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investigation of rupert murdoch's media empire as the company pays a new price for its phone hacking scandal. could a massive probe now under way in britain happen here in the united states? and the obama money-maybing machine. who's behind the cash and can the republicans compete? president obama and the congressional leadership are under enormous pressure right now, about 40 minutes into their latest round of debt crisis talks. they haveless than three weeks until the deadline to raise the legal limit on the federal debt. and by all accounts, they're still very far apart. what if...

house. he is inside of the courthouse in winston salem courthouse. and you can see it in the bottom right-hand corner of the screen, but we are expecting john edwards along with the defense attorney to walk in front of a crowd of reporters, and we will bring it to you live as soon as we see it, but i know that my pal, joe johns, has been out there off and on covering the story, and he has literally walked outside of the courtroom. joe, first, talk me through what you have just experienced inside of the courtroom. you saw edwards, himself, in front of the magistrate, and how did he ap...

On the rich. guess what happened? it dragged us further into a recession. why? people didn't trust government enough to be able to go out and invest because they didn't think government would let them be profitable. >> sean: the economy is most akin now to what happened to japan the lost decade that never recovered. >> you saw the stimulus money it went to the states to the teachers' unions. >> sean: 586,000. >> absolutely. >> sean: most chilling is standard & poor's. our aaa rating is at risk. i go to the imf they say in five short years that china will surpass america as the number one econo...

Guess what happened? it dragged us further into a recession. why? people didn't trust government enough to be able to go out and invest because they didn't think government would let them be profitable. >> sean: the economy is most akin now to what happened to japan the lost decade that never recovered. >> you saw the stimulus money it went to the states to the teachers' unions. >> sean: 586,000. >> absolutely. >> sean: most chilling is standard & poor's. our aaa rating is at risk. i go to the imf they say in five short years that china will surpass america as the number one economy in the wor...

Crisis ahead of time. they just didn't anything about it. >> they didn't do the one thing they promised us they would do, which is ring the alarm bell and say we've got to stop it. what i really love is after all this greenspan has gone, whoops, i guess maybe a little mistake. >> little mistake in there somewhere. >> you come up with this beautiful metaphor. you have a way to describe this. tell us what it stands for. i think it's classic in terms of explaining. >> well, it was basically a way to recycle mortgage assets so you could take the leftover bits and turn them into aaa-rated securitie...