Wall Street and the California State Budget

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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



Warren Olney