tv The Early Show CBS August 19, 2011 7:00am-8:00am PDT
looking for places to hide. the latest on the market and check in to see what one million billion mayor would do to fix this. president obama staverg staris vacation on martha's vineyard. we will take a look why republicans aren't the only ones putting big-time pressure on the president on. the missing case of susan powell is heating up. we will bring the you let latest on the investigation and talk to their parents about the desperate search to find their daughter. georgetown basketball players slugging it out on the court with their chinese opponents. now some are crying foul "early" this friday, august 19th, 2011. spt spk
good morning a beautiful start to the friday august 9 th. one of the big story we want to you about is another development in the case of the west memphis three in prison nearly 20 years for the murders of three 8-year-old boys in arkansas. it's a controversial case and all three men have said they are innocent. now we are told some of them could be freed later today. after making a deal with prosecutors. erin moriarty has been following this case and we will talk about that coming up. a live look at the numbers. on thursday the dow jones industrials finished below 11,000 as worried traders rushed to find safe havens for their money.
rebecca jarvis is at the new york stock exchange this morning. >> reporter: things opened lower by more than a hundred points. the stock market has cut some of the losses in the united states and things in the united states, as far as stocks are concerned, are looking better than their counterparts in europe and asia and overnight traded significantly lower. >> what is this volatility about? is it just that people are scared to see what is happening overseas or is there more to it? >> reporter: first of all, you have fear in the market. an emotion of confidence taking place and actually an index that looks at just how much volatility and fear exists out there and we see the fear index right now is near record highs. it's not quite as high as the panic of 2008 but abnormally high because of a fear of a global recession. they are slowing in-the-news and elsewhere. two, europe. europe has bad debt problems. italy, spain, countries like that are dealing with significant debt problems and, as a result of their debt
problems, banks in europe are facing issues because they hold, they own those debts. those banks, according to some investors and some investors fear this, could be facing in the absolute worst case scenario a similar situation to what lehman brothers faced here in the united states. that is the ultimate worst case scenario and what we are seeing as far as the volatility goes here because no one wants to see that take place but the fear is gripping the markets. >> rebecca, thanks. joining us to talk more about the markets and jobs in new york city is new york city mayor michael bloomberg. good morning. >> good morning. >> i guess we are going to ask you the easy question first. how do you make this type of volatility stop? >> things go too far. had if you had to bed ten cents you have to believe u.s. government bonds have been bought at too high prices and gold is too high priced and the stock market is too low. why? it's just been going in that direction a while.
step back. what is the market trying tell you? the market is a messenger and saying in the united states our government is not functioning and we have the potential for very big problems and today have too many people unemployed and losing their houses and in europe a question whether they are broke and the only salvation is germany and france. the only way out of their problems is those two countries bail out the rest of europe and not clear to those citizens in those country that europe is able to do it. >> does it stabilize? >> it will after awhile and then comes back. it's august. not a lot else to do. there will be another event that takes over the headlines and people will go back to a more rational view, but keep in mind, once again, the problems is not the stock market. the problem is what the stock market is trying to tell you. whether it's telling you the truth we will only know in the future, but markets are aspirations and expectations and
speculation. >> you talked about, though, the impact of the government and the fact that the government, by many accounts is not exactly functioning here. >> our government. >> exactly. there is so much talk what the president need to do and what both parties need to do. can they announce a plan that is going to have an immediate impact on this economy? >> nobody is going to come up with a quick simple solution to a complex problem that has been building for years. just step back for two seconds. in '08 the problem was we took too much risk. congress, the builders, the unions, the employers, your i.r.a., everybody wanted speculation to continue and eventually it all collapsed. now the problem is the reverse. people unwilling to take risks. the banks don't want to make loans and people don't want to borrow money and you don't want to buy a new house and companies don't want to expand. it's how you get the economy going again. you say there is structural
changes. globalization and automation and deal with that and the president has to come up with plans but not overnight solutions. >> a lot of talk on both sides about the importance of small business. there have been programs put in place in new york city and incubator programs for start-ups. what kind of impact have you seen from programs like that on the local economy here and the job market here? >> well, america has lost roughly 6% of its jobs from the bottom of this recession till it now. 6% private sector jobs. new york has lost less than half of 1% and the reason is we focused on small businesses. big businesses can use automation and big businesses have some fat they can cut out over a period of time. small businesses automatic medication doesn't help them. they tend to be hands on kinds of businesses and they operate pretty lean so what you've got to do is create a lot more small businesses, make the climate better for small businesses and there is ways to do that. we have incubators and angel funds and we have training programs will help you write a business plan. and, most importantly, we want to get immigrants from around the world to come to america is
the single biggest thing the president could do and with congress is open up the borders to those who will create jobs here because immigrants when they come do exactly that, they don't take away jobs, they create jobs for people who have been living here for generations. >> mayor bloomberg, thank you and appreciate you coming in here. >> thank you for having here. a presidential visit to three key midwest states, cbs news correspondent whit johnson is in washington to wrap it you will up for us. >> reporter: the 2012 election is more than a year ago away but this week you would hardly notice. the race i hit a new level. this week, rick perry bolted out of the starting blocks. >> i declare to you today as a candidate for the president of the united states. >> reporter: only to get tripped up before hitting his stride. the texas governor attacked federal reserve reserve chairman ben bernanke. >> if this guy prints more money
between now and the election, i don't know what y'all would do to him in iowa, but we'd -- we would treat him pretty ugly down in texas. >> reporter: he was widely criticized for the remarks. >> i got in trouble about talking about the federal reserve yesterday. >> reporter: but by the end of the week, he was back on track. >> we don't need an excuse maker in chief. >> reporter: perry and the rest of the gop field sharpened their focus on president obama. >> had he had a successful first three years, he wonts be on a bus tour. >> reporter: as the commander in chief made his way through the heartland including a stop in iowa that seemed a lot like like a campaign rally. >> i want you to help hold all of us accountable, me included, i am enlisting you in this fight. >> reporter: earlier in the week, congresswoman michele bachmann collected a victory there winning the ames straw poll. >> this was a wonderful down payment on taking the country back and it started in iowa! >> reporter: and trying to present herself as an
alternative to the gun-slinging texas governor. >> we need one strong hombre or i'm the hombret. >> reporter: mitt romney went head-to-head with rick perry in new hampshire where both governors cited their past economic suks. >> i spent my life in the real economy. i worked for 25 years. >> my action as governor are helping create jobs in this country. >> reporter: as for the president, he finished the week by starting his vacation in martha's vineyard. and, today, we can expect more fireworks from michele bachmann and rick perry as both are taking their campaigns to the key battleground state of south carolina. >> whit johnson in washington for us, thank you. we have been talking a lot about president obama's republican critics weighing in saying it's the wrong time for him to take a vacation. as he settles in for the next ten days of that vacation the president is also getting criticism from one group that was previously very supportive. leaders of the black community.
cbs news correspondent wyatt andrews is travel with the president in martha's vineyard and joins us this morning. good morning. >> reporter: erica, good morning. the national unemployment rate you mentioned is 9.1% for african-americans it is 16% and many black leaders are questioning the president's record on jobs. plus, after the president spoke to on mostly white audiences on his bus tour through iowa this week, that only added to concerns he is ignoring his black base and black constituents. the concern was voiced publicly this week by democratic congresswoman maxine waters. >> we are supportive of the president. we want to give him every opportunity but our people are hurting. unemployment is unconscionable. >> reporter: the unemployment for african-americans was visible in atlanta on thursday when a mostly black crowd of thousands of the unemployed lined up up in the georgia heat for a job fair responsed by the
congressional black caucus. the snapshot what the president has called an unemployment crisis. many blacks believe mr. obama could have fought harder during the debt reduction talks to help the unemployed through the crisis. >> many african-americans would love to see president obama talk more about their communities specifically, talk about their needs specifically, and be engaged in their immediate communities. >> reporter: despite those complaints, the president still gets strong approval ratings from african-americans, 88%, a number 50 points higher than his approval among whites. to address the unemployment crisis, the president will work part-time on his vacation on the job creation package he will reveal in september. erica? >> wyatt andrews on martha's vineyard this morning, thanks. here is jeff glor with another check of the today's
headlines. at least 40 people died this morning in a bombing at a mosque in northwest pakistan. that explosion happened as hundreds gathered for friday prayers. at least 85 others were hurt there. twin suicide bombers attack a compound in kabul, afghanistan, as well. followed by a five-hour gunfight with afghan security. ten people killed there. libya war planes struck again near gadhafi's compound in libya. the libyan government insists it is winning the war. anti-gadhafi rebels are holding zuwiyah andal lex crawford is with them. >> reporter: the impression the government authorities giving in tripoli is a different one to the oneware seeing here on the ground in zuwiyah reinforcements brought in this terms of people and armory and weaponry and
ammunition. all digging in to what appears to be their last stand to try to take over the square and the impression we got when we were right in the heart of it was that they appeared to have the upper hand and it was the gadhafi soldiers, the snipers holed up in a number of buildings in the square who were having to defend themselves and try and push back the rebels. but it seemed to us very much then that the people of here bolted by extra fighters from other areas and in the mountains appeared to be advancing on the gadhafi snipers and appeared to have the upper hand. certainly they felt that they were very confident, they felt that they were making inroads and they were almost celebrating while we were there. many showing the signs and the feeling that they had pushed back the army. alex crawford, sky news for cbs
news. bank of america is reportedly cutting 3,500 jobs this quarter. part of a restructuring at the nation's largest bank that could eventually see as many as 10,000 jobs laemted eliminated. the second time in a week severe weather caused a stage to collapse in belgium, thursday, a thunderstorm flattened tents and pulled the roof from a stage at a concert there. at least five people were killed. 140 were hurt. meanwhile, sugarland performed for the first time since that stage collapsed at their concert at the indiana state fair last weekend. in new mexico, last night, the band paused to remember the five who died in indiana and all of those who were hurt. >> in honor of those people who were wounded in those beautiful lives that were lost, we ask you to stand and join us now in a moment of silence. ♪
we've got great stuff showing up outside, low clouds surging well onshore, a slow burnoff, cooler numbers coming your way. looks like temperatures running 10 degrees below the average across parts of the bay area. 50s right now, cloudy skies, clouds toward concord. still clear in fairfield. by afternoon, you'll find sunshine in the valley, but much
cooler temperatures, a few 60s in the bay, 50s towards the coast. thanks so much. that's your latest weather. good morning, erica and chris. >> good morning. thanks. still ahead does this look like a friendship tour? >> that snapshot not so much. >> not really. >> georgetown university basketball players got in a big-time brawl during what is supposed to be a goodwill game in china. what happened? stay with us. we will tell you on "the early show." >> not good. [ male announcer ] this...is the network --
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basketball game disintegrated into a boxing match. it's unclear what emptied both benches, the hoyas left the court. no physical injuries have been reported but a diplomatic fallout could be embarrassing. vice president joe biden attended a different hoyas game and the tournament was designed to enhance bilateral ties. perhaps it wasn't the best idea to schedule a friendly game with the official basketball squad of china's people liberation army. they're known for their aggressive tactics. there's among a saying when they play to win, they fight to win. the chinese basketball association has been known for fighting before. last october chinese players and coaches were fined $45,000 for
beating up brazil's national team. chinese basketball fans could be the ones to pay the price for thursday's brawl. they're scheduled to meet again sunday although that game might be canceled. celia hatten, cbs news, beijing. >> big east is tough, too. >> note to self, when i engage in friendly games don't do it with the army. still to come, hope for a missing mom. >> this portion of "the early show" brought to you by mercedes-benz. but hurry before this opportunity...disappears. the mercedes-benz summer event ends august 31st. [ female announcer ] do you know what a difference dove nourishment can make? my hips, they know.
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in an exceptionally engineered mercedes-benz now for an exceptional price during the summer event. but hurry, this offer ends august 31st. big changes in the works for silicon valley giant hewlett good morning, everybody. it's 7:25. let's get you caught up on headlines this morning. big changes in the works for silicon valley giant hue lit
packard, announcing it will discontinue production of its touch pad tablet computer and related smartphones. hp may also spin off its personal computer business, the world's largest. in addition, it may acquire the british software firm autonomy to better position itself as a corporate technology provider. signs of encouragement on wall street this morning. the dow jones industrial average is actually up slightly now, up 31 points after yesterday's 420-point decline. it was down over a hundred at one point today. the tech ease heavy nasdaq and s&p are up a bit right now after a dip opening minutes today. europe was down, so were the asian markets. perhaps things are looking a little better here in the good old us of a. we'll keep an eye on that. much more, traffic and weather, too. stay right there. ,,,,,,,,
including the honey nut flavor, and that's amazing to a mom like me. as a parent you don't want to have to tell your kids "no" all the time. it's nice for me to be able to say "yes" to something that they want to eat. [ male announcer ] chex cereal. five flavors. gluten free. good morning. let's check 880 through oakland. it looks great as you pass the coliseum. no major issues across the east bay. in fact, no big hot spots. if you're heading out for your morning commute, looks okay, except we're seeing a backup, extending to the first overcross. hard to tell from this camera. you're looking at maybe 10, possibly 15-minute wait to get you onto the bridge. just because of the metering lights, again, there are no incidents at the bridge itself. everything is back on time, including bart. we were dealing with slight
delays on the richmond line, but right now, no delay, no delay, and no delay! here's a check of the forecast. what you're saying is no delay? we're doing okay. air traffic, seeing a lot of fog, so delays of an hour, plus at sfo for arrival. out at the beach, we are socked in with the fog and it's going to stick around the better part of the day, slowly burning off and temperatures will be cooler across the board, well below the average. 75 in san jose, about 64 degrees in san francisco. only 50s right out at the beaches. ,,,,,,,,
i'm chris wragge loalong with erica hill. the so-called west memphis three convicted of murdering three boys in 1993 could be set free as early as later today. >> after spending more than 15 years in prison and won the right to a new trial. prosecutors may let them go if they agree to a controversial plea deal. a court hearing later today. the family of those three boys not happy about this so bring you the latest on the case ahead. there may be a break in the case of a utah mom who disappeared nearly two years ago. detectives are tracking a possible lead in a remote part of eastern nevada, about 250 miles from susan powell's home. pryia david-clemens has more for us. >> reporter: susan powell was 28 when she van issued from her utah home on a cold december night in 2009. her husband josh had told police he had taken their two boys ages 2 and 4 on a camping trip at midnight with temperatures below
freezing. from that first day, almost two years ago. >> it's been really hard, but, you know, you just keep going. >> reporter: susan powell's friends and family have pointed the finger squarely at josh. >> i didn't do anything. i mean, i don't know where she's at. i don't even know where to start looking. >> reporter: police in west valley utah have also been blunt. >> right now, josh is really our only person of interest. he was the last one to see susan. >> reporter: they may be suspicious of josh powell, but he has never been named a suspect. and since his wife's disappearance, he has had custody of the couple's kids and moved with them to washington state. twenty months have passed. no arrests, no leads, no parent evidence. until word came a search would begin today near the town of eli, nevada. investigators hold a press conference there morning. they are saying little about the tip that led them to nevada with
you on thursday josh powell offered his take. >> i couldn't be happier to see this break in the case. i think more of the truth needs to come out there. more about susan and possibly even more about our family. >> reporter: as for susan's father, he says any news is positive news. >> we don't think she's coming back, but we have hopes she is coming back. >> reporter: pryia david-clemens, cbs news, san francisco. >> joining us this morning are susan powell's parents chuck and judy cox. thanks for taking time to be with us this morning. >> thank you. >> thank you. >> chuck, as i understand it, the police didn't contact you directly about this new lead but there has been a press release. we know there is a press conference a little bit later today. when you hear all of these things, you hear about a new search. what does it make you think, chuck? >> well, it's another search. when we talk to the police, they told us that they were going out
to eli, nevada, and had something going on but they didn't give us any details and it's just another lead that the police are looking at. >> it, obviously, gives you some hope, which would be understandable. judy, how has it been for you the last couple of years trying so desperately i know to help in the search to find your daughter and to get some answers? >> it's a long struggle. it's something you think about every day. and realize you have to put your foot forward each day as you get up and realizing it's really happening and you hope it's just a bad dream, but it's definitely a nightmare and it is hard. >> pictures of your daughter are just beautiful. you can tell she has such a life about her. there was a talk about what a wonderfully devoted mother she is to her two little boys. her husband, josh, is a person
of interest. but police have said he is not a suspect. he has taken out a restraining order against you. are you able to see your grandsons at all, chuck? >> no, we're not. that is part of restraining order now. >> has it been hard on you guys not to be able to see them, judy? >> oh, definitely. i mean, those are our grandkids. a part of susan. and yet we're to close, but yet we are far away. >> i know that you had planned this weekend to hand out flyers in both utah and washington state to keep the search for susan in the public eye. do you have plans to continue that evident or are you waiting to see what happens thi
just ahead if you get a sinking feeling looking at your 401(k), you're probably not alone. >> stay calm. we have important advice about how to save is a what is left of your retirement savings. this is "the early show" on cbs. . be right back. left behind by a floor cleaner i thought was going to take me places. wait! now life is dull...
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other side effects include nausea, tiredness, trouble sleeping, stomach pain, and dizziness. tell the doctor about your child's medicines and medical conditions, including heart, liver, or kidney problems. [ woman ] adding intuniv helped eric. [ male announcer ] ask the doctor about once-daily nonstimulant intuniv. if you're like many americans, this roller coaster ride on wall street probably has you concerned about your retirement. 401(k) investors pulled $2. .5 billion out of u.s. stocks in the first ten days of august. it's the biggest outflow since
october of 2008. >> but before you make any big decisions about your retirement money, listen to financial adviser ray martin of cbs "moneywatch." good to see you smiling. >> reassuring. >> i think the people at home will look upon that favorably. >> great to be with you. >> the market not looking good and topic here this morning. people are scared. should they continue to be scared and should they be pulling this money out of that i have 401(k)ss. >> folks should be concerned. i can't fault people for pulling their money out right now and the numbers are getting worse. more people cashing out here. what i'm saying to folks this is not the financial crisis of 2008-2009 all over again where we saw 40% drop in the markets, okay? down 15% to 17% from the highs of april and down about 5% to 7% for the year but i don't think it's the same right now. >> it doesn't feel that way to a lot of people so people who want to pull their money out what shea they be doing? >> we don't see general motors
or aig failing or the government taking it over. if you're close to retirement and on the sidelines right now i'm okay with that for a while for four to six weeks here and let things settle out. moves investors should be making and talk about that. >> i think you have a list of five different things we should be doing. the first one you say you should look at is look carefully at bond funds. >> bonds are priced at historically high prices and historically low yields. you're set up to lose money the next ten years. if you're in a locker room bond fund in usual 401(k) get out of it. look to a stable value fund. >> you say cash is trash. >> they are paying zero and some cases negative interest rates. you're losing money. versus inflation you'll lose 3% to 4% a year. guaranteed be there a few weeks but no longer than that. >> no long-term bond funds and no cash. you say invest in stocks for total return. translate that into laymen's terms for us.
>> many 401(k) plans offer a large company stock funds. the fund that invest in stocks like general electric, ibm and at&t and they pay dividends. a dividend income of 3% or so and could grow another 3% to 5% and setting up to 6% to 8% total return the next ten years. and better than the other options i mentioned and stocks right now with a pullback are a good relatively value. >> growing emerging markets. >> you think of europe not doing well either. >> i'm not talking about europe for sure. what we are talking about is an emerging market fund. china and brazil and they are surpluses, not deficits. they have cash, not debt. structurally so different and set up to grow stronger than we are seeing now. >> what about gold? >> you got to own it. gold is a good value in times. uncertainty and when the pressure is on the u.s. dollar if you can't do it in your
401(k) do it outside. >> now it's over $1,800. people are saying too too late. >> it's not too late. i think we are just getting started. >> keep going up? >> do believe so. it's the u.s. dollar losing its stature in the u.s. economy. we will be around to hopefully tell people what to do in the coming weeks and give people the heads-up. coming up freedom for the west memphis three. tell but a deal that could get the convicted child killers out of jail later today. this is "the early show" on cbs. it's the sun. get out of the office more often with chili's $6 lunch break combos, featuring texas toast half sandwiches. ♪ chili's lunch break combos ♪
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men one who has spent more than half of his life on death row are innocent. in may, 1993, three young arkansas boys, stevie branch, christopher byers and michael moore, went missing. their bodies were found the next day brutally murdered and mutilated in a watered filled ditch in the town of west memphis. the little boys were found in a drainage ditch, mutilated and beaten to death. police arrested damien ekohls, baldwin and misskelley and charged them with murder. >> they are charged with three counts of capital murder. >> investigators believed the three were part of a cult and the kill was a satanic ritual. in 1993, echols was sentenced to death and baldwin and misskelley
were slated to spend the rest of their lives in jail. misskelley did confess to the crime early on his attorneys claimed he has a low i.q., the three maintained their innocence ever since. actor johnny depp pled their case and hosted benefits to raise moneyor their defense and in 2007 new dna evidence emerged that defense attorney argue exonerates the three. thursday they were transferred to a county jail, a craig head county judge issued a gag order prohibiting anyone from talking about the case publicly. sources including one victim's father say the men will go tree. this is a bittersweet development for anyone covering the case for a while. >> they've been convicted of killing the kids, are they just going to walk out of jail? >> there is a gag order and no
one has violated it but what we have heard, what could happen today they could enter something unusual called alfred pleas and the three men will say look we are innocent but in order to get out of jail we will plead guilty, and so if everything goes to plan the three will be freed today and that makes a very big deal for damien echols who will be 38 years of age in december, he has spent more than half of his life on death row. >> they have to plead guilty for murder. what does this do as far as a life out of court, can they sue? >> no, and this is a good deal for the state because the state saves faith. there was going to be an evidentiary hearing this december. there's a good chance they would have gotten a new trial and the state doesn't have the evidence to convict them. what is sad they'll never find out who killed these boys. >> it's a cold case again.
a college education can cost $200,000 or more. how much of that should the kids pay for? this is "the early show" here on cbs. hey. hey mom! what are you doing? what is that? what is this? it's a special paste i invented to replace socks. we're dipping our feet in it. why? because we can't find socks that shape to our feet. we're sick of it! sick of it! that's really stupid. that's the future. try hanes socks with the smooth comfort toe seam.
in our next hour i'm going to clean up my mess, sorry. did a little research for something in our next hour, a lot of british neighborhoods hit hard by the rioting last week. cities across the country are getting a royal touch from the whole family. >> this morning's trip by prince william and catherine, latest visit by members of the royal family. we'll explain coming up. launch me fellas. [ male announcer ] ooh, bad choice. capri sun 100% juice.
gold, off the necks of women. police believe the record high price of gold is making jewelry more of a target. an elderly oakland man has died after being pulled from a burning home. two other women were rescued by firefighters on bird street. the multistory home was completely destroyed. the cause of the fire, still not known. after another rocky start, encouraging signs on wall street. you can see up about 23 points at this hour. apparently investors snapping up cheap buys today, but not up huge, because of global fears of a recession still lingering for a lot of investors. we'll check weather and traffic, coming right up. ,,,,,,,,,,,,
good morning. let's go back out. there was degree on lanes northbound 880 by the fifth avenue exit. it's been cleared, unfortunately leaving a slight backup behind it. kind of slow and go across the coliseum. more of a bottleneck towards high street. at the bay bridge, we are stacked up still. delays are growing just beyond the firstover crossing, typical friday commute heading into fran. metering lights on, a little sluggish from the incline towards the s-surf. golden gate bridge, okay for your drive across the span. let's update the weekend
forecast. fog fans, love it. we've got low clouds stretching well onshore today. slow to break up and temperatures are going to be running cooler than normal today. much cooler than yesterday. highs by afternoon probably only in the 50s, socked in with low clouds at the coastline, maybe drizzle, too. inside the bay, a mixture of sunshine and clouds. temperatures in the 60s, 70s towards the san jose area, warmer spots inland, maybe only low 80s for today. looks like more of the same throughout the weekend, as temperatures stay low. warming up towards next week. ,, ,,,,
[ bailiff ] fee court is now in session. come on out, guys. the jury has reached its decision. now, you guys found the other airline guilty of charging a 150-dollar change fee. you bet! southwest would never do that. and that was after she changed her flight and paid the difference in airfare. that other airline treated her wrong. she was understandably upset. well, who can afford a 150-dollar change fee? he was surprised with the verdict. you got that right. [ male announcer ] don't pay a change fee on top of a fare difference. fly southwest, the only major airline that never charges change fees. top of thehour top of the hour as we welcome you back to "the early
show." i'm erica hill along with chris wragge. just ahead, the latest royal response to britain's riots. this morning prince william and catherine are visiting the city where three people were killed in that violence. prince harry, you may recall, made an appearance this week. prince charles and camilla also paid a visit to one of the riot-torn neighborhoods in london. and we're a little bit more touchy-feely than usual.