this show, mark. >> will he really? >> yes, he will. >> right here on this show? >> yes, he will, uh-huh. >> okay. and crude -- we're laughing because lately it seems like we're never on. there's always somebody else speak that we have to -- anyway, crude trading slightly lower ahead of the report. in 2010 crude is up about 60%. futures right now aren't to the plus side. they're a little off their highs of the day. we are still in plus territory. and, you know, it's like a very slight upward biassed at the open. let's see what's going on premarket. who's pushing whom where? we've got matt nesto, el nesto grande. here at the big board with us, matthew? >> mark, the melt-up continues. this market was born to run. we've only had two down days so far in september. amazingly, and not one of them more than half a percent.

futures predictably, understandably on a fed day, legal changed. look for a flat quiet open here today. the nyse index, though, beneath deep waters. things are happening. general mills, 4% higher here today. the company coming in with $1.28 ver was $1.03 estimate. they beat and raised the holy grail of wall street, beat and raised, higher here today. margins are up. greeting cost on the trail year over year down. that's going to change going forward. auto zone down lower. the two s&p 500 stocks out with earnings here today. missed by two cents per sale. same-store sales did come in better than expected. that might soften things up a little bit here today. in the airlines, we have two issues. u.s. air are going to be selling 26 million shares. that will be priced next week. also, amr calling lower. they priced last night 48 nfl million shares at $8.25. also in the airlines, southwest trading higher. upgraded to buy from sell at or

gis. fedex not an airline but transportation stock, higher at morgan stanley. they say that wall street is underestimating the economic growth that will drive this stock and its earnings higher here today. let's get to scott wapner now at midtown. >> thanks. we will have a positive open. most large cap technology stocks look positive in premarket trading ahead of the open. rim, apple, google, yahoo!. yahoo! is up 3 3/4 of 1%. a buy at citi day note. improvement and recovery in search. they see signs of improvement in display ads and valuatiovaluati. secondary offering priced at $16.25. that drew goldman and jpmorgan. i'll update you when trading begins. the price target moved higher by $1 to $17. they raised their fiscal 2010 revenue target to $52 billion. hercules offshore selling off

with the premarket. downgraded. celgene is up after a meeting with management there. the target 65. the firm believing the company is on track. and xilinx raised the revenue outlook for the second quarter. the shares are up 7%. that's big for that stock on the cusp of a 52-week high. nymex? >> oil prices up 50% for 2009. mark told you that the reason why, of course, stocks and the dollar. and that is a lot of the volatility we've seen this week as well for oil prices. it's been a bit of a roller coaster ride this week. today we're looking at oil prices slightly lower ahead of the u.s. inventory report. keep in mind we are trading right now the november contract. that is the stock month contract. it has been the dollar that has been largely responsible for the roller coaster ride of the week. the dollar falling yesterday to the lowest level against the euro since september of last year. keep in mind, though, oil is still in the same range that it's been in for basically the

past month. what it has been putting cap on the rallies that we've seen, have been these oil inventories. overall, petroleum inventories. yesterday they showed a rise in crude supplies last week. and keep in mind we have been expecting and we are expected to see a decline in those inventories by 1 1/2 million barrels. we're going to get the latest report from the energy department coming out at 10:30 a.m. eastern time. we will bring that to you live. rick santelli, over to you in chicago. >> thank you, sharon. there are two points today i'd like to underscore. the first is that a two-year note yield is around 103. closed at 95 yesterday. the two-year note yields almost up ten basis points? no, they're not. yesterday's settlement was the old two year. today's pricing is the new bone. up only two or three basis points. that's important. i don't want to jump to any conclusion on a fed day. the second point is very interesting, indeed.

and that has to do with what's going on with the dollar index today. the dollar index is stable, but yet we see that some of the down moves in commodities are larger. maybe a readjustment process going on here. let's go a third point real quickly. the fed has a pile of money they haven't used in agent sid and mortgage purchases. the treasury, maybe they're going to use one pile for both. something derivative of that, maybe that will be in the statement. traders just, of course, hypothetically projecting what they want to see. back to you, mark. >> thank you, rick santelli. in asia, china's shanghai composite closed down 1.9%. hong kong hang seng finishing with losses but still close to a 13-month high it hit last week. south korea's kospi closed down 1%. australia ended in positive territory, up 1 1/2%. based on that, guy johnson, we can reasonably expect you to tell us that europe is higher. >> you are absolutely spot on,

mark. we are higher. we are just higher. and we are waiting for the fed. as matt was indicated that, the big story for the market. it's going to come after the european close today. nevertheless, really just flat lining, waiting for that to happen. flat but fractionally higher. another day, another incremental climb higher. the wall of worry gradually getting scaled by the european markets. let me quickly sew you what this week has done for the stoxx 600. negative start of the week, but since thens, i just said, a little bit every day and we're going higher and higher. stoxx 600 up by 0.6%. a lot of talk surrounding cadbury. there was a bank of america note that came out earlier on which was only written up by some of the wires suggesting that cadbury said it wanted 15 times the multiple on any bid. that would put the stock price at somewhere around 900. boa came out and clarified this and said actually what the ceo said was he's looking for something in the teens. that would be a normal multiple

for an acquisition in the sector. never the less, cadbury very much in play today. and we are watching this story from cross perspective now. mark and erin, back to you. >> thank you, guy johnson. up next, the fed expected to leave rates unchanged, but a lot more when it comes to managing the subtleties, the nuances of our economy. mr. nuance himself, steve liesman, has more. plus, inside the opening of a new walmart store. that's today's faber report. today is a very special day for mr. faber. and the president ceo energy sum milt in washington. we'll be right back.

fed's decision on interest rates and the economy due out around 2:15 eastern standard time today on "street signs." that means i'll be there. of course, that means steve liesman will be there. all right, steve, sell it. >> you know, erin, there is no change in swres rates expected. but let me tell you there was plenty on the table for markets to chew on when it comes to fed policy, including how the dollar figures in and, of course, exit strategies and the take on the economy. here's what's on the table. one question is how much that weakening dollar plays in the fed policy.

we'll talk more about that in a second. could it cause the fed to sound more honkish? how much does the fed upgrade the take on the economy. leveling out last time. what does it say to the plan of mortgage purchased. finally, a lot of talk of exit strategy. there's been meetings with bond dealers about reverse repos. that would suck some of the cash out of the system. the dollar has weakened a lot since the last meeting. you can see. that was around the last meeting, 142 to 147 today. larry march talking to us a few minutes a i go on "squawk box" says the green back is just not a major concern for fed policy. >> what they need to know is where the dollar is, what's the direction of change, and they need to integrate that into the forecast. that means stronger than grot otherwise, higher inflation otherwise. is that -- is that enough to change the fundamental cost of

the economy, unemployment, and inflation? at this point, unquestionably, no. >> meyer's take the fed won't raise interest rates until the end of 2011. its balance sheet may shrink from 2 1/2 trillion but interest may hold on for an extended period. they still have a $2 trillion balance shaeet. they still have a long way to go. despite the extended period of being on hold, there's a lot to think about here. mark? >> what do you mean, they still have a $2 trillion balance sheet? >> if you take the treasuries they bought if you takehe alf and taft and all the stuff they pout bout, under the circumstances still out there. this results in $800 billion of excess reserves on the books of the banks. the fed at some point, if these banks get around to lending this money out, are going to -- the fed is going to have to soak this up or otherwise neutralize

that money out there in the economy. >> how's it going to do that? >> it has a variety of ways. reverse repo is one way. goes out and sells treasuries, soaks up dollar. the big question is the issue, interest on reserves. where it's going to pay bankers interest to keep that money on account at the fed. that's a big part of what bill dudley in the interview earlier this week said is a big part of the strategy for the fed to neutralize them and stop them from becoming inflationary dollars. >> thank you, steve liesman. it may be the bigger retailer in the nation but it isn't keeping up with the nation's stocks. s&p a up 18% but walmart shares are down 9% so far this year. tonight at 9:00 on cnbc, david faber is going behind the scenes at the retailing giant again. it's "the new age of walmart."

>> you're right. while other businesses are downsizing, though, walmart continues to expand. despite that 9% drop in its stock price. it is scheduled to open as many as 170 new stores in the u.s. this year. we got an inside look at the task of getting a 36 million square foot super center up and running. when we spent a few months watching the preparations in weaverville, north carolina. >> our associates are the front line strategists. what are we going to attack our customers with weaverville with? >> customer service. >> customer service. to xed whexceed what? >> expectations. >> you're right. >> reporter: before the customers come, there are 125,000 items to move into the store. on this day alone, over 12,000 boxes will be unloaded. their contents stacked on the shelves. in less than 24 hours before the grand opening, the curtain is

finally about to rise. >> everybody excites? >> yeah! >> we're down to what we call the nitty-gritty, the details. a lot of times it's the hardest thing to do. details that we're looking for, the cleaning, the dusting, the labels, making sure that we have no torn edges, dog ears. >> reporter: long hours, hard work and opening day jitters, or fraying nerves. >> look at that. >> we'll be having customers on top of learning and i guess that's what's making me a little nervous. i'm just ready to see what a normal day is going to be like. because up until now it's not been anything like normal. >> that store in weaverville have, by the way, became walmart's 4,273rd opening in the u.s. tonight at 9:00, check it out. five years later, we're back.

all new "the new age of walmart." 9:00 and 10:30. we went 90 minutes with this one, erin and mark. >> and i'm sure it's sentilating for every one of those minutes. word on the street and the buzz is coming up next as we count you down to the bell which is coming up at 9:30 eastern time. also ahead this morning, the number that will move the energy markets, oil inventories, due out at 10:30 eastern time. 1:12 from now. this is "squawk on the street."

all right. let's check the futures for you right now. they are up on the s&p up 2 and change. fair value, as you can see -- look, we're going up about ten points on the dow. very quiet opening in store. but, of course, as the day progresses, who knows what will happen. we are joined by, benjamin and gerald brokerage, very good to see you again. >> good to see you, mark. >> what do you think of this market? it keeps hanging in. >> the uptrend is intact. we have consecutive higher lows when they sell it off. clearly the market -- you can't fight the trend. whoever, i'm more concerned that it's getting ahead of itself. if you look at the discounted earnings, we're trading at 2010's expectations. to some extent or another, it

might be fully valued. >> everyone is concerned. >> that's fueling the market. >> you are part of the wall of worry. >> at the end of the day, down 9300. at the end of the day, that's what is fueling the market, along with idle cash that's been sitting on the sidelines and the skepticism that led the early part of the rally is coming in at the tail end of the rally which could lead to bigger problems ahead. hopefully not. >> any part of the market, any sector you think will do best for us? >> i think it's always a market. stock is not a stock market. it's always value hitting within some of the groups who are even fully priced. i'd like to see the biotech areas and even the durable goods and all the good caterpillar, infrastructures, i like those stocks, generally speaking. >> thank you very much. >> my pleasure. thank you. back up stairs to erin. >> mark, let's get the buzz beyond this big board. director of t.j. institutional services, of course, cnbc action

participant as well. guess, what mortgage rates are under 5%. >> how about it? they just think because the question now backs how long is this going to last? the answer is probably a long time. it's interesting. over the last week, the short end yields are trending a little bit higher. i think there's a tiniest little bit of worry that the fed change it some. they're to the going to raise rates with unemployment higher. that's out of the question. they send out a test balloon last week, two fed voters say they favor raising rates sooner than later. today their job is going to be an english lesson. they're going to change the verbiage a little bit and we're going to be left to see what they mean. what they mean is it's a limited time only phenomenon, they throw it out there and hope that people rush in and borrow money before rates do go up. the stock market might even kind of like that. if they get a little bit of a confident boost from the fed saying things are better than we

thought. you have to think the fed is worried a little bit about losing control, the dollar weakness. they like it. they like it up to a point. i think they change things a little bit. >> does the market, in any fundamental way. i know sometimes you can look at the i'd traing metrics right now and you could say there's expectations of a trade hike. it has sort lf been purely mathematical. are we going to be at the point today where people really start to think soon we're going to get one? >> well, i think that people are going to be able to see it in the distance somewhere. before it was just an infinite time period where rates were going to stay low. things have bot tgotten better. somewhere in the distance is where fine is. i don't like to talk about fundamentals in the stock market right now because i think we blew through fundamentals, 20% ago. i don't really love this stock market rally that much. we've got -- are we going to get another 60% rally? that seems ridiculous. the best part of this rally i behind us.

the only thing that could push us further is if it's a dollar debacle and things like commodities and anything related to that starts shooting up in value. i think that we probably on hold for a while in the stock market. >> thank you very much, jim. on earlier this morning -- later this morning, president obama addresses the u.n. general assembly. and the world. we'll have the speech live for you, if it starts on schedule, it will start at 10:00 eastern, 35 minutes from now. >> we should note to some of our viewers confused, he did speak to the u.n. yesterday. it was just to a panel on the climate. >> i was confused. >> this is the entire u.n. assembly. >> this is the mcgilla. plus, wellpoint ceo and the president's health care plan and how that company is getting ready for swine flu season. we'll be right back.

you -- i'm talking to you. >> you. >> you right there in front of the tv set. you know what you're watching? i hope you do. you're watching cnbc's "squawk on the street." >> financial football. >> we are live from the financial capital of the world where the opening bell is going to ring in -- where's my clock? here we go. 35 seconds. >> they gave these little visa -- no -- yeah, visa, dvds out, soccer. you soccer and you learn about money management. that's their little thing they're doing for kids. >> that's cool. here at the big board, visa, ticker v. and the nyse celebrating the launch of a financial soccer video game to encourage financial literacy, soccer players landon donovan and brian mcbribe are doing the honors here. and at the nasdaq, the colombian

minister of trade, industry and tour rich, luis, atta. >> tim geithner is testify this morning. let's get to hampton. he is live with a copy of what the treasury secretary will soon say. >> in his prepared testimony to the house financial services committee, treasury secretary tim geithner is prepared to, number one, start off by taking a look one year after the financial crisis. he will tell the committee we've moved back from the financial brink toward economic recovery. however, major flaws in the financial system remain. the minimum reforms for what is to be a major regulatory overhaul, new protection for consumers and investors, create a more stable and less crisis prone system,nd safeguard american taxpayers from bearing the costs. geithner's primary focus today will be, among other things, on the whole necessary of how to deal in the future with this notion of too big to fail. he says we must not allow firms to reap benefits of explicit or

implicit government subsidies. we will provide authority to oversee any financial firm that poses a threat to the system. there ought to be tough new rules on the largest, most lef lanlg and interconnected firm as well as big buffers in the system to withstand the failure of individual firms. also, the treasury secretary is going to make a very big offense to the administration's call for a consumer financial protection agency, what is really the hot button items in crafting the final version of the reform package. finally, he's going to tell lawmakers that basically time is the enemy of reform. as we return to more normal markets, complacency begins to set? >> the treasury secretary will give that testimony and then he will be taking questions. we are going to be monitoring those. any question and answer you need to hear, you're going to hear it live here. obviously we're going to update you on everything else. let's get to our market reporters though. dell struggling to break even on this fed day. let's begin with you, matt.

>> a whole point on the dow here today, but it is what it is. we are now up for the 12th time in 14 days. we haven't had a half% decline of just the two down days that we started this rally on september 3rd. so the s&p is now up about 7 1/2% during that period of time. the dow is closing in on about a 6% gain, up over 550 points since the september 3rd rally began. if you look at the earnings stories today. there's two in the s&p 500. general mills, positive coming in much better than expected. also,raising their guidance, and auto zone was weak in the premarket, down about 3%, 4%. the company missed by two cents. their sales were up. and their same-store sales came in better than expected, which might soften things up as we go forward today. we are going to be waiting for that fed statement. but other story that we're tracking until 2:15 are going to be in the airline area. we have not only amr pricing a 48 million share offer and then another 450 in a private

placement, but u.s. air announcing today that they're going to sell stock sometime next week. about 26 million shares. both of those stocks in a month-to-day basis up 55%. also i was talking with airline higher here today with upgrade and fedex seeing the estimate and the language from morgan stanley positive. it is higher as well. let's get to scott wapner at the nymex. >> modest gain. larnlg cap techs reflecting that, all in positive territory. amazon is giving a little bit back. let's talk about yahoo!. up 3/4 of 1%. citi reiterated the stock with a buy rating. noted recovery in search and improvement in desplay ads. palm is up 4 1/2%. secondary offering has been priced at 1625 through goldman and jpmorgan. dell shares are higher. price target increased by a buck. at thomas wisele, 17. raised their fiscal 2010 revenue target to $52 billion up from $51.8.

a slight increase there. xilinx, 52-week high. raised their q2 outlook this morning. hercules offshore is under pressure in early trading. down 7% as you see on the board here pts on a downgrade to sell from hold. celgene getting a boost on ubs comments after a meeting with management. let's go down to sharon epperson at the nymex. >> i'm here at the natural gas pick. it's trying to lift them today. there are reports talking about the refueling and nuclear plants helping to lift that cash market. the traders here on the floor are saying i a purely technical move. that's what we've seen over the past two weeks. we've seen them $1.25 from a low of $2.50 back then. what has happened? a lot of short covering going on, particularly, of course, in the october contract. that is a front month contract p but only until monday. we are seeing a lot of folks covering their shorts and getting out of those positions.

that is causing less liquidity if this market and furthering the short covering rally we're seeing. it's going to be interesting to see if this continues into next week when we do have the start of the november contract there. meanwhile, looking at crude prices that are still edging a little bit lower here as we wait for the u.s. oil envertory reports coming out. that report coming out at 10:30 a.m. eastern time. dow jones survey is looking for a decline in crude supplies 1 1/2 million barrels. gasoline supplies expected to be up 400,000 barrels. distillate fuel supplies expected to be up 1.6 million barrels. keep in mind the american petroleum's institute's report last night was denying all those fekt tagss. we'll see what they have to say in an hour from right now. rick santelli, to you in chicago. >> thank you, sharon. we see interest rates are a bit elevated. but it's the equity prices get their footing and it's close to unchanged, giving up some ground from where it was trading on the electronic platforms, rates are

moderating from the worse levels. it's a fed day. it's a supply day. 40 billion five years, 1:00 eastern. we know about that. but we also know that there's questions as to the statement. there's a great article somebody handed me, and i found it interesting, obviously they did, too. washingtonpost.com, a new bubble of the fed's creation. i recommend reading it. not that i agree with everything in it, but once again, it shows how money moving around in this liquid environment is one of the reasons domestically and globally that we see such good sponsorship of treasuries which may be counter intuitive. remember, 40 billion five years today. back to you. president obama addressing the world today. a lot on the agenda. we will carry that speech live. that is scheduled for the top of the hour. but up next, the stock to keep an eye on throughout the day. you're watching "squawk on the street," we're hovering right around break even.

this morning, federal prosecutoring of new york review of customer count showed that half of bernie madoff's clients didn't lose money in the ponzi scheme. 50% of active investors with drew more than they put in. prosecutors told a judge yesterday madoff's assets, including homes, yachts and corporate holdings, will be enough to help the victims. outside the ability to extend benefits in high unemployment states, they take up the issue. more than a million people expect benefits to run out by year's end. this is one of those things, it costs a lot of money and they don't count it as additional stimulus. they offer $40 billion in

five-year notes at 5:00 today, eastern standard. two years was rather well received. you know, mark, ponzi schemes essentially if you don't get caught, can work almost forever, you know, like social security. >> well, no, eventually -- >> as long as you keep bringing more? >> right. >> something happens, people with drew more than they put? >> eventually you reach a critical map where you can't get the new people to pay off the old people. it can go on for a long time. doing it for decades, apparently. >> a lot of people would have perceived, to, that nobody got anything. >> no, not everybody. >> it's stun that half of the people got more than they put in. we want to bring your attention to some stocks on the move. mary thompson is back at hq with your realtime flash. mary? >> thank you, mark. we're going to take a look at ford because upbeat comments coming out of the company's ceo alan mulally. he said the u.s. market cars is looking good and sales should

increase next year. you can see ford supposed 34 cents. he sees vehicles sales at 10 1/2 million to 11 million this year. 12 1/2 million next year and 14 1/2 million by 2011. marriott, hotel operator saying the third quarter revenue per available room is run ag head of expectations. still, it is down 19%. the company also saying it will post a third quarter charge linked to the time share segment of $760 million. stock is higher 50 cents. keep a high on palm, offering 20 million shares at $16.25. that's a discount to eddy's close. and the stock is moving higher. up 55 cents. cal pine, active as well. down 52 cents. hedge fund is going to be selling 20 million shares of the power company. that's a fund's second largest holding. mark, back to you. all right. the market is opening mix as investors await the fed. they're going to say something about interest rates this afternoon. not going to move rates. earlier on "squawk box" this chairman of dupont sharing his thoughts on where we stand

economically, as members of the g20 get ready to head to pittsburgh for the big summit tomorrow. >> we are stabilized, coming out and they have some very good forecasts. this is a different kind of recession than i've ever seen before in my lifetime. and what's different is how quickly we went down. the idea, the whole globe moving down in six weeks is just unheard of. >> all right. tommy williams, president of williams financial advisers. dan genter, president, ceo and cio and, i mean, he turns out the lights at night, he does everything at rnc genter capital management. he's the further west. we give the west the lead. dan, what do you think? >> mark, i think what we're seeing is the big concern about the september swoon has just been washed away by a tidal wave of excess cash on the sidelines. the key as we go forward from

here, especially for the rest of the year, the basic foundation driving this market for the last few quarters is still here. that's very strong, still earnings momentum. that's not going to change. the analysts underestimated what was going to happen on the downside. underestimated whaches going to happen on the upside. we're going to see quite reasonably 72 to $75 for the s&p in 2010 and even if we discount back the p.e. a little to 16 that puts s&p potential at about 1150 to 1200 which is a solid with dividends, 10% to 14% additional return from here to the end of the year. i think which you have weakness that you can buy into here, it's an opportunity for people who have missed this move. >> tommy, do you agree or disagree? >> i think that was well stated. i think the only asset class to avoid right now probably is cash. i think the number one item on the shelves for the holiday season is going to be risk. there seems to be exuberance out

there and i think your guest just stated it very clearly, that earnings are strong, inventories are down, all the economic numbers look really good. i think the rest of the year looks pretty strong. >> all right. so what do you buy in that scenario? pretty strong, market is already up, what, 60%? >> well, i wouldn't put a number like that to it. up 60% since march 9. i think per unit of risk right now the most exciting thing is probably howe high yield municipal bonds in a mutual fund because i think that there's a lot of upside potential there and awfully good tax-free dividend. but right now one of the most interesting times where the exuberant american investor could pick a class and make money, whether it be commodities, stocks, bonds, an interesting time, i think, in the economic cycle. again, i applaud your other

guest. i think he stated it well, the s&p 500 forward looking p.e. might be around 14.2 next year. that gives us room for growth. i think there's some problems to look at in the next year though. >> dan, you had a couple of ideas indirect christmas plays. >> well, i think we're starting to have -- we're still going to have a run in technology. i think we've had a big run there, big move up. we've seen 50% to 60% n. a number of area '. with when you start to look at the world and the demand. we are going to have a better christmas than we think. on the technology side, probably if you look at intel, cisco, ibm, ibm's basically should earn $11 last year and trading at about 11 pe. i think i would actually still have son interest, at least through november and some of the on consumer cyclicals. really the best in class. the best buys, the kohl's, the staples, i think those will do well and some of the consumer staples, kellogg and abbott,

cvs, are all still good values. >> tommy, thank you. >> thank you. glad to be here. day after global leaders, we are getting a different perspective. >> yeah. the vice chairman, president and chairman of ge is here. we're talking about the future of traditional and alternative energy next. and the next hour, wellpoint ceo and the president's health plan.

top energy ceos and world leaders gathering in washington on the agenda, laying out specific strategies for meeting american energy and sustainability challenges. fresh off the summit, ge vice chairman, he joins us now. john, thank you very much for being with us. >> great to be here today. >> is the whole concept for ge, alternative energy, is an energy overall, a huge part of the company's business, but is all of your growth plans and all of the things you're discussing at

this conference still predicated on the reality that american is going to be an oil-based economy for a long time? >> no, not at all. ge energy about 70% of our business is outside the u.s. today. so we're big exporter. but for instance, our renewables business, largest renewables company in the united states, one out of every two wind turbaturba turbines that ship today is a leg player in the smart grid. we have large demonstrations under way in miami and california. we're active on every front. not just in the united states, but around the world. >> are you -- let's just say in the u.s. we go to -- what do you think is a reasonable amount of power to get from the alternative energy sources. let's just take wind because that's an area of importance to you. >> wind today is 2 1/2% of our electricity generation. but if you compare us to germany or spain, they're ten times that amount. we see this as a great growth

opportunity. we're going to need clearer, stronger policy. i think that's one of the reasons that europe and china are growing in renewable energy. but the u.s. has great wind resource. and again, this is going to be a great world market for ge, not just in the united states, but around the world. >> does ge have technology to improve the leakiness of the grid? i read somewhere that up to half of the electricity generated in this country eventually just goes into the ground. >> yeah. i think the -- what ge has is what we call smart grid technology. we're a leader in information technology. and we can capture that information to smart sensors and controls. and really identify those areas that could be approved and improve energy sisefficiency. i think ge is going to be a leader in this smart grid technology. >> describe for us the future of nuclear generation over the next decade.

>> okay. right now we have four nuclear plants under construction. they're all in asia. two in japan, two in taiwan. it's going to have to be part of the energy mix. it's got a real sovereign component. nuclear is highly regulated. nothing happens without the government involvement. but if you want to have a low co2 solution, nuclear is going to be a piece of the equation in most countries around the world. p ge has a 55-year heritage in nuclear. we're very capable through our partnership with hitachi, we can build nuclear plants in less than six years. we keep them on schedule. we know nuclear will take off some day in the united states and we're going to be well prepared to execute on that demand. >> one of the big problems with nuclear, of course, is the issue of waste, the nuclear waste. it's my understanding, and correct me if i'm wrong, but new -- the latest generation of nuclear plants, at least deplete

the fuel even further so there is less waste? >> the newest generation of nuclear plants are safer. you know, that's -- and simpler. >> god, they have to be. i understand that. what i'm talking about is -- >> controls. >> -- where are we on the waste issue? >> on the waste issue ge has prism reactors we can employ. that's going to be further in the future. we can deal with nuclear wastes through those reactors. the decision to deploy that technology is really in the hands of the government. >> john, one thing that, you know, i heard repeatedly from ceos in various alternative energy areas, some of them solar, some even in wind. is that china is ahead of us. not just in terms of making things but in terms of the technology behind us. a lot of them will just throw in the towel and say we don't have a chance in leading there. what do you say? >> i don't agree. technologically, i think the technology is terrific in the united states.

we're fully localized in china. we can manufacture wind turbines in china. we're a big player in china. china has set long-term policy with very, very tall objectives. the u.s. has been very on and off, very short term. so the leaders will be in markets that are going to be large. that's where we see a large market, you're going to see lots of manufacturing, lots of jobs. but in terms of the technology, our technology at ge is world class, we're winning in wind, not just in the united states but in china and in europe and india. we just won some waters. so customers, it's a scale business. customers in any part of the world want the best technology. that's what ge provides, not just in renewables but in gas turbines and oil and gas and water as well. >> john, thank you very much. as we said, the chief of ge energy. a couple of things to let you know about coming up, of course, today, the fed, mark. we've got a great lineup.

you've got ken gross, bond manager. speaking of alternative energy we've got the chief of the volt battery, the next big thing for gm as well. and then, also, this will be on the show here tomorrow, mark, and "street signs," julian robertson will be our guest. remember in october 2007 he called for a doozy of a recession? you got your doozy, julian. >> that is a double doozy. we are awaiting now for president obama to address the world from the united nations. when he speaks, we will have it live. it is scheduled for 10:00 a.m. but you know how these things sometimes run late. also ahead, the ceo of wellpoint, angela braly, what might be the next super virus, swine flu or not? and the treasury secretary testifying on regulatory reformat this moment. that's him speaking live. we are monitoring it. anything he says is going to q and a that you need to know about, you will know.

research from gardner improved forecast for global pc sales this year. it now expects a 2% decline over

last year compared to the prior forecast of the 6% decline. financial services chairman barney frank expects a house floor vote on regular reform in november. mortgage applications rose to the high nest almost four months as interest rates dropped below 5%. that's cnbc.com news now. i'm courtney reagan. live from the financial capital of america, this is the second hour of "squawk on the street." it will be as enjoyable as first hour was. i'm mark haines. goldman sachs, morgan stanley and apple, the biggest mover on the s&p right now is american capital. up about 10%. nasdaq, up 5%.

raising sales forecasts. >> and right now for the market down just about 14. whip around with your market reporters. again, we are awaiting the president's first address to the u.n. assembly. matt, take it away for now. >> it looks like the glory days of the dow happened in the first 30 minutes. take a look at the big story. that rally for september still in tact. up for the dow. almost 7 1/2% for the s&p 500. the quiet melt-up, as i like to call it. if you look a the dow here today, at&t, number one performer, up 1 1/2%. there must be legions of americans out there following their leader. he said that stock is headed to 30 on this program last night. general mills stronger, better than expected results. raised the forecast. wall street loves that. beat and raise. it's like gin and tonic, perfect pairing. alan mulally is talking up a couple of things. he sees growth, general growth

returning in 2012. 2011 might see operational profit. they are expanding their operations in india. a new car for the world, small car coming your way called fego. i know what it means. go crazy on google. marriott is higher here today. time share expensive, but their revenue per available room is going to be down only 19%. they thought it was going to be down 20% 23rks%. that one is pushing higher here today. lastly, lowe's is higher on an upgrade to out perform from market perform at sbr. it follows the reiterated guidance cautious yesterday. now, to mr. wapner, midtown at the nasdaq. >> thank you. flat market here. notable stocks. apple new high, rim shy of 2%. google and yahoo! higher. yahoo! was reiterated to buy over at citi. notes a recovery in research there. palm shares getting a boost of 3 1/2%. 20 million shares secondary

offering price through goldman and jpmorgan. dell is a fractional mover to the downside. price target raised a buck to $17 over at thomas wisele. gartner upped the forecast for pc shipments for the 40 quartfo quarter. xilinx, another 52-week high. up almost 5%. hercules offshore down 8%, cut to a sell. and celgene has been a mover to the downside. ubs commenting after a meeting with management and the comments there were positive as. as you skeerks it's not translating into that stock price. let's go down to sharon epper n epperson. >> traders waiting for the oil inventory report at 10:30. they may be expecting a bearish report. looking at oil at the lowest levels of the session, or near there right now. but still trade ag above $70 a barrel. keep in mind they're also waiting for the fedhis afternoon, particularly from what actions might occur in the dollar following the fed's statements. we are looking at dollar that is

at the lowest levels in about a year. but keep in mind as well, oil prices a year ago was over $100 a barrel. the difference right now is that we have about 140 million barrels more petroleum in the country than we did a year ago. that is keeping prices at those levels we are right now. we're looking at the inventory impact particularly in the product market because gasoline supplies grew, according to the american petroleum institute, up nearly 4 million barrels. expectation somewhere around 400 and 600,000 barrels. we'll see where that goes at 10:30 a.m. with the inventory report from the energy department. rick santelli to you in chicago. >> thank you, sharon. there's a million reasons and a million debates as to why the dollar is moving down. will it continue to move down? what will prevent it from moving down? and even something as basic as, is it a good or a bad thing? having said all that, if i look at the seven currencies i like to look at in futures, six out of the seven, everything right

now but the british pound, is a bit lower against the dollar. on the day of a fed statement, put this together and keep it simple. interest rates are going to affect the dollar. they affect the carry trade. if there's any hint, even if it doesn't prove to be something tangible that the fed gets a little tougher, this could be something good for the dollar. you know how i feel about a weaker dollar and what it represents for standard of living in the big picture. interest rates are a bit higher but they've come down from their highest levels. equities deteriorate. and, of course, besides the 2:15 eastern statement, 40 billion tens, an hour and 15 minutes prior 1:00 eastern. mark haines, back to you. >> great, santelli. we are, what, minutes away now. let me see. oh, in fact, it should have happened five minutes ago. yeah. president obama speaking in front of the united nations. john harwood, where are you? >> i am right in front of the united nations, waiting like you

guys are. >> what are we going to hear from el presidente? >> i think you're going to hear the president in his first remarks to the united nations talk about his international priorities, including financial reregulations, to try to help continue to lift the world out of recession. that's also going to be a topic at the g-20 later. measures to stop the spread of nuclear weapons, efforts to restrain iran's nuclear program. and he's also going to talk, i think, about climate change, which is something that he addressed yesterday at a climate change summit. was but we're going to see more of that throughout the rest of the weekend at the g-20. >> and so, john, i think yesterday a lot of people were confused because he was speaking at climate specifically. is that going to be completely off? what does he want to get out of this, i guess? everyone talks about nonproliferation and we want to talk about, you know, what kind of role you want to give iran.

side step all of the issues today? >> well, i think this is not going to be a big news-making day in terms of new policy or new announcements. i would expect that you will hear the president reiterate themes that he has struck in the past. these are thorny problems here and are not going away. we do not have much to show for our diplomacy on iran. we do have talks that are supposed to begin in october with iran and our five leading allies, plus the united states, on this question. you've also got the issue of nuclear weapons in north korea, which is something the united states government has been working on for several years without much to show for it. and so, you know, the administration is trying to push this rock uphill. i think their principle focus right now is on the economy, but he's going to have to hit all of these things before this audience. >> this morning on the "today" show benjamin netanyahu said to matt lauer, he tried to avoid

answering the question about what israel would do about iran. matt kept pushing him, and he said, well, you know, no one can -- it's our sovereign duty, right, we'll do what we have to do. and i'm just wondering if you think that there's going to be any further conversations, john, between the u.s. and israel on this? >> well, yes. but speaking of issues that we haven't made much headway on, the same is true of mideast peace negotiations. the president met yesterday with benjamin netanyahu and mahmoud abbas and didn't get a whole lot out of it. george mitchell, the special envy to the region, has been trying to push israel. and we haven't had that much success so far. so, you know, one of the things any president finds is the rhetoric then matches the difficulty of the problems. and on international affairs, this president has got a long way to go. and we saw in our journal nbc poll which is just out over the last couple of days that his

ratings have stabilized, but they're at a middling decent level on foreign policy, on the economy, and overall. >> would you happen to know, john, whether there is -- i know you're based in washington. may not be familiar with u.n. protocol. but do they take any effort to make sure that, you know, that obama's not crossing paths with a daf khadafi on the way to the podium? >> reporters have been pressing white house officials on the last couple of days, are they going to have conversation on the side. remember, this president during the 2008 campaign distinguished himself from both hillary clinton during the primary campaign and john mccain in the general election by saying he was someone who was going to engage in dialogue with other leaders without too many preconditions because he believes in diplomacy. but the administration now says

that they've not responding -- >> john? >> yes, sir. >> the president is now approaching the podium. then he suddenly sat down. i beg your pardon. i thought he was about to just walk up there. >> that's okay. all i was going to say is the administration said that they were taking pains to make sure that there were not occasions for them to run into each other. they're not planning any side conversation. they're both going to speak to this body, but they're not going to speak to each other. >> the president is about to speak. let's go there now. >> good morning. mr. president, mr. secretary general, fellow delegates, ladies and gentlemen, it is my honor to address you for the first time as the 44th president of the united states.

[ applause ] i come before you humbled by the responsibility that the american people have placed upon me, mindful of the enormous challenges of our moment in history, and determined to act boldly and collectively on behalf of justice and prosperity at home and abroad. i have been in office for just nine months, though some days it seems a lot longer. i am well aware of the expectations that accompanied my presidency around the world. and these expectations are not about me. rather, they are rooted, i believe, in a discontent with the status quo that has allowed us to be increasingly defined by our differences and out-paced by

our problems. but they are also rooted in hope, the hope that real change is possible and the hope that america will be a leader in bringing about such change. i took office at a time when many around the world had come to view america with skepticism and distrust. part of this was due to misperceptions and misinformation about my country. part of this was due to opposition to specific policies and a belief that on certain critical issues, america had acted unilaterally, without regard for the interests of others. and this has fed an almost reflective anti-americanism, which too often has served as an excuse for collective inaction. now, like all of you, my responsibility is to act in the interest of my nation and my

people. i will never apologize for defending those interests. but, it is my deeply held belief that in the year 2009 more than at any point in human history, the interests of nations and peoples are shared. the religious convictions that we hold in our hearts can forge new bonds among people or they can tear us apart. the technology we harness can light the path to peace or forever darken it. the energy we use can sustain our planet or destroy it. what happens to the hope of a single child anywhere can enrich our world or impoverish it. in this hall we come from many places, but we share a common future. no longer do we have the luxury

of indulging our differences to the exclusion of the work that we must do together. i have carried this message from london to ancara to port of spain to moscow, from opera to cairo, and it is what i will speak about today. because the time has comfort world to move in a new direction. we must embrace a new era of engagement based on mutual interests and mutual respect, and our work must begin now. we know the future will be forged by deeds and not simply words. speeches alone will not solve our problems. it will take persistent action. so for those who question the character and cause of my nation, i ask you to look at the concrete actions we have taken in just nine months.

on my first day in office i prohibited, without exception or equivocation, the use of torture by the united states of america. [ applause ] i ordered the prison at guantanamo bay closed and we are doing the hard work of forging a framework to combat extremism within the rule of law. every nation must know america will live its values and we will lead by example. we have set a clear and focused goal to work with all members of this body to disrupt, dismantle, and defeat al qaeda and its extremist allies, a network that has killed thousands of people of many faiths and nations, that plotted to blow up this very building. in afghanistan and pakistan, we and many nations here are helping these governments develop the capacity to take the lead in this effort while

working to advance opportunity and security for their people. in iraq, we are responsibly ending a war. we have removed american combat brigades from iraqi cities and set a deadline of next augusto remove all our combat brigading from iraqi territory. and i have made clear that we will help iraqis transition to full responsibility for their future and keep our commitment to remove all american troops by the end of to 2011. i have outlined a comprehensive agenda to seek the goal of worlds without nuclear weapons. in moscow, the united states and russia announced that we would pursue substantial reductions in our strategic warheads and launchers. at the conference on disarmament we agreed on a work plan to negotiate an end to production of materials for nuclear weapons. and this week, my secretary of state will become the first senior american representative to the annual members conference

of the comp p comprehensive test band treaty. i appointed a special envoy to middle east peace. america has worked to advance the cause of two states, israel and palastine where their rights are respected, to con front climate change we have invested $80 billion in clean energy, we have substantially increased our fuel efficiency standards. we have provided new incentives for conservations, launched an energy partnership across the americas and moved from a bystander to a leader in international climate negotiations. to overcome an economic crisis that touches every corner of the world we worked with the g-20 nations to forge a response, over $2 trillion in stimulus to bring the economy back from the

brink. we mobilized resources to help prevent the crisis from spreading further to developing countri countri countries. and we join with others to launch a $20 billion global food security initiative that will lend a hand to those who need it most and help them build their own capacity. we've also reengaged the united nations. we have paid our bills. we have joined the human rights council. we have signed the convention of the right to persons. we have fully embraced the millennium development goals and we address our priorities here in this institution. for instance, through the security council meetingly chair tomorrow on nuclear nonproliferation and disarmament, and through the issues that i will discuss today. this is what we have already done. but this is just the beginning. some of our actions have yielded

progress. some have laid the groundwork for progress in the future. but make no mistake, this cannot solely be america's endeavor. those who used to chastise america for acting alone in the world cannot now stand by and wait for america to solve the world's problems alone. we have sought in word and deed a new era of engagement with the world. and now is the time for all of us to take our share of responsibility for a global response to global challenges. now, if we are honest with ourselves, we need to admit that we are not living up to that responsibility. consider the course that we're on, if we fail to confront the status quo. extremists sowing terror in porkts of the world, protracted

conflicts that grind on and on, genocide, mass atrocitieatrocit nations with nuclear weapons, melting ice caps and ravaged populations, persistent poverty and pandemic disease. i say this not to sow fear but to state a fact. the magnitude of our challenges have yet to be met by the measure of our actions. now, this body was founded on the belief that the nations of the world could solve their problems together. franklin roosevelt who died before he could see his vision for this institution become a reality put it this way, and i quote, the structure of world peace cannot be the work of one man or one party or one nation. it cannot be a paiece of large nations or of small nations. it must be a peace that rests on

the cooperative effort of the whole world. the cooperative effort of the whole world. those words ring even more true today when it is not simply peace but our very health and prosperity that we hold in common. yet, we also know that this body is made up of sovereign states, and sadly, but not surprisingly, this body has often become a forum for sowing discord instead of common ground, a venue for playing politics rather than solving problems. after all, it is easy to walk up to this podium and point fingers and stoic divisions. nothing is easier than blaming others for our troubles and absolvie ining ourselves of responsibilities. anybody can do that. responsibility and leadership in the 21st century demand more.

in an era when our destiny is shared, power is no long area zero of some game. no one nation can or should try to dominate another nation. no world order that elevates one nation or group of people over another will succeed. no balance of power among nations will hold. the traditional divisions between nations of the south and the north make no sense in an interconnected world, nor do alignments of nations rooted in the cleavages of a long-gone cold war. the time has come to realize that the old habits, the old arguments, are irrelevant to the challenges faced by our people. they leave nations to about in the opposition of the very goals that they claim to pursue and to vote, often in this body, against the interests of their own people. they build up walls between us

and the future that our people seek. and the time has come for those walls to come down. together we must build new coalitions that bridge all divides, coalitions of different faiths and creeds of north and south, east, west, black, white, and brown. the choice is ours. we can be remembered as a generation that chose to drag the arguments of the 20th century into the 21st, that put off hard choices, refuse to look ahead, fail to keep pace because we define ourselves by what we were against instead of what we were for. or we can be a generation that chooses to see the shoreline i don't the rough waters ahead. that comes together to serve the common interests of human beings and finally gives meaning to the promise embedded in the name given to this institution, the united nations. that is the future america

wants. a future of peace and prosperity that we can only reach if we recognize that all nations have rights, but all nations have responsibilities, as well. that is the bargain that makes this work. that must be the guiding principle of international cooperation. today let me put forward four pillars that i believe are fundamental to the future that we want for our children. nonproliferation and disarmament, the promotion of peace and security, the preservation of our planet, and a global economy that advances opportunity for all people. first, we must stop the spread of nuclear weapons and seek the goal of a world without them. this institution was founded at

the dawn of the atomic age, in part because man's capacity to kill had to be contained. for decades we averted disaster, even under the shadow of a super power standoff. but today the threat of proliferation is growing in scope and complexity. if we fail to act we will invite nuclear arms races in every region and the prospect of wars and acts of terror on a scale that we can hardly imagine. a fragile consensus stands in the way of this frightening outcome. and that is the basic bargain that shapes the nuclear nonproliferation treaty. it says that all nations have the right to peaceful nuclear energy, that nations with nuclear weapons have a responsibility to move toward disarmament, and those without them have a responsibility to forsake them. the next 12 months could be

pivotal in determining whether this compact will be strengthened or will slowly dissolve. america intends to keep our end of the bargain. we will pursue a new agreement with russia to substantially reduce our strategic warheads and launchers. we will move forward with ratification of the test band treaty. and work with others to bring the treaty into force so that nuclear testing is permanently prohibited. we will complete a nuclear posture review that opens the door to deeper cuts and reduces the role of nuclear weapons. and we will call upon countries to begin negotiations in january on a treaty to end the production of all materials for weapons. i will host a summit next april that reaffirms each responsibility to secure nuclear material on its territory and to help those who can't because we must never allow a single nuclear device to fall into the

hands of a violent extremist. and we will work to strength then the institutions and initiatives that combat nuclear smuggling. all of this must support efforts to strengthen the mpt. those nations that refuse to live up to their obligations must face consequences. let me be clear, this is not about singling out individual nations. it is about standing up for the rights of all nations that do live up to their responsibilities. because a world in which iaea inspections are avoided and the united nations' demands are ignored will leave all people less safe and all nations less secure. in their actions to date, the governments of north korea and iran threat on the take us down this dangerous slide. we respect their rights as members of the community of

nations. i have said before and i will repeat, i am committed to diplomacy that opens the path to greater prosperity and more secure peace for both nation it is they live up to their obligations. but if the governments of iran and north korea choose to ignore international standards, if they put the pursuit of nuclear weapons ahead of regional stability and the security and opportunity of their own people, if they are -eoblivious, then they must be held accountable. the world must stand together to demonstrate that international law is not an empty promise and the treatys will be enforced. we must insist that the future will not belong to fear. now, that brings me to the second pillar for our future, the pursuit of peace. united nations was born of the belief that the people of the world can live their lives, raise their families, and

resolve their differences peacefully. and yet we know that in too many parts of the world, this idea remains an abstraction, a distant dream, we can either accept that outcome is inevitable and tolerate constant and crippling conflict or we can recognize that the yearning for peace is universal. and we acertain our resolve to end conflicts around the world. that effort must begin with an unshakeable determination that the murder of innocent men, women, and children will never be to lattolerated. on this, no one can be disputed. the violence extremists who promote conflict by distorting faith, discredited and isolated themselves, they offer nothing but hatred and destruction. they share intelligence and coordinate law enforcement and protect our people. we will permit no safe haven for

al qaeda to launch attacks from afghanistan or any other nation. we will stand by our friends on the front lines as we and many nations will do in pledging support for the pakistani people tomorrow. and we will pursue posive engagement that builds bridges among faiths and new partnerships to opportunity. our efforts to promote peace, however, cannot be limited to defeating violent extremists. for the most powerful weapon in our arsenal is the hope of human beinging, the belief that the future belongs to those who would build and not destroy. the confidence that conflicts can end and a new day can begin. and that is why we will support, we will strengthen our support for effective peacekeeping while energizing our efforts to reduce conflicts. we will pursue a lasting peace in sudan through support for the people of darfur. and the implementation of the

comprehensive peace agreement so we secure the peace that the sudanese people deserve. and in countries -- [ applause ] and in countries ravaged by violence, from haiti to congo, we will work with the u.n. and other partners to support an enduring peace. ly also contini will also seek peace between the world. we will continue to work on that issue. yesterday i had a constructive meeting with prime minister netanyahu and president abbas. we have made some progress. palestinians have strengthened their efforts on security. israelis have facilitated greater freedom of movement for the palestinians. as a result of these efforts on both sides the economy on the

west bank has begun to grow. but more progress is needed. we continue to call on palestinians to end excitement against israel and we continue to emphasize that america does not accept the legitimacy of continued israeli settlements. [ applause ] the time has come -- the time has come to relaunch negotiations without preconditions, that address the permanent status issues, security for israelis and palestinians, borders, refugees, and jerusalem. the goal is clear, two states living side by side in peace and security. a jewish state of israel with true security for all israelis and a viable and independent palestinian state with contiguous territory that ends the occupation of 1967 and realizes the potential of the

palestinian people. [ applause ] as we pursue this goal, we will also pursue peace between israel and lebanon, israel and syria, and a prouder peace between israel and its many neighbors. in pursuit of that goal, we will develop regional initiatives with multi-lateral participation alongside bilateral negotiations. now, i am not naive. i know this will be difficult. but all of us, not just the israelis and palestinians, but all of us must decide whether we are serious about peace or whether we will only wind up with lip service. to break the old patterns, to break the cycle of insecurity and despair, all of us most say publicly what we would acknowledge in private. the united states does israel no

favors when we fail to couple an unwavering commitment to its security with invis tans that israel respect the legitimate claims and rights of the palestinians. [ applause ] and nations within this body do the palestinian nos favors when they choose tax against israel over constructive willingness to recognize israel's legitimacy and its right to exist in peace and security. we must remember that the greatest price of this conflict is not paid by us. it's not paid by politicians. it's paid by the israeli girl in the store who closes her eyes in fear that a rocket will take her life in the middle of the night. it's paid for by the palestinian boy in gaza who has no clean water and no country to call his

own. these are all god's children. and after all the politics and all the posturing, this is about the right of every human being to live with dignity and security. that is a lesson embedded in the three great states that call one small slice of earth the holy land. and that is why even though there will be setbacks and false starts and tough days, i will not waiver in my pursuit of peace. [ applause ] third, we must recognize in the 21st century there will be no peace unless we take responsibility for the ppreserv our planet. i thank the secretary general for hosting the subject of climate change yesterday. the danger imposed by climate change cannot be denied.

our responsibility to meet it must not be deferred. if we continue down our current course, every member of this assembly will see irreversible changes within their borders. our efforts to ends conflicts will be eclipsed by wars over refugees and resources. development will be devastated by drought and famine. land that human beings have lived on for millennium will disappear. future generations will look back and wonder, why we refuse to act, why we failed to pass on -- why we failed to pass on an environment that was worthy of our inheritance. and that is why the days when america dragged its feet on this issue are over. we will move forward with investments to transform our energy economy while providing ense

incentives to make clean energy the profitable kind of energy. we will cut ahead to reach to sgo goals that we set for 2020. we will promote renewable energy and efficiency and share new technology with countries around the world and we will seize every opportunity for progress to address this threat in a cooperative effort with the entire world. those wealthy nations who did so much damage to the environment in the 20th century must accept our obligation to lead. but, responsibility does not end there. what we must acknowledge the need for differentiated responses, any effort to curb carbon emissions must include the fast-growing carbon emitters who can do more to reduce their air pollution without inhibiting growth. and any effort that fails to help the poorest nations, must adapt to the problems that climate change have already

brought, and help them travel a path of clean development, simply will not work. it's hard to change something as fundamental as how we use energy. i know that. it's even harder to do so in the midst of a global recession. certain ly it will be tempting o sit back and wait for of these to make the move first. but certainly we all must move together. as we head into copenhagen, let us resolve to focus on what each of us can do for the sake of our common future. this me to the finalfy our future. a global economy that advances opportunity for all people. the world is so still recovering from the worst economic crisis since the great depression. in america, we see the engine of growth beginning to churn and yet many still struggle to find a job or pay their bills. across the globe we find

promising signs but little certainty about what lies ahead. and far too many people in far too many places live through the daily crisis that challenge our humanity, the despair of an empty stomach, the thirst brought on by dwindling water supplies, the injustice of a child dying from a treatable disease or a mother losing her life as she gives birth. in pittsburgh we will work with the world's largest economies to chart a course that is balanced and sustained. that means vigilance to ensure that we do not let up until our people are back to work. that means taking steps to rekindle demand so that global recovery can be sustained. and that means setting new rules of the road and strengthening regulation for all financial centers, though we put an end to the greed and the excess and the abuse that led us into this disaster and prevent a crisis

like this from ever happening again. at a time of such interdependence, we had a moral and pragmatic interest, however, in broader questions of development. the questions of development that existed even before this crisis happened. and so america will continue our historic effort to help people feed themselves. we have set aside $63 billion to carry forward the fight against hiv/aids, to end death from tuberculosis and malaria, to eradicate polio and to strengthen public health systems. we are joining with other countries to contribute h1n1 vaccines to the world health organization. we will interrogate more economies into a system of global trade. we will support the millennium development goals and approach next year's summit with a plan to make them a reality. and we will set our sights on the eradication of extreme

poverty in our time. now is the time for all of us to do our part. growth will not be sustained or shared unless all nations embrace the responsibilities. that means that wealthy nations must open their markets to more goods and extend a hand to those with less while reforming international institutions to give more nations a greater voice. the developing nations must root out the corruption that is an obstacle to progress. for opportunity cannot thrive where individuals are oppressed and business have to pay bribes. that is why we support honest police and independent judges, civil society in a vibrant, private sector. a global economy in which growth is sustained and opportunity is available to all. now, the changes that i've spoken about today will not be easy to make. and they will not be realized

simply by leaders like us coming together in forums like this, as useful as that may be. for it is any assembly, real change can only come through the people that we represent. that is why we must do the hard work to lay the groundwork for progress in our own capitols. that's where we will build a consensus to harness technology for peaceful purposes, to change the way we use energy and promote growth that can be sustained and shared. i believe that the people of the world want this future for their children. and that is why we must champion those principles which ensure that governments reflect the will of the people. these principles can not be aft afterthoughts. democracy and human rights are essential to achieving each of the goals that i discussed today. because governments of the

people and by the people are more likely to act in the broader interest of their own people rather than narrow interests of those in power. the test of our leadership will not be the degree to which we feed the fears and old hatreds of our people. true leadership will not be measured by the ability to muzzle the scent or intimidate or harass political opponents at home. the people of the world want change. they will not long tolerate those who are on the wrong side of history. this assembly's charter commits each of us, and i quote, to reaffirm faith in fundamental human rights, in the dignity and worth of the human person, and the equal rights of men and women. among those rights is the freedom to speak your mind and worship as you please. the promise of equality of the races, and the opportunity for women and girls to pursue their

own potential, the ability for citizens to have a say in how you are governed and to have confidence in the administration of justice. for just as no nation should be forced to accept the tyranny of another nation no, individual should be forced to accept the tyranny of their own people. as an african-american, i will never forget they would not be here today without the steady pursuit of a more perfect union in my country. my belief no matter how dark the days may seen, transformative change may be forced by those who choose to side with justice. and i pledge that america will always stand with those who stand up for their dignity and their rights for the student who seeks to learn, the voter who demands to be heard, the innocent who longs to be free,

the oppressed who yearns to be equal. democracy cannot be imposed on any nation from the outside. each society must search for its own path. and no path is perfect. each country will pursue a path rooted in the culture of its people and in its past traditions. and i admit that america has too often been selective in its promotion of democracy. but that does not weaken our commitment. it only re-enforces it. there are basic principles that are universal, there are certain truths which are self evident. and the united states of america will never waiver in our efforts to stand up for the right of people everywhere to determine their own destiny. [ applause ] 65 years ago a weary franklin

roosevelt spoke to the american people in his fourth and final inaugural address. after years of war, he sought to sum up the lessons that could be drawn from the terrible suffering, the enormous sacrifice that had taken place. we have learned, he said, to be citizens of the world, members of the human community. the united naystions was built men and women like franklin roosevelt from all corners of the world, africa to america. these architects of international cooperation had an idealism that was anything but naive. it was rooted in the hard-earned lessons of war, rooted in the wisdom that nations could advance their interests by acting together instead of splitting apart.

now it falls to us, for this institution will be what we make of it. the united nations does extraordinary good around the world, feeding the hungry, caring for the sick, mending places that have been broken. but it also struggles to enforce its will and to live up to the ideals of its founders. i believe that those imperfections are not a reason to walk away from this institution, they are a calling to redouble our efforts. the united nations can either be a place where we bicker about outdated grievances or forge common ground. a place where we focus on what drives us apart or what brings us to the. a place where we indulge tyranny or a source of moral authority. in short, the united nations can be an institution that is disconnected from what matters in the lives of our citizens or

it can be an indispensable factor in advancing the interests of the people we serve. we have reached a pivotal moment. the united states stands ready to begin a new chapter, one that recognizes the rights and responsibilities of all nations. and so with confidence in our cause, and with a commitment to our values, we call on all nations to join us in building the future that our people so richly deserve. thank you very much, everyone. [ applause ] >> all right. the president spoke for a little more than half an hour. a well-crafted speech. >> very well-crafted speech. >> let's move on because we kept someone waiting here. wellpoint, nation's largest insurer in terms of membership, up 16% over the past year, serving 70% since the haines

bottom. the ceo attending the clinton global initiative in new york, talking to maria in another cnbc exclusive. maria? >> hi there, mark. thanks very much. i am sitting here right now with angela braly, she is president and ceo of wellpoint. nice to see you. >> thank you. >> thanks for joining us. first, your role at cgi. president clinton spoke about the need for health care development in countries. how can wellpoint further that? >> wellpoint really has a lot to offer that i don't think everyone realizes. for example, we're really getting to this access to affordable quality care in ways that i think are going to be important worldwide. so, for example, we get to tell a medicine, we get our rural members access to health care from urban health care centers. we're innovating around how to

ingau ingauge our members. care cen n innovating. i think we have a really important role to play and i'm exciting to be here. >> let me get your sense of what's happening on the national debate over health care reform. we have seen really a country divided over reform. what do you think the reform should look like? >> i think it's really important that we get back to a discussion about health care reform. i think the decision has pivoted somewhat to just focussing on health insurance market reform. while we were the first to the table about ideas agreeing to real industry changes such as including everyone whether they had a preexisting condition or not, guaranteeing issue to all, we need to make sure there's a personal responsibility obligation. we were the first to the table on those issues, but i think we need to get back to a discussion on are we really changing the

way health care's delivered so we have higher quality care at a lower cost. >> how do you get there and it's very easy to say, but it's hard to actually visualize putting more than 40 million additional people to get coverage and possibly see fewer doctors and making it cost less. it doesn't make sense to me now. do you think we can actually achief that with australia of t millions of new people insured? >> i think we have to get to the question of how we reimburse for health care and look at outcomes rather than procedures. we can't do the quantity anymore. i think that's drimpb costs up. over time, quality is more affordable for health care. so let's talk about sustainable change, really responsible health care reform, where we can get to that issue.

we feel that's our job. we're in the job, day-to-day, to innovate around mak sure there is affordable, quality care. >> here's the issue. a lot of people have begun to believe that the insurance companies are the villains in this. so in his speeches supporting health care reform, the president often cites insurance companies as villains because they deny coverage. okay? can you give us an understanding of what factors, absent fraud, go into denying coverage for a customer? >> what people misunderstand about our industry, really, we're delivering health care. 87 cents goes to delivery. if you like the industry, you really wipe out the mechanism to pay for two days of health care, then you'd wipe out the ability of our industry to impact quality and costs.

we do it every day. a member's not getting a repetitive test. we're paying for performance. higher quality. so drive -- physicians to higher quality. but we don't sit in a room and make this up. we work with doctors on making sure that we're following evidence-based medicine. >> do you think that a public plan would wipe out the industry? >> i think it creates a number of challenges to the industry. most significantly, through cost sifting. we know today, about $2500 of a family's presume yum is paid for cost sifting because medicare and medicaid are paying so low. if there was a public option, we know that would increase and make the private market much less acceptable. and really, eliminate the cost and quality.

>> the pow that you're on, you're talking about i.t. and how to get the low-hanging fruit, this seems like such a no-brainer to me. we've been talking about digitizing records and all this i.t. implementation forever. >> we don't want to automate the existing process. we have a real role to play in terms of the virtual coordination of care. we can mine our data and see if there are drug to drug interactions to see if there are indications doctors may not know about multiple doctors serving a certain patient. the potential for health i.t. is incredibly important and one of the challenges is that we are a virtual network of providers, and so better coordination i think, will advance that. >> making perfect sense. nice to have you.

wellpoint ceo and erin, not sure if you have questions -- >> can she hear me? >> yes, she can. >> okay. i believe you just said very cleverly worded, 87 cents goes to the delivery of health care. in fact, why don't we look at the amount of payments you make per dollar you take in. it's more like 80 cents, is it not? 80 cents in benefits? >> you put 87 cents per dollar -- >> according to to your 10k. >> it's more like 80 or 81 cents. >> i'm studying a study for the industry overall. 87 cents on the dollar is going to health care costs. >> there again, that's too cleverly worded. maria -- would you please -- >> our margin last year was 4%.

>> go ahead. >> will you please ask her -- >> relative to other margins, by 18, pharma's at 16. really, we're a low-cost, low-margin provider in the health care equation. >> i am looking now at the federal aviation administration's aircraft registry database. it shows 44% registered to wellpoint. why do they need 44% to help deliver those health benefits? >> four corporate jets. he's looking at the federal reserve register. why do you need four corporate jets as it pertains to health care? repeat the question, please. >> i say, the faa registry of corporate aircraft -- four corporate jets registered to wellpoint. >> shows four corporate jets, pardon me. >> is that inaccurate, too? >> wellpoint does not have four

corporate jets. >> she needs to logon to the database. >> ever access it through a rental arrangement. >> we don't. >> obviously, the way you're spending your money and the way business is spending its money is being scrutinized and looked at very carefully. the market's looking at the faa website. i'll send it back to you. we apologize for this audio issue here and you and angela not being able to hear you. back to you. >> okay. just to clarify, because i don't want to be accused of sandbagging. faa, the federal aviation administration's database of aircraft registries shows when you enter the name, wellpoint, it feeds you back four corporate jets registered to wellpoint. this is updated each federal

working day at midnight according to website. so i don't know where the discrepancy lies. if she says she doesn't have any, i take her word for it, but i don't know why the faa would have four jets registered on them. >> more breaking news. let's get to brian shactman for that. brian? >> gao monthly report came up with a third one, the highlight. 48 of the 49 billion is out the door for this fiscal year. 11 billion for 3800 highway projects. in 2010, the 49 jumps so 110 billion dollars. of course, the gao managing director, he says the states are struggling and the money helped a lot of desperate budgets. >> it's fulfilling a variety of vital services down at state and local levels. the budget situations in states

continue to deteriorate and in the absence of recovery funding, we're finding they would have had to make more cuts or consider tax increases at the sate level. >> in october, recipients, we'll have much more. back to you. >> thank you very much. more of that. there's $400 billion of the stimulus according to christina romer by the end of the year. >> out of the 700-something number? >> right. there will be an additional 400 billion. if you do still have the majority of the stimulus still to hit in 2010. >> happy days are here again. >> bring out the cocaine. coming for another year mark. >> that's all we've got today.

dow down 14 points. erin's back at 2:00. >> time now for "the call." good morning and welcome to "the call." i am trish regan live at the new york stock exchange. we're 90 minutes into trading and stocks are moving lower, down 14 points. this is all ahead of the fed's decision on monetary policy at 2:15. coming up, we will debate, what should the fed do. >> thanks very much. i'm larry kudlow. tim geithner, he's talking financial regulation before barney frank's house financial services committee. we're going to go there live and discuss whether we really need a superregulator. >> i'm melissa francis. lots of hopeful cancer research news coming out of berlin, germany. this is "the call" on cnbc.

the big event of the day, the fed concluding its two-day meeting. also in washington, geithner testifying on financial regulation before the house financial services committee. more on those things in a moment. right now, take a look at how the dow is trading. down just a little, but fine on the session. the s&p now traded down a little more than three points and nasdaq, we'll see how that's doing. it's also in the red. trish, what's happening on the floor? >> okay, so we're watching this market here, down 15 points. there's you know, some talk about what is going to happen with the fed today. that of course coming out at 2:15. whether or not they're going to show any kind of inclination to tighten monetary