we get straight talk from the billionaire investor, warren buffett. and tennis legend billy jean king speaks out on the u.s. open outburst. >> i couldn't believe that happened. we all have our melt downs. >> kim kleisters big win for moms everywhere. >> it meant a lot of her to win in front of her baby. >> hi, everybody. we are coming to you tonight from just north of san diego at the four seasons resort in carlsbad. we are here for the most powerful women's summit with news makers from government, corporate america, media and entertainment to talk about ways to affect change in the country and increase the power of women. we have a lot of ground to cover and a lot to talk about tonight, but we will start as we always do with the mash up. our look at the stories making an impact and the moments you may have missed. we will go back to new york and erica hill. >> campbell, thanks. an official slap on the wrist for joe wilson passing a resolution of disapproval because he refused to apologize on the house floor for shouting at president obama last week.

warren sits at 6.68 right now. greg anderson, he has a 6.66. >> the field is set, so right now this is just a matter of reading the racetrack and trying to make a good run. trying to get bonus points in case of zbreg anderson. and he's not going to do it there. >> so, greg anderson's kind of strange year continueses on. warren johnson runs a 6.692 and he'll stay in 16th. the field will be set. >> second run in a row greg anderson did not get down the racetrack. only one good run out four, can't be feeling great about his chances into tomorrow's eliminations. >> wond hear what they're working on there? well, coming up in just a bit, it will be, nitro. including that guy, doug herbert. he's back and he is back with a vengeance. he's having a great weekend. we'll see if he can continue to hang on to top positions in this field at the carolinas nationals. ♪ i'm going to drive it like a stole it ♪ i'm going to leave it all behind ♪ ♪ won't even cross my mind ♪ i'm going to grab the wind drive it like i stole it ♪ >> kri

with reaction to the testimony is elizabeth warren. she's chair of the congressional oversight panel on t.a.r.p. also professor of law at harvard university. so good to have you back on the program, miss warren. thank you for spending the time. >> thank you. >> what was your reaction to secretary geithner's testimony just now? >> well, i was really struck. i think that this crisis is entering a new phase. you know, the oversight board and the department of treasury may have differences about how strong or how weak the economy is, where the dangers still lie ahead. but what kept recurring in this testimony was secretary geithner's assertion that in effect, if we don't get some regulatory reforms through, if we don't get the rules changed, then we stay at risk for this problem happening again and again. >> interesting point that you made, because i guess recently with so much focus on health care, and overhauling that system, the financial reform has sort of taken a back seat. are we losing momentum on that? >> that is exactly the right

it's an awful battle, and elizabeth warren pointed it out. and the idea of having a systemic risk regulator not totally located in the fed is something that i support because i get uneasy about having the fed's independence law. and they did not do a good job over the years monitoring. >> bingo. >> the idea of breaking up the banks, and i suspect it would be very difficult. >> i understand that. i appreciate you coming on with us, senator, and particularly the conversation on too big to fail. i hope you will join us over the next coming months. >> i would be happy to, and you do a great job, dylan. >>> and warren is trying to figure out what the congress is doing, and we need to re-establish the basic rules of competition and capitalism in this country. and pessimism on congress's ability to respond to that they work on behalf of the people and not on behalf of the bankers. >>> plus, my take on the meltdown a year later today on the "huffington post." america held hostage still, 365 days later. was there any sum of money we would not have giv

but defense attorney warren brown tells us his client simply got caught up. the dunbar high school varsity football team practices under a cloud of controversy. abc news has learned four players are charged as adults with attempted murder. >> i'm praying for them. >> reporter: this football mom who did not want to show her face learned of the arrests from her son. >> i thought it was sad because i'm thinking about all these kids' future, and, you know, the future is going to go down the drain for something like this. >> reporter: baltimore county police confirm the charges stem from a fight last saturday night in the 3900 block of twin circle way and arbutus. we're told as many as 9 suspects targeted a 14-year-old woodlawn high school student stabbing him and three others. neither the coach nor the principal would confirm the allegations but we were able to speak offcamera with defense attorney warren brown who is representing one of the student. james mcbride is facing four counts of attempted murder and assault. attorney brown tells us mcbride was sleeping

>> at nominal gdp, yes. >> what do you say to that, warren? confused if we're below trend, if that shape is going to look like that. if you're at or above you're more v. if you're below trend, you tend to be more of an l. if you want to extend that, i can agree maybe a u over time. i'm a little confused. are we going to continue in a v and still be underperforming? that doesn't make sense to me. >> brian, i don't mean to be sounding negative about what you're saying, obviously as you get bigger, it's harder to grow at a higher rate. >> erin, we're talking about -- we're not talking real gdp growth, nominal gdp growth. >> big difference. i heard you, thank you. brian and warren. >>> coming up, your thoughts from our mail bag. pain, you could end up taking 4 times the number... of pills compared to aleve. choose aleve and you could start taking fewer pills. just 2 aleve have the strength... an eleven sixteenths wrench over here? here you go. eleven sixteenths... (announcer) from designing some of the world's cleanest and most fuel-efficient jet

don't fight the tape and don't bet against warren buffett.investment looks like a gold slated call option, but a year ago, didn't seem that way. buffett agreed to loan goldman $5 billion in part because he expected the government to shore up the system and as he told becky quick, the terms were sweet. >> i got a formula, bet on them when it's the right time to deal and in this case, there's no better firm on wall street. >> yeah, and no better terms. $5 billion in preferred shares is what he paid up with a dividend of up to 10% annually. and warren, the option to buy nearly 144 million shares striked price up $115 a share. it has paid off quite handsomely. it looked like he was too early five days later. goldman shares would sink to $52 that fall. but today, he's not only gotten his $500 million interest payment, it's worth over $300 billion. a few days later, buffett made a similar, $3 billion loan to ge that offers up 10% interest with warrants to buy nearly 135 million shares at 2225. those warrants though are still under water. he says he

this is pat warren.back to you on television hill. >> the use of speed cameras has been used for construction sites. >>> a teen is killed in a crash. we're live with more on the identity of the victim and the circumstances around the accident. >> reporter: crest logan was killed in the crash. the accident happened where i- 83 merges with 695. the crash happened last night. but it was not until this morning that the car was spotted in a wooded area. he was in his vehicle and they were reported missing about 9 p.m. he was not wearing a seatbelt. >> thank you. the area on 83 and 695 around the crash were closed until 2 this afternoon. all lanes are now open. >>> the governorle rolled up his sleeve and received the flu vaccine. he got his shot at one of the flynnics held for employees. this they are in most doctor's offices. this is the first time he has gotten a seasonal flu shot. >>> and more than 250 million americans will get the h1n1 vaccine. the government is preparing an effort to track how people res

tell me about warren and that friendship. >> warren is -- to be as successful as warren is and he's really successful, he is one of the most -- i think we get along because we're kind of like -- we're hum bld by our success. we are not -- we don't raise our head level above anybody with our success. the more successful you get, the more humble we become. and i think you know, you've been around him and i've been around him a lot. he's one of the post down to earth guys i've ever met. when it comes to just living the life. i mean and you -- looking in you would never think this guy is worth this. and he has all of this. and why do he need to be down to earth. he doesn't have to be. >> you seek counsel from him more than just simply business counsel. >> absolutely. >> about living and about -- >> it's all about knowledge. i mean he's been on this world a lot longer than myself. he knows the ins and outs. his knowledge is of self means more to me than a financial statement or anything. just his knowledge of life. >> what do you think the potential of basketball is internationally? >> huge. >>

wjz and pat warren is live where the camera is ready for the closeup we are told. good afternoon, pat. >> reporter: good afternoon don and everybody. as you know, the general assembly passed the law this year allowing local jurisdictionses to put speed cameras within a half mile of school zones and the state can install them at highway construction sites. first of 51 speed cameras planned for the city of baltimore was unveiled today. the location shows in glenmount elementary is a neighborhood where residents have complained about speeding for years. >> now the media acts as if it's another way to generate money for the city. that's not the purpose of the program. it's about safety for everyone in our community. it's not about generating revenue. it's a result of red light cameras. the revenue will increase because people paid out of their pockets with tickets from speeding through red lights. this effort is to also assist and enhance us so the little babies are able to cross the street safely without having to deal with pedestrian, speeding and driving fast. >> re

the plan includes layoffs and furloughs but as political reporter pat warren explains the battle over the cuts may be far from over. >> reporter: the guys on the trucks and other city workers will lose a minimum five days pay in the afscme council 67 wants something from the county in return. >> we have not looked at any legal options but that's still on the table. . >> the furlough plan saved $13 million. the majority of the workers making less than $50,000 a year that means five days without pay. >> they've been asked to sacrifice a great deal. especially the majority 30,000 and below. they're living paycheck to paycheck. it's difficult to lose a few hours. that means they might not pay for their medication, they night not be able to pay a bill. >> reporter: remember this in the year 2000 when hundreds of workers including police and fire protested budget cuts furloughs and layoffs outside city hall. the same union says it could see something like that again this year. >> yes. absolutely. and then maybe a lawsuit also. >> reporter: afscme wants a guarantee that workers will be compe

here are some of the ones we asked warren buffett. one of the first questions we asked him, the chinese economy is growing at a significant rate. many investors moving their money to china. is this going to lead to the next bubble. here is what warren buffett had to say to that. >> well, it could. i mean, whether it is china or any other country if you get people entranced by the profits by yesterday to think the profits of tomorrow are inevitable that is a problem. that is humans, not chinese or americans. that is the way humans react. if they see easy money they tend to form a herd. >> when you look at his principle be fearful when others are greedy and be greedy when others are fearful. should the fed start raising rates sooner rather than later. >> i think the exit strategy is tough. you have as smart man in the country in ben bernanke. i think he is the ideal person to be running the fed. i don't think he has an easy job. i think it would you be a mistake to start raising rates. there is a time when he needed to do it and people

haring. >> no. >> what about warren g.?ren g., yes. >> greg, you said this could go either way as far as what the ideology of the teachers. i'm pretty sure we could hazard a guess. >> greg: i was drying to be more diplomatic but hopefully there are teachers that don't drink the kool-aid. >> after what you put in the kool-aid i hope they don't drink it. >> it's not kool-aid. >> kevin, i don't see how we can not let j-jad into the country. the better question is why don't we send the u.n. to some place like nigeria. >> or iceland. >> good call. trace, you said the iranian election didn't go as planned. seems the outcome went exactly as was planned. >> and then switched. >> greg, you said we would make a trade, give the u.n. to iran and we would take ahmadinejad. >> greg: yes. >> what the hell does that mean. >> that means we only have one jackass to deal with as opposed to like 300. i was just doing the math, look into it. >> yes, you mentioned that robert gibbs said that of ajad he is the elected leader of iran but to be fai

warren buffett told me it's impressive. it can go 0 to 60 in four seconds.ese electric car will hit the u.s. market around the same time as general motors chevy volt and electric cars from nissan and chrysler. that means more competition for the u.s. automakers already behind. >> fierce competition. people who want to ask warren buffett about electric cars or anything else, i hear they're going to get an opportunity to do that. >> we're going to sit down with warren buffett next tuesday in california at fortune's most powerful women's conference. the only guy invited to that conference of all women. go to cnnmoney.com/buffet and tell us what you would like us to ask him. >> it's a good article. very good. pop py harlow, thank you. >>> a major break in a series of serial killings around milwaukee. police now believe they have the north side strangler in custody. they arrested 49-year-old walter ellis at a motel saturday. ellis is accused of killing nine women since 1986. most of them prostitutes. police say dna evidence links him to all of the crimes. he face

>> i was just with warren buffett out at that conference in california. he's an eternal optimist. think there's a lot to be optimistic about, in terms of resourcibleness. from a year ago's perspective, it was a panic mode situation. i think the greatest thing accomplished during that time was the security of our deposits within the deposit system. they raised the insurance level from $100,000 to $250,000. the panic is gone. from the technical standpoint, all that means is we have a quarter that comes out of negative gdp growth. what none of those people are saying is that we come roaring back. and it's difficult to see that. with so much contraction in capital still. it's still difficult to get a mortgage. it's difficult to get a credit card loan, for main street. i talk about what goes on an main street. >> let's talk about main street and what it means not to come roaring back. you have actually said, you see a 25% potential drop in housing. drop in housing? >> yep. there's a log jam here. the houses that are moving are the low-end, distressed moving. you find a bargain. for the

the panel's chair, elizabeth warren, good to see you, miss warren, as it always is. earlier. and congress couldn't get it together on what to do with the autos and the t.a.r.p. money was already okayed. we made a decision at that point -- i say we, i'm almost serious when i say that. we came to grips with saving these guys and using that money. was it a mistake? do we need to revisit it at this point? >> no, i don't think it was. i don't think we have evidence that it was. the real point is that we put some money in early, you remember, last december, and that was in a time of enormous crisis. we had the problem then january, february and the new administration came in and said, you know, we have two choices. you can walk away or put more money in and see if you can really salvage something here and make this go. and the administration decided we're going to put more money in. they were tough negotiators, and they really cracked heads. they forced some real concessions, put down a big investment and they'll get some of that back. they're just not likely to get back t

lordstown, warren, ohio. youngstown, ohio. yeah.esident was speaking to the autoworkers there at the lordstown gm plant, the chairman of the federal reserve was making a bit of news. ben bernanke in washington responding to a question during a speech at the brookings institution said the worst recession since the 1930s is probably over. we'll take up that issue with susan lisovicz in just a couple of minutes. also, the so-called gang of six meets again today trying to iron out a health care reform bill for all americans. we're back in a moment. before i started this job, i admit, i had some doubts. probably a lot like you. but i like what i found. i think you will too. car for car, when compared to the competition, we win. simple as that. i just know if you get into one of our cars, you're gonna like what you see. so we're putting our money where our mouth is. buy a new chevy, buick, gmc or cadillac and if you are not 100% happy, return it. we'll take it back. that's our new 60-day satisfaction guarantee. and as always you'll get ou

reporting live from downtown baltimore, i'm pat warren. back to you on television hill. >> neither the defense nor the prosecution would comment on recent reports that mayor dixon also gained possession of thousands of dollars in unexplained money. >>> we have an update on breaking news we first brought you at 5:00. an american airlines flight in boston has been inspected after reports of a bomb. a note, reading "bomb on board" was found in a bathroom wall. the plane was checked. no bomb was ever found. all passengers were transferred to another flight headed to miami. >>> we also have breaking news from the auto industry. general murders is shutting down saturn. the company made the call after talks to sell saturn to penske automotive group failed. gm said that saturn and its dealership network will be phased out. and this is very disappointing news. and this comes after hard work by dedicated saturn employees. >>> the death toll is now over 100, after an earthquake triggers a series of tsunamis in the south pasks. -- pacific. tonight, th

i'm pat warren. back to you on television hill. >> neither the defense nor the prosecution would comment on recent reports that dixon also gained possession of thousands of dollars in unexplained money. >>> we have breaking news to tell you about right now. a serious accident in northeast baltimore. sky eye chopper 13 is over the scene. ask captain mike perry has details for us. >> reporter: hello, denise. i don't think it's as serious as it is embarrassing for the female driver of this vehicle. southbound 895 at moravia road. apparently, she collided with either the inside or outside guardrail, causing her vehicle to overturn. apparently, she is not seriously injured. she has been outside the vehicle the entire time. transportation authority police just arriving on the scene. looks like the ramp to moravia is closed. you expect delay fist you're trying to get off there. looks like it will take about a half hour or so to get this accident scene cleaned up. back to you. >>> not one but two deadly natu

reporting from annapolis, i'm pat warren. back to you on television hill. >>> and the court of special appeals took the unusual step of having the full court hear the case today. cases are ordinarily heard by a three-judge panel. >>> a warning tonight from baltimore county police to some thieves. what they stole could put them and other people in danger. this is a picture of a grenade, similar to two picture -- grenades stolen. the grenades are from world war ii. and the owner does not remember if they are "live" or not. if you have any everinform -- information, call police. >>> the aftergan man -- afghan man man at the center of an alleged terror plot makes his first court appearance. the 24-year-old may not have been acting alone. >> reporter: najibullah zazi pleaded not guilty to allegations he was planning a terrorist attack. possibly on new york city's transit system. the 24-year-old showed no emotion, as several u.s. marshals led him in and out of the courtroom. agents brought zazi from denver to new york to face charg

at the state office complex on west preston street, i'm pat warren.ow, back to you on television hill. >>> the revenue estimate reports will be released on wednesday. >>> time now for a quick look at some of the stories you'll find in the baltimore sun. >>> will congress extend the tax credit for first-time home buyers. >>> and a preview of the football games. and remember, you can look for the updated forecast from wjz's first warning weather team. >>> in tonight's flu watch report, there is good news for those who hate getting shots. teri okita reports for wjz, that the h1n1 vaccine only requires one shot for adults. >>> take a deep breath. >> dan phillips wasted no time getting a seasonal flu shot. but he's still unsure about the h1n1 flu vaccine that is due out in mid-october. >> i want to see what the reactions are by those who take it first. >> reporter: one thing that may put stan's moopped at -- mind at ease, one dose is enough to protect most healthy adults, rather than the two shots doctors originally thought necessary. and the vaccine appea

political reporter pat warren reports, the neighborhood is known as a high-speed zone. >> the kidoss walther avenue, versus the kids trying to cross the street. >> it's messed up. >> reporter: it's nothing tom compared to the negative of trying to pry loose a girl pinned to a pole. >> it's a very scary and trying experience. it was something that you never want to see happen to a child. i understand that it cracked her pelvis. >> reporter: the school zone on walther avenue is clearly posted. drivers are warned of how fast they're going. but the children think they just don't care. >> yes. definitely. they just speed through there, not caring what happens. they're just focused on where they need to go. >> reporter: the cameras may get their attention. >> people really need to be mindful and slow down. because if not, they're going to pay. and it's not about generating extra revenue. it's a safety factor that has been ongoing within the city and communities who are just fed up with people speeding. >> darius wagner agrees with the mayor. >> and people are trying to go across the street

reporting from annapolis, i'm pat warren. back to you on television hill. >> the court of special appeals took the unusual step of having the full court hear the case today. ordinarily, cases are heard by a three-judge panel. >>> it's cooled down today. here's a live look outside. >>> most of the clouds were in the western sections of maryland. right now, cleared out here in the baltimore region. cooler. 65 now. west winds in the last hour. picked up to 24. with a gust of 30. certainly, continued to be on the breezy side. winds would die down tonight. and that's why temperatures once again today, most places will be back in the 40s except around 50, a little higher. we'll come back and take a look at the end of september, early october forecast. >> soinds good, bob. thank you. >>> we're following breaking news for you. sky eye chopper 13 is live over a shooting. captain mike perry with more. >> we're at clifton and monroe, where police and paramedics have just been called to the scene of a shooting. this is actually on clifto

pat warren reports on dr. thomas scallia's return to an evacuation medical unit in iraq. >> shock trauma reports on providing the best care under the worst circumstances for soldiers in iraq and afghanistan. >> it's an unbelievably complicated process. >> reporter: dr. thomas scaleah, flew on a mission for c-stars. it stands for the sister -- center for sustainment and trauma readiness skills. >> everyone is focused on delivering this extraordinary level of care at 30,000 feet. the intensive equipment is miniaturized. but we had essentially all of the bells and whistles upstairs in a room that is two-thirds the size of this on a stretcher. >> reporter: training for that comes in part by putting air force medics on duty in baltimore ems units and following through to treatment at shock trauma. >> as they ride along with the paramedics, actually bring the patients into shock trauma and hand them off to the air force doctors, nurses and medics that are working in the shock trauma center, will simulate exactly the

reporting from lutherville, i'm pat warren. back to you on television hill. >> members of the baltimore county are also looking for ways to fix the school. >>> still to come tonight on wjz eyewitness news. a mother's love. what one woman is doing to make sure her son can afford a prestigious dance school. >>> an international incident. the man who threw his shoe is in iraq. what he says happened behind bars. >>> i'm bob turk. in the first warning weather center. cooling temps. i'll have the exclusive five- day forecast. >>> wjz 13 is always on. here is the top story. for updated news and the forecast, log onto wjz.com. >>> the iraqi journalist who threw his shoe has been set free. >> that's right, denise. the 30-year-old 30-year-old journalist spent nine months behind bars for his act of protest last september. he was met with cheering crowds. the shoe-throwing incident made him a hero around the arab and muslim worlds. but he says he still fears the u.s. intelligence agency will track him down and kill him. he also says offici

pat warren, wjz eyewitness news. >> and city leaders will be unveiling the first speed camera at glen mount elementary in a special ceremony on monday. >>> three people, including a 14-year-old, have been arrested for beating and robbingage 86- year-old man. but police say the group approached and attacked him while he was working at the cambridge laundry. the man was treated and released from the hospital. the 14-year-old was was released to a guardian. and the other two are being held on $100,000 bond. >>> and a new code of conduct for maryland high school sports teams. respect for diversity is at the top of the list. and this year, student athlete handbook, this edition jumps out to allegations of racial slurs between ford hill and dunbar of washington, d.c. that game ended when dunbar's coach ended his team off the field. >>> a man plotted of suspending a bombing attack has been moved to new york to face charges. the feds are using surveillance video as part of their case. >> reporter: a plane, believed to be carrying suspected terrorist najibullah zazi is on its way from denver t

. >> warren buffett or -- >> yes. i love warren buffett. we all do. i think he always was a voice of modulation. we needed more of that and frankly less of the sort of hot dog, cowboy mentality that leveraged everything up, sent it out so that people would structure deals without retaining any of the ownership. if you want a technical answer, all of the securitization that was done, where you had the rating agencies, originators who would originate loans who knew were bad, securitize them, get aaa ratings, they didn't maintain any ownership. so a simple rule could be if you securitize a stream of debt, you've got to retain 10%, 15%, 20% so you're at risk. you evaluate deals very differently. if you are actually at risk, rather than nearly selling -- >> and that could have been part of the regulation. >> absolutely. the power of the federal agencies to do this stuff was unlimited and any time i hear the s.e.c. say, we didn't have the pow to do this or that forget it. they had more people, more power, more money than was necessary. what they lacked was

report being live, i'm pat warren, back to you on television hill. >> and there are several versions to reform for congress to consider. >>> new hope and a cold case. the 1992 murder of a maryland teen remains unsolved. tonight, the evidence that may help catch her killing. -- killer. >>> baltimore police are looking for the man they say robbed two women at this atm, then sexually assaulted one of them. i'm weijia jiang. the details up next on eyewitness news. >>> out-of-control wildfires rage in southern california. and tonight, thousands of homes are in danger of burning to the ground. >>> and take another live look outside. it is a clear, cool evening. and it feels like fall. the updated first warning weather forecast is still ahead. this fiber? i'd had my fill. then i found miralax. announcer: miralax is the only brand clinically proven to relieve constipation with no harsh side effects. you'll see. it's clearly different. restore your body's natural rhythm with miralax. >>> tonight, baltimore police are looking for a suspect in two robberies and a possible sexual assault. his im

that is, as michelle mentioned, elizabeth warren, who chairs this panel.r way in ernest, we'll go there live. a story out of michigan, one of the hardest hit, if not the hardest hit state by this decline. one of the highest unemployment rates in the country. governor jennifer granholm is desperate to create jobs. she has a new initiative with ford motor she will tell us about when we come back [ engine revving ] [ engine powers down ] gentlemen, you booked your hotels on orbitz. well, the price went down, so you're all getting a check thanks. for the difference. except for you -- you didn't book with orbitz, so you're not getting a check. well, i think we've all learned a valuable lesson today. good day, gentlemen. thanks a lot. thank you. introducing hotel price assurance, where if another orbitz customer books the same hotel for less, we send you a check for the difference, automatically. >>> a rare good economic news story for detroit to tell you about today. ford chairman bill ford, jr. and governor jennifer granholm set to announce plans to convert a

reporting from lutherville, baltimore county, i'm pat warren.ack to you on television hill. >> members of the baltimore county council are also looking for ways to fix the school. >>> a howard cont -- county teacher will spend eight months. the 57-year-old pleaded guilty to having sex with a 14-year- old student. police say the man took the boy to his apartment, where the incident occurred. police continue to investigate whether our students were victimized as well. >>> will a healthcare compromise an easier pill for republicans to swallow? this plan still might not be enough. denise is live with the latest. >> reporter: there are high hopes that six moderate senators senator can help the healthcare legislation move forward. the group said they will address key concerns. their plan will likely leave out the highly controversial public option. still, several top lawmakers, including house speaker nancy pelosi say you cant have reform without having the public option. >> we will again improve quality, lower costs, expand coverage and maintain choi

. >> warren buffett or -- >> yes. i love warren buffett. we all do.also invested in some of these vehicles that have the leverage. but i think he always was a voice of modulation. we needed more of that and frankly less of the sort of hot dog, cowboy mentality that leveraged everything up, sent it out so that people would structure deals without retaining any of the ownership. if you want a technical answer, all of the securitization that was done, where you had the rating agencies, originators who would originate loans they knew were bad, securetize them, get aaa ratings, they didn't maintain any ownership. so a simple rule could be if you securitize a stream of debt, you've got to retain 10%, 15%, 20% so you're at risk. you evaluate deals very differently. if you are actually at risk, rather than nearly selling -- >> and that could have been part of the regulation. >> absolutely. the power of the federal agencies to do this stuff was unlimited. and any time i hear the sec say, we didn't have the power to do this or that, forget it. they had more peo

on economic policy i associate with warren buffett and former fed chairnlg paul volcker.f i'm interested in foreign policy i associate myself with my running mate, joe biden, or with dick lugar, the republican ranking member on the senate foreign relations committee, or general jim jones, the former supreme allied commander of nato. those are the people, democrats and republicans, who have shaped my ideas, and who will be surrounding me in the white house. glenn: i hope they have their union cards, because if warren buffett is not in seiu, i haven't seen him lately. i have been looking into is surrounding the president, and at least me, i don't like what i see. there is van jones -- oh, he keeps going on about van jones who was so radical he was forced out. there are many others who still advise the president who shouldn't be anywhere near the president, from carol browner, she was a socialist, and it's wierd, because when she was nominated, the socialist thing on the website went away. she was all of a sudden wasn't a member, what are you are talking about? cass sunstein

warren meyers, thank you very much, sir. have a good day. >>> back to speaking to washington, back to washington and erin. >> let's get the buzz from beyond the big board, not just here in washington, jersey city, managing director at knight equity. peter, your reaction from the president's comments particularly on this publix option he wants everyone to be covered but he's open to different ways of doing it, such as op ko ops. does this on balance mean there's a good thing for insurers as more people are going to sign up for insurance and they get more business? >> well, actually the managed care providers stand to gain and lose the most. top line growth will be very, very clear. there's no question that whatever comes out of washington will require employers, self-employed, corporations, to make sure that all americans are covered. so you'll see top line growth for sure. but you're definitely without a doubt going to see margining compression. there's just more competition out there as a result of there being a public opti

pat crory explains what led to the -- pat warren explains what led to the arrest. >> reporter: mike lundburg had a criminal awarrant that led to his arrest. he is accused of stealing property from suspects in his investigations, and with embezzlement. police spokesman tells wjz about lunsburg assignment. >> we have a number of officers assigned to federal task force, that speaks to the commissioner's plan is partners with federal authorities so we can get rid of violent crime here in baltimore. that's what this officer was assigned to, one of those task forces. >> reporter: me and you are the only ones that split that ten grant right. lun sburg responds, oh yeah nobody knows. we took 1500 each the source says, free money says lunsburg. >> any crime simply is not going to be tolerated. we spoke to the chief this afternoon, he puts his support behind our decision. and he is just looking to find someone accountable. >>> all right thank you very much. tonight a 14-year-old baltimore county girl has gone missing and police are hoping you can help locate her. this is monica mooth. she has been mis

this deal started when the french company edf decided to make a bid after a deal with warren buffet fell through. the public service commission is trying to determine whether the french company is the right fit for constellation. the constellation made a big threat if it doesn't go through. bge parent company constellation energy is talking tough saying it will not build a third nuclear reactor at calvert cliffs unless the public service commission allows them to enterer in a $4.5 billion with edfa. company owned by the french government a deal for almost half of constellation's nuclear operations. >> edf made clear that if they are not welcome here in the state of maryland, they are not going to invest. we certainly would question whether we could make ion vestment like that without a part -- an investment like that without a market and -- >> reporter: conhe stie lation says a nuclear reaction would lower electricity rates for bge customers by increasing the supply of power and the company says it would create hundreds of jobs and provide a more reliable power supply. but critics claim

poppy haarlow sat down with the berkshire hathaway ceo warren buffett today.f interesting stuff you had in that interview, but give us some of the highlights. >> reporter: you know, one of the highlights was i asked him as fed chief bernanke said this morning looks very likely we're coming out of this recession. warren buffett was more skeptical saying across his businesses with bath away he's not seeing many green shoots but is not seeing much deterioration but the highlight of the interview was his take on the rising national deficit and said it might not be a near-term risk it's a huge long-term risk and i asked him about health care and the possible trillion dollar price tag coming along with it. does he still support obama and his push for health care? take a listen to that. >> you supported president obama. >> 100%. >> reporter: do you support him right now in his health care push? >> we still haven't seen the final plan. i think that, unfortunately, not because of president obama but just because of the way the debate has taken place it's become much mo

>> guest: warren buffett is the famed investor, whose biographies are snapped up by eryone trying to figure out w berkshire hathaway made all of its billions. he is the man who probably more than anyone else, and it this point he is the either wealthiest man or the second wealthiest man probably than anyone else the age of modern insting& and his son, howard, was assistant to the chairman, dwayne andreas. in this story, in this event that takes place in the book there was a point whe they were discussing going to chicago bears game. dick durbin and howard buffett. now, whether a reqst was actually made or not is not quite clear. it is clear that there was a belief that the reqst was made, @nd adm and howard buffett , this kind of thing might violate some ethics rules so they went had a lawyer look into it and a lawyer came back and said, fine as long as the congressman pays for half of it and buffett called durbin and said you are going to have to pay for half of it and apparely he was very gracious and said thank you very much. it was notn issue for him apparently he was not trying

that man is warren buffet and he told the word, buy america. on monday, we sit down with buffet to get his thoukts one year later. that's monday at 8:00 p.m. eastern only. and at 8:30 eastern tonight, watch "options actions." we're back in two minutes. another. >> and now for tonight's "parting shot." it's been eight years since 9/11 and i still miss the twin towers of the world trade center. they were one of the most identifiable manmade struck churns the planet. so giant thumbs up in lower manhattan where more wealth was created than anywhere in the history of the world. my first night in new york many, many years ago i stayed at a hotel in the world trade center. in 1993 on the day of that first terrorist bombing of the world trade center, i was in my across the street. i still remember how the floor buckled beneath me. and on the morning of 9/11, i stood on the roof top of my apartment in brooklyn and i watched those towers burn. and i said well, you bastards, we're still standing, aren't we? a few hours later, the towers collapsed. i urged

an interesting day to talk to warren buffett.been called. i asked warren buffett what his take is is it on it. where are we in recovery? >> i don't know the answer to that. i don't hold myself out as a economic sire or anything. i don't worry about it too much. we're buying stocks this morning. i can tell you that. i'm not buying them based on whether we're going to come out of the recession in flee months or six months or a year. i'm buying them because i think it's that good value overtime. i think it's a mistake for investors to focus on business forecast instead of looking at the intrinsic value of a business. we're not seeing deterioration in our own businesses. and we're in 70 odd businesses. i see them across the board. >> reporter: that's very interesting, chuck, because they own everything from geiko insurance to fruit of the loom underwear. he's not seeing much growth anywhere. he's not seeing great signs of recovery. that from the legendary investor himself. interesting perspective. if we are recovering we're in the ea

attorney warren brown is representing one of the students, james mcbride. he he says mcbride was sleeping over a teammate's house and the teammate's mother drove the teens to the teen who previously beat her son. >> i thought it was sad because i'm thinking about all of these kids' future, and you know, the future's going to go down the drain for something like this. >> reporter: this morning, 16- year-old mcbride is free on bond. meanwhile, the mother who allegedly drove these teens was also arrested. linda so, reporting. >>> there's more information about the student who killed a suspected burglar with a samurai sword. police found no evidence suggesting he acted as a vigilante. the fatal confrontation happened early tuesday behind a house in east university parkway near the campus of johns hopkins. initially, police say the hopkins student heard a noise, picked up his sword and confronted a man inside his attached garage. but now we learn that the university police found nothing but the students armed themselves and conducted a more thorough search. poli

attorney warren brown says his client, 16-year-old james mcbride was sleeping over a teammate's househen that teammate's mother drove them to hook for a teen that beat her younger son. a football mom who did not want to be identified is stunned. >> i thought it was sad because i'm thinking about all of these kids' future and the future will go down the drain for something like this. >> reporter: this morning, the 16-year-old is free on bond. meanwhile, the mother who alegendly drove that teens is also arrested. linda so, reporting. >>> drug regulators have approved an australian-made vaccine for the h1n1. the health minister says if will go into use later on this month. the world health organization declared the h1n1 strain a pandemic that's killed 3500 people worldwide. >>> 6:48 rate now. there are measures you can take to protect yourself from getting the flu. union memorial hospital suggests putting together a flu prevention kit with items that you can buy at any store. lisa grub says the kits should include alcohol gels, tissues, masks, and wipes. >> and other items that you can p

warren's got all the "raw" action >> people didn't know what donny osmond was doing with his hands. >> what was jermaine jackson doing there? >> does billy jole have a new girlfriend -- joel have a new girlfriend? what's the dark family secret mckenzie phillips is telling oprah? is heather locklear back on "melrose?" plus dresses for 95% less. >> $370. >> i'm probably going to get in trouble for this but i snuck my video camera all around the emmys. i'll show you what i caught. but first, eddie cibrion is finally ready to talk. >> the acting part he likes. the rest not so much. >> i don't enjoy the other part of the fame. >> "extra" first with eddie cibrian after all of that leann drama. his new drama. >> filmed here in southern california which is great for me because my family's here. i turned down a lot of things that were filming elsewhere because of that reason. >> and he didn't turn down a gym date with leann. the pair heading to a workout in l.a. this weekend. tom and katie working up a sweat in boston where he's shooting a new movie. proof suri's the world's cutest kid. billy,

we called warren buffet this morning.t to the head of byd to speak to that. we just note that warren buffet wanted to buy 25% stake in that automaker last year, but they weren't willing to sell that much. they would just give up 10%. we'll see what happens with that. >> poppy, tell us a little bit more about byd. >> it stands for build your dreams. it's a really great name and it was one of the largest cell phone battery makers in the world. and then they bought a bankrupt chinese car company so they could transfer their battery technology to cars. they already sell a gas-electric hybrid in china. it's about $22,000. it goes about 62 miles on a single charge, which is actually pretty good. and next year, they want to launch and say they're going to, an all-electric car here in the united states that they claim it can go 249 miles on a single charge. and warren buffet told me it's going to be pretty impressive. he says going about 0 to 60 in about 4 seconds. this is going to hit the market just about when chevy volt hits t

[applause] [inaudible conversations] >> warren st.n is a "new york times" reporter and author of "rammer gentlemaner yellow hammer" for more information on the author andg the soccer tim you can go to outcasts united.com. >> worry here at the oregon council for social studies conference speaking with robert miller, author of "native america, discovered and ]ed, thomas jefferson, lewis & clark and manifest did he sayity." you talk about the doctrine of discovery. why don't you tell us about that? >> the doctrine of discovery is a legal principle that describes how europeans came to this continent and claimed the lands from the native people. the doctrine was literally developed by the church and portgal and spain and they used this legal principle to claim lands in africa, asia and, of course, in the americas. the classic painting or the classic example of explorers coming ashore and sticking their flag and their cross in the soil, usually the caption for that in various paintings is that they were thanking god for a safe voyage acros

defense attorney warren brown tells us the attempted murder charges stem from a fight in baltimore county retaliation for a previous beating. the students were getting back at a teen who beat the player's younger brother. they stabbed him and beat him and stabbed three others. attorney brown is representing 16-year-old james mcbride. he says mcbride was sleeping over a teammate's house when the teen's mother drove the students to another teen who previously beat her son. we spoke with parents who say the allegation was disturbing. >> i thought it was sad because i'm thinking about all of these kids' future and, you know, the future will go down the drain for something like this. >> reporter: now, this morning, mcbride the 16-year-old is free on bond. meanwhile, the mother who allegedly drove these students was also arrested. we're live in east baltimore, linda so, abc 2 news. >> here's a look at the stories abc 2 news is woking on for you. baltimore city police is looking for chews as to who shot two men overnight. one man suffered a gunshot wound to the side, the other to his leg. there

. >> billionaires like warren buffett have remained frugal through cycle after cycle, living in the sameght in 1958 for $31,000. ikea founder reportedly drives a 15-year-old volvo and flies coach and david rear don of google fan cuts his own hair. >> no one has to feel ashamed if they feel they need to live as cheaply as possible. >> you're proud of wearing the cheap skate label? >> yeah. >> to learn some of her saving secrets we spent a day in the life of a cheap skate, tallying the annual savings along the day. >> it's the little extra fees, like the late fees and atm fees and i'll do everything i can to avoid them. >> the atm fees can be as high as 3 bucks. what about time is money? >> if i have extra time, i don't mind. >> there's $100 a year. one place you won't catch weber walking toward is the mall. >> i try to spend less than $5 for a pair of jeans. >> she avoids the temptation by opting for thrift stores where we find designer clothes and shoes. what would this cost in barney? >> probably new $150, maybe $200. they're in good shape. >> savings from buying used clothes -- $800 a