and how the great american consumer is alive and well. every night on "cnbc reports" is a big night. get the real deal with dennis kneale right now. ♪ >> good evening, i'm dennis kneale. that opening there was put together by a very talented producer here, kind of nice, christmas in august. as for today, about time somebody took profits, stocks fell the second day in a row, only a little bit. is the rally really over or staying alive? i'm still building hope for the great recovery, the notion the rebound from this horrible recession could turn out to be more robust than everyone expects. i'll tell you why in the real deal with dennis kneale. we have a couple more signs today the rebound from this recession does not have to be as slow and pokey as many fear.

goldman sachs made a major change in their forecast for gdp growth in the second half. they expected only 1% growth in gdp. today, goldman raised that to 3%, triple the original forecast. that would mean an extra $140 billion in business for the u.s. economy in the next six months. the second upbeat sign, weekly jobless claims came out and down almost 40,000 than the week before, a far bigger drop than wall street expected. that should have sent stocks higher, today was profit taking time and also tomorrow morning a separate jobs number comes out and wall street is wary. the labor department releases payroll cuts for the entire month of july tomorrow at 8:30 a.m. and the split between hope and fear on that one is particularly wide. some bears see cuts over 400,000 tomorrow and say the market will take on that. some bulls or even a few bears say the payroll reduction could

come in as low as say 150,000 for the entire month and that might make stocks roar up again. would it just be incredible to have say a 300 point day in the dow? 300 points up? i can always hope, right. might the recent upsurge in stocks bring more rank and file investors in from the sidelines and send prices up? what about the chances of the great recovery? let's ask a bull and bear. peter of miller is here and jamie cox of harris financial group. jamie, the great recovery, i know everyone is expecting it to be really lackluster but i'm seeing signs why we can maybe hope a little bit. what do you say? >> this thing begins and ends with the jobs. we know about 70% of the economy being driven by the consumer i think tomorrow we will see the inflection point where the job losses accelerate to the

down-side and i think that will help with consumer confidence and a lot of people say you know what this thing is over. you will see a lot of people hiding out inside lines and bond markets move into equities. >> goldman sachs, where everyone thinks they run the market and somehow secretly in charge raise investment three followed the second half, you're not beginning to doubt your bearish ways? . >> no, we will get an end to the recession in the second half but should not mistake it for the mean after the awful k 1 and q2 number for sustainable recovery. it all comes down to the consumer. yes, we will get a meaner version bounce the second half of the year. the sustainability of it, i question and degree, i question again because of the stress the consumer is under. >> jamie, two things, as the layoffs start to ease, consumers feel a little better.

if you know longer worry about losing your job, you spend. also business inventories so far down, tech purchases delayed so long, business spending could off seth sluggish consumer, no? >> it can. i want to talk about sustainability part. we won't know about it until the lapse. aagree with that and agree with the aversion to the mean argument. as time goes on, the argument gets stronger and stronger we'll be okay and see things will improve faster than we think. i do tend to agree once we had six more months of data coming through, we will have the bull case or bear case is right and things are more pivotal for the economic data. >> let's try and go the entire show without saying reversion to mean. and let's bring in george.

he has data on mutual fund investor. are you seeing investors flood in from the sidelines there? >> we definitely are, we're seeing investor confidence up. last week, the investor institute reported over $3 billion in cash inflows into mutual funds. we're definitely seeing investors really think the worst is probably over. they're starting to come off the sidelines. >> peter, it was pointed last night by our stats guy, ariel nelson, the s&p three shy of a thousand, if it hits 1,009, that's some kind of technical support level and means stock prices can go up from there. what's an economist like you say about trends like that? >> i find it ironic we're up 50% and now everyone gets excited. if we saw past wednesday's investor intelligence numbers, bulls and bears, the spread outside of june, the highest since early '08. after 50% rally, now, everyone

is excited. the 50% rally discounted the second half recovery we may get. >> it may not if the second half comes in triple what the consensus expectations are, jamie. >> it won't happen in a vacuum. interest rates will go higher under that scenario. >> jamie, take it. >> here's what i think we're all missing. the first half, we've seen companies slash costs as hard as they can do it. we built up this operating leverage, if we can just get some build in revenue the second half, you will see profits soar. maybe we've not priced in the prop proper revenue number for the companies being priced right now. operating leverage is really -- >> profits can soar. if revenue goes up and these companies have cut their costs a lot maybe stock prices go up with it, george, what do you think happens tomorrow with the layoff number? do you think it will be good or bad and what do you think that

will do to mutual fund investors and rank and file. >> we hope that it is good but regardless, we think the economy has turned the corner, the worst is probably over. for investors who should be taking a longer term view, they shouldn't let tomorrow's job report determine what they are going to, do stick to their basic portfolio allocation given risk and return characteristics, stick with it no matter what happens tomorrow. >> my retirement fund, guys, devastated, still way down yet the money i've been putting in the last few months in my daughter's college fund, it's huge. i'll get what i can take. i have one urgent plea for you tonight, could we please leave goldman sachs alone? ever since the fed intervened to stave off a global economic collapse by pumping billions into the ailing bank, the anger ke keeps building in washington yet the plan worked banks are healing, why can't we be happy they earned $5 billion.

instead, they get pill lard on the "new york post," and business section of "new york times." gold old goldman not even bailout changes business as usual. it really ticked me off. let's bring in the real deal squad to see if i am alone. julia raginsky, susan, former congresswoman from new york and tony fratto, isn't it time to keep our mugs off goldman sachs and be happy they're profitable. >> i'm with you. it makes me wonder whether people want a special goldman rule, we want to put hobbles on them to keep them from performing well. they've got good talent a good strategy, they were stronger going into the financial crisis, no one should be surprised they're stronger coming out of the financial crisis and why

they're doing better? tonya, why are we so mad at goldman sachs? their risk is half of what it was a year ago and they paid back all the t.a.r.p. money and the government made a very good return. why don't you let them out of jai jail? >> i hardly think anybody's at risk of having their fry come to and liberty curtailed. the issue is goldman opted to fundamentally change its business model when it became a bank holding company. while it has two years to reorient its risk, people don't see any sign it's changing its fundamental business strategy. it has to and has two years to do that and we need to know it's acting in good faith. >> i asked you why you're still mad at them, you're mad because they changed their business strategy? >> no, that's not what i said. the outrage you're seeing is a function of the fact it changed its organizational model turned itself into a bank holding company and has a much bigger

cushion than before and at the same token has to act more conservatively, people want to make sure -- >> that's not why we're mad because they became a bank holding company, we're mad because they make a lot of money. let me show you an outrageous quote. elizabeth warren the anti-bank chairman for the congressional oversight panel for the congressional t.a.r.p. bailout. people believe goldman now has a free insurance policy in essence from the government. then she adds, whether they do or not is less important than the fact that many in the market believe they do. that means at some level goldman is playing with the american taxpayers future. man, susan, goldman is playing with clients money. they're not playing with the taxpayers' future, are they. >> that's exactly right. when they do well and get bonus, they pay taxes and they reinvest and stimulate the economy, so to the point of your previous

segment, when people make money, companies are successful, that's good for all of us, that helps our economy and a huge boon to anybody looking at the bottom line. we should all be rejoicing at this point goldman was able to pump more money into the system. >> those bonuses people get so upset about, they don't understand all year long the biggest fat cats at the firm work for only 10% of their total pay. at the end of the year, after the firm realizes how well they've done, they parcel out bonus, a bad year, only gate little, a good year, a lot. bonuses aren't in addition to 100% of your pay. >> we had this discussion every night. you get a bonus for a job well done. i hardly think goldman sachs did a job well done last year. i think they were partially responsible for the collapse of the economy last year. if you're basing it on that, i'm not sure why goldman sachs deserved a t.a.r.p. bailout by hank paulson.

>> the t.a.r.p. bailout was done to save the economy, not save the banks, they called in nine banks and said you're taking this money. >> it's part and parcel the same thing. you can't say the banks to bail out the economy. goldman sachs did very well. people got a lot of very nice bonuses. i frankly think they deserve all the bonuses they can get for a job well done. i just don't think it was job well done last year. we'll bring you back after the break and our problem with putin. why are the russians parking their subs off the eastern seaboard of america. also, cnbc regular, top name on banking why the "g-men" ought to keep their mud hook off bank of america's ken lewis, we're back before you can say government gone wild! all aboard the recovery train. dennis kneale is driving the recession out and driving profits back in.

>> i am selling the hope, baby, i truly believe this recession is over. >> you want a little optimism to end your day? yeah. >> there's reason for hope. >> he's the real deal. he's dennis kneale. watch "cnbc reports" week nights at 8:00 eastern. >> it could be the most important indicator, jobs report. it seems like the world will never be the same. but there is a light beginning to shine again. the spark began where it always begins. at a restaurant downtown. in a shop on main street. a factory around the corner. entrepreneurs like these are the most powerful force in the economy. they drive change and they'll relentless push their businesses to innovate and connect. as we look to the future,

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just minutes ago, good news for the economy, the u.s. senate passing cash for clunkers, adding another $2 billion to the $1 billion designated so far for that program, where you turn in these old gas guzzlers and get a 3500 or $4500 credit. some economists have said that program alone could add 1.5 points to gdp growth in the third quarter, which is pretty amazing given it's a relatively small sum of money, $3 billion and $14 trillion economy. some conservatives have a problem with the program but i think it is the best piece of stimulus working anywhere. l let's move on if we may. is it the end of the road for bank of america ceo ken lewis? he's been sued by at least five pension funds and the bank reportedly is grooming his successors now, his fall stems

from misleading shareholders about the merrill merger. we found a strong supporter on his side. dick bove. i read a couple of your dispatches and you're kind of outraged like they want to reward failure. kind of anti-capitalist wave going on. >> no question about that if we take the situation at bank of america versus merrill lynch, if anybody took the time to actually look at the income statement and balance sheet at bank of america, they would see, number one, merrill lynch has aed to the earnings of bank of america, the acquisition has been good for bank of america and therefore bank of america's shareholders benefitted by it. amazingly from september 29th, when i guess people thought the deal should have been called off to the present time, bank of america's stock has gone up. what is this guy being criticized for?

because he strengthened the company, increased the earnings and at least december 29th to the present, he increased the price of the stock. what did he do wrong. >> yet congress continues this big investigation whether bernanke and paulson pressured ken lewis going forward with the acquisition. maybe at this point they should be thanking him for pressuring merrill to go with the acquisition. maybe they need a scalp here to show middle america, look how we punished the ceo of this big bank who got a bailout? >> i think you're exactly right, what they're attempting to do. you have all this populist fury what the banking industry has done to america and there seems to be a demand legislators are reacting to, we have to punish someone and hang him. the salem witch trial. if a man improved the earnings of his company and driven up the stock, it is outrageous people

should come and say congress should have hearings, court should have hearings, the company should be fined. how can the sec fine a company $33 million if in fact the head of that company has just improved the lot of its shareholders. >> let's complain the company spent a million dollar on office decoration while we charged the company $33 million we were worried it was in such bad state. let's bring back the real deal squad julie, tanya, susan, tony. susan, i'm hoping you fall on the side of dick bove. i think he makes a very good point. >> this conversation tonight concerns me with what's going on in washington across every sector we talk about. the government comes in and saves the financial service sector, we haven't seen what they dreamed up for financial services modernization act. because of that they think they have a right to cap executive pay and make decision whose runs the bank and who doesn't, we take over gm and now trying to

tell companies where they can't close dealerships. this should be a big warning what will happen in health care there. is a big concern when government gets in and says, we want to be your friend, it goes a little overboard and there is a lack of appreciation. >> we have two lady liberals shaking their head. >> dennis, the only one that ever threatened ken lewis, a guy not there anymore, ken paulson a member of susan's party. i don't know where the threat of ken lewis is coming from. >> come on! >> come on? what are you talking about? one person, former treasury secretary under george bush is the only one that went to ken lewis, said, do x, y, z, you're out of a job, you can't blame this on obama. >> because they were doing something stupid. >> you're opposing government intervention, government intervened last year, the first and foremost one was any baucus. >> dick bove who studied this respond, do you think that's the

only interference ken lewis has had? >> not at all. we're talking about demand for increased capital levels at the bank and increased reserves on loans, we're talking about a change in underwriting policies. the government has put its hand into this bank and has reduced this bank's ability to respond to the needs of the economy. >> it put $40 billion into this bank. >> the banks never used that money. if you take a look at the bank's balance sheet you will see it has $200 billion in cash therefore it never used a dime of that money. >> so they're going to pay that back? >> well, of course they're going to pay it back. >> how do you know they didn't use that money but used other money. come on. >> $200 billion is $200 billion it doesn't matter what the source is. >> but this is not a case of the government versus ken lewis. institutional investors have wanted him out. >> not really. you have a group of people out there who have been trying to unseat ken lewis and yesterday,

on a different television network, the head of that group says there was no interest in getting rid of this man. this is a trumped up vendetta by the press, not something the institutional investors want. >> guys, we have to wrap it at this point. dick, i was with you all the way there until you started bashing my brothers in the press. we need to shtrump that baby up. people like julia and tanya trump that baby up. we'll see what it means for the markets tomorrow. it comes out on squawkbox, the big mover of the day and it will be a mover. we have to deal with the ruskys, submarines off the u.s. coast. why now? what is this guy, putin thinking? i think he's thinking about the butterfly. does he want a cold war? two regulars have intimate knowledge of the fading soviet empire. we'll hear from them next. at 155 miles per hour, andy roddick

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you could buy 300 bottles of water. or just one brita filter. ( drop plinks ) brita-- better for the environment and your wallet. there he is again, he's galloping, swimming towards us, guys, putin, the russian menace is back this time. two nuclear submarines off the coast of the united states. we first told you about it last night, two subs being tracked

less than 200 miles from the eastern u.s. what does this guy want? another cold war? what is he thinking? julie raginsky has a degree in rush shall economics andall pri minister thatcher's guard in the cold war. look looking pretty good, john browne with that gun and everything. now, these subs right off of our coast, what are they up to, john? >> i think basically one's got to remember russia was a former superpower, is still very powerful and very proud but resentful of its humiliation. we have to remember we have subs and airplanes flying around the corner of the soviet union and russia in particular. it helps to look at it from a russian point of view. they see america in three aggressive deployments. first of all, see two aggressive

wars one in iraq and afghanistan and possible pakistan and see us threatening iran, one of their surrogate states almost and see deployment of missiles in eastern european their close sphere of influence. how would we feel if russia fired missiles in venezuela, cuba, nasa and bahamas. >> may only be a matter of time before we find out. julie, who is the real audience for what's being done here? >> it's the russians for domestic consumption. as aptly pointed out they are upset there, were two super powers, now only one. they were a petro state and frankly, their money is running out because oil and gas prices have gone down. there's more and more increasing unrest and the best way to focus that attention is outwardly, not inwardly, the cold kinard of the

united states. joe biden went to georgia a week or two ago and very complementary to the georgians and say we have your back. if you're russia and seeing the vice president of the united states in georgia and they went to war with them last year, you're going to be huh mill greatmill -- humiliated and send a message you can't trifle with our sphere of influence. it's being done for the economic audience. >> i agree with julia. it's done with these attack submarines but probably don't have the electronic pulse equipment. it's more response, reminder negotiating point, we want you to move these missiles and not put them close to our country in eastern european. you have to watch out. >> what do you think who comes out the worst in this is medvedev, his successor, i don't

see any tank tops or bare chested shots for him, julie. >> i can't speak for him. i don't really want to see the ones of putin ice. we all know who is in charge, medvedev was put there in because constitutionally, putin couldn't run for another term. we know who's in charge. the naked pictures i guess are another reminder, not sure what he's trying to prove. not doing it for me, i don't know about you. >> just to set that record straight, i do think he's wearing swim trunks in that one photo rather than naked. i don't think he's skinny dipping. >> you were much more adapt in your photo than he is in his. >> thanks. >> 8:30 eastern, shock, estim e estimates vary widely 12 hours before we get the job reports. what it will mean for tomorrow's

trading. want to make a quick buck tomorrow? stay tuned tonight. rupert's big decision, our lead story last night. murdoch's plans to start charging for all things, dot.com? will it work? what it means for the internet model. dennis is talking about paper click. oof!

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here's some more real deals coming at you. i noticed a nifty little data point today. the s&p 500 index is up 50% or so since march. huge move. liking that. always like to see charts when they go from here to here. i just don't like the thing that preceded it, right? now let's look at the s&p since july 10th. since july 10th, it is nicely up a handsome 14%, okay? 14% in matter of days. burt here's the thing that grabbed me. there's the thing called the xlf. it is the most abused and abandoned and hated index out there, since july 10th, it's up 26%.

look at this! it's up like twice as much as the broader s&p 500 is. to me, that means investors are healing, they are finally getting beyond all the pain the banks caused them. that could be a help. let's get a look ahead to tomorrow's jobs numbers and what it could mean to the markets and more what i'm calling the great recovery, bringing in bulls and bears, jamie cox and peter. alan lance editor of the lance letter, jim hardeststy of hard d esty. and jim shapiro. let's go with jim. what are you looking numbers-wise tomorrow versus reaction to it? >> i think the jobs number will improvement. tomorrow and can see a stable unemployment rate or possib possibleably surprise and modest slight decline. >> slight decline, that would be

big news. >> matt shapiro, what have you got? >> the point is very good because the bombed out financial sectors are really recovering, even though the bears tried to press the market down, s&p came back and financials strong, especially ge. in the pitt, they were buying any scenario option, tomorrow will be a big story what happens. >> peter, you have not issued a formal forecast for jobs number tomorrow but give us a guess tonight. >> using the number down to 370. it's rare it deviates more than 100,000, tomorrow's numbers between 300 and 400, with the unemployment rate taking a tenth to .2. >> you're thinking 300 to 400,000. >> 300 to 400,000. >> if it gets near 400,000, the market could tank. see something president obama said late today.

i think this may be a hint maybe the number is good not bad. let's see if we have that. >> i'm convinced the actions we've taken in the first six months have helped stop our economic freefall. we're losing jobs at half the rate we were the beginning of this year. our financial system is no longer on the verge of collapse, the market is up. housing prices up for the first time in nearly three years. we may just be seeing the very beginning of the ends of this recessio recession. >> peter, we heard larry kudlow say at the end of his show when he used to work at the white house, they know those numbers at 4:30 before the afternoon they're reported. i don't think the president goes and says that publicly if that number is coming in tomorrow at 400,000 or 300,000, what do you say? >> half from the early part of the year is 300 to 350. the estimate is about 325. >> stay with my point obama would not be touting this tonight if the number will be a

bad one. >> i agree. that doesn't mean it's necessarily going to be good. if it's 300 to 350, that's in line with expectations, certainly dramatic than what we're seeing but still deterioration in the labor market. jamie cox, do you think obama's comments tonight mean it will be better than expected. >> i think so. we've gone from blame george bush for everything to take credit for everything. that says maybe we will see this budgeter than expected maybe in the 200,000 range. we haven't seen obama take credit for anything yet. he will only take credit for things that go well. >> lance on the bearish side, if that number were to come in at 150,000, like joe lavorgne predicts, stocks will roll and then you're in deeper trouble. >> i'm not bearish, dennis. what we're doing is taking as far as risk management techniques, what we're doing is selling palm gone up three, four

fold for us and buying nokia, a dividend and better balance sheet. more risk management. we're still finding bargains, a matter of the more speculative cyclical names are ahead of themselves. that number is good and market advances, we'll take profits in those areas and put them in better more defensive areas. >> jim, what do you think? might it be better as persauged by obama. >> i think it will be much better. we're seeing 1957, '58 recessionairy type trend there was a sharp recovery in the second half of 1958, i don't think anybody's anticipating that. the outlook is extremely good. s&p earnings could be as high as 80 to $100 in a year and a half two years looking out and 15 multiplier on those numbers would move the stock substantially higher than where

they are. >> matt shapiro, if the number came in below 200,000 tomorrow, what do you think stocks will do? >> we will blast higher, we could even hit 1025. i don't know if we have the power, however, if it's really really good, thick we can see the mother of all bear capitulation short squeezes because they've been paying up for options like never before even though the market is not really moving, a lot of depth and the market is hanging, good news, the marked could go higher. >> peter, the mother of all corrections or whatever he said, what are you saying. >> people aren't paying necessarily that high for protection considering it's down from 80. >> 5 cents for 14,000 august 35 calls today that's an absolute disaster scenario. >> it could run higher here but i think most of the rally is in. with respect to the recovery we're inclined to think it will happen in emerging markets and asia, the part of the world much

less leveraged. they will experience the great recovery waned will have more of blah recovery. >> if stocks fall tomorrow because of a bad number, keeping your bets on the table? staying in? >> the theme this year is buy on the dips. yo i don't think that will change, dennis, this is the opportunity to buy. if it sells off tomorrow, just will get them cheaper. >> thanks. don't miss the jobs report tomorrow morning on squawk at 8:30 eastern. next up, the money pit, is the internet really going to be the money making machine many predicted ten years ago? rupert murdoch will find out. our lead story last night. he wants to charge for web content. what does it mean for the rest of the dot.com world? you're not the only ones watching dennis kneale. he's catching on like a rumor on the internet. he's declared war on the bloggers. this horrible frightening recession is ending now.

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♪ if he were to be on the front page of his own "new york post" these days the head line might read murdoches newscorpse, could we be witnessing the deaths of a media empire. he is saying you will have to pay for most of his company's digital content online, where everything is free, no more free loading. this challenges the conventional wisdom people won't pay online. we have michael wolfe, founder of newser.com. he wrote a book on rupert "the man who owns the news" and wire

magazine, the author of "free," chris feels like everything one day will be free. we'll start with chris. i imagine you are personally offended by rupert's plan to start charging on the internet. >> dennis, you'd be surprised. i actually think it's a great idea. my book doesn't say everything is going to be free. free is one of the prices but free this is best way to get customers and charge them. free and paid, put them together called premium. that's what the "wall street journal."com does, front page is free, google news is free, go future we're the content, they charge. i think it's good model. >> michael wolff, customers have 15, 20 years accustomed to freemi freemi freemiu freemiums will this start charging now. >> rupert murdoch has never been

on the internet. this is a hail mary play. he's made his bet on newspapers almost nobody else in the entire world would be willing to bet on at this point. and he's a man grasping at straws. how does he stay in the news business? how does he remain the man who owns the news, which i think is probably not possible at this point. >> chris andersen, i understand the urge to charge for your content, it just seems like i don't think anyone wants to read ever anyway. if you start trying to charge and another rival site isn't charging, you're dead. >> this is completely misunderstood. people think it's 100% free versus 100% paid. the "wall street journal" is an example. think of the "wall street journal" 90% of the traffic is free and 10% of the traffic is paid. >> that's not true at all.

>> that's not the way it works at this point. it's very important to look at this in terms of what it has produced, compare the "new york times" free site, "wall street journal" a paid site. the "new york times" makes a much more money than the "wall street journal" makes. but also very important to look at both sites. neither makes enough money to support the content that fills these sites. >> there's the biggest problem, chris, i talked to rupert murdoch some years ago, said, hey, "the journal" is a collection of the best bloggers in the world, they can write for any platform. he said no the new platform is only one-tenth of the stream of the old platform, how do you get from here to there? and sounds like he's wanting to charge readers to do so. the question is which will work. >> we've seen what advertising can do, it gets you about a fifth of the online.

advertising. he says the popular stuff, the front page that comes into google news, the stuff that's linked to by blogs and twitter. huge traffic, great customer acquisition. once you move into the more niche stuff, focused stuff, loyal subscribers, are, then you charge. >> we're not talking across the 15-year history of this medium, we don't see it. there are not models, especially in consumer media, which you can point to and say, oh, yeah, that's a success. you can really make a lot of money if you charge for this kind of content. >> especially not in mass media. that means right now there are some online sites. there's a debt wire news letter. i think they charge $10,000 or $15,000 a year for online subscription. very arcane. >> rupert murdoch is saying yesterday, people are going to come to his sites because if they break some news about a celebrity. well, you know, rupert, i've got the tell you, your scoop on the

internet is -- becomes everyone else's scoop in about half a second. >> you know, jim and then the president told me some years ago that a scoop matters almost not at all anymore. minutes later showing up somewhere else. now twitter, nobody has to go to rupert's sites because they get them on twitter. do you think they'll try to start charging? >> they're going to do it smart. what you're describing is stupid, keep your most popular concept behind it. they're not stupid the the "wall street journal" is smart. look at what they said, exclusives, free. front page content, free. via social media, free. >> by the way, chris, that's not what rupert is saying now. he's saying the opposite of that. >> i would be very surpliced. i think you're misunderstanding what murd dock is saying. >> no, murdoch is misunderstanding what he's saying because he actually doesn't know. >> good. you know what? i think this is a good place to wrap it. do we have to wrap now, guys?

yes, we are going to wrap. thank you, very much, both of you gentlemen, for being here two very accomplished authors and opinionated, brilliant minds. next up, bloggers, beware, i'm hitting back, babe. welcome to the now network. population: 49 million.

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a little grandiose tonight. great recovery, that is my next great hope. i'm stick with it. tomorrow morning a critical jobs report comes out and the bloggers will be all over it in minutes. if the number comes in at 150,000 jobs lost in the month of july, as deutsche bank predic predicts, the market could rally tomorrow. if it comes in over 400,000, oh,

man, stocks could sell off. but in either case, the surest bet out there is how the wall street blogs will play it. if the number is good, they're going to dissect it and tell us why it's bunch of mularkey. if it's bad, they're going to dissect it and tell us why it's worse than reported. you don't build any buzz in the blogosphere by selling hope. i am convinced that the worse is over, even for job losses. that the trend is turning in our favor, guys. when all of us feel safer, when we no longer worry that our job might get cut next, that is when the supposedly dead consumer will suddenly come alive again and start spending again. it may not happen tomorrow, but it will happen eventually. the great recovery is coming. be there, will you, to take part in it? because i'm going to be there. i'm dennis neil.

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