now my take. the european crisis you have been reading about in the newspapers is worth watching very carefully. it has now morphed into something much bigger than a european crisis. it could batter the entire global economy, which is pretty fragile anyway. you read a lot about greece. the real problem is italy. you see, greece is a nano state and makes up about 2% of the european union s gross domestic problem. italy, on the other hand, is one of the seven or eight largest economies in the world. its debts are greater than those of spain, portugal, ireland, and greece combined. and it has long been governed in an almost cartoonishly bad manner. italy is too big to fail, but it also might be too big to bail. even germany may not be able to credibly bail it out along with all the other troubled countries. so what can be done? i don t think the leading proposals will work. creating eurobonds or giving brussels broader powers to tax and spend. those things won t happen. govern
pacific. now my take. the european crisis you have been reading about in the newspapers is worth watching carefully. it has now morphed into something much bigger than a european crisis. it could batter the entire global economy which is pretty fragile anyway. you read a lot about greece. the real problem is italy. you see, greece is a nano state and makes up 2% of the european union s gross domestic problem. italy is one of the seven or eight largest economies in the world. its debts are greater than those of spain, portugal, ireland, and greece combined. it has long been governed in an almost cartoonishly bad manner. italy is too big to fail but may be too big to bail. even germany may not be able to bail it out along with all the other troubled countries. so what can be done? i don t think the leading proposals will work. creating ueuro bonds or gives brussels broader powers to tax and spend. those things won t happen. people oppose it in europe, governments oppose it in
now where they are starting to make some headway in the three big fires that are burning there, the biggest of them called the crown fire has burned some 15,000 plus acres. 30,000 acres have been burned all together in the three fires, but authorities say that 82% of that big fire, the crown fire, now has been contained. some new documents we were just talking about this, new documents released by a congressional subcommittee seemed to indicate that the ghost card allowed bp to use excessive amounts of chemical dispersants in the gulf of mexico. it s gotten a lot of attention, we ve been talking about it for awhile. bp used the chemicals to break up oil after the april 20th deepwater horizon rig explosion sent millions of gallons of crude gushing into the gulf but despite a federal directive restricting their use the coast guard routinely granted exemptions this committee says. the house energy and environmental subcommittee report says the coast guard approved more than 74 exemption
damaging winds, i think, will be the primary concern with this one. be aware if you have any of those outdoor plans. another weather headline, the heat. it is miserable for millions of people, once again. i wish i could tell you that this is going to be the last ha ra of the heat for a while. we think the southeast is going to see the heat continue to build probably through at least the middle of next week. heat advisories, excessive warrens i warnings in effect. not in atlanta but you are in memphis sending down toward new orleans. this is the time of day you should be inside watching your dad, jim. a good way to stay cool. a good weather tip there, jacqui jeras. thank you very much for that. we appreciate it. you ve seen the video gallons of crude gushing into the gulf. now, some officials are saying they are having a hard time seeing oil in the water anymore. we have residents that might have something to say about that
72 to new mexico and 130 will be serving what is called a command and control function arizona governor jan brewer welcomes more resources coming to the border but she doesn t think this will be enough, shep. shepard: mike emanuel on the push and pull politics at the border. thank you. day 91 of our disaster in the gulf of mexico sadly tonight, the government reports containment cap has a leak. keeping a vast majority of the crude gushing into the gulf we re quite sure. national incident commander says a small amount of oil and gas is leaking out though he insists it s not a big concern. he also says the seepage, as they are calling it, is about two miles away or particular seepage two miles away is probably not related to the well. we do not believe this is consequential at this time. it is a collective opinion of the folks that are talking about this that the small seepages we are finding right now do not present at least at this point