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The worst day on Wall Street since the Great Depression could have a major impact on 401(k)'s and on California government. In a state that depends on capital gains, will taxes fail to meet projections and trigger another round of budget cuts? Also, the Obama Justice Department has invoked the "state secrets privilege" to limit a suit by Muslims in Orange County. They accuse the FBI of religious discrimination.  Was an ex-con coached to infiltrate a mosque and dig up dirt agents could use to recruit informants? On our rebroadcast of today's To the Point, the Arab Spring and the wars of Ramadan.

Banner image: Trader John W. Panin of JNK Securites Corp. works on the floor of the New York Stock Exchange on August 4, 2011. Photo by Stan Honda/AFP/Getty Images

Making News Wall Street and the California State Budget 6 MIN, 52 SEC

This was the worst day on Wall Street since the depths of the Great Recession of 2008 and 2009. The Dow Jones Industrial Average dropped 513 points, 4.3 percent; the Standard & Poor's 500 was off 4.8 percent; the New York Stock Exchange composite was down 5.4 percent. Most major US stock indexes are down by 10 percent from the highs they reached this Spring, and almost all are in the red for 2011. Christopher Thornberg is an economist with Beacon Economics, a firm that specializes in LA's real estate market and economic development.

Christopher Thornberg, Beacon Economics

Main Topic Local Muslims' Lawsuit Smacked Down by Obama Administration 11 MIN, 22 SEC

The "state secrets privilege" allows the federal government to ask lawsuits to be dismissed on the grounds that evidence might damage national security. As a candidate, President Obama accused the Bush Administration of using the privilege too much. His own Justice Department has now invoked it twice, most recently this week in a class action case on behalf of the Islamic Center of Irvine, which accuses the FBI of religious discrimination.

Ameena Mirza Qazi, Council on American-Islamic Relations
Josh Gerstein, Politico (@joshgerstein)

Reporter's Notebook What Should Happen to the South Central Farm Site? 6 MIN, 18 SEC

The South Central Farm is back in the news — a 14-acre community garden, sold by the City of LA in 2003 and bulldozed three years later. The neighborhood was promised that a developer would leave almost three acres for a park, but nothing has happened. Now, councilwoman and mayoral candidate Jan Perry says the park is a bad idea. It's near the Alameda Corridor, which is run by the Harbor Commission and today the Commission referred the issue to the City Council.

Jan Perry, Los Angeles City Council (@JanPerry)

Main Topic The Arab Spring and the Wars of Ramadan 25 MIN, 42 SEC

The Arab Spring and the Wars of RamadanThe so-called "Arab Spring" began with peaceful protests that led to hopes of non-violent revolution in Tunisia and Egypt. In Syria and Libya, dissent has led to bloody repression and civil war. In Egypt, Hosni Mubarak is being subjected to public trial, accused of ordering the killings of peaceful dissenters in January, before their movement forced him from office. What will it take to satisfy the demand for real change after 30 years of corruption and brutal repression? We update the process of accomplishing change in the Arab Middle East.

Mona Eltahawy, syndicated columnist (@monaeltahawy )
Thanassis Cambanis, Century Foundation (@tcambanis)
Mohammed Abdullah, Local Coordination Committees of Syria
Fawaz Gerges, London School of Economics and Politics

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