diane. >> okay, thank you, ginger. next, let's bring in abc's matt gutman, he's in mississippi where already it's knee-deep water on the ground. matt. >> diane, incredible, this is an island, beyond the pylons are the boat slips underneath the sheds there were picnic tables are now submerged. we're already looking at four to five feet of flooding. there's a mandatory evacuation for this marina, and all the communities south of here, folks along the gulf coast hunkering down. the worst concern is the water. it's going to continue to rise all night, diane. >> moving on next now to mississippi our thanks to matt. and to new orleans, abc's bill weir is right there. >> reporter: with the waves on pontchartrain getting meaner, this could be the last jog for awhile, and it is too late to think about filling another sandbag, or gas tank. >> now's not the time to tempt fate, now's not the time to dismiss official warnings, you need to take this seriously. >> reporter: the warnings have come from all levels, and even in the fren

diane. >> okay, thank you, ginger. next, let's bring in abc's matt gutman, he's in mississippi where already it's knee-deep water on the ground. matt. >> diane, incredibly, this is an island, beyond the pylons are the boats slips underneath the sheds there were picnic tables now submerged. we're already looking at four to five feet of flooding. there's a mandatory evacuation for this marina, and all the communities south of here, folks along the gulf coast are hunkering down. the worst concern is the water. it's going continue rising all night, diane. >> moving on next now to mississippi, our thanks to matt. and to new orleans, abc's bill weir is right there. >> reporter: with the waves on pontchartrain getting meaner, this could be the last jog for awhile, and it is too late to think about filling another sandbag, or gas tank. >> now's not the time to tempt fate, now's not the time to dismiss official warnings, you need to take this seriously. >> reporter: the warnings have come from all levels, and even in the french

but diane, all eyes on the stage tonight. that podium, as we all know, it is now paul ryan's turn. >> okay, thank you so much, david. and that takes us straight to abc's jon karl, in another part of the convention floor. he is covering the 42-year-old vice presidential candidate from wisconsin. jon? >> reporter: his biggest moment. you know, diane, this is the first generation x-er we have seen on a national ticket. what a journey he's taken here. i first met him not long after he first came to washington as a 22-year-old mail room intern on capitol hill. six years later, back as a member of congress. now on the national ticket. ryan is somebody who has always seemed to me to be a guy who is in a hurry. his dad died before he was 16, his grandfather, great-grandfather, as well. he has wanted to waste no time at all. i always felt like i was on the run trying to keep up with him. as for his speech, he has an a-team of republican speech writers helping him out. two of the speechwriters that wrote those speeches george bush gave

but diane, all eyes on the stage tonight. that podium, as we all know, it is now paul ryan's turn. >> okay, thank you so much, david. and that takes us straight to abc's jon karl, in another part of the convention floor. he is covering the 42-year-old from wisconsin. jon? >> reporter: his biggest moment. diane, this is the first generation x-er we've seen on a national ticket. what a journey he's taken here. i first met him not long after he first came to washington as a 22-year-old mail room intern on capitol hill. six years later, back as a member of congress. now, on the national ticket. ryan is something who always seemed to be a guy who is in a hurry. his dad died before he was 16, his grandfather, great-grandfather, as well. he wanted to waste no time at all. as for his speech, he has an a-team of republican speech writers helping him out. two that wrote the speeches george bush gave after september 11th are helping him with this. one of them wrote the speech that sarah palin gave four years ago. >> bringing in the a-te

diane? >> okay, josh, thank you. i know that interview just happened today and i want everyone to know that they can see more of it tonight on "nightline" and tomorrow morning on "good morning america." >>> and now, the political landscape, your voice, your vote. five days to go until the republican convention kicks off in tampa. and, a new poll out today shows it is still a dead heat. mitt romney's running mate, paul ryan, hasn't changed those numbers. and tonight, ryan is tackling questions about his position on abortion and the right to choose. and abc's jake tapper has that story. >> reporter: in addition to visiting virginia and north carolina today, paul ryan also fielded questions on his opposition to abortion, even, as opposed to mitt romney, in cases of rape and incest. >> mitt romney is going to be the president. the president sets policy. his policy has exceptions for rape, incest, life of the mother. i'm comfortable with it, because it's a good step in the right direction. >> reporter: the obama campaign

they were hoping to get back to jobs and the economy today, diane. >> thank you, david. a direct challenge to women voters, as you say. >>> and there was another congressman who stirred up hot water. the fbi investigating what is being called lawmakers gone wild. an official trip to one of the holiest places on the planet that became a drunken late-night swim in the sea of galilee. here's abc's jon karl. >> reporter: today, another republican on damage control. >> alcohol was not a factor on the decision to jump in. it was more a spontaneous thing. clearly a mistake. >> reporter: that mistake, a skinny deep in the sea of galilee, caught the attention of the fbi and has given congress yet another black eye. even paul ryan today called his behavior unbecoming of a member of congress. it happened on an official delegation. 30 republicans visiting the holy site and meeting with top israeli officials. majority leader eric cantor was on the trip. that's the skinnydipping congressman, kansas republican kevin yoter meeting israeli president simon perez. the trip took a bizarre a

diane? >> okay, josh, thank you. i want everyone to know that they can see more of that interview tonight on "nightline" and tomorrow morning on "good morning america." >>> and now, the political landscape, your voice, your vote. five days to go until the republican convention kicks off in tampa. and, a new poll out today shows it is still a dead heat. mitt romney's running mate, paul ryan, hasn't changed those numbers. and tonight, ryan is tackling his opinion on abortion and the right to choose. abc's jake tapper has that story. >> reporter: in attention to visiting north carolina and virginia today, paul ryan fielded questions on his opposition to abortion, even, as opposed to mitt romney, in cases of rape and incest. >> mitt romney is going to be the president. the president sets policy. is policy has exceptions for rape, incest, life of the mother. i'm comfortable with it. >> reporter: the obama campaign today called attention to ryan's support for a controversial abortion bill, while under current law, abortion

>> reporter: good evening, diane. all day long, we've been watching the path, the idea of where this storm might go. and forecasters have been looking at the models, making more of an eastern turn on this storm and that has a lot of folks watching this storm very carefully. take a look at the line the hurricane center has planned out for it. it's not just the center line you are watching. it's all that red zone. let me first describe the strength of this storm. fairly weak as it moves across the keys. then, we get into the warm water of the gulf. we think this storm has the space and water temperature to get possibly to a category 1 and even a category 2, as it's making its drive-by, by central florida in tampa, on its way somewhere on the gulf coast for its american landfall. when you are looking at this graphic, our forecast models had been trending west. looking at this maybe spreading out as far west as new orleans. but now we're trending it much more east, and it could be even closer to that tampa coastline than

. >> reporter: hi, diane. you may remember last week there was a great deal of concern here in great britain over the country's seeming inability to win a gold medal. look at today's headline. happy and glorious. all of that concern seems to have changed in a big way. great britain's gold medal euphoria continues. the nation erupted with joy as andy furry beat roger federer. >> for me this is the biggest win of my life. that's for sure. >> it follows a super saturday that put britain in third place for medals, the best day in over 100 years. even some of the country's red royal mail boxes are turning to gold. after a singles championship saturday, serena williams paired with sister venus to win in doubles, their third olympic gold as a team. this morning the women's marathon raced past the city's iconic sites. americans placed tenth and 11th. and the man with the record for olympic medals is beginning life after the games. last night's relay win gave michael phelps his 18th gold medal and 22nd overall. >> i ca

diane. >> prepare for flooding. thank you so much, sam. but as you said, it is a direct hit, a possible direct hit on new orleans, bracing with the memory of katrina still so fresh. and abc's meteorologist ginger zee, a veteran storm chaser is in the city tonight and standing on one of those levees. ginger. >> reporter: diane, during hurricane katrina, lake pontchartrain has so much storm surge -- come with me -- that it pushed up water into these neighborhoods. now the levees are taller, isaac is a different storm and new orleans is a very different city. >> we're dealing with tropical storm isaac. >> strong winds, rain and storm surge. >> reporter: in new orleans tonight, they're not take anything chances. >> we're going to leave later today. >> reporter: me moornds of that 2005 disaster are everywhere and anxiety is high. >> will we evacuate? will we not evacuate? will it be a level 1 or 3 or better. >> reporter: linda anderson lost her home in katrina. >> we had nine foot of water in our home. >> reporter: she moved back just a few mon

. >> reporter: good evening, diane. all day long, we've been watching the path, the idea of where this storm might go. and forecasters have been looking at the models, making more of an eastern turn and it has a lot of folks watching this storm very carefully. remember, this is not just the center line you're watching. it's all that red zone. let me first describe the strength of this storm. fairly weak as it moves across the keys. then, we get into the warm water of the gulf. we think this storm has the space and water temperature to get to a category 1 and even category 2, as it is making its drive-by, by central florida in tampa on its way somewhere on the gulf coast for its american landfall. when you are looking at this graphic, our forecast models had been trending west. looking at this maybe spreading out as far west as new orleans. but not we're trending it muc more east and it could be even closer to that tampa coastline than we first thought, diane. so, all eyes still focused on this storm. >> veering one dire

they were hoping to get back to jobs and the economy today, diane. >> thank you, david. a direct challenge to women voters, as you say. >>> there was another congressman who stirred up hot water. the fbi investigating what is being called lawmakers going wild. one of the holiest places on the planet that became a drunkle swim in the sea of galilee. >> reporter: today, another republican on damage control. >> it was more of a spontaneous thing. clearly a mistake. >> reporter: that mistake, a skinny deep in the sea of galilee, caught the attention of the fbi and has given congress yet another black eye. even paul ryan today called his behavior unbecoming of a member of congress. it happened on an official delegation. 30 republicans visiting the holy site and meeting with top israeli officials. majority leader eric cantor was on the trip. that's the skinnydipping congressman, whereas first reported by politico several republican congressmen and staff decided go for a late-night swim. some jumped in with all their clothes on. congressman yoder with no clothes at all. the sea

good evening, i'm diane dwyer. there was heartbreak and celebration at the games this sunday. we'll hear from bay area athletes who are breathing a sigh of relief. but you may be surprised to hear from some of the athletes jumping on for bolt band wagon as well. good morning to you raj. >> reporter: good morning from london, hustle and bustle on this monday. a lot of people happy in the olympic city, the brits are happy, team usa had a great weekend. but how about the fastest man in the world? the big ticket item. listen, two million people applied for the big ticket event, only 80 thousand lucky enough to get them. the men's 100 m final. usain bolt breaks his own olympic record, 9.63 seconds. that is a blink of an eye. he defends his title as the fastest man in the world, the only other person to do that with back-to-back wins, was carl lewis back in the 1980s. and yes. it is contagious. and prince harry, the royal getting involved in it. team five, the usa gymnastic's team. it is contagious when you're the fastest man in the world. our local athletes, kerri walsh, and mist

. >> reporter: good evening, diane. all day long, we've been watching the path, the idea of where this storm might go. and forecasters have been looking at the models, making more of an eastern turn and it has a lot of folks watching this storm very carefully. remember, this is not just the center line you're watching. it's all that red zone. let me first describe the strength of this storm. fairly weak as it moves across the keys. then, we get into the warm water of the gulf. we think this storm has the space and water temperature to get to a category 1 and even category 2, as it is making its drive-by, by central florida in tampa on its way somewhere on the gulf coast for its american landfall. when you are looking at this graphic, our forecast models had been trending west. looking at this maybe spreading out as far west as new orleans. but not we're trending it much more east and it could be even closer to that tampa coastline than we first thought, diane. so, all eyes still focused on this storm. >> veering one dir

diane. >> prepare for flooding. thank you so much, sam. but as you said, it is a direct hit, a possible direct hit on new orleans, bracing with the memory of katrina still so fresh. and abc's meteorologist ginger zee, a veteran storm chaser is in the city tonight and standing on one of those levees. ginger. >> reporter: diane, during hurricane katrina, lake pontchartrain has so much storm surge -- come with me -- that it pushed up water into these neighborhoods. now the levees are taller, isaac is a different storm and new orleans is a very different city. >> we're dealing with tropical storm isaac. >> strong winds, rain and storm surge. >> reporter: in new orleans tonight, they're not take anything chances. >> we're going to leave later today. >> reporter: me moornds of that 2005 disaster are everywhere and anxiety is high. >> will we evacuate? will we not evacuate? will it be a l the c engineers ha job. >> reporter: the corps said are you ready? now, a temporary series pumps 11 gates, separate the storm surge that comes across lake pontc

diane. >> prepare for flooding. thank you so much, sam. but as you said, it is a direct hit, a possible direct hit on new orleans, bracing with the memory of katrina still so fresh. and abc's meteorologist ginger zee, a veteran storm chaser is in the crescent cities tonight and standing on one of those levees. ginger. >> reporter: diane, during hurricane katrina, lake pontchartrain has so much storm surge -- come with me -- that it pushed up and over all that water into neighborhoods just like this one. now, these levees are taller. isaac is a different storm, and new orleans is a very different city. >> we're dealing with tropical storm isaac. >> strong winds, rain and storm surge. >> reporter: in new orleans tonight, they're not taking any chances. >> we're going to leave later today. >> reporter: reminders of that 2005 disaster are everywhere and anxiety is high. >> will we evacuate? will we not evacuate? will it be a level 1 or will it be a 3 or better? >> reporter: linda anderson lost her home in katrina. >> we had nine foot of water

. >> reporter: i'm diane eastabrook. still ahead, i'll tell you why the futures market isn't what it used to be. >> tom: starbucks customers, in the future, you'll be able to buy coffee at many locations simply by giving your name. the only catch is you'll have to have a special "pay with square" ap on your smartphone. it's part of a new partnership between starbucks and "square." that's the mobile payments start-up run by jack dorsey, the co-founder of twitter. the deal calls for starbucks to invest $25 million in square. "square" will also process all of starbucks' credit card payments, at significant savings. earlier today, erika miller spoke with starbucks c.e.o. howard schultz and square c.e.o. jack dorsey. >> i would imagine that every big tech company has been beatingalt your door begging for a mobile payment deal. what do you think this is the right partnership for starbucks. >> it's true that we have spoken to most of the high profile blue chip tech companies, all of whom are trying to crack the code on how to m

hello, phil. >> reporter: hi, diane. it's day 8 here in london, a day where we saw the olympic debut of a barrier-breaking athlete and a gold medal for a tennis superstar. serena williams added gold to her already stellar resume saturday as she became only the second woman after steffi graf to win a so-called golden slam, an olympic singles title along with all four major tennis crowns. >> the gold rush continues for the u.s.! >> reporter: america's bryan brothers also took gold in the men's double competition. and at the olympic stadium history was made today as south africa's oscar pistorius, known as the blade runner, became the first amputee to compete in track & field in the olympic games. >> you know, all the guidance that i've got from my team has paid off and let me perform on the days when it matters. >> jamie lynn gray going for gold. >> reporter: the u.s. medal meter continues to click today including gold for jamie gray in women's shooting. >> it's just amazing to be standing on the podium and your flag is be

we'll see diane tomorrow night, as well. for all of us at abc news, have a good night. >> live and in hd, this is abc 7 news -- on your side. captioned by the national captioning institute --www.ncicap.org-- >> what is it like? >> it is horrible. everybody's house is gone. isaac is downgraded to a storm.l not before it pushes a wall of area.through an good evening from washington. .> i am leon harris the republican national convention just wrapped up. quite a spirited evening. l have the sights and sounds for you. start off with isaac. >> we look forward to hearing with the. our big story remains tropical isaac. it is no longer a hurricane. it is still causing big problems with high winds. the biggest problem, the storm surge that forced dozens of to be rescued. one person is confirmed dead. more than 600,000 are without power. get our coverage started. we will have more incredible pictures and a moment. first, bob ryan. just up the latest advisory. is not going anywhere. >> it is moving 5 miles an hour or 6 miles an hour. i

diane saying, "what a great day in history." many of you writing in you weren't even born yet but his was the name you learned in history class. >> got the flag up now and you can see the stars and stripes. >> reporter: wroout wri >> reporter: it was a viewer named dabble who perhaps said it best. "god speed, mr. armstrong. you made america proud." he certainly did. thank you for weighing in. before we go tonight, we want to go to sam champion in florida. >> reporter: david, here in naples, folks are still out because the worst weather will be here overnight tonight. but take a look at where the end of the track is. and that's the big headline for isaac, this storm, with a hurricane warning in new orleans. potentially the strength of a category 2 storm with plenty of time to gain strength from where it is now all the way through the warm waters of the gulf. in some cases, this is much more than 80 degree water. that's hurricane food, david. >> all right, sam, thank you. "good morning america" will have the latest, as well as "wo

. >> reporter: i'm diane eastabrook. still ahead, i'll tell you why the futures market isn't what it used to be. >> tom: starbucks customers, in the future, you'll be able to buy coffee at many locations simply by giving your name. the only catch is you'll have to have a special "pay with square" ap on your smartphone. it's part of a new partnership between starbucks and "square." that's the mobile payments start-up run by jack dorsey, the co-founder of twitter. the deal calls for starbucks to invest $25 million in square. "square" will also process all of starbucks' credit card paymentsat significant savis. earlier today, erika miller spoke with starbucks c.e.o. howard schultz and square c.e.o. jack dorsey. >> i would imagine that every big tech company has been beatingalt your door begging for a mobile payment deal. what do you think this is the right partnership for starbucks. >> it's true that we have spoken to most of the high profile blue chip tech companies, all of whom are trying to crack the code on how to netiz

diane sawyer thundered -- diane sawyer understands this. it's really valuable that they're trying, and what i really want people to realize, it's not all news is created equal. there is a difference. there is a difference. and i saw in my experience with a struggle behind the scene to try to do the right thing. >> how much do you think the absence of a strong federal role, the sec and regulatory, and i don't mean in telling you what to say, what to do, but just with various regulation, keep the news organize, with the disappearance that hand that was there for so many years. >> well, it's changed the nature of broadcasting. i mean, the fcc and the federal government has never regulate cable the way they did broadcasting. on the three going back into the '50s, and in before the with the radio act that they are public airwaves so you are holding something in public trust and you have an obligation. my own understanding, and earth days of television, the bill paley's of this world, general sarnoff, essentially, not explicitly, but effectively

. >> diane, good evening. as you know, the romney campaign believes the questions about the taxes are a diversion by the obama campaign in a bad economy. but today, governor romney clearly ready to answer that question about the income tax he's paid over the last decade. >> there's no change in medicare for seniors. none. >> reporter: with a white board at his side, today, governor romney was out to declare his vision for the future for medicare is better than president obama's. but he also ended up declaring something else. the rate he's paid in income taxes over the last decade. >> i never paid less than 13%. i think the most recent years, 13.6% or something like that. >> reporter: the answer came after a reporter asked about one of our questions two weeks ago. the question came after relentless calls from the obama campaign for romney to release more of his tax return. and when we sat down with romney he just reiterated his stance. two years of returns and that's it. we started with what we did know, the on

diane swonk, mark zandi, austan goolsbee. steve, tell us quickly things that jumped out at you. >> you can look at the column of job growth by industry and there's only one negative in there, so just a visual kind of thing, it was relatively broad-based services, coming forward with 148,000. i think it's instructive that june was revised down, which we didn't miss any strength back there to the extent there's any turnaround it's a turnaround that happened in july, not something we missed in june. i want to look at temp services up 14, not bad. government was down again, minus 9 so that did not help the top line. leisure and hospitality back to 27,000. i think you see this somewhat as a bounceback. >> rick, talk us through the market reaction, futures are up by more than 140 points above fair value, building on those gains we've seen through the morning. >> i guess the best way to frame how the market's interpreting this data is look back toward the ten-year note yield close last friday, basically around 155, that was the high

diane. >> all right. neal karlinsky reporting the smoke behind him and from the fire lines to the campaign trail now. all four candidates full throttle today. the president came out swinging. the vice president caused a dustup. it's "your voice your vote" and abc's david muir reports in from the battleground state of ohio tonight. david. >> reporter: that's right, diane, we're in ohio where mitt romney will speak a short time from now. you can see the crowd gathered here behind me. mitt romney, his new running mate, paul ryan out on the trail today. the president and vice president, joe biden out, too. and what they said, some argued, turned personal today. the war of words began early today, the debate over how to produce energy and jobs. mitt romney in coal company taking on the president. >> i see how he's been waging war on coal. >> reporter: president obama on wind power, in high what, blasting romney, and today going there for the first time. talking about that story that's followed mitt romney wher

i'm diane dwyer. hurricane warnings are in effect along the gulf coast tonight, and now there is concern the storm could hit new orleans exactly seven years to the day after katrina. more than 50,000 people in southeast louisiana are already being given evacuation orders. and let's go straight to meteorologist rob mayeda, who's tracking the storm. and rob, what's the latest? >> well, latest on it here with the national hurricane center update here as of 11:00 our time, still keeps it as a tropical storm. so there's a little bit of good news. this is a slow strengthening process for isaac. it's actually been slower than expected. you could see sustained winds at 65 miles per hour. but the central pressure's dropped now down to 990 millibars. and as long as that pressure keeps dropping, eventually the wind speeds will react to that and start to increase. and you can see here the timeline for the storm we think at some point on wednesday the 29th it will cross inland right near new orleans or perhaps mob

a real hero, diane. >> it is true. his reflexes were incredible. thank you so much, pierre. >>> and now, we head out west, those wildfires are still raging, though, tonight, the firefighters are holding the flames at bay. the largest blazes are seen here, on this map, covering an area the size of rhode island. some of the hundreds and hundreds of people who have evacuated are trying to go back for the medicines they need. and abc's neal karlinsky has their stories now. >> reporter: on sunlight drive today at the edge of the fire, the desperate came to plead their case with police. >> i am a cancer patient. i need to get my meds. >> reporter: they've been evacuated and may lose their homes. right now, they are just worried about making it through the night without critical medications, for cancer and other illnesses. how urgent is it for you all to get your medication? i mean, how -- >> very urgent. >> reporter: even with improving conditions, the fire remains potentially explosive with 28,000 acres burned and roughly 70 homes destroyed. this valley

diane, back to you. >> not bad. thanks, phil. >> it was, though, a disappointing day for a former stanford all-american. ryan hall was hoping to win gold in the marathon but for the first time in his life he had to drop out of a race. the 29-year-old runner walked off the course about 11 miles into the race because of a strain in his hamstring. before the race he was confident that this time he had a good chance of medaling. as the race went on he said the pain was just too much to handle. >> from the beginning it didn't feel fluid, getting tighter and tighter. i was out there and trying to work through the best i could but got to the point to where it wasn't going to let me continue on. >> poor guy. he finished tenth in beijing, this time a runner from uganda won the marathon beating kenya's gold medalist. it was uganda's only medal of this year's game. >> speaking of stanford, we're keeping track of the medal count also for rivals stanford and cal. as of last night two were tied with 16 medals each but today cal b

diane. >> jake tapper, thank you so much. good to talk to you tonight. >>> now, we ahead overseas to afghanistan, we learned an overnight attack at the bagram air base while the nation's top military general was on the ground. his plane was damaged by rocket fire in the attack. two ground personnel suffered minor injuries. general dempsey was in his quarters. he was unharmed. officials say they do not believe his plane was targeted. they're calling it a lucky shot. >>> and back here at home, an undercover investigation has prompted action by federal investigators. they have shut down a supplier for a popular burger chain in-n-out burger whose tag line is quality in everything. here's brian ross. >> reporter: with the quality you can taste, the west coast in in-n-out burger. hollywooders caught miley cyrus and her family pulling in for their burgers. today, the fabled chain was fighting a public relations nightmare after an animal rights group shot this video in june and july of this year at a meat company that supplies at muc

. >> diane, good evening. as you know, the romney campaign believes the questions about the taxes are a diversion by the obama campaign. today, the campaign clearly ready to answer that question about the income tax rate he's paid over the last decade. >> there's no change in medicare for seniors. none. >> reporter: with a white board at his side, today, governor romney was out to declare his vision for the future for medicare is better than president obama's. but he also ended up declaring something else. the rate he's paid in income taxes over the last decade. >> i never paid less than 13%. i think the most recent years, 13.6% or something like that. >> reporter: the answer came after a reporter asked about one of our questions two weeks ago. the question came after relentless calls from the obama campaign to for romney to release more of his tax return. and when we sat down with romney, he reiterated his stamp. two years of returns and that's it. we started with what we did know, the one completed tax retur

. >> reporter: i'm diane eastabrook in lincolnwood illinois. still ahead, consumers let up on the accelerator when it comes to auto sales, i'll have details. i'm join now by mohamed el-erian, see you of pimco. so, mohamed, did the fed do the right thing today. >> the fed surprised everyone because it had every reason to do something. the domestic economy is vogue. -- slowing. the global economy is slowing. inflation is fragile. but they didn't. we would suggest three reasons that went into that decision not to act. first, there was concern about the effectiveness of what they can do. if you like, the benefits of coming down and the costs of going up. second, i think that they wanted to keep the powder truck dry. they're worried about the fiscal cliff and they're worried about europe. and third, they don't want to take pressure off congress, so they didn't act today, but we would agree that most likely they will act in september and you'll probably get a signal in august during the jackson hole speech of chairman bernanke. >> susie: as you know,

. >> reporter: i'm diane eastabrook in lincolnwood illinois. still ahead, consumers let up on the accelerator when it comes to auto sales, i'll have details. i'm join now by mohamed el-erian, see you of pimco. so, mohamed, did the fed do the right thing today. >> the fed surprised everyone because it had every reason to do something. the domestic economy is vogue. -- slowing. the global economy is slowing. inflation is fragile. but they didn't. we would suggest three reasons that went into that decision not to act. first, there was concern about the effectiveness of what they can do. if you like, the benefi of comi down and the csts of going up. second, i think that they wanted to keep the powder truck dry. they're worried about the fiscal cliff and they're worried about europe. and third, they don't want to take pressure off congress, so they didn't act today, but we would agree that most likely they will act in september and you'll probably get a signal in august during the jackson hole speech of chairman bernanke. >> susie: as you know, i me

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. >> reporter: hey, diane. 50,000 delegates invited. isaac could be a very unwelcome guest here in tampa, where the convention center, most of the hotels for the delicates, are right in the flood zone. tonight, isaac is charging through the caribbean. 600 miles across with winds whipping up to 50 miles per hour. isaac flooding parts of puerto rico and neighboring islands. heavy rain bands spinning t ou 300 miles out from the center. 200 people alone evacuated from guantanamo bay, cuba, where u.s. troops tonight are sandbagging buildings and, in miami, they're feverishly buying provisions. >> every family should be prepared to sustain themselves for up to 72 hours. >> reporter: in tampa, all eyes and headlines on the storm. but it happens that tampa is one of the most flood-prone cities in the country. >> if you have the right storm at the right angle, obviously, it has the ability to funnel a lot of that water rht up into the bay. as many as 800,000 people live in the evacuation zone and would have to leave if a category 1 threatened ta

>> that's right, diane. in no small way, mitt romney has selected as his running mate president obama's ideological nemesis. now, president obama has never directly person to person squabbled with mitt romney, but he sure has with paul ryan. >> reporter: president obama's real feelings about his ideological foe paul ryan were caught by a hot microphone at a fund-raiser last year. the president privately sneered at ryan claiming the mantel of fiscal responsibility. >> this is the same guy that voted for two wars that weren't paid for. voted for the bush tax cuts. that weren't paid for. voted for the prescription drug bill that cost as much as my health care bill that wasn't paid for. >> reporter: their public back and forth hasn't been much nicer. >> the president has pointed on the issue of debt reduction. >> this debt reduction budget is a trojan horse. >> they want a government takeover of health care. >> they have tried to sell us this trickle-down fairy dust before. >> reporter: ryan was a leading oppone