of them have more garden variety income than warren buffett does. but having said that, the tax rates on the rich and very rich have fallen more than they have for any other group than they have over the last generation. and those are also peat pull who have gottenÑi the biggest pretax raises. if you're looking relative to where we a, where we've been historically, it is true the faxes on the rich and very rich are quite low right now. and that cannot by itself, as party was saying solve the deficit or come anywhere close tight. but there is enough income there that canñr make a substantial >> charlie: now we come to this segment. what happened when you worked hard on tax reform. what did you create and what's happened to it in the years since? >> well tax reform like most laws are like castles next to the ocean. they wash away. what we did then wa we crafted a bill that attracted republicans and democra. we lowered tax rates, which is what republicans wantedand to pay for that we eliminated loopholes. by doing that we got the tax rate fromñr 50

(laughter) that's less money than warren buffett's cleaning lady pulls out of his shower drain every week. (laughter) no,-- so-- so $700 billion of raised revenue over ten years ain't even worth the effort. i assume these folks have the same why bother attitude towards low level spending cuts. >> a national endowment for the arts, for the humannities, all those frivolous things those should all be on the chopping block. >> federal employees don't pay for parking. >> so that would get them $140 million. >> he doesn't have to waste your tax dollars and travel around in a 1.1 million luxury liner. >> why are we spending $6 million, $1 million on the first lady. >> you got to start somewhere. even when we talk about npr, a million dollars here, that's a million dollars. >> jon: oh, so when you cut t it's a million dollars. but when you tax it, it's oh, $700 billion. all we had to do to raise $700 billion is cut $700,000 nprs. it's almost too easy. but if it's revenue you want, it does happen to be another place instead of the rich that you can look for it. >> warren buffett writing how t

this warren buffett invested in bank of america stock. financial stocks have been villified until now they've been the worse performing s&p industry group this year down 25% at one point. as warren buffett recognizes, there are selective bargains to be had in the financial services sector. next month i'll have an interview with morning star's bruce berk berkowitz who has ind in financial stocks. next week we'll be revisiting a interview several months ago with niall ferguson with his new book civilization, the west and the rest and the last 500 years of economic history and why the course of that narrative is changing so dramatically. in the meantime i want to ask you the viewers a favor. sponsors asked for information about our audience. would you fill out our survey on our website, www.wealthtrack.com. thank you for watching and make the week ahead profit and and productive. captioned by media access group at wgbh access.wgbh.org

warren buffett wrote an op ed york times today so we should be i think you mentioned earlier we should do it we should be taxed more of just the people who are in a little cut when you got the ones who create all you want to do here these are job creators tax them a little bit more because they're not doing enough already what is this i mean oh is he completely a socialist and he's playing interviews to obama's hands of. you know i have really had it with this word i don't believe in a tit for tat eye for an eye mentality i don't think it's ok to call tea partiers care. just because the right wing calls obama a socialist and i for starters believe that you should be able to say whatever you want because you have the freedom of speech in this country but if you're going to go on the airwaves and say whatever you want it's up to the media to check that i get instead of checking it the mainstream media either perpetuate it perpetuates it by using the words themselves as you just saw on fox news or they just ignore it or scoff and giggle for a second and move on like m s n.b.c. or c.n.n. b

meanwhile, an idea from billionaire investor warren buffett today on how the u.s. can get out of its economic mess. he's telling everyone, raise taxes on the mega-rich, and that includes him as well. warren buffett is estimated to be worth $50 billion, and he wants to pay more taxes. in an op-ed piece in "the new york times" today, buffett says his rich pals should pay more, too. he says, "my friends and i have been coddled long enough by a billionaire-friendly congress. it's time for our government to get serious about shared sacrifice." how much would that sacrifice help the u.s. economy? not much, according to this woman. maya maccguiness is the president of the committee for a responsible federal budget. >> the changes, the money that you can make from taxing millionaires and billionaires higher is just going to be a tiny piece of the solution. it's an important piece, it's an important symbolic piece, but it's not going to fix the problem. >> susie: guess what-- the u.s. doesn't have that many millionaires. americans earning more than $1 million-- 236,883; two

. >> rose: warren buffett for the hour. next. funding for charlie rose was provided by the following: every story needs a hero we can all root for. who beats the odds and comes out on top. but this isn't just a hollywd storyline. it's happening every day, all across america. every time a storefront opens. or the midnight oil is burned. or when someone chases a dream, not just a dollar. they are small business owners. so if you wanna root for a real hero, support small business. shop small. additional funding provided by these funders: captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: we are in omaha, nebraska, for a conversation with warren buffett. like so many people i got up this morning in new york and read the "new york times" editorial page and i found the following column written by him. it is an op-ed which i called "stop coding the superrich." here are some excerpts. "our leaders have asked for shared sacrifice, but when they did the asking, they spared me and m

. >> reporter: warren buffett took aim at the nation's tax system, saying his $45 billion fortune had bought him access to an elite club that doesn't pay its fair share. in today's op-ed, the billionaire says, "while most americans struggle to make ends meet, we mega-rich continue to get out extraordinary tax breaks. my friends and i have been coddled long enough." it's an argument he's long been passionate about. >> i don't think our tax program is very equitable, and i think it drifted dramatically in the last ten years toward favoring rich guys like me. so i play a lower tax rate on much of my income than my cleaning lady does. and i think that's crazy. >> reporter: just how crazy? well, last year buffett paid $7 million in taxes. that sounds like a lot of money, but it works out to a tax rate of just 17%. buffett points out that, on average, his employees pay about double that rate. he says his secretaries and receptionists pay a 33% rate. so why is his rate so low? much of buffett's income comes from capital gains, profits resulting from investments, and they're taxed at only 15%

man from his home in pakistan, and plus billionaire warren buffett are saying that he and his friends have been coddled by congress for long enough, and it is time that the mega rich start paying their fair share of taxes, and now one republican is firing back at him. [ male announcer ] want a better way to track what you spend? pnc virtual wallet now comes with spending zone. it organizes all your spending, including your pnc debit card, >>> and abducted in pakistan and firing back at him. credit ca. so you can view them by category... or by month. you can set a budget... and it'll even alert you when you're getting close to the amount you've set -- and when you've gone over. spending zone is built to help you keep better track of your spending. experience everything virtual wallet has to offer at pncvirtualwallet.com. pnc bank. for the achiever in you. at pncvirtualwallet.com. woman: day care can be so to save some money, i found one that uses robots instead of real people. 'cuz robots work for free. robot 1:good morning... robot 1:...female child. sfx: modem dial-up noise woman: fl

and should be getting advice from jimmie buffett, not warren buffett. gregg: stephen moore. chief economics writer for the "wall street journal," good to see you, as always. martha: we could all take a little advice from jimmie buffett, right? gregg: sure. martha: you'll need a little margaritaville when you see the home numbers, folks, down for the 4th straight month in a row, this year on track to be the worst year for the housing market on record, and that goes back over the course of 50 years and it continues to be a huge drag on the u.s. economy. gregg: meanwhile he says he knows what it takes to get americans back to work. >> the focus of my effort right now is to make sure people understand that president obama and i could not be more different. he spent his life in politics. i spent my life as a business person, i know what it takes to get jobs again in this country. gregg: mitt romney set town veil his economic plan, but, what is in it? martha: and, there is a new twist in the case, folks, this missing american woman in aruba. now, there is a p

that's what warren buffett wrote in today's "new york times" in a piece entitled "stop coddling the super rich." time for the wealthy to sacrifice for the good of country and stop being coddled by congress. funny. what president obama's been saying all along. and let me finish with what has become of the republican party. a tea party with a perry on top. we start with the republican field as it is. howard feinman, couldn't ask for a better guy. msnbc political analyst and huffington post media director and political analyst jennifer donohue is back. you're in the campaign season. the eisenhower institute. a proposition i'm going to end with tonight and start with it. rick perly in iowa today taking a swipe at president obama. this guy throws haymakers. let's listen. >> today i'm asking the president of the united states to do something. he's coming into iowa here in the little bit. i'm asking him to do something. he said he's on a listening tour. so i'm going to talk to him. and here's what i'm going to say to him. mr. president, you need to free up the employers of this country to create

buffett to do the right thing for their country. drives the world the fear mongering used by politicians who makes decisions who couldn't break through that sort of made who can you trust no one who is your view with a global missionary would see where we had a state controlled capitalism is called sasha's when nobody dares to ask we do our t. question more. your take is that part of our show where you can speak up our first comment came to us from the viewer rant line this week in the new martin luther king jr memorial hurricane rolling will be dedicated on the national mall in a grand ceremony that will be attended by president obama leaders of the civil rights movement and several big name celebrities this monument which has been in the making for the last twenty five years is the first monument on the national mall not dedicated to an american president and the first for an african-american and it is one of the last new structures authorized to be built on the national mall coincidentally sunday the day of the dedication ceremon

billionaire investor warren buffett is often so the rich should pay higher taxes as a matter of fairness but now he's getting real specific in a new york times op ed today when friends and i have been traveling long enough billionaire friendly congress believe he's saying is if you make over a million dollars in taxable income that should be taxed at a higher flat rate regardless of how you made the money and if it's above ten million dollars that rate should be even higher. yes we've heard papa talk about it before but why don't people actually start to listen to head of berkshire hathaway also know the tax disparity in our country here at the mega rich pay income taxes at a rate of fifteen percent on most of their earnings but pay practically nothing in payroll it's not that it's a different story for the middle class typically they fall into the fifteen percent twenty five percent income tax brackets and then are hit with heavy payroll taxes to boot so no matter how you break down to figures and crunch the numbers it's clear we're going to the growing wealth disparity that is bad and

i think that warren buffett was terribly misleading with what he said. i think at two different levels. one is, you know, he was basically looking at capital gains tax, 15%. what he is not including is the fact that he also owns the company. and so there is a corporate tax of 35%. we effectively have the highest corporate rate in the world. so you combine and you're about at 50%. he wasn't including the corporate tax. the other thing that is really misleading is berkshire hathaway, his company doesn't pay dividends. what is the tax on unrecognized gains in america? zero. he doesn't need the cash flow like his secretary or somebody else might. he can make millions and millions of dollars on a daily basis, get no tax because it's rating assets. >> which of the republicans at the moment -- we're seeing a clear pattern beginning to emerge, romney, bachmann, perry and so on. who do you think fundamentally has what it takes in the overall package to seriously challenge barack obama? >> i think that the primary system will winnow that out. >> what is your gut f

the biography of me so we go out there it's not going to happen ok ok that was you we saw warren buffett in an editorial after the tax more he said the super s. include himself and his friends should be taxed more essentially saying that right there my friends i have been coddled long asked by a billionaire from the congress it's time for our government to get serious about shared sacrifice do you think that he represents more wealthy people or do you think that this is the anomaly and his friends think he's crazy well it's one thing for people like warren buffett will say that but it's another thing to actually. going there were some actually wrong there ok what about howard schultz the c.e.o. of starbucks he's frustrated over leaders playing partisan agendas over people's agendas he's saying the country should go on strike against it against politicians and stop making campaign campaign contributions that includes insult that includes corporations ok well you shouldn't take his money and he says i'm doing some action to make this happen on the ground until i start seeing that i don't h

that's what warren buffett said. he pointed out that he pays a lower tax rate than anybody in his office, including the secretary. he figured out that his tax bill, he paid about 17%. and the reason is because most of his wealth comes from capital gains. you don't get those tax breaks. you're paying more than that. now i may be wrong, but i think you're a little less wealthy than warren buffett, and that's just a guess. the points is, if we are willing to do something in a balanced way, making some tough choices in terms of spending cuts, and also raising revenue from folks who have done very well even in a tough economy, then we can get control of our debt and deficit and we can start still investing in things like education and basic research and infrastructure, and make sure that our future is bright. it's not that complicated. but it does require everybody being willing to make compromises. i was in michigan the other day, and i said i don't know about how things work in your house, but in my house if i said, you

listen to the president. >> warren buffett had an op-ed that he wrote today. where he said, we've got to stop coddling billionaires like me. you don't get those tax breaks. you're paying more than that. and now, i may be wrong, but i think you're a little less wealthy than warren buffett. that's just a guess. >> and governor perry and governor romney both on the campaign trail said no way. not happening. you can raise taxes on the rich. you are not going to solve the big deficit problems. that's not the solution. so we know at least one of the big contrasts we'll have as we wait to see who wins the republican wrestling match. >> yeah, there's no doubt governor perry and i guess all the major republicans say the problem is squarely on the spending side, not the revenue side. the same mantra governor perry rode to re-election here in 2010, the same mantra the republicans who dominate our legislature here came to town on and we face a state projected up to $27 billion deficit for our next two-year budget cycle here when the legislature came to town. they came to

but warren buffett, one of the richest men on earth said, there's a class war going on and my class is winning and i think mr. buffett is right. >> paul, your southern accent has gotten more southern over the course of this interview. >> it's from the e-mail from they make a good point. instead of even-steven, 50/50, we're getting all spending cuts in priorities and programs in the main democrats strongly support. >> that's a good point. most of that spending, almost all of it was automatic spending increases caused by the recession. but why then just seven or eight months ago in december, did we have all the so-called experts that thought it was wonderful, this bipartisan agreement to increase the debt by $858 billion in the form of tax cuts, which apparently have done very little to stimulate our economy since the economy is still flat. so we need to cross both those lines the other way. in other words, we need more revenue, higher taxes, i hope on the rich, and, yes, less spending. >> but we've got to wrap this up. >> i have a question for you. if 49% of the country doesn't pay taxe

so when warren buffett or the president says that the rich need to pay more in taxes they mean that the rich actually need to pay taxes as buffett pointed out in his op ed yesterday he has one of the richest people in this country one of the richest people in the world paper scott's last year than any of the other people in his office though is it earning money from a job rather than make money with the money they already have and it's not about a redistribution of wealth it's about trying to even out the system make it fair close loopholes so that one portion of the population isn't getting away with murder all the other here is the entire burden who has to deal with definitions or facts right just let them call each other names and let the american people be fooled and scared until they think it's real and that's what the mainstream media chooses to do and that's how they miss it. let's face it the economy isn't getting any better in fact one in three economists now say they believe we're heading into a double dip of a session and for the more than sixteen percent of americans who are

. >>> a call to action from billionaire investor warren buffett. it's time to raise questions of older money managers. should he pay a smaller percentage than his own secretary? here the argument. >> warren buffett took aim at tax system saying his $45 billion fortune brought him access to elite club. while most americans struggle to make ends meet we continue to get extraordinary tax breaks. my friends and i have have been coddled long enough. >> i don't think our tax system is equitable. and in the last ten years, it's favored rich guys like me. i pay lower tax rates than my cleaning lady does and i think it's crazy. >> last year, buffet paid $7 million in taxes, that sounds like a lot of money but it works out to a tax rate of 17%. buffet points out on average, his employees pay double that rate. he says his secretaries and receptionist pay 33% rate. so why is his rate so low. much of his income comes from capital gains, profits resulting from very many times and they are taxed only at 15%. buffet's solution, rates could be raised for the 300,00

buffett announced he was investing $5 billion in the struggling financial institution. he is stepping in to help the bank and the same way he helped prop up goldman sachs and general electric. the move bolsters confident and the banking sector. in recent days, shares in bank of america have plunged amid rumors that it was having major liquidity problems. several european countries have extended a ban on short-selling stocks until the end of september. two weeks ago, market regulators in belgium, france, greece, italy, spain intervened to prohibit traders from speculating on a decline in and a share's price. short-selling is a trade in which the investor shares borrowed cells without owning them in the hope of buying them back later at a lower price. on thursday, germany denied speculation that it would extend a ban on naked short-selling, a variation in which traders agreed to sell a security they have not yet even arranged. european shares fell in thursday trading. the dax was down by 4% at one point in the session. our correspondent sent us this summary from frankfurt

let's look at the warren buffetts and the billionaires of the world. warren buffett always says, you sell into a rising market. and you buy into a declining market. so is this not an opportunity? you see sometimes people just say here's the negative side of it and don't get me wrong, i know people are greatly concerned. they're wondering how this is going to trickle down to them. but it's an opportunity for you to say, you know what, i need to buy if i have a little money on the side. there's some great companies that are available now. >> valerie has other tips for you. these are the main things she says. you need to keep in mind. take a look. other financial experts agree. this is not the time to react to this volatile market. instead, take this time to make future plans. make or revise your budget, hire a financial advisor and, of course, who would wouldn't agree with warren buffett that a declining market is a good time to pie. >>> other news, president obama is spending his first full day of a vacation on martha's vineyard. given what's going on i

still ahead at 6:00, warren buffett to the rescue. how he says he's trying to help save bank of america. >>> also ahead, lawmakers make a decision on a bill that could have released juveniles sent to life in prison. >>> and investigators release a new sketch in the search for a man suspected at the brutal attack at the 49ers raiders game. >> and the first effects of hurricane irene already being felt across the bahamas and onto parts of the southeastern u.s. coast. some statistics on this incominn hugrricane that will likely surprise you and why so many folks there are starting torr board up. >> o stetete ecymeenme tonigrg issued in several eastern states including north carolina, virginianeeyw jers and new yoje as hurricane irene is close to making lafa.ll. >> want to show you ae iv lview of the super storm nearing the east part of florida right now. it's right off the coast. you can sigh irene is here filling the bottom half of the screen, and it's a big storm. >> we have a look from space at irene. up to 60 million americans could

that's the tight of a piece by -- title of a peats published by warren buffett. he seas its -- he says the richest folks need to share. he said he paid 17% of his income in faxes last year. which -- last year, which was less than some of the his employees in the office. he says people who make more than $1 million a year should pay higher taxes. >>> caltrans is warning drivers about an onramp closure the next two nights on the interstate in solano county. crews are scheduled to repave the lane between marshview and parish roads between 9:00 tonight and 5:00 a.m. then do it again tomorrow night. during that time, they will crows the onramp at marshview road. caltrans is advising people to use other routes during that closure. >>> tonight at 5:00, more on the breaking news about the other arrest in a 3-year-old shooting in oakland. >>> and something new for dog owners to be aware of. dog thefts are on the rise. why thefts -- why thieves are snapping them -- why thieves are snapping them up. that and more coming up on the news at 5:00. thanks for watching. have a gr

host: "the financial times" has his take about what warren buffett says. they referred to mr. buffett's op-ed piece in "the new york times" today. and they say separately the chief executive of starbucks cents an e-mail to other business leaders urging them to stop giving politicians money until they solve the deficit problem. scott, democratic caller in florida. caller: spot, or land of, florida. i really do believe we -- scott, in orlando, florida. i really do believe the government should raise taxes to fix the financial hurdles we have coming. but we have to come together as a people -- not just a democrat, republican, or independent. because this is going to our children's children's children. as long as we wrestle with the right wrong, rich, mediocre, low income, it does not hurt us to set aside extra money out of our income to ensure that we have a balanced government and a sustainable future. we need to stop talking cuts and dig deeper as a people and country because we as americans always come through. i own a record label in orlando, florida, and i am willing to pay

the billionaire warren buffett made the case in today's "new york times," the same case he's made to us here in the past, saying in effect that he's not being asked to pay enough in taxes. buffet wrote in part, my friends and i have been coddled long enough by a billionaire friendly congress. it's time for our government to get serious about shared sacrifice. we have linked by the way the entire article on our website tonight. >>> the smart phone wars just got more interesting. google's now going to become a manufacturer, they have made a dale deal to acquire motorola's mobile hand set business for about $12.5 billion. if this gets approved it turns google, the maker of the android platform into a full blown cell phone maker in direct competition with apple. the news from google helped lift the financial markets today after last week's incredible volatility. all three major indexes were up today. that means that it's now back to even, after all those losses we went through last week. as of today, we say, who knows what tomorrow's trading will bring. >>> a lot of news overseas tonight

. >> warren buffett says his tax rate for a lot of the income is a smaller tax rate for his secretary's tax rate. >> i understand exactly what he is saying. >> let me just press you. >> i will make those views public at some point. >> what about general electric -- >> i know john paulson. i know john paulson. in fact, he manages some of my money and he's doing a good job. john paulson is a good guy. he's a good guy, but i do have strong views on it and i will make them public sometime. >> what about ge, which made $14 billion in profit last year, and $5 billion of which here in the united states, and the rest overseas. they paid virtually no federal income tax because they had losses in earlier years. is that an area where there should be tax reform? >> if you look, a friend of mine, and he's a great guy and he was appointed by president obama to be head of the council, and obviously it's okay with the president. >> he is looking for ways to create jobs -- >> no, he was appointed by the president to be the head of the the council. he's a very -- >> yeah, the jobs creating council. >> i

. >> warren buffett held a fundraiser for barack obama and put $5 million into -- $5 billion into bank of america. >> we would still have the child labor at 8 cents an hour working at mills. they have hardly been at the vanguard of social change. the problem with mr. starbucks, tz's approach, is that it is disarmament. if he stops printin -- if he stops contributing, who will? the other side. >> shareholders will get rid of don't makef they money, pierre and simple. for him to make at grant's statement -- that grand statement means nothing. >> i am skeptical of the statement from a guy who makes a dollar coffee. > -- $8 coffee. >> we mentioned barack obama in passing. what are his prospects? >> he went from the overwhelming favorite, especially among democrats who thought his defeat was unthinkable, to great worry and anxiety and concern on the part of democrats, helping republicans nominate somebody who is manifestly -- hoping republicans nominate somebody who is manifestly unelectable. that is a terrible position politically, depending on your opponent to make a mistake. >> they are

billionaires like me. [ applause ] that's what warren buffett said. he pointed out that he pays a lower tax rate than anybody in his office, including the secretary. now, i may be wrong, but i think you're a little less wealthy than warren buffett. that's just a guess. >> i've got my tax return if want to take a look. i get taxed up to $100,000, and my super rich friends get taxed up to $100,000, and that tax hits the people in my office very, very hard. often they have a spouse working so they can tax them up to $200,000, that pay roll tax. what i propose, incidentally, would not touch the taxes of 99.7%. three-tenths. the people from a million on up should be asked to share in the sacrifice that we're all being asked to share in. >>> good morning. it's 8:00 here on the east coast as you take a live look at new york city. back with us on set, mike barnicle, mark halperin, wes moore and nicolle wallace. mark halperin, when congress comes back, if the president puts out some sort of a jobs plan, some sort of a proposal to repair the economy, will the b

do you agree with warren buffett, the wealthiest americans should be taxed more? as soon as we put that online, you all had a lot to say there. >> lots of people are vocal about this one. can you tell it's political season? everybody wants to chime in. >> it's leaning towards yes, they should be taxed more. >> big-time. >>> several folks around here are very cutting-edge. they're paying for their starbucks cocoee, which is super-important around here, using their smartphones. >> that's right. more and more people are doing it. as our friend daniel sieberg tells us, there's a lot of money at stake in all this. tech it out. >> reporter: what could the consumer of the future experience? let's start with defining a virtual wallet. >> so basically it's like leaving your wallet and all those plastic credit cards aside and using some other device to pay, some other device like your phone that can contain like virtual credit cards and you can just tap your phone on something and you'll be able to pay. >> reporter: on the surface it certainly sounds convenient. albeit a li

warren buffett has said he's going to invest $5 billion in bank of america buying 50,000 preferred shares. we immediately saw that stock jump 26% on the news. this effectively puts a stamp of approval on bank of america which has been under siege from the shorts here recently. we've seen the stock sink about 40% since the beginning of the year, and this essentially will stop the bleeding in bank of america as warren buffett steps in and says he believes in the company, he called moynihan and asked if he could invest and this. ly flipped markets. we saw futures turn positive. we saw the financials trade higher, so this is really going to set the tone on wall street. you were talking about the steve jobs' story. that stock was trading down about 2.5% on the jobs' news, but it obliterates that news and puts the focus on financials in the market. we'll watch apple stock as well which was trading lower on that news but could turn positive with the rest of it. this b of a story really in focus today. back to you. >> the power of the oracle of omaha. >> there you go, you're right. >>> hurricane

. >>> stocks had opened higher on warren buffett's berkshire hathaway taking a $5 billion stake in the struggling bank of america. boa gained over 9%, accounting for almost 10% of the day's total volume. on the first day of trade since apple co-founder steve jobs' resignation, shares fell only slightly. a sharp drop thursday on germany's dax. at one point by as much as 5% increased jitters and selling on wall street. >>> new jobs numbers also fuelled selling. u.s. jobless claims rose last week to their highest point in five weeks, but that was largely inflated by formally striking workers at verizon. >>> after two days of sharp declines, gold rose more than 1%. elsewhere delta plans to spend billions buying 100 boeing 737 jets to upgrade its fleet. >>> finally, the gas-guzzling favorite of the rich and famous is also apparently the favorite of thieves. a new study finds the cadillac escalade is the most likely vehicle to be targeted by crooks. >>> coming up, preseason football heats up. the red sox live off the long ball, and the u.s. final is set in little league baseball. plus, the n

. >> it will be interesting to hear then secretary of treasury and warren buffett >> about the sns &p. >> if you would tell me six weeks so that the stock might it would be down 200 point and downgrading the from the other agencies the snb has some explaining to do will keep the pressure on for a while " we have to address our own net deficit problem. >> there is a lot of talk about times an hour during this recession they take on big deficits that keeps the economies of the world of local body is still out that? all >> eyes will be on the federal deserved morro they have three or four options that they can choose all are risky and could help stabilize the market. by driving up credit-card interest charges. >> we will continue to watch the market is now off to london six points. >> i'll live look at the golden gate bridge temperatures are down. golden gate bridge traffic is socked in that with fog this morning. yÑsÑkékékióç]s]s our big story is the keyboard. we are going to wall street right now. the dow was down 197 points. stocks are tumbling up after the s&p downgraded the u.

buffett did today, bank of america was in trouble and still is, but it's doing better today after buffet bought $5 billion worth of its stock. it's a bet that may pay off handsomely for him, but it also raised the stock price, up almost 9.5% in one day for bank of america. still ahead here tonight t latest on the path of this hurricane. >>> and overseas richard engel with an extraordinary look inside gadhafi's compound including what may have been a secret escape route. >>> now to libya tonight where nato has joined the hunt for gadhafi, still at large, no one knows where. there's a deal to release $1.5 billion in assets, frozen in u.s. banks. money the rebel leadership says it needs to pay salaries and basic supplies for the libyan people. "today" meantime, our chief foreign correspondent richard engel got inside gadhafi's compound in tripoli and saw firsthand what he left behind, including a complex network of tunnels that he may have used to escape the violence happening around him. >> reporter: hundreds of rebels battled gadhafi's loyalists today. rebels advance with all the firepowe

. >>> finally, sunday warren buffett's berkshire hathaway made a buy-out for transatlantic holdings. >>> a bitter caddie enjoys sweet revenge. >>> the mets' season's hopes remain on the stratraining tabl >>> the yankees and red sox series battling for first place. first look at sports is straight ahead. you're watching "first look" on msnbc. booking a flight by itself is an uh-oh. see if we can "stitch" together a better deal. that's a hint, antoine. ooh! see what anandra did? booking your flight and hotel at the same time gets you prices hotels and airlines won't let expedia show separately. book it. major wow factor! where you book matters. expedia. go! go! completing an atm deposit in record time... that's a step forward. go! go! with deposit friendly atms, you can make ultra fast, secure deposits with no slips or envelopes. take a step forward and chase what matters. but when she got asthma, all i could do was worry ! specialists, lots of doctors, lots of advice... and my hands were full. i couldn't sort through it all. with unitedhealthcare, it's different. we have access to gre

. >>> and finally, sunday, warren buffett's berkshire hathaway made a $3.25 billion buyout offer for reinsurer transatlantic holdings. >>> well, a bitter caddie enjoys sweet revenge. the mets postseason hopes end up on the trainer's table. and a nascar driver wins despite a serious handicap. plus it's only fitting a back and forth game concluded the yankees and red sox back and forth weekend series battling for first place. your early morning sports headlines are straight ahead. >>> and we just finished another hot and humid weekend. today, even hotter in some locations. your forecast is coming up. you're watching "early today." >>> good morning. if you're just waking up, this is "early today." in sports it's almost a ritual of the summer. the red sox and yankees battling head-to-head for first place. here's nbc's bill seward with an early look at all your sports headlines. >> hi, everybody. if you're a baseball fan, it doesn't get much better than the yankees and red sox with first place on the line at fenway. pick it up in the ninth inning, sox down one, man on third, all dustin pe

. >>> stocks had opened higher on warren buffett's berkshire hathaway taking a $5 billion stake in the struggling bank of america. the oa gained over 9%, accounting for almost 10% of the day's total volume. on the first day of trade since apple ko founder steve jobs' resignation, shares fell only slightly. a sharp drop thursday on germany's dax. a one point by as many as 5% increased jitters and selling on wall street. >>> new jobs numbers also fuelled selling. u.s. jobless claims rose last week to their highest points in five weeks, but that was largely inflated by formerly striking workers at verizon. after two days of sharp declines, gold rose more than 1%. elsewhere delta plans to spend billions buying 100 boeing 737 jets to upgrade its fleet. finally, the gas-guzzling favorite of the rich and famous is also apparently the favorite of thieves. a new study finds the cadillac escalade is the most likely vehicle to be targeted by crooks. >>> coming up preseason football heats up. the red sox live off the long ball, and the u.s. final is set in little league baseball. plus, the new yor