voice, from the middle east. >> hinojosa: oh. >> from arabic traditions that we inherited through southern spain. of course, anybody who was paying attention during high school history class knows that the moors and the muslims were in spain for, like, what is it, over 800 years. so that's part and parcel, besides africa, and the lyricism and harmonies that we heard from europe through spain, that's part of our culture. and that's one of my big missions, to make sure that people understand that we are a multidimensional people, we are multicultural. all latinos are. >> hinojosa: right, so what i want to know, bobby, is when you're growing up in the south bronx, horrible things are happening around you. >> right. >> hinojosa: when they decide to build the cross bronx expressway, right? >> right, and the bruckner express way. >> hinojosa: and the bruckner expressway. and you're this kid. i mean, at that point, where... you know, are you paying attention in high school, and are you thinking, "okay, i'm going to become a musician," or are you thinking, "look, there's destruction around me, there's s

it's true that the euro will be bought or sold on the southern flank, italy and spain. both these countries have to undertake more aggressive deficit cutting. and also, stimulus to growth. at the same time, we need the ecb to be a true lender of last resort. and it's not behaving as such. it's coming in strongly on the markets. but it's also up to berlin. berlin has to work in parallel with the ecb. >> jan randolph. thanks for your time there. >>> let's look at this part of the world now. most asia-pacific markets ending friday moderately higher, rounding out a week of, well, what could be described as extreme volatility. better than expected data out of the u.s., including lower jobless numbers and cisco helping to boost investor confidence. let's go to all of the details of friday's action. tgif. >> back to you, andrew. most of the markets did end higher today, except for japan. the nikkei ended down 0.2%, failing to stay above that 9,000 mark, after touching it briefly this morning. automakers were the big pull, with nissan falling nearly 2%. and the yen has been gai

in solidarity with the we can southern periphery countries like greece portugal spain and italy now germany for all of these reasons doesn't want to discuss it particularly at the moment it doesn't want to lose its harder reputation as a reliable. signing up to this and it has actually said the euro bond will play no role in the talks today. there's a big surprise because growing numbers the thing that euro bonds is the only way to save the euro and how influential investors like george soros a portugal and greece should leave the euro and eurobonds or the only way out even germany is already being sucked into this crisis its growth the growth of its economy skidded to a halt just north point one percent in the second three months of this year which suggests that the euro cross is even bringing down europe because the economy let's get some more insight from paris now a political science professor yellin joins me live many thanks for being with us here at our now back in july but this hour cause the chancellor merkel was working out a debt deal ahead of the euro summit but now they're doing

to say they found it on a pleasure boat in the southern part of the country. spain.t commissioning a report on the future of the only monument to a 20th century dictator in all of europe. the mountain side their wages, about reduced hours, about fewer customers. the economy is still weakened. >> it's interesting because, you know, the president today found some more grim numbers. you know, this payroll processor came out and said that private sector layoffs are up 60% the worse that it's been. >> shepard: the president and i were about the same age tomorrow he gets very old. >> i'm sure you are not getting old. you are staying the same. you can tell that the president is in chicago. he is turning 50 tomorrow as you said. two big fundraisers tonight. high dollar. tickets go up to $35,000 a couple for v.i.p. access. you can see herbie hancock is performing now. a concert. a big dinner. we know this president is going to have great money going into the campaign. he may have great organization of aides today saying is he going to have a bus tour later this month through

so those in southern europe, italy with berlusconi are looking to place oil giants there. a town in good position along with spain, to bring that oil and gas into southern europe. this was the big new frontier on the energy front. for europe especially from an energy security standpoint. >> i'm curious, john, have we heard anything from opec? the oil group throughout the recent events. >> yeah. they've kept a low profile. it's interesting because of the live coverage we did back in june. right before that meeting, about a a week before the meeting, a veteran of the libyan oil business and of the libyan natural oil company stepped down as a sign of protest of moammar gadhafi. he was replaced by a man running the operations until the last week. he went to tunisia, apparently to talk to a number of the oil majors to see how long it would take to come back into the country. he's decided to remain outside the country. right now we're dependent on the tnt, the transitional council to see how fast they can have the dialog with the oil majors, how long to assess the fields and there's discussions taking place for example

red, anywhere from spain up through france as well as switzerland, you'll have a chance for strong winds as well as hail. in fact, i was already tracking rain moving through southern parts of france as we speak. temperatures are going to be quite warm. we're not just talking about across parts of spain and portugal. look at numbers here. today we're expecting a high of 26 degrees. 26 in glasgow. look at this number in london. 27 degrees. charles, i know you've probably been enjoying the warmer temperatures over the weekend. looks like today, another hot day. showers moving through parts of england. nonetheless, let me show you some images from yesterday, showing you how people dealt with warm weather. you're looking at kids hopping in the warm water, cooling off, saying hey. they're enjoying the the last few weeks of summer and rightfully so. i love summer. can't stand winter. but, hey, at least we sometimes get back to summer pretty quickly. charles. >> okay. jennifer delgado, thanks for joining us live. >> thank you. >>> now if political analysts are correct the u.s. washington debt deal is hours away from becoming law and there are spending cuts. that's causing

southern end of poland as well as hungary. good spells of sunshine to be found across spain, paris, and portugal. 37 in madrid today. that also will continue to spread into western and central areas. a significant warm-up is expected by mid-week. here is your extended forecast. >>> and that wraps up this edition of "newsline." i'm catherine kobayashi in tokyo. thanks for joining us. >> hi everybody, i'm huell howser, and here we are right in the heart of califa'

southern end of poland as well as hungary. good spells of sunshine to be found across spain, paris, and portugal. 37 in madrid today. that also will continue to spread into western and central areas. a significant warm-up is expected by mid-week. here is your extended forecast. >>> and that wraps up this edition of "newsline." i'm catherine kobayashi in tokyo. thanks for joining us.

spain and italy are in the market's guns. now, those two economies, they can't be bailed out as easily as ireland or portugal. keep a look on the southern european countries and watch what happens there. >> i've been getting some e-mails. some investors, people who really know what's going on. and they say exactly what you just said. spain and italy. >> as important as greece might be, ireland, spain and italy, that's a whole different ball game. . >> and italy's debt is over 120% of gdp. if it stays over 6%, that i ear going to have to refinance and -- i mean, they need a bailout. then we're in a very different game. >> appreciate you janing us. thank you very much. >>> meanwhile, new photos of the behind the scenes talks that prevented the united states at least for now from an historic default on its debt. we're learning more about who with will feel the pinch from the bill to raise the debt limit and cut spending. the bill signed into law by the president today over at the white house. lisa sylvester is joining us now with more on this part of the story. lisa? >> $2.1 trillion in cuts, and the first wave of that actually starts in f

worries about transfers of wealth from germany to the other european countries down in the southern part and down into spaincularly italy. especially now we have the european central bank and the european version of the fed, euro fed is buying italian bonds. put this into the equation that we are now seeing in the u.s., the dow jones off just about 2.5%. the nasdaq off over 3.5% and you really do understand that we have a financial world that is unhappy. they don't believe that it's a crisis and a calamity, a catastrophe and a disaster, but they do believe that on both sides of the atlantic, there is something smelly in the back of the fridge that hasn't been rooted out and that actually needs to be dealt with, and that's what this downgrade, that's what spain and italy and that's what the markets are telling you today. >> richard, do we expect this to be a trend? do we expect to see this again tomorrow, more downgrades? >> reporter: well, downgrades maybe not. in terms of down markets, i think you've got to ask yourself, okay, eventually, i promise you this, even miserable old cherries will sell in the mar

of course southern europe and you know latter day beyond during construction in countries like italy and spain are a new concern. we're not overly exposed to those markets. >> what do you think is the fix for your problem? >> well, the banks have to work across borders and have to be supported by the sovereigns but if it is a sovereign system failing then the banks have to be almost ordered to support the others by their central bankers. that's the fix. and to give us confidence. i mean this is all about confidence. you can see what happens to a market when you get lack of confidence and lack of certainty. >> we got more evidence today that the labor market is still very weak. are you hiring? >> we are. we are hiring because we're investing. we're investing in this economy an we're investing for two very different reasons. one is shell gas and what that means for the united states in terms of competitiveness of energy and in our case feedstock so we're building new facilities in texas and louisiana, $4 billion worth. so hiring for that. and in michigan in particular in michigan but in other st

that we're being -- seeing a big slowdown in southern europe with greece still stuck in recession, although they are not a major player. but italy and spainre stagnant. we see this a creeping into the core of the eurozone. host: asian markets closing already, how much are they down and what does that tell you? guest: the asian markets seemed pressured today, all little more of a mixed bag. but i think what has characterized the market since the u.s. closed yesterday is just extreme volatility. we've seen wide swings in u.s. stock index futures, for example. big moves in the european markets, wild swings in the foreign-exchange markets. that is a function of fear and worries about where this is going to go. we could see something of a recovery here early on, but people are still very nervous. host: what about the riots in london? this is "the guardian" this morning, the battle for london. then you see the globe and mail, london is burning. what impact economically does this have on your? guest: i do not think we have seen much in the way of concern about this in terms of its overall economic impact. obviously they are not going to be good