from baa3.r is apparently not happy with that move. he says the move to cut canter's credit resulted in the firm asking moody's to stop rating them all together noting that the firm disagrees with moody's take on the impact of certain compensation charges. in the memo canter says it maintains a rating relationship with standard and poor's, and fitch, both of which have affirmed their credit rating with canter in the last six months. we should note that the firm's subsidiary bdc noted in a regulatory filing that it had stopped working with moody's. but nonetheless an interesting take on a credit downgrade at one of the street's biggest bond trading firms. >> you got questions? our traders have answers. seema mody joins us with your tweets. >> earnings are on tap next week with alcoa reporting on tuesday. with all the talk and concern around china's gdp slowing down, is the bar set so low on yum brands that it could actually surprise with a beat. india and china have been a big catalyst for yum in

david: and moody's rating service says the credit is. this is the company with the help of your tax dollars took over chrysler. we'll fiat been looking for a bailout soon? the story will make you boil, and it is coming next. ♪ [ male nouncer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, take the steps to reach yours, everyowith usgoals. with real advice, for real goals. the us b bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank sandra: breaking news, shares of ruby tuesday falling after reporting minutes ago saying sales increased almost

will see how it develops throughout the day moving on let's take a look at what's happening with moody's because it's now downgraded yet another card through this thought as the ball writings of cyprus which were hit there were hit by three notches moody's a saw and negative outlooks through its ratings as well the agency says the move was due to profound difficulties in the country's banking sector which is the result of the two are rated conditions in greece cyprus is of course the main hope for russia's capital and last month moscow cited would join the e.u. countries to help the island which is seeking a total of twenty billion euros and. move in on the dispute in the british or russian oil budget seeing now has a new twist because at this time. russian partners all that venture which is a are considering selling their stake this time around now this would happen of b.p. sells its ports to rolls left something that local shareholders are all happy about at the same time they are is not giving up plans to a large it's they could buy by inches from the british partners but b.p. says th

moody's is sitting at the equivalent of a-3. quet the question is if they cut spain to junk status. we do have the ecb, there is a backstop on bond buying program. and they made a commitment that they stand ready to help out spain if it makes a formal request. that is the key whether spain is going to turn around and say it does need the help from the ecb. you know, borrowing costs to day, corporates in spain, that's gone up along with the actual yield on spanish sovereign debt. back to you. >> amazing story. karen tso, thank you so much. still ahead this morning on "way too early," the as find a way with the season on the line in the ninth inning, the team that came back from 13 games down to win the division comes back again. play-off highlights and incredible highlights ahead in sports. plus, stephen colbert turns to the 7-eleven poll. which giant cup is selling better there, the obama one or the romney one? that clip and a check on weather when "way too early" comes right back. >> on several occasions thomas told me of his own sexual prowess. because i was extremely uncomfortabl

unimpressed moody's is graded four of spades regions including catalonia the country's wealthiest regionas it is how much of a blow for spain is that. well it's indeed a blow it must be said that these regions do not. do not collect their own taxes so you know way whether they have a deficit or not depends on the central government and that is the reason why catalonia in particular is now clearly asking for nothing less than the candidates because they think that if they are downgraded to be they if they have these huge deficits they have is because there is a fiscal imbalance that there is that they are treated unfairly by the central government and i use another crisis that is quite a serious one because what we're talking about the world of the survival of spain as a united country i just turned twenty third of october what are your thoughts about whether spain will eventually ask for a bailout lot of people saying it's still almost inevitable and it could the eurozone evaluate if it did well it is inevitable but it's clear the first some problem or several different problems first of

moody's says give another blow to spain's crossroads isn't it even the wealthiest. going down.it will in fact to be said again will be said that the central bank has said that the unemployment is rising whereas the economy is shrinking and of course it looks like catalonia may we may be asking for a bailout sometime very soon and that that is happening of course the brain is looking at an even gloomier future of course that has been in the dire straits for the past several years and despite all the efforts that the government is saying they're doing none of the a series of measures seem to. helping in the situation really seems to be getting worse there is more unemployed and homeless people on the streets just by just judging by what i've seen here coming over the past year or so. thank you. turkey promotes itself as a regional leader in freedom but if i did see imprisoned more journalists in china or around now an american media watchdog exposed to he is the world's leading jailer of reporters who put aside the government we're covering their stories we'll read up more about

this is the welcome bok moody's has cut the credit ratings of catalonia and for all of us punish regions to below investment grade this comes just weeks before an early continent action which will focus on whether the region that makes up a fifth of the country's economy should seek independence a million catalonians recently marched in barcelona blaming madrid for their financial woes they spanish prime minister mariano rajoy however has already to block any independence referendums called by regional governments and sociologist carlos del close says it can only call trip and reluctance to shed debt which is driving separatist sentiment. it's really the result of spain being a country that is basically the proper project united under a crown that imposed one spanish national identity on several other communities with who have their own languages in their own histories what's going on now is the economic situation is weakening the central government so much that independence now seems quite plausible and even favorable to the people in these regions for years there has been work being do

moody's and fitch and in fact it's supposed to be independent of anyone's corporate or national interestsnow richard haynesworth director general of one of the agencies involved risks rating says that what they're trying to do is to offer different opinions of the world the american new york centric view of the world does not take into account many of the strengths that exist in different in the countries because they put asian companies lower the u.s. companies and yet the asian companies are doing better. now speaking of asian companies or secular groups happening on the markets actually china's manufacturing has come out much better it's almost close to expansion and that solved the higher orders and therefore we have to see the neck and the anxiety moved back into positive territory and that's after a very very bad day on the jews there secondly what happened in the united states in in new york we've seen the dow jones and nasdaq decline almost two percent as you can see there that's on the back of corporate results especially from caterpillar and on the nasdaq an interesting stock wa

but now it is the and moody part of the song and not the actual throat singing which i wouldn't even dare try to repeat. so maybe you have to be born here to be able to sing like this i thought so until i met small chooks like it vini and i don't even speak their language but she is from japan. most s. too far in mind that she pan from two hundred years ago until sappy here she's not planning a professional singing career but she keeps practicing just because it's become part of her nature. thirty minutes past eleven moscow time now this is r.t. and back to our top news story increasing tension between turkey and syria especially following that intercepted civilian aircraft from moscow the last twenty four hours let's get some thoughts from gareth porter he's the story that investigative journalist on the line from the u.s. he's from the u.s. national security policy council so thanks be with us turkey and its ally the us of previously lashed out at russia for providing arms to syria which moscow says own is longstanding legal contracts the flip side now is that fair with reports tha

explaining the jobs report and weighing its impact with moody's analytic chief cheist mark zandi and douglas holtz-akin, and white house correspondent jackie kol linz, and cnn's chief white house correspondent jessica yellin. i'm candy crowley. and this is "state of the union." >>> it was not unanimous, but there was overwhelming consensus among viewers and pundits that mitt romney shined in denver's debate season opener and the president did not. the new yorker magazine summed it up with a cover cartoon of romney debating an empty chair. the captain "mitt stands alone." campaigns are only as good as their last news cycle, so on to danville, kentucky, and thursday night's battle of the number twos. joining me now are philadelphia mayor michael nutter, a long-time friend of joe biden, and republican party chairman -- a confidant of paul ryan. mayor nutter, stand by with me, and i want to get to the party chairman, and we'll be back with you. mr. chairman, thank you for joining us. i want to talk about the great burden of great expectations. there was a cnn poll, and who is going to wi

moody's put out a negative watch last month. so if you're viewing that, okay.they cut the assets from 50 billion down to 15 billion. it is a significant deleveraging and even with that, the other rating firms took negative action. so you can say -- by the way, we have 24, 27 notches in our ratings scale. we downgraded them one notch. okay? one notch. i think it was from bbb to bbb-minus. that's it. i'm sorry if the market overreacted to it. it is one notch downgrade. even though -- and that was post-mf global. the idea -- it is hard to argue with this -- that the environment has clanged for the middle tier institutional growth firm dealers. >> what happens next? when will you get a resolution? and if you lose this nrsro status, do you go out of business? >> no. no. the firm is fine. we're doing very well. people charge us on our calls. our calls have been better than ever. spain was just downgraded two notches last night by another rating firm. we continue to be ahead of the pack. that's what people are paying for and we'll continue with that. our view is we li

we are waiting for the moody's assessment of spain and the banks to come out. that was the one that was widely anticipated. >> i think people were disappointed by the stress test and the amount of aid that spain has been asking for. that means they are continuing to forestall a real issue here. this puts the guys and is says let's get on with this and take what the bad medicine is. i think this is something that markets will endorse. >> it is a two notch downgrade with the outlook negative. >> it will be interesting to see tomorrow. moody's will be the big one if they downgrade then spain loses access to the ecb. they can certainly change the rules which they have done in the past. this will be key. if we get a risk on rally because of this downgrade you will expect spain to ask for a handout. >> that is what we talked about, is it possible for spain -- spain raises a hand and this 1425 level will hold. >> i don't know how that helps global growth. >> it absolutely doesn't. the knee jerk will be -- >> i think we priced it in already. >> we are nearing that 1425

joining me now, chief economist for moody capitalist markets. it is an interesting market right now, seems to defy logic bubbles you have the fed pumping in all this money, are we living in a false reality? >> that is giving investment hope, hope that things will get better. sure, home prices are higher, but up from what, very low levels. the current pace of auto sales actually still trail the average in 2007 by more than 10%. big deal. the expectation is with the fed and engaging in qe3, the bank of japan bryn mawr, the thoughts and the chinese government, all of this will come together, a nice rejuvenation of global activity leading the market higher. too much wishful thinking. ashley: and the earnings season coming up. they could not only be below estimates that could really be worrying people. >> corporations have warned us third-quarter earnings are not going to look pretty. ceos, cfos, moving sharply lower. the only area we are doing better in would-be areas benefiting from the ultralow treasury bond yields, home sales are higher because o

and if s&p and moody's downgrade the country before these idiots get together and doomething about itd see the same kind of damage we saw with the debt ceiling, whichven the government blamed forlower gdp growth. a lot of people say that's why the economy, one of the reasons why we haven't recovered quicker as we normally do t of a deep recession like this is because of the debt ceiling crisis and now the fiscal cliff crisis. >>gain it goes back, melissa, to leadership. i think there is plenty of blame to go around in washington. but any corporation, or any country needs a leader who is willing to take action, and also bring folks together. that is actually why governor romney was so successful as a governor. you know, head 87% of the statehouse in massachusetts. democrat, they didn't want the guy to succeed. he reached across the aisle and actually got a who heck of a lot of things done. that's what we need in america. melissa: we've gotto go. pete, thanks for coming on. >> thanks, melissa. melissa: rebels blow up two syrian oil and gas pipelines near iraq in the wake of massive gove

we have moody's on the other side of the coin saying they potentially may downgrade netflix.o netflix has been all over the map. last summer it was a $300 stock, then it sold off bigtime. this month, the month of october, it's up over 20%. so the question is, which way is netflix going? is it going to expand globally and compete now, or is it the other side of the coin, is it overvalued here at this level? this is what we continue to follow on netflix, but today down over 10%. liz: okay, let's follow it. so merrill lynch downgrades shares of netflix, whitney tilson did the opposite earlier this month. he changed his very negative view after famously betting against it. now whitney loves it. has netflix turned a corner, and which corner? it's time for a netflix ratings rumble. we're joined by two analysts. in the buy horner, andy hard grave, he has a solid buy on the stock. and in the sell corner, justin, he is from dawson james securities. gentlemen, thank you so much for joining us. andy, the stock, while up, i don't know, 20% or so month to date, is a dismal performer over

to remove the tell must be moved we must move the town this is something very typical in metallurgy moody you know maybe. i'm seventy years old with it why should i leave here there is no one chasing me out. to live this down doesn't just have material wealth like gold and silver but yet. that for us it symbolizes a lot just get bored and we don't believe that for the economic ambitions of people who aren't even colombians we should disappear so they can come to mine the gold killing a town which has survived. as a baby. and when. it goes from there are people who are indigenous who are confused politically because they have been told that capitalism is coming and will destroy them above all we can't have a dialogue with the deaf. into this world. it's exactly like that it's a struggle of capital. capitalism will look at against a people that do nothing else except work and contribute to the state is going to the multinationals do their work. without leaving the country anything. i think that when we must take into consideration that mining development that it does represents two percent