let's go to mike tobin is following things. he is in rockaway beach, new york. >> another band of rain is whipping through this area right now. not too much water from it. it is more water compounds the problem and clearing out all the people hoping to get a look around to see the destruction. we can show it to you. in an area as broad channel there was a house that was built on a foundation of stilts that went down in the water. the rising tide it all served to reach up and tear the house off the foundation. if you look at the debris a boat has been slammed up against the debris that used to be a house. you see a jet ski that was deposited in the center of town as the floodwaters receded. you see a lot of debris out on the street. mostly are trees that have been knocked down. the trees knocked down the power lines and we have some 4 million people who are without power right now. they can't expect to have lights turn on anytime soon. as long as you have conditions like this with the rain picking up and winds picking up, power

and a special thanks and recognition to tobin for overseeing the awards committee and to all the committee members for their time and hard work. out come the best part of all. we have been waiting for this fabulous reception in the greenroom, being catered by chefs and their restaurants to offer the best asian-pacific cuisine in the bay area. without this support, this event would not be such a success. at this time, please welcome them. great restaurants, although you are going to see for yourself. >> how is it going, everybody? who is hungry now? better yet, who wants free food? anyway, i just want to say, i'm from the san francisco street grid, and i'm speaking here representing all the chefs tonight. peter makes delicious dim sum. and thomas, with great singapore food. we just want to thank you so much for letting us be part of this awards show. and we are so proud to be here. after the show, please come upstairs, do the green room, and had a taste of all the delicious foods that are up here. i don't have a restaurant, but in a street food vendor. come visit me, and i will definitely t

mike tobin in chicago with more on that. what do you got?the white house operatives thought the president was on the verge of standing up jennifer hudson, that he wouldn't make the trip at all. but now he has put the debt crisis to bed for the moment and back on track with the fundraising and back to blaming the rich for not pulling their weight. >> you can't make it tougher for young people to go to college, or ask seniors to pay for more healthcare, or ask scientists to give up on promising medical research, because we couldn't close a tax shelter for the most fortunate among us. >> reporter: interesting thing, the rich are precisely who the president is targeting on this particular fundraising trip. if he wanted to get in the fundraiser to the aragon ballroom to see jennifer hudson and herbie hancock pay, it's pretty much concert prices. $50 to go in the door, more if you want closer to the stage. but if you want to get close to the president, you can't do it on the working man's wages. they say the president failed the job creation apt i

mike tobin is in rockaway beach in new york city.is one of the places about which we had a great deal of concern for flooding and all kinds of damage and i guess there was quite a considerable amount, mike. >> there certainly was. before i start talking about it let me give you one more look of the dramatic pictures of the angry surf whipped up by the storm. the waves huge. all of the foam kicked up and sea spray pulling off the top of the waves. i can move on and show you the destruction pictures around here. a house in an area known as broad channel. a foundation of stilts that went down into the water and irene literally reached up with the storm surge and high tide and pulled the house off of the foundation and just devoured the house itself. if you look close at the big pile of debris you can see a boat has been tossed up against the house. also pictures of a jet ski that was deposited on the center of town when the flood waters receded and something you will see on just about every block is a tree that is down and the downed tr

jenna: mike tobin in detroit today. jon: and this just in.s is out with its list of the 100 most powerful women in the world. who's in, who's out and which fox news anchor made the list. that's coming up. jon: a fox news alert. and if you have ever driven the new jersey turnpike you know it is one of the more dangerous roads in the country. a lot of high speeds involved and a lot of traffic. right now a bad one. this is in monroe township, new jersey. live pictures from the wnyw bus has apparently collided with a tractor-trailer rig along the new jersey turnpike. this is around exit 8-a. about a dozen people have been hurt. it took place about 5 minutes ago. one person critically injured. two others have sustained serious injuries. major traffic delays on that major east coast route, the new jersey turnpike, exit 8, monroe, new jersey. we'll keep an eye on it and let you more as these developments come in. jenna: this just in. "forbes" magazine just minutes ago releasing the list of world's most powerful women, the top 100 in fact. here is lo

mike tobin, live in louisville on this, how did they find this guy, mike? >> reporter: well, paul douglas peters has arrived at the federal courthouse in louisville, kentucky a short time ago, he is in line to make his initial appearance before a u.s. magistrate, the caravan arriving a short time ago and we're learning the appearance has been delayed an hour, the extradition process will take 60 days. peters himself is certainly not your typical bomb hoax suspect, he's an international businessman, even the australian prime minister calls this a plt out of a hollywood strip. how he ended up in louisville, kentucky or a suburb, is answered by the fact that his ex-wife lived in this suburb of louisville, and even neighbors said they had spotted him around here about six months out of the last two years, bill. bill: any indication as to why? what's the motive here? >> reporter: well, the motive certainly was money. the family, the parents of matty culver have a lot of it, they're known asan of the -- one of the wealthiest family necessary australia but why spe

rick: mike tobin is live in louisville, kentucky. what is this new information that we're hearing about? >> as the hearing now wraps up for paul douglas peters, a warrant has been unsealed that tellsas great deal of information in this bizarre and cruel bomb hoax, it says that on august 3rd, a suspect wearing a hood, a mask, if you will, broke into the home where young maggie pulver was studying, she was only one years old, the suspects forced her to put a device around her neck, a box attached by what appeared to be a bicycle chain, now attached to the bicycle chain or the box was a lanyard, that included a paper document with a usb drive, instructions on that said there was a sophisticated new type of explosive in the box, and only by following a specific set of instructions that involved a web-based e-mail could that device be removed safely. now, despite the instructions on the note, the family of maggie pulver ultimately contacted police and after a terrifying stretch of ten hours the bomb squad x-ray dollars that box attached t

>> martha: mike tobin.r floods in there and then almost pulled out by the tide and goes back out and the storm starts to pull around to the other side. mike, many thanks. good to see you. >> got it. >> bill: and a lot to talk about. emergency crews are in full force. they have been on 24 hour alert right now helping folks who decided to stay home and ride out the storm. this is what we watched two hours ago. elmsford, new york. up t significant flooding there and crews rescuing half a dozen residents from rising waters. i believe that was two young ladies who got off the boat with their back packs in store and they were brought to safety. the house, big questions about how much water is in the basement and it will take some time to dry that out. seeing those scenes up and down the hudson river valley. also expect when the rain starts coming off the mountains and hills around the area the water is only going to go one place and that is up and it will go higher. >> and takes a long time to get the water out o

mike tobin, reporting from new jersey. bill: and a bit more from vermont.he green mountain state is rarely saturated like this. the man who shot all of the videotape is bryce levon cushing and he joins us now and we'll keep showing your video up here, bryce. you lived through this. what were you seeing with the camera? uma: we >> well the water started filling our yard and basement and it was noticeable, there was nowhere for the water to go and we check out the river and i stood on top of a walking bridge i got off of and a minute later the bridge was gone and quickly the water rose and, these small stream became torrents of water. bill: the bridge, was that one the of the ancient covered bridges there? built in the 1870s? >> it was part of the recreational center here, and it was a walking bridge. bill: i see, because three historic bridges were wiped out on the williams river and what a shame to lose that. >> yes. bill: your basement is flooded, your art studio is flooded. is anything dry? >> several -- a lot of the structures, the oldest in vermont is h

we'll bringg in mike tobin who is waiting for the storm to hit in howard beach, long island. what is the situation there? >>reporter: i can tell you, the full force of the storm, chris, we are getting the biggest kick we are going to get for the storm at least from this point and locationn. to give you an idea where my location is, it is near jfk airport. it is metered here at 40 miles per hour. they really feel like they are getting more to 50 or 60 miles per hour . that is why you can see all of the water driving in here. this is a result of storm surge and high tide hitting at the same time and this is a big parking lot. behind me, you will see the main drag that leads to the rockaways and rockaway beach. look at the amounts of the streett lines and power lines are tested right now. and also in this area, you can see the dump trucks in the boulevard. you can see them in the center of the boulevard. this is blocking off the cause way out to the barrier islands. all of those people who refused to come and decided to ride out the storm are getting the worst of it right now. a

. >> shepard: and, populated in queens, new york where mike tobin is standing by now.oward beach, it is my understanding, how are they looking now the tide is going out? >> reporter: amazing, shepard, how much the swiss changed since the last time you came to us. so much wind and the barometer i have been watching has bumped up about 6 milibars and to make sense when the pressure goes up on the barometer it takes good weather with it and what is left behind, a bunch of water standing on the street. the main drag, the cross bay boulevard and a lot of people are looking around to see what happens and got their arms in the air and are waving and usually you see the people with the smartphone out in front of them, taking a picture of what happened and down the boulevard, there is flooding as far that's eye can see. police tape across the street an emergency vehicles and every now and then, people walking across the boulevard and something else that is neat. the last time you came to me, shepard the wind was all blowing from the east to the west, in that direction and as we

wee go to mike tobin standing by in queens, new york, near the epicenter of irene when it hit. what was the thing that impressed you the most? >> i suppose the most remarkable thing about this storm, bill, was all of the destruction that we certainly learned about after the violent portion of the storm had passed. you know, when the winds came in, they were violent. it was a hurricane. it was a tropical storm but i've been through more fierce winds than that. i was watching the barometer pretty closely and it dropped down to a type of depression that would be a category two hurricane. the wind didn't get that strong. that fit the forecast model. the storm surge came up and tide came in and a lot of the water started rolling across the boulevard about as deep as my knee. i thought there was going to be a lot of flooding but as soon as the wind calmed down and the wind changed direction and as soon as the tide went out, all of the sea water went out with it. it wasn't until later when we were trying to get different parts of the state to cover some different stories, we started r

joining us now from washington fox news business analyst tobin smith and here in new york kelly evan, a columnist for the "wall street journal." >> kelly, my first question to you morgan stanley comes out with this report in these series of comments. it was pretty ugly, pretty dire. the market went down further when this was released. why is morgan stanley coming out with this now. >> what is interesting is that morgan stanley has been the more optimistic on the street. they saw treasury yields and economy doing better in the last couple of years. to me and investors it really indicated this isn't something bearish on the economy yellow flag. san begin we have got to admit risks have got tonight point looks at or near recession. not just talking u.s. talking worldwide. >> laura: the president gives that interview yesterday and he says no we're not going into another recession. when i heard that i said that's the obama jinx. that must mean we are going into the recession. the market goes down 400 points. >> the jinx is my aunt martha calls me and says she selling all her stocks when sh

mike tobin is at one of the sites. tell us what you are seeing and what's the big pication re ther?ou what, we are trying to get north and you couldn't do it. every where we drove we ended up going toward another obstacle here isst leabe this road las5 deep under water. delaware, all of them many others coming up and over their ng to acks. we just got word from the new jersey department of environmental protection the ground was aaileai before irene. now the screen streams and tributaries have been inundated with water. right now they are predicting about 48-hours and some are going to peak at record levels. there was a guy up here valentino capone told us a story of watching the storm from his window. opened the basement door and saw everything was flooded. he had five minow ttes to gathep his dog and wife and get in the back of an emergenisr vehicle ad get out. he thinks he lost everything in his home and lost it just that to oasbout there areup of power don't have electricity in the same way. o outy one litity.e glimmer of ho as we look at the flood water from the mahwah. you can

mike tobin live in louisville with the latest. >> reporter: now that paul douglas peter has had his initialnce here in court a lot of the documents have become public that reveal this bizarre set of facts and glaring oversights that led australian authorities halfway around the world here to louisville, kentucky. it became public on august the 3rd when according to court documents a masked man broke into the home in a sidney suburb where 18-year-old pulver was studying. he attached something to her head that was supposed to be explosives. it held ransom note and a usb drive. it it said to contact a g mail address. the usb drive contained a copy of the ransom note and three deleted files. one of the deleted files was written on a computer that was registered to paul p. police determined that the web-based g mail address was established at a chicago airport on a day when peters was traveling through the particular airport. the g mail account was accessed three times on the day of the bomb hoax. an individual caught by security cameras and witnesses fit the describe of paul peters. a car was a

that's where our own mike tobin is, mike. >> reporter: pompton lakes new jersey is an active rescue areaave homes marooned by water and people are stuck on the upper floors. you have rescuers going from house to outside and plucking them out of the houses, that is coming up. jenna: fox news alert. information coming to us out of tampa florida today. i'm going to read this to you. we're just getting information at this time about a post office near the tampa airport. this is what apparently is happening. the first floor of the post office near tampa international airport has been evacuated this morning so reads this release following the illness of two postal service employees who were exposed to an unknown substance. this is according to an airport spokeswoman. two airport rescue and firefighting units are responding to this post office. apparently a hazard dust materials unit is in route to the post office as well. according to a fire official on the scene he says a few people have showed signs of dizziness. we have very few details at this time. again a post office. it sounds like it's

now i'm getting word from mike tobin that we are now having evacuations as far north as canada just across the border from detroit. that city hall was evacuated due to this quake. so this is a widespread event in terms of where it is being felt and who is feeling it. now i want to get to john rundle who is a seismologist at u.c. davis. my apologies. harley benz. my apologies for the name. i appreciate you being here. tell us about the 5.9 magnitude quake. >> we just had a magnitude 5.9 earthquake in central virginia. north of -- an area known for seismic activity but not this large. the largest one in this area in many, many years has been in the magnitude 4 range. megyn: yet 5.9 more extraordinary? >> certainly much bigger than we have seen in the past. megyn: what can people expect in the wake of a 5.9 magnitude quake? what kinds of damage stan injuries typically if any? >> certainly to unreinforced masonry and brick structures we can see falling chimneys. structural damage to buildings. an earthquake this size on the eastern seaboard should be widely felt throughout much of the eastern

james tobin, the nobel prize-winning economist was a big proponent of financial transaction, the first paper he wrote on this was back in 1971 when trading costs were considerably higher than what they would be today with the tax. and, of course, john maeda came back in the '30s talked about tackled trading costs, even that bob and i might propose. i guess what i want to ask jim, when a transaction cost at this level in the past. you talked as though they would be no arbitrageurs but there were arbitrage. award of a target of an issue that the arbitrageur johnson made when there is a gap of three-tenths of a percentage point and the price may be rather than one-tenth of a percentage point? and if that's the case, who cares? >> the question is, who cares when prices get out of alignment. i care. when i go to buy the dti, exchange-traded fund for my retirement account, i would make sure the price reflects what's going on in the underlying stocks. on may 6, 2010 committed to glitch big glitch in the market. technical story. all kinds of problems that occurred. but one of the things that h

in fact, and james tobin, one of the first papers he wrote about this was back in 1971, when trading costs were considerably higher than what they would be but the tax, and, of course, john maynard keynes made a comment about it. even with any sort of tax that bob and i might propose, so i guess what i want to ask, and jim, we had transaction levels at this cost in the past. you talk as if there would be new arbitrage, but they were there. the arbitrage person jumps in. three tenths of one percentage point in the price may be in revenue, one-tenth of a percentage point in price, and if that is the case, who cares? >> the question is, who cares when prices get out of alignment? well, i care in that when i go to buy the exchange traded fund for my retirement account, i want to make sure the price reflects what is going on in the underlying stock. well, on may 6, 2010, we had a big glitch in the market. a long technical story is that there were all kinds of problems that occurred, but one of the things that happen is because of the technical glitches in the market, those in arbitrage go

i want to very briefly introduce jeff tobin and then i'm going to turn it over to him. chuck, as many of you is a partner in the media practice of hound & knight but more significantly and personally to me, chuck was the lawyer for many gannett newspapers including the palm springs desert sun when i had the good luck to stumble upon a story about a guy who was ripping off golf course investors. and chuck gave me a four-hour counseling session. the fellow, jack franks, went to jail. and i didn't get libel thanks to chuck. chuck is a terrific lawyer and a very funny guy and he put together a terrific panel based on real facts. the night stalker if you google it is based on carlson geary, gary and the case of the stalking strangler in columbus, georgia. chuck. [inaudible] >> the question whether i helped your career or otherwise. folks, it's a pleasure to be working with you today. welcome to theater in the rectangle. this is -- this is going to be a fun time for you and we hope for our panelists as well. we're going to kind of intergrate the material that you've been talk