for tuning in. i'm beejal patel. and i'm angela miles. and angie, coming up were going to talk about immigration. we know that that topic is going to be a very heated debate in 2010. absolutely. so we're going to talk to an author who explains how it's the large corporations and the governments everywhere that really cause people to move from one country to another. and really cause immigration to take hold. well that's really interesting beejal. and in fact, we're also taking a look at the economy as always to find out are we going into a double-dip recession. some people say that we are, others not so much. in the meantime, we're going to take a look in the show at a couple of the industry's for clues. one industry that happens to be on the water and the other industry in the sky. to find out what's going on with the economy and will this repeat recession actually happen. yeah, it's the number-one issue on so many people's minds. also, everyone's got those old refrigerators and appliances that we want to get rid of. they want to go green. exactly. everyone wants to go green these days. coming up, we take you inside for a closer look at how those old appliances really get recycled.

well, here we go. it appears there seems to be less turbulence for the coporate jet industry. when the economy took a nose dive during the financial crisis, corporate america pulled back on flying the skies aboard company planes. now, hopes are high the recession won't repeat, and the private jet business will soar. after months of headwinds, the corporate jet business is on a better flight pattern. "we've seen no longer a drop in flight hours. no longer the cancellation of the airplane orders the companies had. so having seen that leveling off is alot better is encouraging for us." we caught up to mike nichols, bp of operations education and economics for the national business avaition association. surrounded by plush jets ready to be fired up, nichols describes how the private aviation industry follows the ups and downs of the economy. one of the biggest downers was when executives from the big

three automakers took their private jets and landed on capital hill asking for a $25 billion dollar bailout. "the image of those three coming to washington was harmful for the industry and left a negative and false impression in the minds of policy makers and the minds of the media." in the execs defense, nichols contends they may have been doing business on board. and, since that infamous dc trip, the nbaa is on damage control promoting a no plane, no gain strate which he says points out "private aircrafts help create 150 billion dollars in economic development, support 1.2 million dollars in high wage jobs, improve company productivity, gain access to medium and small regions that don't have major airports, and save companies millions." "for example, we just introduced a new product line and we had to get all of our sales guys trained out in the field. so we just loaded up the

planes. we couldn't have done of getting it damage or payingk all the frieghts costs." mark zukula is chief pilot and manager of the aviation department at klein tools. he won't reveal how much the company spends on fueling up the corporate jet but believes it increases productivty by 10 to 20%. contrary to popular belief, he also says it's not all fat cats climbing aboard. "we have full loads when we are going to plants. our it people, hr people, facility managers. whoever needs to go and work together on the plane. and, they can do it all in one day and be home with their familes in the evening." and something that tends to get under-reported is the humantarian efforts by the private aviation industry. following the earthquake in haiti, 600 private planes carried doctors, nurses and supplies into devastated areas. sometimes with the crew members turning rubble and roads into runways.

thanks angie. now while private jets hit turbulence during the down turn, the boating industry also struggled to stay afloat with sales and jobs numbers sinking fast. still, with roughly 70 million boaters across the country, insiders are ready for a turnaround. even on an absolutely beautiful day made for boating on the waters of lake michigan, it's hard to get away from a couple of choppy years for the marine industry. "over the last two years, probably 50% of the boat dealers and manufacturers have gone out of business. probably as an industry, we've lost 150 thousand jobs in manufacturing and sales." thom dommrich works to guide the industry through challenging waters as the head of the national marine manufacturers association. "in '07 the industry sold about 300 thousand new powerboats. in 2009, we sold 154 thousand, and in 2010 we're expecting to be

down about 15 percent, about 130 thousand." that's a drop of roughly 60 percent in motorboat sales over 3 years. and according to dommrich, sailboats did not fare any better. falling housing values have hurt buyers ability to finance with home equity loans and lending restrictions have also gotten tougher. "as far as the lending sources, they're still out there. we don't see it so much lending sources, but lending standards are much higher than they used to be. so you just have to meet that in order to get financing." gordy's is a more than 50 year- old family business captained by tom wool. and over the past three years, wool has focused on maintaining staff and solid customer service. "really our focus has been on preservation. that's been our focus as leadership. preserve as many jobs as we can. we see our customers as family, our associates as family and we don't want to lose any family ever." diversification has also been big. gordy's offers storage,

service, and in addition to new, high-end cobalt boats sales, gordy's deals in used boats as well. "we have seen pre-owned market hold up better than new boat sales." adapting to changing consumer demands could help new boat manufacturers rebound as well. "the boat manufacturers are recognizing that they have to deal with a more value oriented customer. people buying used boats would buy new if it were more value priced." dommrich added that sales of smaller fishing boats are begining to strengthen, and he sees that uptick in the lower- end of the boating market as a sign of optimism. thanks, paul. up next, does the punishment fit the crime? a critic weighs on

wallstreet fines.

the sec has made headlines this year charging fines to wallstreet banks for their roles in the subprime meltdown. earlier we spoke with janet tavakoli, a wallstreet critic for her take. let's go over the fines. citi, $75 million fine for underestimating its sub prime exposure. goldmasachs paid 550 million for the way it

mketed an investment deal. what do you think about the amount of those fines? well it's ieresting, because what does it really take to get the sec and congress excited about what has been going on in the market? this is the largest ponzi scheme in the history of the capital markets and they're treating all of these guys with kid gloves. and not only that, the charges that they're going after seem almost to be designed to miss the main mark. let's take an example of citi group. as you are aware, they are looking at citi group understating its exposure to sub prime. but what are the implications of that? the implications are enormous in terms of what citi group did. among other things, they should be looking at the citi group officers for potentially lying their heads off to congress. and i want to go into detail exactly because here's what the sec is saying.

this was back in 2007. why did it take the sec three years to figure this out? that's an amazing question right there. because that was information in the public domain that actually nailed citi group to having a large, sub prime exposure, and not taking write downs. that was actually in second quarter of 2007. and they don't talk about that. and i think there is a reason they don't talk about it. because they are covering up for citi group officers. because once you nail them for misstating earnings in second quarter, deliberate misstatements, you have to ask them about accounting fraud. and we passed sarbanesoxley to prevent just these kinds of misstatements. why aren't they

holding the officers who signed off on these accounting statements responsible? why aren't people going to jail? what should be sec be doing specifically when it comes to citi or goldman? in the case of citi group, they should be looking at citi group mortgage loan origination. citi group was fined for the activity of the loan originator that they acquired in 2000 for activity that happened before and afterwards. and that was the sub prime lender, a huge sub prime lender. citi group then was packaging those loans, plus of others and passing that risk on to others. and you're bring up specific deals between ambac bond insurer and citi group. and let's take at look this. citi closed deals that should never have closed, accoing to your opinion. th's right. 7 deals with ambac between 2006 and 2007 totaling more than $11 biion. ambac is citi group's aig. ambac is to citi group what aig is to goldman sachs. this was a huge scandal and they brushed that under the table. many of those deals were settled

by citi group for pennies on the dollar. for 10¢ on the dollar and deep discounts, which is what we should have done with aig and goldman. because those deals contributed in a major way to ambac. one of our major muncip bond insurance going under. and that hurt municipal bond markets, which mean local taxes potentially rising for all of us. ok, the fdic issues a report at year about causes of the financial meltdown. are we going to get anything meaningful out of that commission? well, i've watched their reports that they've issued. and as you know, i've spoken up about goldman sachs having huge exposure to aig. and goldman sachs being the underwriter of deals that others insured with aig, and i wrote about that before the financial crisis inquiry commission issued their second report. in their original reports, they didn't have that information and i called them out on that. and it's only until

people like me put information in the public domain and force their hand that it seems to show up in their reports. this is unbelievable. why aren't we investigating the financial crisis inquiry commission? is congress just covering up for all of these officers basically putting the minimum amount of the information to do the minimum amount of disclosure into these reports? it's a sham. it's a scandal. well, looks like we're going to be expecting the same old same-old from wall street and congress unfortunately. thank you very much janet tavakoli of tavakoli structured finance. still ahead... a well known author explains how capitalism shapes immigration.

the debate on immigration has been hit on all sides in recent months. and now one author is reframing the debate from the perspective of capitalism. earlier we spoke with jeffrey kaye, author of the book "moving millions". in your book you say the global economy and immigration are linked together, how exactly? they always have been. people have always followed trade routes and companies. and they go where they can find opportunity. if opportunity moves, people will go where these opportunities are. we have always been on the move and always will be. if we think our life will be better off in another place and the risk is

worth it. we will take it. you also use the term coyote capitalism in terms of the government and business actually creating the problems. you say these are the causes of immigration, how exactly does that happen? well coyote is a slang term for a human smuggler. they do not really care about the wealth of the person as long as they get them across the border and get paid. similarly around the world there are policies and programs in place that actually encourage migration and promote migration. whether that's trade policies or other policies that get people to move without regard to the impact on the migrants themselves. ok, so what are the real long term solutions to this debate? one of the solutions is to deal internationally rather than locally. arizona can't solve the issue nor washington by its self. by its nature, immigration involves boundaries.

international borders, we do internationally. and at the very best, we start talking to mexico. the u.s. and mexico should be in dialogue about what to do about immigration. secondly we have to deal with sustainable economies. we have to do this both in countries and around the globe that send migrants. in those places like ours, the developed countries that receive migrants. we need to think in large global terms rather than being hung up on the legal status. is it realistic to create a structural framework on the international level? of course the united states would be looked to to lead that effort right? i do not think that is a good idea i think both the developing and the developed world should be jointly engaged. this is not an issue that just the united states or just europe, the developed world. it also effects those millions of people on the move in the developing world. so all nations regardless of their leadership potentials need to be involved in a global

discussion. this year or next congress is bound to take up the immigration issue here in the usa as it pertains to our borders. what advice would you have for congress when this debate starts? the first one is start dealing seriously with this issue. i doubt they will take up this year probably next year. start dealing with this internationally. you have to do something to provide a legal avenue for those who are here illegally, many in mixed status families. that has to be a priority. think seriously about deportation and what that means to migrants. also i think people in general and members of congress have need to think about their own stories and their own histories. they are not much different from the people coming across these days. should the united states give the people here already illegally amnesty? i think there should be a legal process for them to obtain residency and citizenship eventually. this will definitely continue to be a hot issue. thank you very

much jeffrey kaye, author of the book "moving millions". making money with old energy hogs... a look at how appliances get recycled is next.

recycling isn't always as easy as tossing your old newspaper,

plastic bottle or aluminum can into a green bin. bigger items, like a refrigerator can be a hassle to get rid of, let alone recycle. but even when it comes to old appliances, one person's trash can be another businesses's treasure. an old 21 cubic foot refrigerator-freezer uses 186 kilowatt hours of electricity a month, which can cost nearly $1 a day. this old freezer, long past its useful life, is now just sucking up energy. "definitely a gas guzzler." and denice vidor is looking to get rid of it. "i realize its sucking a lot of energy, i don't really keep that much in it. it doesn't work that well anymore. so i just wanted to get rid of it." but more than just get rid of it, she wants it recycled. "i'm very concerned about the environment and landfills and what goes into landfills and i was looking for someone to remove it who i know was going to recycle it." old appliances are made of

roughly 75% steel. in 2008, 90% of that steel was recycled. vidor worked with 1-800-got- junk to get her old freezer taken away for just over 100 bucks. from there, the freezer is taken to a scrap metal yard. "they recycle it. they grind it up into all those bits and that's after they take the freeon and harmful gases that deplete the ozone." the truck pulls in and is weighed with the load still in the back. the freezer is then unloaded, the truck is weighed again and the scrap yard then pays for the metal that will be recycled. 1-800-got-junk franchise owner sam schick passes that income on to the staff on his trucks. "that fraction of the revenue rather than keep it, i pass it to the guys as an incentive. i want them recycling refrigerators, pulling metal out. environmentally its the responsibility we have." still, even a cleaner, greener

way of recycling appliances can lead to messy jobs. "we went in there, it was a freezer locker filled with meat, the meat had turned black, liquified. it was repulsive, nasty." but they have helped schick grow his 6 year-old franchise from just 1 truck and 1 employee. "now i've got 8 trucks and 11- 12 guys and i'm off the trucks a lot more." schick added that troubles in the housing market has actually meant more work for his franchise. he's now contracting with banks to clear out foreclosed homes. thanks paul. that's all for today's show, thanks as well for watching. and for all of us here at first business, have a great day! we'll see you next time.

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