captioning snsored by wpbt >> pau what happened to the september sell off? more than half way thrgh the month, thearkets are defying expectations and showing the resilience. >> heah care is about more than the details of a poli. it's about whakind of country u want to be. >> susie: president ama steps up hisase for health care reform as his opponents diin and predict annew legislation ll be d.o.a. paul: then, imagine seeing doctor without aappointment and gettg medical care for kids under 15. for fr! it's a way of fe in japan. we'lshow you how it works. >> susie: college loan finanng may go throughts biggest changen decades. anyou & your kids may be affected.

leslation is working its way through capitol hill, at could leave bas. out in the col >> paul: i'm paukangas. >> susieand i'm susie gharib. this is "nightly busines report" for thuray, september 17 "nightly biness report" is made possible by:

this program was made ssible by conibutions to your pbs station from viewers likyou. thank yo /& >> susie: good evening eveone. the stock market is a roll. the s&p 0 index has skyrocketed almo 60% just since rch. the major stock inxes edged lower today but so market experts are predicting t rally will continue. why is this momeum happening now, especially since septber is notoriousor market correcons and crashes? suzanne pratt ecked in with thpros. >> reporter: there a only 9 trading ys left inhe month. and thseptember selloff has yeto materialize. all summer many investnt pros argued stocks had goneoo far too fast. they said a signifant pullback woulhappen before the leaves were off the trees.

while fall ibarely here and manynvestors are still skeptil about the market's momentum, others wondeif now is a time buy or sell. andrew burkly of bro brothers harrim remains bullish edicting the s&p 500 will shortly hit 1,100. >> the risk a little bit of a setback is growing. but i wodn't recommend that anybody would want to make major asset allocation dision on that oreally trim their rtfolios. it probably more of an opportunity to add to portos if you've mied out. >> reporter: burkly says scks are startingo trade on fundamtals. than to an improved outlook for the economy and rporate profits. not only do shington bigwigs believe the ression is probablyver but so do many investors. thomsoreuters in less than a month, third quarter earngs will flood wl street. right w analysts expect another decline in profits. but the third quarr is likely to bthe last bad one for corporate america. for a while. still, jefferiesnd company's art gan believes a stock market correction is comin

>> to e an old adage, trees don't grow to the sky. we've been unidirectnally higher sin march 9th. the market really hasn't h a significant puback in that enti timeframe. so, for the mark to pullback 10% 15 % in the near-term is probably a healthy tng. >> rorter: he says it's likely to happen during earngs season. >> remember the last coue of quarters we' seen better earngs but because of cost- cutting not becae to top-line renue growth. i'm not surehe market is ready for other quarter of no top- line renue growth, but cost- cutting. but, if we have some disappointments onhat front. that could acts a catalyst to ll stocks. >> reporter: hogan says th calender alone cnot be a catalystor a market corrtion. so while t fall is not usually kindo stocks, something else has to happen for a seoff to occur thisonth. sunne pratt, "nightly business report", new york >> paul: wall street opened th modest gains oa rise in housing starts details coming u and an unexpecte12,000 decline inew weekly jobless benefit claims. 30inutes into trading the dow posted a 36 point in with the nasd up 3 points.

stoc then began losing ground in a tug of war betwn buyers and sellers as theow fell to a 40 pnt loss at 1 p.m. the market remained very choy and ended sligly lower overall. >> susie: presidenobama today >> susie: president oba today descrid re-inventing health

care a "fining struggle of this generation." he told a crowd ofollege stents that congress will pass legislation this yr. but republan house leader john boehner says the's no chance thathe house or senate would pass health care legistion. during today's speech, the president acknowledged that is type of major form is never ea. >> change is har it's always been hard. civil rights was hard. getting women thright to vote, th was hard. ( applause making sure th social security s there for our seniors, tha was hard. ( plause ) tting medicare in place, tha was hard. ( applause ) >> sus: joining me now with the latest on health carreform is washingn bureau chief daen gersh. for noickering, that was the plea of the preside just a week ago. what is going to be the tone

of date among lawmakers to get this reform bilpassed if a all? >>ell we'll e some acon and we'll see a lot bickering which he doesn't necessarily want t seement t look, it makes sense. we're going to he a really hard fight ovethis now we're gettindown to the very difficult issue. whopays, how much, whose's going toet covered d what kind of covage. and ose are very difficult issues to work o. >> well, let talk a little bit about w benefits and who ses out here. les start with the inrance companies. how do they make out under this current health-care bi that senat baus laid f us? >> well, lk, they're going to get a lot more customers potentiall maybe as my as 30 millioncustomers. but you have to look a little deeper because it depends on wch insurance company will get how man customers. so for emple medicd, the plan calls for expanding medicaid by $300 llion so medicaid hmo also doell. medicarehmos are going to

get cuts it could be a wa for the insance industryoverall. >> one issue aut heal-care costs are busisses are so concerned about t big and small. how do businesses makeut? >> well, big businses are probablyoping that they're going carry less of the nancial burden for emoyers who don't provide verage. that's always been a big complaint of big businesss whpay a lot for heal insurae. small employers dot have a mandate at leastn the senate versionohere's a lighter mandate that would only app for employers who have over 50 employees so they might feel good thou that they're escaping a more draconian version in the house whi calls for an 8% payrollax on ployers. >> and then what about people who already have insurae. either thrgh their work o through medice,hey have to pay more or is it status quo. >>t's a little uncleahow that's going to rk out.

w we've heard a lot about people sing you are a he not going to give up your corage. and this i very kat call cause voters tend, the overwhelming number voters tend to he insurance. so this is aig political issue. right now the way the trade-off seems to bis that people who have insurance might end up paying slightly more overa once ts is all phased in. they alsmight see a little more cwded doctors rooms because more people wi have insurance and be using thsystem. t in return for that, if people who have insurance lose tir insurance, theye going to have the peace of mind to know they are:go outnd get affordab insurance and they won't have to worry about those preexisting nditions. so tha essentially is t trade off foreople who have insurance. >> and all o these issues and all of t playe are going to be hotly debated in washington. so tell us what happe next. how mu longer is this debate going t go on? >> wow f i knew exactly what was gog to happen next woulbe a fortunate person.

but i think here's what we can count and here is wh i'm hearing from the analysts. were in foreeks more negotiations, certaiy on the senateide. we're going to see people, ere's already concern among democrats who tnk that the senate proposal we've seenro max baucus, e chairman of the finance committee is a little too it doesn't provide generous enough benefits. so they're going to probably want to add more o the nefit side. thatrocess, the negotiion kos go on for a couple o weeks. then whave to get tothe sete floor. that's going to take couplef weeks so are where near the end. i think iis going to take anotr couple of months and it's going to be hard negotiating. >> does the president real want the he care reform bill, will he get it in 2009? >> here's what i'm hearing fr people who follow this ery day and follow it most closy. they say thatthe president will end up with something. he's put s much on t line. so much of his prestige. and democratsnow what happened the last timehey came up emptyhen they trd to a health-care

reform so they're going to do something. the al question is it's a bi plan, somhing close to at max max baucus i prosing, $800 billi that haa very we-ranging reform, or they end up doing mething smaller which is still significant which is basically expanding medicaid to include milons of more people andpaying more it with mecare cuts. >> we' going to have to leave there. we can go on and on i kno another time. we'll co back to you. thanks a l, dren. >> thanks, susie. >> wasngton bureau >> sie: darren, thanks for joining us. washington beau chief darrenersh. >> paul: tre's a bit of opmistic news for the housing industry. new cotruction rose in last month to its highest lev in 9 months. the commerce departmt said housing starts increased 1.5% slightly less than economis were expecting but still ading in the right direction. groundreaking for single- family homes fell 3%. but construction on multi-faly homes like apaments, jumped 25 applications for building permits an indicatorf future activityere also up.

>> paul: another factor in spurring that optism in housing. mo and more americans are tang advantage of that $8,000 tax credit for newomebuyers. and late today, a ll was introduced in the senate to extendhat credit for another 6 months. righnow, the measure expires november0th, and homebuyers have to close by then to qlity for the tax edit. the i.r.s. says most 1.5 million erican taxpayers have already cashed in on theeal. experts say that's abo what had been eected. whenhe credit was made part of the stimulus packageassed by congressarlier this year. >> susie: meanile federal agenes and state attorneys general are sounding t alarm about an epidemic mortgage modification fra. to fight it, the feral trade mmission may ban upfront fee for companies at modify mortgas. the probm? scam artis are preying on at- risk borrowers with gus offers of help in exchangfor thousands ofollars upfront. the fbi has more than 2,0 open

ses where homeowners have lo over a million dlars. >> susie: if you plan to te out a college loan next ye. you'll probablapplying to unclsam. today, the hse of represtatives approved a sweeping studentoan overhaul. the legislation re-directs billions of doars away from ivate banks and into the arm of the us educatn department. thcongressional budget office estimatethe move could save taxpayers a minimum of $47 billion overen years. all colleges would have til july to convert to t federal dict loan program.

in addition to rampi up pell grts for needy students governnt plans include programs for ely childhood learning, public schools and communitcolleges and univsities. the bill now moves to e senate for nsideration. >> susie: some late day acon at the securits and exchange coission today. could change theules for some bifinancial players. firs regulators okayed a measure requiring credit agencies to disclose me of their ratinghistory. e s.e.c. also wants banks to share the informatn they use to ratfinancial products. th of those measures are mea to shore up the edit rating industry whichelped fuel the fincial crisis by giving high marks to toxic secities. second, e s.e.c. moved to crack down on so-called "fla trading". that's where some trers get a split send advantage over others in seeing stock quote thagency could eventually ban flasorders on all markets. pa? >> paul: and tt's because it's critical to keep aevel playing field for everyone ithe markplace, susie.

now let's see whatas moving on that playing fld today as we lo at our stocks in the news tonight.

and those are the stks in the news tight, susie. susie: more now on healthca half a world away fromhe debate underway in washiton japan has a system that's ten cited as the world's most successf example of regulated medical coverage. health care inapan costs half

as mh and often gets better medil outcomes than its american counterpart. lucy craftas details. >> reporter: pediatrian motoko yazaki offers the kind of care japanese have comeo take for granted. patien stroll in without appointments, yet get seen relatively quickly. health care at's not only convenient but cap, whether its insurance premiums oout- of-pockets cts. in cities like tokyo, kids uer 15 even get se for free. >> ( translated ): whai like best about the sysm is when the baby not feeling well, whenever she seems a lite si, i don't have to think about the st, i just bring her into the doctor. >> ( transled ): i think its a fair system. patients canhoose any spital or clinic ey want. its completely free. >> reporter: in factmedical costs accot for about 8% of g.p. in japan that's less than half the us te. you ght call japan the walmart

of health care. jan has managed to slash costs to t bone - while keeping its citizens among theealthiest on eart and here's how they do i this is li the bible for doors? they can exist without this the government sets fees for every medical ocedure and drug a single fee schedule,cross the board. pricesre constantly reviewed - and wherever possible,educed. ( translated ): the underlying philosophis equality. every patient shou get the same kinof healthcare, regardless of ere they are, or w much they earn. >> reporr: there are downsides to japan's no-frills sysm. doctors are ofn forced to limitheir time with patients. me areas, like emergency car and psychiatryare inadequate. t experts argue that japan - along with france,ermany and other closely regulated heth care systems - off a crucial lessonor the u.s

>> all of ese countries corol prices. you ve to. prices areey. it's a pnt not widely regnized in the us. thproblem in the us is not ov usage its that prices are too high. >> reporter: japanespatients are starng to demand frills, like longer visi with their docts. that's likely to spur hikes premiums and tax. yet, expts are confident that even with a st-graying pulation, japans ruthless focus onost containment will keep health ca universal and afrdable. lucy craft"nightly business report", tokyo. tomorrow, our iday market monir guest is robert morrow, editor of the institional advisory svice. >> susie: if you'vnoticed your bankccount getting a little gger recently, you're not alone. the federal reserve ys americans' net worth jumd by $2 trilln, up to $53 trillion

this spring. that'she first gain in nearly 2 years when householdealth peaked at 5 trillion. net worth is the value of sets like homes, investments d checkingccounts, minus debts like mortgages and credit rds. >> paul: it oks like one of rnie madoff's homes has a ne owner. realtor e corcoran group says a buyer has agreedo purchase the fallen fincier's beachfrontome on long island. the 4-beoom, 3,000 square foot home was up for sa at $8.75 million. and appantly sold above that price. the feds say the pceeds will go tvictims of madoff's massive investment fraud.

>> susie: some sayhe current econic recession feels more like depression. but is that reallyhe case? tonight's o ways to play takes a look. here's kevin depew of minyanville and minyanvills kevin depew. >> recently i ran a google search on the words onomic depression incredly, there were more than five million w hits and 11 thound news hits. are we seriously callingur recentrisis an economic depression? becae if so, i have a history lesson. it took six long years for unemployment to recor its 1929 level aftereaching a rate of

35% in 1933. fast forward to today. unemoyment is a mere 5% off its pre-recession pe in 2007. during the real depression unemployment bthis time had ached nearly 20%. so, while its true, r current ression is tough, lets keep thingsn perspective. this is st assuredly no great depression. >> whoa. lets back up ait and consider an iortant question: how do we measurunemployment? because in the 1930s, anyo over the age of 16 without aob was considered umployed. i can assure y, the last thing we want too today is use the 1930s definiti of unemployed. meanwhil consider the llowing: the steepest declin in homprices on record, foreclosures at recordighs, short-term treasury yiel near zeroproducer prices showing their largest decle in 59 years. we can contie calling this the worsrecession since the great deprsion if it makes everyone feel better, but i think i a mistake to trialize the magnite of our current downturn.

>> susie: anfinally tonight, unusual lesson in the power of proper branding when randy croch and jeff leach ened their pizza restaurant in new orleans they called it "wod's healthiest pza". the takeout boxes ev explained how naral ingredients can help keep your digestive trt running well. unfortunately,ustomers didn't te. apparent, no one wanted to eat pizza cause it's healthy. so the owners trd something se: now, the place is called "naked piz". and the pies are fing out of the ovs. in fact it's so suessful, paul, the owners are thinkinof going naked in otherities with an endorsemt from billionae mark can. >> what doou want to do, seup shop near a nudi beach. how does that work? >> no mment from me on thatpaul. that's "ghtly business report" for thursday, september . i'm susie ghar. goodnight evyone. and good nht to you paul. odnight susie. i'paul kangas wishing all of you the best of gooduys. "nightly business repo" is made posble by:

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