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longer the elephant in the room, governor rick perry announces he's joining the republican party for president. >> he may be the republican front-runner but he was not feeling the love at the iowa state fair. he got heckled and laughed at over three words he said, words he may come to regret on this "american morning." -- captions by vitac -- www.vitac.com ing. >> oh, thank got it's friday. >> wait a minute. i've got to move my stuff. >> good morning. happy friday to you. it's august 12th. welcome to "american morning." up first, texas governor rick perry, the elephant in the room,...

senate. but what would happen if the government defaulted on its loans? would it impact you? >> interest rates will rise. we'll be back in recession. of course, we already have a 9% plus unemployment rate. we're starting from a weak position. unemployment will rise to the double digits. we'll all pay a very significant price. first the british tabloid hacking scandal catches the attention of law enforcement here in the united states. a source tells cnn the fbi is investigating whether or not journalists working for rupert murdoch's news corporation illegally gained access to phone ...

Are starting to sound like president obama. >> bill: i'm not sounding like president obama. i'm looking out for the folks. >> the folks need prices to come down for gasoline. >> bill: right. >> exxon mobil. >> bill: raising them. they are raising them. >> exxon mobil is not the one raising them. >> bill: it's not? i pay in the gas station they have the 4.50 on the sign. >> the fact of this matter the administration is raising it open up offshore drilling. >> bill: 6. billion in profit, lowe. >> 10.65. >> bill: the numbers have so big i can't get up that high. 59 billion over five years in taxe...

Are starting to sound like president obama. >> bill: i'm not sounding like president obama. i'm looking out for the folks. >> the folks need prices to come down for gasoline. >> bill: right. >> exxon mobil. >> bill: raising them. they are raising them. >> exxon mobil is not the one raising them. >> bill: it's not? i pay in the gas station they have the 4.50 on the sign. >> the fact of this matter the administration is raising it open up offshore drilling. >> bill: 6. billion in profit, lowe. >> 10.65. >> bill: the numbers have so big i can't get up that high. 59 billion over five years in taxe...

And meanwhile everybody is getting hammered at the gas pump and you are happy. >> >> i'm happy. >> bill: that makes you a bad guy. >> i'm a free enterprise capitalist. >> bill: not capitalism. they don't compete. >> exxon? against every major oil company in the world. >> bill: how do they all charge the same then? when i go to the deli not every deli charges the same for a ham sandwich. >> if all that ham were coming from one place, it might be kind of interesting. >> bill: that tells me there is no free competition there. >> opec, a cartel. you think there is competition? >> bill: you are agr...