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we'll be getting the latest read on the u.s. economy. gives you a sense of what we're seeing in every single district. >> the baij book says the continue continues to be week in the past several weeks and though the pace of decline moderated. retail activity with a sluggish. we'll focus in on manufacturing in just a second. loan demand was still weak in several districtses. some improvement in residential real estate, but commercial slipped further. labor markets were extremely soft the beige book says. inventory restocking, which is going to be key to any turnaround in overall economic growth, the chicago fed where the auto makers are based says the resolution of the chrysler gm bankruptcy did boost confidence they expect to see some pickup in july production

but under pressure, in dallas they see upside potential for high tech manufacturing. let's talk about finance. overall lending was stable or weak for most categories and banks continue to tighten credit standards and credit quality was seen deteriorating in some. wages were steady or falling in most districts. >> in terms of the final takeaway, last time it was 12 districts, 5 of the 12, back in june, said therapeuty were seei improvement in the rate of decline. we don't have that count this time? >> because a different one does it each month, it's anecdotal. some economists try to create mathematical metrics out of the beige book. i've seen that work. it doesn't really work.

>> this time it is an ee morve is cloud. >> the bears will find to the fact that the economy after all of this continues to be weak. >> let's add more to the conversation, i'm sure that was interesting for bob pisani with us, filling in for rick santelli, good to have both of you with us. what's your reaction to what you heard? i thought it was interesting, that we can't break it down as specifically this time as last. >> i thought they tried to be very fair and even handed and talking to the traders here and this is a quick reaction, a little bit of one and the other. you have the pace of decline moderating, you have some districts reporting inventory restocking. on the negatives loan demand weakened. we knew that already. commercial real estate slips further. they are holding steady. this is an important day because this is a day where this whole

resiliency of the market will be put to the test. because of that five-year auction here. what's happening because of the disappointing auction results, interest rates moved up from the middle to higher end of yield curve putting pressure on stock selector that's are interest rate sensitive. housing and real estate investment trusts and autos, all that depend upon the interest rate scenario or refinancing ability are under a little bit of pressure today. >> now you have the beige book on top of the auction. is this what you thought you would hear? >> a lot of people had their expectations set for slightly better news that what we got out of the beige book. you cited specific glimmers of hope outlined in the last sum marry, we don't have those. everybody wants to grab on some

evidence of green chute that's reinforcing the fact that housing is stabl liesing but we didn't get much of that in the beige book. i think that's going to be a disappoint to the equity market, the high quality fixed income will like this because it means it will be slower for a longer period of time. >> quickly before we go. the auction itself, could you react to that? in particular there are some things that don't make sense? >> five-year should attract foreign interest. very little foreign interest. very little interest at all. the coverage wasn't even two times. service 1.92, almost 2.6 times the last time. people who bid in the auction, the medium yield was 2.59 and immediately afterwards they had serious losses 2.75. i think it was very disappointing to participants, end up with losses immediately following, does not bode well for tomorrow's seven-year

auction. >> thanks zain brown and bob pisani. with someone else who certainly has a good sense of going on right now, phillip swaigle. former assistant of economic policy and now professor of georgetown university. thanks to both of you for being with us. phil, let's start with you. in reaction to, you heard steve go through the headlines and people were hoping for more. where do we stand with the economy? >> it's a tough time. there's good news and bad news, they are mixed in together. it is not the same good news every week or every month. so today's durables report a little bit better on the inside than maybe the cover suggested, housing stabilized but then we know we have commercial real estate that will remain week going forward. financial sector is weak. it's really a mix of job market. it's tough to say we're going to

see strong growth any time soon. >> i think the economy is in between. we have stabilized for sure, there's none of this falling off the cliff. remember we said there was a blue beige book and now the bluest of all. >> there was one that was blackish blue. >> i think we're done about that and now waiting for a pick up. if i was a bull here, i would glom onto the manufacturing comments we highlighted. in part the turnaround from the restocking which was mentioned today, could give an outside quarter here or there if there is concentrated restocking, on high tech could create a powerful rebound. >> still to that point, what do you see for gdp? i believe you've looked at the stimulus and you're saying we could get strong growth but it might be one quarter. >> i wouldn't be surprised if

next quarter, the one we're in now, the beginning of next year, we see pretty good growth, 4%, 5%, it is going to be one or two off not the sustained growth. >> we'll get 4 because of stimulus then drop back down to what? >> we'll be a1 or 2% on average for 2010 and maybe into 2011. >> markets have a hard time understanding where growth is going to come from when the stimulus goes out. pro productivity and if the government doesn't necessary up enough -- >> population about 1%. >> productivity, 1.5. should give you if we don't necessary up, 2.5% growth without trying too hard. the trouble is -- >> you're telling me to celebrate a 2.5%. >> if we can get back to 2.5 we would be much happier than we are at 0 or 1.

i want to get back to the numbers that phil points out. one quarter of four or five is not enough. you typically see 6 or 7% that gives a rap i had soaking up of unemployment. it's that lack people are talking about in a tepid recovery. >> if something were to surprise you up or down, what are you watching? >> i would watch commercial real estate, that is the next shoe that might drop. but very slowly incomes in the job market will remain weak putting pressure on retailers and manufacturers and speed into what's going on in commercial real estate. if there's no negative news or bad news in cre is less bad than people expect, that would be good news. the absence of bad news, i would say look for that. >> we'll take what we can get. >> that's the problem, we have to take what we can get given what's going on in the economy right now. >> we appreciate it.

they convince us to celebrate 2.5. we probably should. leverage gave us the gift of the numbers thinking the economy -- okay, thank you, steve. >> up next on the show, things go better with soap, at least they do for the largest bottler of coca-cola. and massachusetts vows to provide health care for every reside resident. now the bill is due and it's a doozy. today there's a way to save more for retirement,

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earning seasons in full swing, two-thirds of the company have beaten expectations one is coca-cola. joining us is john brock, mr. brock, this is something we don't often here in the year 2009, a company beats analysts expectations and boosts forecasts for the full-year earnings and boosts dividends, might be the only company that has done all three. how did you do it? >> well, we're pretty pleased as you can imagine with the second quarter results. we had revenues up 6%, profits up 12 both in u.s. and europe. and we exceeded wall street's expectations by some 16 cents per share.

it was a combination of a whole variety of things, great brands, coke, diet coke, coke zero, monster, vitamin water, all working well in the market. excellent in-markets execution by our teams and relentless focus on cost control. little bit of help from commodities, better than we anticipated and exciting new price package moves like our 99 cents pre-priced coke which is available in convenience stores. it all worked together. >> and you obviously talk about benefitting a little bit from commodities and the key question here would be, how much were revenues up? >> revenues across the board were up 6%, which is a combination of volume, rate and mix. we had a bit more case volume growth in europe and little less price. in north america, largely because of the price increase we took last september, we had a

bit more price driving revenue growth. 6% revenue growth, which is very much in line or slightly above our model is just fine for us. then, of course, that drove 12% profit growth. >> i know it's a combination of volume and price when he talk about your revenue growth. if we could focus on price for a moment. people around the world consume the product. if you have pricing power it may say something more broadly where we're headed in terms of deplags or inflation. do you feel you have pricing power? >> we took a fairly significant price increase, erin, last september, particularly in large grocery stores in north america. that was frankly because we had not been pricing to that point fast enough to keep up with the rising commodity cost. and that had been a multiyear phenomenon. we took the price increase and frankly the volume declined that we anticipated has been

measurably less than we projected. that's been good news. in europe, which is about 40% of the business, we didn't have the same commodity pricing pressures, therefore we didn't have to take as much pricing and had better volume growth. but the net result has been overall about the same from a profit growth standpoint. >> price increases stuck. what will happen with the health care reform one thing goes through that is discussed, that is a federal sugar tax, it's like cigarettes to buy a coke? >> first of all, we at coca-cola enterprise strongly support the concept of health care reform. we're very much in favor of that. we think a regressive discriminatory tax, perhaps call it a soda tax is the wrong way to do it. it would be singling out one product category which is not the right thing to do to begin with and it would be a tax on the people that can less afford

it. what we need in this arena on health care reform frankly is a restructuring of the system and in terms of what we need to get people doing, it's nutrition education, which we strongly support. and physical exercise. one example is we in the soft drink industry have reduced calories in american schools 58%, voluntarily over the last two years because of our agreement to take sugared soft drinks out of schools. that's the kind of movement we need to have happen. thanks very much for taking the time, we appreciate it. coca-cola enterprise shares up 2.5% on the back of better than expected earnings and increase in the dividend. that is a rare trifecta. brian kelly is with us, jimmy, inconstitutional services director with us. do you know a company ha has done all three?

>> i don't think so. i think the whole trend has been bottom line beats but top line misses. >> this sort of sticks out. i know both of you have taken the time to come up with earnings related trade. jim, another one that did  increase the forecast was in th auto industry. >> honda motor corp, this to me seemed like a layup. it's hard buying into a 7%  rally. but this is the real thing. if you look at the statistic, w went from a negative savings rate to 10% savings rate in a  short amount of time. in the time, i believe the consumer will come out of it a different consumer. in the past we had misguided brand loyalties, know it will b to one's own wallet. honda, according to cars.com is the leader in resale value. when you look at the big picture, it is better when you own a honda. the bottom line, when you get the situations where one

industry plum et cetera as badl as it has been, the strong tend to gain market share. they should come out of it a lo better. plus, have to deal with the union contracts that the big three automakers do. they showed us that. >> so hmc, top three best cars for resale values, i hear what you're saying there. >> brian, you were looking ahead to something after the close today. is this a recommendation to buy or something else? >> not a recommendation to buy yet. my trade is ryl out of california. they are looking for $1.04 loss after the close. investors should look through this earnings report. what you want to see if there's any improvement in the home building, we've seen reports from home sales, some residential reports are a little bit better.

now my tells are going to be railroad car loading and lumber and lumber futures. if we see after the close bad earnings or a sell-off in ryland down to 16 or 17, that's a place where i would want to get involved to play the upswing in the housing market. >> thank you. >> and you. >> get on that call for ryl. we'll put the challenge out. if anyone else can find a company that did the tie trifecta, let us know the name. medical miracle, a mirage, we have a checkup on the nation's biggest health care experiment, one that many lawmakers in washington want to copy. we know clothes help make the man. but this is a bit ridiculous, michael phelps, that's not him, he loses his first race in

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health care reform picking up speed in washington. john harwood has the latest. what are you hearing about what we might get a vote and if there's a deal or something specific? >> reporter: it's interesting the white house suffered a set back when it became clear neither the house or senate will meet the goal before the august recess and getting to krns immediately after labor day. we now have progress at the committee level. this deal between members of the blue dogs with henry waxman, the chairman of the energy and commerce committee to keep the cost of the bill under $1 trillion over ten years, to restrict the advantage for the public option so it doesn't have a subsidy to compete against private insurers to exempt most employers from the employer mandate. haven't gotten the details of how that mandate will be

structured but this resembles the movement in the senate and bipartisan snoerks negotiations in the finance committee. when you consider what happened in the last few days, that's progress for the white house. >> john, one question. slightly unrelated, although, i guess taken to the extreme it could be related. the president has chosen a belgium beer to share with the harvard professor and policeman involved in the shall we say incident, bud light. >> reporter: well, you know, this is the president who likes dijon mustard on the hamburgers, he's friend with that harvard professor but i think the president has done pretty well at his regular guy credentials in most moments of his presidency except that first pitch at the all-star game here. >> i want to make sure he know

it's a belgium beer he picked there, bud light. thank you very much. is it working and at what cost? we have the treasurer coming up in just a minute. first, what happened in massachusetts, bertha coombs filed this report. >> reporter: 2006, the massachusetts experiment. health care for all no matter what. if you can afford insurance, get it at work or through a private company. if you can't, sign up for a state subsidy to buy it. skip coverage, you'll be hit with $1,000 fine. and employers don't provide coverage, pay $295 fine for each worker. thanks to those mandates massachusetts now boasts the lowest rate of inunsured in the country. the national average is 15% uninsured. but it comes at a high price. the state's health cost per capita are rising faster nan the

rest of the country, up 23% through 2007. while national health cost rose 18% in the same period. the program cost 30% more than originally projected because of high demand for the subsidy program with more residents turning to the state as unemployment rises. with the health program facing a $9 billion budget short fall over the next two years after bringing everyone into the tent, lawmakers are now looking to bring costs in line by changing the rules of the game for some. bertha coombs, cnbc business news. >> what can we learn from the bay state's handling of universal health care. joining us is tim cahill. good to have you. >> thank you. >> looking at the numbers as bertha was reporting a 23% surge in health care cost through the end of 2007. that was after you implemented up versal health care. country saw an 18% increase.

most people would say, you provided universal care and costs went up, how can we define this as a success. is it a successful test would you say? >> we certainly covered more people but started with the highest percentage of people covered in the nation to begin with. less than 10% when we started. to say we're at the highest, we already were. our costs according to our estimates have been up 41%. >> even more. >> since the program was implemented and it's gone up -- cost us about $3 billion in increased health care cost since 2006 when this plan first came forward. there's no question that we've covered more people but we're spending significantly more money than was ever anticipated. >> why is that? >> i think it's common sense when you offer a free program, more people will choose it.

and the sub siddize and free programs have been overdescribe and the penalties are probably too low. it's going to cost you $5,000 on average to get a plan through the commonwealth connector. you'll pay $1,000 fine if you don't get it. the incentive for employers, you pay $295 fine per employee and you might have to -- you're spending thousands to cover people. many small employers in the state that are keep being their fingers crossed when they offer the plan whether or not people will take it. >> you're saying, part of what you're saying is that the state plan, the option you gave it to people who didn't have it is underpriced? >> yeah, there's no question when you seek to cover for people the costs are going to go up. there's an argument the free care would go down so less hem

would go to hospitals, that's gone down a third. they anticipated it going down by 75%. since we got the people covered but it hasn't gone down. now they are threatening to close down a few hospitals because the money is not coming in and reimbursements aren't coming in. it's not a miracle. it is costing us a bundle. >> the people in the state don't like it according to harvard public policy, 60% say it is hurting them. it's not the higher income people that people might say are upset. it's the people at the lower end, making 25 to $55,000 are dissatisfied. >> that's the opposite of what it should be, correct? >> it's a fascinating study. the people who weren't cover and people who had insurance by majority feel like the plan has hurt them rather than helped them which is kind of striking.

but it feeds into the perception that if you like your health care now at the national level, you're going to be to keep it or it will get better. i think there are questions there. obviously the people it was supposed to help the most don't seem to be satisfied and didn't seem to be helping as much as they wanted. >> so so many questions, time for one more quick one. as part of your effort to cut cost you were going to take away the coverage for immigrants and i mean legal immigrants and i know that's under discussion in the massachusetts congress. do you believe that legal immigrants should be excluded from the coverage? >> i think at this point they have to be in terms of the cost. it's $130 million, it's not reimbursed by the federal government. we're being asked to pick up the cost and we can't afford it. i don't know where we choose. i think that's one choice we'll have to make in the negative. >> that's a tough one because they do taxes when they are legal. we appreciate your time.

let us know what you think, everyone, about the massachusetts plan which has the number one doctors per capita in the country and longest waiting time to see a doctor. that's another thing that might surprise you. squawk box has a special summit, america's health care crisis, many special guests and that begins at 7:00 eastern standard time. jim cramer is here with a few company that's could benefit from cit's problem. very creative trades. the u.s. used to be the leader in wind power, this year we're not number one. someone else is number one. who is it? we'll be back.

welcome back to street sipz signs, oil has posted the biggest one-day drop in three months time, down nearly $4. it appears we'll settle around 6325 or so. keep in mind as we look at oil price that's have plunged this much this far this fast, it has a lot to do with demand and what

the crude inventories came in today. up about 5 million barrels. this was a demand plunge 20% from where it was a year ago. we're looking at the impact of the dollar and can be seen in the strength of the dollar today. that is weighed not only on oil but across the board in the energy complex and natural gas is the one to watch tomorrow. seeing extreme weakness there today. we'll get a report tomorrow likely to show an injection that is higher than what we saw a year ago. >> jim is here, lots of names to get through and big stories, we're starting with this. there is a best seller out there, a thriller about a spy dealing with iran. david ig nashs wrote it. columnist for "washington post." best seller list. >> he stole something from you. he stole something that is unforgivable. >> he is the best there is. >> he stole your name.

>> no, he didn't. >> do you know what the character, the evil character in the book? the crazy one. i want everyone to know, they refer to him as the crazy one. >> i'll take that. >> he is really great. >> the crazy one is elnaj noon, the crazy one. i want to know if you happen to know we call you the crazy one. >> everyone should read it. brilliant. >> it describes the crazy one. like i said, he's not like but he is a little unusual. >> read the book. next thing, lots of stocks here to talk about. let's get to hopeless with your refiners. >> conoco was terrible.

they are in the refining business, they have the wrong kind of feed stock. and they've got the stuff and the company that i really like, this is the worse integrated. this is a company that has to rethink itself. it was an awful quarter. i can't defend this quarter. i can't defend the makeup of conoco. this was not a good quarter. valero, horrible quarter. >> horrible on the refiners. >> this is typical, cit goes out of business, all kinds of small companies can't get financing. what industry is pretty much dominated by small companies and there's only a few to get access to refinancing? >> perhaps because of my obsession with the devil rays,

the tampa bay tribune, a place to go watch tv and eat, buffalo wild wings, applebee's, you could argue this is brinker. you got the combination, this is what people should be thinking of, beef o brady's 40 branches, i imagine cit buy the one that's compete, buffalo wild wings, excellent quarter. >> big enough to get financing outside cit. >> people that bought bed bath and beyond made money. cit is already curtailing lending. >> good quarter. >> i thought it came from niger nigeria. can you tip in a dollar a day to barack obama until we health insurance reform, they'll be happen to take a donation months

in advance. >> only if it is pabst blue ribbon. >> a belgium beer. >> you know you drink tbr. >> pennsylvania import, how about yuengling how about brooklyn beer, but something that is the faux clydesdale. >> in case you don't think you'll give up enough for health care. >> thank you. >> much more of jim tonight here on cnbc, big show tonight for jim. gary. >> from conagra. >> i like to get rand gold but that's your money. by the way, you may need to -- you need to shave your eyes on

this one. >> wear your speedo. made a big splash in beijing, a splash or a flop. a lot of water. >> will geist said something interesting on this. >> why are the suits being banned? >> not too much of me,er rin, on the same day michael phelps was beaten in the pool for first time in four years, they formally announced they were banning the suits part of the world records. after the lazr beat records, contributing to a controversy that it was more about the suits than the swimmer. paul beaderman destroying michael fepz and may 2010. competitive swim wear will be going back to text tiles and it

could mean great financial exposure for speedo. telling us they are in conversation about how much damage there will be from the excess inventory. speedo has the calvin klein brand. in the year in a included the olympics, shares down 12%, only half of the loss experienced by the s&p 500. how much of a different did they make? today michael phelps in the same suit broke his record in the 200 meter butterfly. >> where were the further pictures of you? >> i was kind of looking for but i think i got enough top lines here at cnbc. >> some would call this a splash -- >> any time the story comes up, this is never before seen footage. >> yeah, see, look at that. yeah. bonus footage. >> yeah.

>> online i'm sure you can see it. cnbc.com. >> coming up, david coming through the media earnings why things are getting worse in tv land and ultimate fighting means ultimate profits, a look at the fastest growing sport, mixed martial arts. we'll be back. a quick re

david is back with the faber report. we were discussing, were there any american beers left? some of the biggest names in media earnings and you can find out a whole lot about an economy if you look at media. >> you certain can. advertising is the heart of all

media business. for the last year the heart has had a pretty faint beat. on the local front the decline of retailers and the near death the automakers savaged. cable networks has been far stronger, that's not to say it has been anything but bleak. with viacom reporting earnings and time warner reporting today, what have rewe learned about the health of advertising? it appears the ad market has bottomed. off less in the second quarter than the first in year over year. and 3% year over year decline in advertising revenues. the ceos at both companies did not provide a great deal of visibility. the upfront market in which networks sell much of the ad inventory had a slow start and less indicative of ultimate demand and pricing for ads than in years past because so far are

taking part preferring to buy their ads in the scatter market. as tb can be secured in as little as two weeks and what are typically higher prices. viacom did say it is largely completed its upfront selling but wouldn't provide details other than indicating the market improved. i'm hearing cpm from the company that owns mtv and nickelodeon are down 5%. the company would provide no comment at all. time warner's ceo had this to say. >> it looks as though the overall dollar is going into the upfront will be down a bit as the clients look for flexibility. we do think they'll come back and we we are seeing in the discussions the clients are well aware they'll have to pay for the flexibility of moving their

purchasing. >> many of the names have had significant rallies of late. look at "the new york times." print guides have seen the stock go up. as one executive recently told me just because we're not following off a cliff doesn't mean we're still not hanging on that cliff. if that proves to be true, estimates may be too high and stocks may start to drift lower which is what we're seeing today. >> david faber, thank you. >> a war going on for the future of alternative energy. looks like china is kicking our -- details on the other side of the break. fithe same tools the pros use,

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ick today. alternative energy is the future. the future could belong to china on that front. listen to what the ceo of american superconductor, wind turbine designer, told us. >> it's quite clear from all the numbers and all the efforts going on that china is going to overtake the united states within a couple of years and be the market leader in producing wind turbines and wind-generated electricity. >> he was talking about turbines but they may be number one in wind in other ways. ceo of the american wind association. rachel diemba analyst at rgb monitor. good to have both of you with us. denise, you've come out with a study today that says china is number one already, right? >> well, i think our analysis shows that america is still

moving ahead in building wind generation, but we could well be behind china by the end of the year if we don't kickstart the industry. and that's why we're working with congress on trying to get a renewable electric standard passed this year. >> what has china done right that we have not that has enabled them to possibly leapfrog us this year? >> they have put in place a renewable electric standard, a mandate that they have 150 gi gigawatts by the year 2020, and it is enticing manufacturers. like a magnificent trade policy enticing manufacturers there. and so we need to do the same thing at the national level, which of course is what president obama and the leadership in the house and senate have promised at the beginning of this year. >> so we don't have a specific mandate as of yet. rachel, what about what the ceo there of american superconductor said? because i followed up from that answer. he said, basically there is no chance at this point and it's not just that they're going to

have more wind power, it's that they literally are developing more and better technology. will that change? >> i don't see signs of that changing. what's useful to note is yes, the u.s. has added a lot of increased capacity, but most of the components, most of the turbines have come from china or they've come from europe. so i think one of the challenges we face in the u.s. is that we're trying to catch up from years of lower investment and we're also trying to offset the fact that the credit crunch last year is going to be a difficult thing to recover from. financing in this sector. and across renewables has become very difficult to find. and it's only partly -- it's only getting a little less worse. government funding, government-mandated goals will help, but it's going to be difficult. >> denise, when you look across the alternative energy universe, it would appear that wind would be one of the highest areas in terms of potential employment. just putting all those turbines

together could require a lot of physical people. is that fair, that that really is going to be a whole lot of jobs now that we may not get? >> absolutely. and in fact, we believe we still have a great opportunity to build out that manufacturing base and to take the lead and keep the lead in wind generation because we are the saudi arabia of wind. we have the greatest wind potential of any area in the world. and we have great manpower here. we added between the last four years, went from 25% of the component parts for wind turbines being manufactured in the u.s. up to almost a 50% and plus, and that added 85,000 new jobs. last year alone we added 35,000 new jobs and 55 new manufacturing facilities. so we believe we can do it with the kind of long-term commitment. >> rachel, briefly before we go, do we need to be number one in wind? are we focusing on the wrong technology? maybe they can't get financing because it's not the best alternative energy in this country. >> at the end of the day it's looking at where wind fits in in

the renewable energy mix. the backdrop to the story is also that if the economic recovery is going to be sluggish then electricity demand recovery might be sluggish. so this could be an opportunity for us to build out the electrical grid, and that will also be a jobs generator as well. >> denise, rachel, thanks so much to both of you for taking the time with us. let us know what you think. are you willing to cede number one in wind to china? streetsigns@cnbc.com. a sport is back in a major way in making money hand over fist. we have that story next. (announcer) advanced electrocardiogram technology from ge. small enough to fit in a backpack. (doctor) very good! (announcer) powerful enough to bring modern healthcare to places like rural india.

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