u.s. fed reserve from tapering this this stimulus in the near future. so there are now consensus now shifting to the fed. cutting rates the rate of months the purchases further down the road in the future so are the current consensus is there that we're going to see the car the december meeting and now and december meeting i mean i think we're all going to say to early before they're beginning of next year and be happy even. into the first quarter of next year so this all continues to pressure the dollar financial alice thank you now at this we care more sky i went along to the v. to be investment forum and i caught up with on today santo stefano the head of the biggest bank in us america i also invite us to and how the decisions made in washington affect the emerging economies emerging economies are much stronger than use it to be so they have more fiscal balance that a better economic policy all over the. show i do see some effects we use what is changing at the end of the day is it possible for truly a global course which one is the us dollar interes

proclaimed that the feds should also fight unemployment which cause the next crisis because they printed a lot of money. the extra money cause inflation. >> the u.s. promised to be the world's reserveurrency -- currency. the fed created far more dollars than it could ever redeem, and now the u.s. could no longer keep that promise. >> i have elected that secretary of the treasury to suspend the convertibility of the dollar into gold. >> for the first time in history the dollar was just a piece of paper. >> what do this mean for you? your dollar will be worth just as much tomorrow as it is today. >> of the next decade the cost of living more than doubled. the dollar lost more than half of its value. john: nixon was wrong. imagine that to my politician be wrong. we got inflation which rose up to 13%. >> the fed keeps making the same mistake over and over again. in the 1970's it was printing toouch money. the dollar lost more than half its value. right after nixon made that promise. >> inflation is low today, and recently they had the confidence to do what they have done of the past few years contract to stimulate the economy by printing lots of money to buy treasury bonds on dubious b

proclaimed that the feds should also fight unemployment which cause the next crisis because they printed a lot of money. the extra money cause inflation. >> the u.s. promised to be the world's reserveurrency -- currency. the fed created far more dollars than it could ever redeem, and now the u.s. could no longer keep that promise. >> i have elected that secretary of the treasury to suspend the convertibility of the dollar into gold. >> for the first time in history the dollar was just a piece of paper. >> what does this mean for you? your dollar will be worth just as much tomorrow as it is today. >> of the next decade the cost of living more than doubled. the dollar lost more than half of its value. john: nixon was wrong. imagine that to my politician be wrong. we got inflation which rose up to 13%. >> the fed keeps making the same mistake over and over again. in the 1970's it was printing too much money. the dollar lost more than half its value. right after nixon made that promise. >> inflation is low today, and recently they had the confidence to do what they have done of the past few years contract to stimulate the economy by printing lots of money to buy treasury bonds on dubio

u.s. federal reserve. she's currently the fed's vice chair. she was a uc berkeley professor like her husband.e won the nobel prize for economics in 2001. her nomination needs senate confirmation before she can take the job. she would be the first woman in the world to head a major central bank. ben bernanke is stepping down at the end of january. >>> well, today a state assembly committee will hold a special public hearing about the recent violence at -- recent violence at napa state general. three years ago, a psychiatric technician was killed on the hospital grounds and since then, there have been several violent incidents. today's public hearing is at 1:00 p.m. at the little theater at napa valley college. >>> the group working hard to try to save and preserve berkeley's downtown post office is pretty angry. the historic building now is being listed as being for sale on a real estate website. earlier this month, the postal service said the city has until the middle of next month to comment on any negative effects that selling the building would have on preserving it. a postal service spoke

entity aka the federal reserve whose mandate is to buy high and sell low i'd like to talk to you know about the future of the u.s. dollar since we're talking about the way the fed supports it we hit the debt ceiling it's been raised can the u.s. dollar remain the global reserve currency. absolutely not and this really started long before i started with the crisis of two thousand and eight started with the all of the emergency currency creation and the and the spending that the bush administration actually started and then the obama administration just put it into hyper drive and it even started earlier than that when saddam hussein started selling oil for a year of those they did these were some of the first nails in the global dollar standards cough and all countries used to need the u.s. dollar to do debt settlement if a car dealer in mexico sold mercedes wanted to pay mercedes they converted pesos into dollars wire transfer the dollars to mercedes benz and mercedes benz would then convert that into your us well there's all of these bilateral trade agreements being made between countries all the time just recently singapore has now reached a deal with china t

fed didn't make enough money. and unemployment caused the next crisis because they printed lots of money. and the extra money caused inflation. >> u.s. promised to be the world's reserveurrency. backed by gold. but the fed created for more dollars than it could ever redeem under gold. and now the u.s. could no longer keep that promise. >> i had directed the secretary of the treasury to suspend temporarily the convertibility of the dollar, into gold. >> for the first time in history, the dollar was just a piece of paper. >> what does this mean for you? your dollar will be worth just as much tomorrow as it is today. >> over the next decade, the cost of living more than doubled. the dollar lost more than half its value. >> so mixon was wrong. imagine that, a politician being wrong. we got inflation that was up to 13%. >> the fed keeps making the same mistake over and over again. in the 1970s, it was printing too much money. the dollar lost more than half its value in a period of ten years, right after nixon made the promise. >> inflation is low today. they had the confidence to do what they've done over the last few years. try to stimulate the economy by printing lots of

fed is getting plenty of attention today. >> u.s. markets are paying close attention to the two-day federal reserve meeting that starts today. no big changes expected to the fed's economic stimulus program. yesterday, the s & p 500 closed at a record high for the sixth time this month. it edged up two months. the dow and nasdaq ended the day flat. >>> apple this morning, the tech company announced its later quarterly report after the closing bell yechltd earnings fell 9 pkts. demand for apple's iphone is still high but lower-priced versions cut into profit. this is the third quarter in a row apple's earnings have dropped from the previous year. >>> shares of tesla dropped monday after reports that another one of its model s electric cars caught fire after a crash, this time in mexico. tesla say it is fact no one was hurt in the crash shows the car's high level of safety. this was the second high-profile tesla fire this month. >>> consumer reports released its 2014 rankings for auto reliability. lexus, toyota and acura took the top three spots. audi, volvo and gmc are the only nonjapanese brands in the top then. consumer repor

all of its profits to the treasury so the more the fed pays out and interest on these reserves to banks the lesson. give back to the treasury or the u.staxpayer there was a trick question there. your question i love it now the real question is why is the fed paying interest on answers on reserves and second question more importantly can i keep my money if. you cannot keep your money at the vet only member banks now i did find a two thousand and eight fed press release which stated quote the payment of interest on excess reserves will permit the federal reserve to expand its balance sheet so basically the fed has pumped three trillion dollars into the economy through q.e. and it's now pulled two trillion back out by paying interest on reserves well there you have it thank you just in and bob actually you recently sat down with the stockman to discuss this very subject now yes i did i spoke with david sparkman and he is the director of the office of management and budget under reagan. about how the fed will keep reining in what is no over two trillion dollars in excess reserves but first i asked about the fed's exit strategy from its po

fed issues u.s. currency. that's why it says, "federal reserve note," on all the bills in your wallet. this is the bureau of engraving and printing just a few blocks from bernanke's office. the fed's mandate from congress is to put enough money in the system for maximum employment but not so much that it sets off inflation. the fed actually pays for itself and returns billions in profits to the treasury. in a sense, bernanke has been preparing for this emergency his whole professional life. he got a phd in economics from m.i.t., he chaired the economics department at princeton, and his specialty is the great depression. he's among many economists who now believe that it was the federal reserve itself that helped turn a recession in 1929 into a global calamity. >> they made two mistakes, basically. one was, they let the money supply contract very sharply. prices fell, deflation. so monetary policy was, in fact, very contractionary, very tight during that period. and then the second mistake they made was, they let the banks fail. they didn't make any strong effort to prevent the failure o

fed. >> reporter: the federal reserve is keeping low interest rates in place for now after a policy meeting yesterday, the fed did indicate that the u.s. economy seems to be improving. but it will continue to buy $85 billion worth of bonds each month to encourage borrowing and spending. analysts expect the fed to taper the stimulus program sooner than expected, sometimes next year. dow and nasdaq down yesterday. overseas, asian markets also lost ground in today's trading. facebook grew by 60% thanks to growth in its mobile advertising business. the social networking company earned $425 million compared to its $59 million loss in the same period last year. its stock soared in after-hours trading by as much as 15% before falling and settling near its closing price. and if you like mcdonald's coffee, you may soon be able to brew and drink it at home. the fast food chain says it will test selling packaged, ground and whole bean coffee in supermarkets starting next year. that's your moneywatch. for more head to cbsmoneywatch.com. at the new york stock exchange i'm wendy gillette. >>> still no word from google about what it's up to out on t

u.s. experts. whether that works anymore. i think the chinese are fed up with that. and they'd love to bring the u.s. dollar down as the world's reserve currency. >> want to tell our viewers exactly what china is saying. they're talking about mrs. torturing prisoners of war, slaying civilians in drone attacks and such alarming days when the destinies of other nations are in the hands of a hypocritical nation has to be terminated and a new world order should be put in police according to which all nations big or small, rich or poor,le have their key interests respected and protected on an equal footing. you can see it on the screen. that's harsh language indeed. the harshness surprises me of you don't normally get this. is this directly from to the chinese government? >> well, think it's from elements of the chinese government, absolutely. normally china is much more restrained and able to follow what we, after all, call the party line, and the party line is the smiling face of chinese power. this is a line that said, oh, we're engaged in a peaceful rise, and we're going to be a responsible stakeholder, and all you have to do is believ

u.s. federal reserve economic stimulus will continue for now, but asia's emerging economies could very well be at risk when the fedally pulls up road -- pulls the plug. what will happen to the philippines? >> there was a wave of relief across mobile financial markets and said amber when the u.s. federal reserve announced its decision to keep buying bonds to the tune of $85 billion a month.

u.s. monetary authorities are moving to head off another financial crisis. the federal reserve plans to require major banks to hold enough high liquidity assets sooner than national standards require. it includes cash and government bonds. fed officials say large u.s. financial institutions should strengthen their liquidity positio positions. they were agreed to on banking supervision, after the global financial crisis of 2008. at the time deposit outflows stemming from credit uneasiness and a squeeze on interbank lending hit u.s. banking operations hard. the u.s. central bank took these developments into krgsz in working out its own strict rules. beginning in january 2017, it plans to ask banks to hold a liquidity coverage ratio of 21%, that means banks should hold liquid assets equal to their cash flow outflows. it will fund their operations for about 30 days during a time of market stress. if it becomes official, the fed proposal would also affect financial institutions in other countries that own u.s. banks as affiliates. >>> a jury in the u.s. state of oklahoma has ordered toyota motor to pay $3 million in damages, holding it liable for a 2007 car crash. a woman driving a toyota camry was seriously injured, and another

reserve. in 2007 she was one of the few fed governors to warn about the approaching recession. >>> u.s. agriculture department is threat fing to shut down the three -- threatening to shut down the chicken farms. foster farms which straights the three poultry plants has until tomorrow to tell the agency how it plans to deal with the problem. it says the government shut down has not effected meet inspectors. all 7,000 of theme were declared essential employees and remain on the job. >> able to do the investigation, follow up leads, and to get out communications in a timely way that's been uneffected by the shut down. the centers by for disease control has called furloughs in for the outbreak, it has sickened 300 people. >> in oakland's rock ridge district, residents are meeting with police to discuss public safety concerns. an increase in armed robberies and burglaries are at issue. they want to hire a private security firm to supplement patrols. >>> and the chief today announced his resignation. his last day will be december 20th. he spent the last four years as chief. >>> a 4-legged mem

the federal reserve staying the course on its signs the u.s. economy is slowing down a bit. the fednnounced yesterday it's pressing ahead with its stimulus campaign. includes low interest rates. i guess my micro phone went out. central bank says it will continue helping the economy because of weak signs in the housing and labor markets. on the positive side, u.s. deficit for the 2013 budget year, how about this, falling to $680 billion, that is a five year low. breaking news overnight in sear gentleman. an if i recall with the chemical weapons -- has met the deadline to destroy -- for tomorrow. and this comes as health officials racing this morning to stop a polio outbreak inflicting yet more damage amid the country's civil war. world health organization is confirming ten cases all in children under the age of four. there are 20 additional suspected cases. the outbreak is in two villages close to the border with iraq. hospitals there are in ruins as you might imagine and without power or proper medicine. another likely factor in the outbreaks is the lack of sanitation. health offici

u.s. central bank. yellen has been the fed's second in command since 2010. she's also served as president of the federal reserve bank of san francisco. she headed the counsel under former president bill clinton and she's played a crucial role in the fed's monetary-easing policies. president obama will formally nominate yellen later on wednesday. she would take over from ben bernanke in february after his second term expires. they're looking at when they can start scaling down the easing measures that spla massive amounts of money to the markets. they're also thinking of whether to end the policy of keeping interest rates near sow row. they have a huge impact on the markets. bernanke's suggestion in may that the fed may start tappering caused fluctuation in the stock market. yellen will be tasked of showing clearly market direction. >>> the dangers of defaulting on the national debt, it would have cats terrific to consequences and not only for americans. in their latest report, imf economists lowered their forecast for economic growth. they noted political risks from a budget standoff. >> if they do not make pay

u.s. federal reserve will continue its bond buying program. the fed begins a two day policy meeting today. so keep an eye on that. >>> overnight asian markets traded very narrow range today with south korea, taiwan and hong kong closing up slightly. japan and australia finished the day down about a half of a percent each. i'm checking in on the futures here in the u.s.. they indicate sightly higher opening across the board for the nasdaq down. s&p 500 pretty quiet yesterday as we've made it through most of the earnings reports. still waiting for the fed and possibly economic news this morning. but the s&p by the way closed out a record high and investors do expect the fed to hold steady on its current economic plan so that should help thing out there. >>> apple shares slipped more than 1% despite an en, report that showed it earned $7.5 billion in the quarter that ended last month. it was the third quarter in a row that earnings dropped from the same time last year after a decade of steady growth. many investors hoping for a better report and a strong

u.s. federal reserve. she holds the position of vice- chair of the fed.n was also a uc berkeley professor and served as the president of the federal reserve bank of san francisco. her nomination needs to be confirmed by the senate before she can take the job, ben bernanke stepping down as fed chair at the end of january. >> 5:38. new information about the salmonella outbreak linked to checken at three facilities there. the center for disease control says 42% of the 2 stay people who became sick were hospitalized. they say many strains of salmonella linked to the outbreak appear to be resistant to drugs. they say it was slow to discover how big the outbreak is because of national network that looks for food born illnesses is shut down because of the government shut down. >>> the center for disease control says 2/3 of its staff is furloughed. they can't work. because of this latest salmonella outbreak they are recalling some of them, the inspectors to deal with the fallout. that is allowed under the rules of the government shut down. georgia congressman jac

u.s. markets are paying close attention to the two-day federal reserve meeting that starts today. no big change s expected in the fedtimulus program. the dow is down more than a point. the nasdaq closed down three points. apple earnings fell 9% during its latest quarter. it's the third consecutive quarter in which apple earnings have declined from the previous year. apple sold more of the top moneymaker the iphone but people are buying new lower-prized models. for the year, apple's model dropped about 25%. >>> in housing news, many americans who bought existing homes fell in september to its lowest level in nine months. this is according to the national association of realtors. its seasonal adjusted home sells dropped 5.6%. analysts blame higher mortgage rates and home prices. >>> "consumer reports" released its 2014 rankings for auto reliaility. japanese brands took seven of the top ten spots with lexus, toyota and acura taking the top three. and "consumer reports" says it's not recommending two of japan's top sellers. the honda accord v-6 and the nissan altima sedan. that's because of its poor reliability. >>> and

owners were preparing for the federal reserve to announce a reduction in its stimulus program, something the fed decided not to do, citing uncertainty about the u.sonomy. >>> well, walmart is gearing up for a big boost in web-based sales. the world's biggest retailer announced plans to open two e-commerce distribution centers. one center will be in fort worth, texas, with 275 full-time associates. the other is planned for bethlehem, pennsylvania, which will eventually employ 350 staffers. >>> in the meantime, a company firing on all cylinders, amazon.com is getting ready for an expected boost in online shopping this holiday season. it is hiring, get this, 70,000, 70,000, temporary workers at its u.s. fulfillment centers. that's 40% more than it took on just a year ago. the world's largest e-tailer says so far this year it has turned 7,000 seasonal workers into full-time employees. >>> now even though amazon and walmart are preparing for a boost in online sales this year, a new survey finds that more than half of all americans do not save money for the holiday shopping season. transunion says that more than 64% of people surveyed say they don't pl

reserve. >> jeanette yellen is currently the vice chair of the u.s. bank and she will be the first lady to leave the fed. her tenure would end in january. >> and remember the 9-year-old boy who took the plane from minneapolis to las vegas with no ticket. and you show him getting screened and then slipping by a distracted agent to stow away. but tonight his dad has a message for everyone. >> we thought he was at his friends. i don't have a answer. i have a 9-year-old. to me he has a behavior problem. we've been asking for help. >> this kid does seem to have a beehivor -- behavior problem. he's way too young to be charged with a crime. the day before, he cased the airport and grabbed a bite to eat without paying for it and this kid had previously stolen a car and -- snuck into a water park. >> and i heard his mother worked at the airport. there are allegations she helped him. crazy stuff. >> and we are just getting started. >> hear what roger goodell says about the redskins name change debate. >> who says good neighbors make good friends. well they didn't know about the water front. >> in a place where st

reserve. in all likelihood. if the u.s. treasurys not going to hon its interest payment obligations, the fed will then agree to take this defaulted treasury deb as collateral and prode emergency sh loans. lou: there is a device, a process by which default can be avoided? condly. the idea that there would be a default or short-term what would you call it? expediency applies to meet mands on the govnment, the reality is we're way ahead of -- we way ahead of the process here. this congress, a let me ask condition congressman ro do you think we're that far head? or we might be headed toward breaki through that dote det deadline as -- debt ceiling deadline as envisions by ck lew? >> i don't think we will, we have walked up to it when dennis of here, i bet he is more relaxed than i am right now. %-budget control act, i believe there will be a solution. i believe wll find a solion to this before thursday, if that is he date certain but whatever that date certain is. i believe we can work it out, i really believe we can. lou: you have been in the meetings with your caucus, you know what the leadership is saying, younow the tone, harry ta

u.s. federal reserve will start scaling back its stimulus program. policymakers at the central bank are meeting to decide their next steps. david stockton served as the fed's chief economist. he's now a senior fellow at the peterson institute for international economics. nhk world asked him what to expect. >> another fmoc meeting is coming up very soon. is it fair to think we shouldn't expect anything new from the fed within this year? >> i certainly think it's very, very unlikely that the fed does anything at the october fomc meeting. simply the data they've seen will not be looking very, very promising and i think they're likely not to want to move at that point in time. i think march is looking more likely as the first time in the first taping. that will be janet yellin's first meeting to chair the fomc. i think the thing they'll be looking for is clear evidence that the labor market is continuing to improve and that the pace of economic activity in the united states is picking up. i think that's really what they want to see. obviously, they're balancing that against the potential for some financial stability concerns that they stay easy too long. but i

u.s. dollar. that a way expressing a full round the conditions that have been created with this. government shutdown and the potential battle for the debt ceiling limit all these conditions will likely to prevent us fed reserve from tapering this and the stimulus in the near future. so there are no consensus no shifting to the fed. cutting rates or the rate of monster purchases further down the road in the future the current consensus is there that we're going to see the car the december meeting analysis december meaning i mean i think we're all going to see. before they're beginning of next year and perhaps even into their first quarter of next year so this whole continues to pressure the dollar financial alice thank you now at this we care more sky i went along to the v. to be investment forum and of course out with on today's sound a step ahead of the biggest bank in us in america i'll assume about the u.s. to a say and how the decisions made in washington affect the emerging economies emerging economies are much stronger than there used to be so they have more fiscal balance know what that a better economic ball is all over the globe so i do see some effect because what is changing at the end of the day

u.s. has been spending $$1.5 millions of aid. president obama says he's got the federal reserve and today janet yellen was officially nominated to help the feds at the white house. that's the news at this hor. i'll see you back here at 11:00 eastern t 8:00 pacific time. >>> the government shut down. anxiety ego an growing and a far number of say i still support my congressman. >> they are doing what's contusionly allowed and doing it because of their convictions. i respect that. >> also tonight, sick of it. a major samonella out break. why the cdc warns, we're not safe. and the summer leads to a fall facing more violence. capturing images in baltimore. a journalists tries to understand why. >> that's someone's dna and somebody just approved or washed away. so,. >> thank you for being with us. the public keep says it will happen and it will be reasonably believe. law makers at the helm will start caring for the jobs but maybe not. the two sides are just as yesterday. >> it appears the principle at stake. if in fact, one action of one chamber of one branch of government is able to say we will shut down the government and shut down the economy u

u.s. federal reserve says economic growth continued at a modest two moderate pace between september and october. eight of the fed'snk districts reported early in september. that is good news. growth slowed in philadelphia, richmond, chicago, and kansas city. general motors will choose between natural gas and gasoline versions as early as next summer. gm says the polity the only factory produced a full-sized car that runs on both types of fuel. apple is planning to build a new campus in silicon valley. reports say that the cupertino city council approved the billion-dollar plan. it calls for $3.5 million -- 3.5 million square feet of office space and 1000 seat auditorium. that project is expected to be completed in 2016. we are going to continue on watching what the markets are doing in reaction to what the dow did today, which jumped more than 1%. u.s. senate leaders reached a deal to reopen the government and avert a default on the debt. the markets are opening. tara joseph is in hong kong with market reaction to the deal. >> yes, it has come down to the wire, as both the u.s. senate and house vote on a bipartisa

reserve currency. yes certainly and it absolutely obvious is that all these events the shutdown the possibility even removed of a default weighting of the reputation of the u.s. dollar by so we the fed policy is also waiting of the reputation of the u.s. dollar but on the also hand it is very clear that so far also a currency called pigs of police of the u.s. dollar are certainly not the euro which it's a lot of a huge problems and it's not sure that the euro will survive in two or three years certainly a lot so again the u.s. well the decision is in the hands of the chinese government and so far the chinese government is certainly not really to agree to have its own currency becoming an international reserve currency so by default zero us the law used to stay as the main reserve currency right and of course all weakness saying our lot of divisions within congress and also the prospects for the future of american economy than. yes that's absolutely true we have a huge debate about health care. you know that democrats are very very pushing pushing very very seriously but the main thing is the obamacare as a republican are highly against that we knew also that the grassroots represent

u.s., british and israeli. >>> president obama will nominate janet yellen for chairman of the federal reserve today. yellen is the current vice chair of the fedhe's a professor amerita. >> todd: university of california berkeley. she served as ceo of the federal reserve bank of san francisco from 2004 to 2010. mr. obama will make the announcement at noon our time. if confirmed the 57-year-old would become the first woman to ever chair the federal reserve. >>> in a few hours a san francisco man is due in federal court charged with master minding a notorious online black market for illegal drugs. ross ulbricht's attorney is expected to ask for his release on bail. he's not expected to enter a plea on charges he ano, ma'am mousily ran the $1 billion narcotics website known as silk road. ulbricht is also charged with using the website to hire someone to kill a former employee. the 29-year-old was arrested october 1st in a san francisco branch library while authorities say he was chatting online with a cooperating witness. >>> a petaluma neighborhood is quieter this morning after being swarmed by local and federal agents in search of bombs at a ma

reserve. the fed says it will continue its massive economic stimulus program that's been keeping interest rates at near record lows. the bad news is the reason why. the reason is the u.s. economy is still growing just fast enough and just slow enough that it still needs the help out there. the fed says budget battles on capitol hill are restraining growth. it plans to continue the stimulus until the job market improves, quote, substantially. >>> there is some other good economic news to report. the term deficit is at its lowest level since 2008. the treasury says $680 billion, the deficit is less than half of what it was in 2009 when it hit a record high of $1.4 trillion. the combination of the forced budget cuts, the came tester with tax -- the sequester with tax increases on high income households are the factors that led to the rucks. >>> if you're a veteran looking for a job, you may want to check out usajobs.gov, they have been hiring. veterans make up 29% of the new federal workers. that is the highest percentage of military veterans in more than two decades. the defense department led the way with about 46% of new hires being vet ramps. >>> parlay view fran say

u.s. capitol. the two items investigators found in a lock box in her car. >> reporter: president obama is expected to nominate federal reserve vice chair janet yellen as the new head of the fedwe'll tell you more about the cal business professor after the break. ,, > >> your realtime captioner is mrs. linda m. macdonald land? the differing stories that are complicating the >>> solve this problem before it's too late. >> what happened that caused asiana airline flight 214 to crash land? the differing stories that are now complicating the investigation. >> a lawsuit that started off the night with good intentions. she was trying to stop taggers hitting a library then was behind bars. the charges she faces. >> coolest day of the workweek, the details with your pinpoint forecast. >> and we are hearing about a minor fender-bender. it's westbound 80 right before you reach the bay bridge toll plaza. what it's doing to your commute into san francisco. we'll let you know coming up. >>> good morning, everyone. it's wednesday, october the. i'm frank mallicoat. >> i'm michelle griego. time now 6:31. it's october 9. >>> happening today president obama is expected to announce his nominati